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Accounting Terms in Tally

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9 views3 pages

Accounting Terms in Tally

Uploaded by

wizardsita24
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Accounting Terms Used in Tally with Meaning

Ledger

A record that shows all financial transactions of a specific account (e.g., Sales, Purchases, Bank,

Cash).

Group

Categories that classify ledgers for better organization (e.g., Capital Account, Current Assets,

Liabilities).

Voucher

A document used to record transactions in Tally. Types include Payment, Receipt, Journal, Contra,

Sales, and Purchase.

Trial Balance

A summary of all ledger balances to ensure that total debits equal total credits.

Debit

An entry that increases assets or expenses and decreases liabilities or income.

Credit

An entry that decreases assets or expenses and increases liabilities or income.

Inventory

Details of stock items, units, and quantities managed in Tally.

Cost Centre

A unit or department within an organization for which costs are recorded and tracked.

Profit and Loss Account

A report that shows the company's income, expenses, and profit or loss over a period.

Balance Sheet

A financial statement summarizing the assets, liabilities, and capital of the business.
Stock Item

Individual goods or materials tracked in inventory.

Stock Group

A category for grouping similar stock items (e.g., Electronics, Groceries).

Stock Category

Another classification method for stock based on common features (e.g., Imported, Local).

Godown

Storage locations for inventory management.

Payroll

The system in Tally for managing employee salaries, attendance, deductions, etc.

Bank Reconciliation

The process of matching company records with bank statements to ensure accuracy.

Capital Account

The account representing the owner's investments and withdrawals from the business.

Sundry Debtors

Customers who owe money to the business for goods or services sold on credit.

Sundry Creditors

Vendors or suppliers to whom the business owes money for purchases made on credit.

Cash Flow Statement

A report showing the inflow and outflow of cash during a specific period.

Voucher Type

The classification of vouchers in Tally based on transaction types (e.g., Journal, Payment).

F11 Features

Configuration options in Tally to customize features (e.g., enabling GST, VAT, or TDS).
F12 Configuration

Advanced settings in Tally for data and reports customization.

TDS (Tax Deducted at Source)

Tax deducted on payments like rent, salaries, or contractor fees, managed in Tally.

GST (Goods and Services Tax)

A comprehensive tax recorded in Tally for sales and purchases.

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