Education Session

  Payroll management using tally ERP 9 Tally ERP 9 offers enhanced payroll management or payroll calculator with the automatic calculation of salaries and pay slip generation. Payroll process is a series of accounting transaction that deals with the procedure of paying employees for their services provided to company after processing necessary deduction such as taxes, insurance premium, employee benefit, garnishment and deduction. Payroll records content information related to employees such as payment method details, statutory details, passport and visa details. Tally calculate salary of employees using two method i.e. manual method and autofill method and capable to print single or multiple pay slip. Payroll feature is fully integrated with accounting feature and developed to maintain simplified records. It also provide statutory reports and details such as pay slip, payroll register, statement of attendance, overtime registers, gratuity and other reports. It allow the user to ma

  Accounting principles    accounting principles and concepts Accounting principles are language of businesses which describe the rules and important concept of accounting must be followed there on. Accounting principles and its concepts commonly known as " generally accepted accounting principles" or in simple ‘ GAAP ’ . These are the rules which defines the ground within accounting operates. The accounting principles are major factor on which financial accounting are prepared.   Let’s discuss what are the accounting principles are there:   Separate entity principle or business entity principle This principle simply describes the business is to be considered as a separate or distinct entity from its owner. The work flow and various transaction and event are recorded in business’s books of account and not in owners books. The owners are known as creditors of business to the extent of their capital.   Money measurement principle: This lays down

  Practical question of entries in different voucher in tally ERP 9.   Pass the following entries:   Receipt voucher 1.     Mr. jhone Started business with cash of 500000, bank of 150000, machinery of 80000 and building of 10,00000. 2.    Receive cash from jack and co. of 12000 in cash and allowed discount of 100 to him. 3.    Acquire a loan from ss bros. and deposited the same into bank of 80,000. 4.    Receive cash from r.k sons. Of 10000. 5.    Receive a commission and interest of 18540 and 3490 respectively.   Payment voucher 1.    Paid to surya ltd. In cash of 32000. 2.    Payment of wages and salaries made of 54000. 3.    Sum of amount paid to McMahan of 9700 in full settlement of his account of 38070. 4.    Paid electricity bill, rent of 1000 and 15000 respectively 5.    Telephone charges paid of 700. Contra voucher 1.    Paid into bank of 80000. 2.    Amount transferred from pnb bank to sbi bank of 23500. 3.    Deposited amount of 21250 into b

 What is tax collected at source ? Tax collected at source 'meaning'. Tax collected at source also known as 'TCS' is a tax collected at source on some specified goods by the seller (collector) from the buyer (payee) after collections from the buyer then seller would be liable to deposit the same to the government by filling TCS returns. The tax are charged in particular  manner as so prescribed by government on particular goods. It's applicability only bind some specified goods not all goods. Tax collected at source examples: TCS calculation If purchase value of goods is 10000 then for purchasing this good the buyer will have to pay an amount of 10000+x (x being the value of TCS as prescribed by government) to the seller. The seller will be  accountable for deposit the tax collected at source (TCS) at any of the manner which deem to be fit to the government. Classification of seller A seller of particular goods may be of any other in following heads and subject to

Filling of TDS (tax deducted at source) return   “TDS” is a direct tax and a means to collect tax at prescribed rates from the source of income. The amount of tax generated on income must deposited to government in prescribed manner after deducting the tax due. Now days “TDS” online filling being very convenient for depositing tax taken the whole concept of TDS returns. The returns may file to the prescribed website or portal recommended by govt. There are different software which can easily calculate and generates the “TDS” amount in various types of forms. it create e-returns for online filling and These software also liable for making TDS entries for particular during quarter or year.   How to calculate “TDS” payable   For calculating the tax due we can use software having facility to generate “TDS” returns after recording of all the necessary entries related to tax deducted at sources it generates forms 26q, 27Q etc. for calculating “TDS” entries you can prefer this

Implementation of cost center in telly ERP 9. What is cost center? In telly ERP 9 , cost center is used to allocate different cost and expenses incurred during in transaction. It helps to clarify different center where cost is exhausted. this feature allow to maintain proper record of multiple expense in one place. What is cost categories What is cost categories? Cost categories is use to simplify or categories different cost center in a particular head. Let's understand this concept with the help of given below examples: 1.  Paid on purchase of  office stationary for 10000.      A4 colour paper.       4000      Black markers.            500      Registers.                    2000      Other stationary.       3500 Pass the necessary entry for the payment of the above expenses. Let's see how to create cost center and categories in telly ERP 9. Step 1: Create a new company or choose your existing company by pressing alt +F3. Step 2:  Press F11 key

Interest calculation Interest is amount or rate which is charged on a principal amount borrowed by a person for a given period of time. The interest also known as the extra amount payable on the basis of installments. The interest is usually payable on loans, bank loan, loan from creditors, interest on savings account etc. Interest calculation on loan is calculated by taking the principal amount taken and how long it will going to use. Then the rate of interest is decided. Types of interest We have generally two types of interest given below: 1. Simple interest : It is interest basically charge on principal amount borrowed. The amount of interest is set on the amount of loan taken. 2. Compound interest : It is a interest which calculate on both principal amount and also compounding interest which is to be paid on loan or amount taken. Interest calculation in telly ERP 9 In telly ERP 9, we can easily calculate interest on various situations such as interest calc