Category Archives: TALLYPRIME

Accounting entry in TallyPrime and Edit Log for transactions

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All transactions in a business organisation can be recorded with tally prime software. Infact most of these transactions can be recorded within journal vouchers of Tally Prime. However bigger organisations do have different types of transactions which needs to be done in complete coherence with GST and other tax liabilities. In a business organisation there are many kinds of transactions like sales, payments, journal entry, purchase entry, contra note, debit notes, credit notes and different types of data entry jobs. It is not so complicated as most of these data entry can be done within shortest possible changes.


All of these transactions can be recorded within Tally Prime can be categorised intojournals entry, purchase entry, sales entry, payment entry, receipts entry, contra entry, inventory vouchers, order voucher entry or non accounting vouchers. It is all about putting all of these transactions into Tally Prime which is called as to record all of these into Tally Prime. TallyPrime has default 28 voucher types and if necesary you can add more voucher types. Under sales vouchers you can classify sales as cash sales, card sales and other different type of sales. Even you can create numbered transactions of cash payments.

How to record a transactions in Tally Prime

First open TallyPrime. Here, we will be talking about how to record expense transaction in Tally Prime. Then click on the financial year and then press Alt+G, which is short cut to create voucher and then press F5to create payment inside TallyPrime. It is important first to set the date of entry and for this otherwise transaction entry can be recorded in some other dates and in totality all of these informations can be mixed with transactions of some other dates. For this press F2 to change or set the date of transaction entry. When you do this subsequenty the next entries will be for the next days automatically. You can even create account entry for the previous day by clicking on F2 and manualy changing the dates.


You can create a company inside TallyPrime and then it automatically creates two ledgers which can be edited or add or substracted later as the default ledger ceations are cash and profit and loss account. When you create the account field you will have the two same default account either cash or bank ledger. In the following manner you can create payment details. For payment creation you can go for particulars. Then create Alt+C and this should be done in indirect expenses. If there is no earlier ledger crated then you can create ledgers for this. These should be done if there is no expesnes ledger is not there. In the amount segment enter the payment amount. The narration is at the left hand lower side and you can provide important informations regarding the expenditure. After doing all of these you can press Cltr+A to save the transactions into TallyPrime.

Edit Log for transactions:

In TallyPrime edit log transactions is enabled by defauly.In this way all of these informations which you put inside TallyPrime are recorded automatically. Within TallyPrime you can see the log edits to see whether any such transactions are being created, altered or deleted. In this way, you can check whether any wrong plaements of data can be checked easily. By looking into logs of a particular transactions so tha you can check whether any additional changes into data can be done or not. To look into edit log you should have to open the transaction from day book. Press Alt+G and then select day bookfrom the lists and press enter from keyboard. There is another alternative to go into day book bu reaching to gateway of tally and then go inot day book. It will show the list of tansactions and select the particular transactionand then select that transaction and then pressenter and it will show

Voucher alteration.


Supposedly you have opened this in day book and from there you can view altered or deleted transactions. Then go towards edit log report to enquire into lists of edited or deleted transactions vouchers. From there edit log will appear. So, in two way manner you can reach to edit log. By oressing Cltr+O which will show related reports and then edit log and then enter. You can directly go to edit log by reaching out Alt+Q to reach out to edit log report. Edit Log report shows version, activity, username and date & time. You can check out activity to know more about change logs. From activity you will find nature of saved alternations such as altered, resaved, created or resaved (no changes. Before activity you will find version and from there you can find and edit the version. To edit any version select any version and press enter. and then it will appear differences between edit log versions appears. Here, you can find comparative changes made to tansactions details. It will show the changes in the transactions in red text to highlight the transactions.


Then, you can reach towards the red text and then you can check the different versions to see the changes in comparision. Then you can configure reports to check the amount of changes. To configure changes press F12 and then it will show altered values. So click on F12 and then enter show altered values only to yes. So after this you will only see the values that has been altered in red text. Here you will find altered accounts such as party acount, date and other values. Supposedly, if you do not want to view these values then after pressing F12 you will find show altered values to no not to be seen these edits. Show configuration baed values such as yes or no or change blank to not applicable to yes. In this way you can view waht is the difference between two versions in complete detail. If you want to correct any values then press F12 ancd then you can view these transactions.


If you do this then some of the values get updated and it is important to set it yes such that you can view these fields in the report. Then difference between edit log appears. The important of automatic vouchers numbering when set to automatic then when some vouchers are deleted then it will appear in the edit log in the subsequent vouchers. When the date of voucher number changes then subsequent vouchers related with the same dates changes. Apart from all of this there are some other activities which can affect writing of changing of logs.Whwn you make a normal voucher as optional voucher. Alternatively, when you change normal voucher into optional voucher. When you change any vocuher such as journal voucher into another voucher then it will be written in logs too. Edit log does appear when vouche changes to all affected vouchers. Lastly edit log appears when you add any back dated transactions.

MakeMy Trip Journal entry in TallyPrime  from IDS system

Most hospitality industries depend upon travel website or travel agents online. They provide business to business bookings for hotels and they work as middle man but they work in accordance with laws of GST and these needs to be tabled and inducted into Tally or TallyPrime so that proper calculations of CGST and SGST and all of these should be distributed in accordance with laws so that proper calculations of financial transactions needs to be done.

MakeMy trip is an online travel business and it connects travellers into numerous hotels and in addition to this they provide points systems. Most of makemy trip payments are done through make my trip as customer pay to these companies and in return makemy trip keeps some percentages of money and then return back rest of money  to hotel. While returning rest of money to hotels in terms of room sale, then output CGST on room and then output SGST on room sale.

Then commission on make my trip and then input IGST. IGST is the combination of central GST and state GST. MakeMy trip takes commission in terms of IGST, which is combination of central GST and state GST. Then you can add TDS on online booking and then TCS on room rent. Then, in narration you can write bill number, room number and name of guest and date of booking.

TCS is tax collected at source and it is applicable under goods and services tax. Double click on TallyPrime icon on desktop shortcut.

In the debit side of MakeMy Trip journal entry:

  1. Now you enter TallyPrime.
  2. From list of companies. Select yours company and then press the financial year and then it will reach to TallyPrime dashboard.
  3. From list of companies you should not chose companies with edited suffix but you should chose company that has no edited suffix tab select it and then reach to TallyPrime dashboard.
  4. Click on voucher
  5. Then click F7 Now enter to JOURNAL
  6. In the DEBIT segment write down MakeMy Trip and from IDS document find out MMT to pay hotel amount.
  7. Then from IDS find out commission on MMT (MakeMy Trip)  and in Tally prime write down MMT Commission
  8. In IDS find out GST @18% , and in TallyPrime writedown IGST and put the GST amount of IDS
  9. In IDS find out TCS  (Tax collected at source )and note down its amount on TallyPrime in the header TCS 1% on room rent
  10. In IDS find out TDS and note down its amount and open TallyPrime in the header TDS on online booking and write down noted amount.

In the credit side of MakeMy Trip journal:

  1. From Ids entry find out effective hotel price and note down amount and in TallyPrime write that amount in Room Sale
  2. From the IDS entry note down price 6% of effective hotel price and write down that amount in TallyPrime in the header as output CGST cost 6% on room  in the credit side.
  3. From the IDS find out 6% of effective hotel price and note down price and then open TallyPrime  and write down under the head output SGST 6% on room and put the price noted from IDS.

Narration:

In the narration side of TallyPrime put the below mentioned informations in order to know the details of Business to business and name of customer.

  1. Room No.
  2. Bill No.
  3. Name of customer
  4. Date of check in

GST Ledger creation in TallyPrime

In business especially in hospitality business you do come across many vendors. Most of it are from GST vendors and in order to make proper accounting settlement it is important to create GST ledgers so that all of these transactions needs to be well documented and properly maintained. In the tally prime the registration of GST ledger needs to be in the form of regular and you should have GST no. of GSt vendors. It is important as while calculating all of these we need to provide central GST and then followed by state GST and ours receipt and journal side needs to be same at both credit and debit side. It is important to provide correct GST number of particular vendor so that at any point of time receipt and juournal segment must show similar cash accountings.

With GST ledger creation and while putting values inside journal entry and receipt entry you will find that what particular amount hotel will receive and then state GST money to state and then central GST to center. In this way, yours accounts remain correct and intact. In the followings we will discuss how to create GST ledger creation. Ledge in tally means vendors or for hospitality business it is customers who can be come as individual or can come with GST and for this in the IDS system you can look details on the customer receipts and money receipts and then you will know whether these particular customer registered as individual or in terms of GST. If particular customer comes under GST then, you should move that particular customer to GST ledger instead of individual ledger inside TallyPrime.

  • Double click on TallyPrime icon on desktop shortcut.
  • Now you enter TallyPrime. From list of companies. Select yours company and then press the financial year and then it will reach to TallyPrime dashboard.
  • From list of companies you should not chose companies with edited suffix but you should chose company that has no edited suffix tab select it and then reach to TallyPrime dashboard.
  • From Gateway to TallyPrime chose CREATE
  • Then from List of Masters and then from ACCOUNTING MASTERS chose LEDGERS
  • Now you reach to LEDGER CREATION
  • In the NAME segment write down Name of company, 
  • In the ALIAS  segment  write down alternative name of company
  • UNDER  Sundry Debtors (Current Assets)
  • MAINTAIN BALANCES BILL-BY-BILL— No
  • In the STATUTORY DETAILS: IS TDS DEDUCTABLE—No
  • In STATUTORY DETAILS—IS TCS APPLICABLE–No
  • In MAILING DETAILS—NAME : Here name will be auto filled by TallyPrime
  • In MAILING DETAILS—ADDRESS:
  • In MAILING DETAILS—STATE: Chose from state and union territories dropdown list
  • In MAILING DETAILS—chose STATE, COUNTRY, PINCODE
  • In BANKING DETAILS—provide bank details—NO
  • In REGISTRATION TYPE–  REGULAR
  • GST—Provide GST number of vendour
  • SET/ALTER GST DETAILS: NO

Consumer Ledger creation in TallyPrime

TallyPrime is one of the most affordable accounting software to register correct GST to state and central GST calculations. For room rent of hotels two kinds of GST to be considered one is cGST and the other one is sGST. cGST is central GST and sGST is state GST and all of these should be recorded from two sources. One is that of regular sources which means business to business and the other one is that of consumer which means those persons who stays at hotel on their own not through their organization which has GST no. Today we will talk detail about how to create ledger for consumer which is secondary in nature in TallyPrime.

  1. Open Gateway to TallyPrime by double clicking TallyPrime shortcut on desktop.
  2. Then you will reach to Tally’s dashboardand on the right side dashboard click on CREATE
  3. Now You will reach to LIST OF MASTERS
  4. From ACCOUNTING MASTERS chose LEDGER
  5. Now you reach to LEDGER CREATION
  6. At NAME: Write the name of customer
  7. UNDER: SUNDRY DEBTORS (Current Assets)
  8. MAINTAIN BALANCES BILL BY BILL: NO
  9. STATUTORY DETAILS: IS TDS DEDUCTIBLE: NO
  10. STATUTORY DETAILS: IS TCS DEDUCTIBLE: NO
  11. MAILING DETAILS: NAME: It automatically fills up when you fill it at the start of entry of ledger
  12. ADDRESS: Here put name of the city
  13. STATE: Here you will fill the name of state from the drop down list of states and union territories
  14. BANKING DETAILS: no
  15. REGISTRATION TYPE: Consumer
  16. SET/ALTER GST DETAILS: No
  17. Click Save

How to enter Loan to and from Multiple Companies in TallyPrime

Tally is one of leading accounting management software and better enterprise resource planning software and most of organizations use it to manage better management of GST and other calculations in order to manage payment vouchers, journal entry and other forms of management. Double click on Tally Prime icon and then after loading it will show the list of companies and here we are talking about multiple companies in one single tally.

How to transfer one fund of one organization to the other organization in Tally prime

It is expected that as a company you should be installing Tally Prime in the network mode and this will automatically back up all data and you do not have to worry about it at all. Select the company and enter it and it will enter into Tally Prime dashboard.

How to select the year in Tally Prime in companies:

Select Tally Prime and then click  ALT + F2  . It will show  CHANGE PERIOD .            Here, you have to fill the blanks of FROM and TO.  If you want to chose the current period of this financial year then, it will be FROM 1-4-2022  TO  31-3-2023  This means that this current year. We have to remember the short cut to chose or select the current year. After choosing  the current year, or this financial year, this means that now we select the company and then enter into dashboard and then we have selected companies into current year.

Her consider one set upsituation. Yiu have two properties and both accounts are done in single unit and suppose at one point of time, the payment of A is done in B company. SO how to add it to Tally. It is to be shown that B company provides Loan to A company and then it is done in payment voucher means that it is done in cash transactions. So in the B company on the date it is to be shown as Loan to A company and the mode of payment is done in cash to be credited.

Actually this is the expenses of company A and it is done by company B, so in company Bit is shown as Loan to company A and in payment voucher of company B it is debited as Loan to Company A and credited as cash the same amount. Now we should be going to Tally of company A and this can be done by staying at payment voucher and then from keyboard  ALT +  F3, here you will find list of companies and here you can select company A and then from Tally dashboard  click ALT + F2 and select the financial year and then click on voucher and then here in company A journal entry to be done as in company B payment voucher entry and for company A journal entry to be done.

How to provide journal entry in Company A to balance double payment entry:

Journal entry into company A to be done in order to manage that same amount and this will also delete journal entry.  On payment voucher click ALT + F3  and then select Company A and then enter. And then you will reach to Tally dashboard and their click ALT + F2 and then select the year from and then to. Then enter and then select voucher and then enter and then click F7 to change payment to journal entry and then in Company A, journal entry; first detect what is loan to company A  is about suppose purchase of ledger MILK & CURD PURCHASE. In company B which paid it but this is expenditure  of company A paid by company B.

This to mean that company A and company B belongs to one group. So for this company B entry is loan payment voucher  entry to company A and for company A  entry into MILK & CURD PURCHASE  and this entry into journal entry. Here MILK & CURD PURCHASSE ledger to be debited with the same amount that of loan to Company B, written in the Company A payment voucher. Then in the credit area loan from Company B with the same amount and in this way it is shown that the same amount is paid in company B for company A

In short the payment voucher entry into Company B and journal entry into company A is done to make the calculations even.

Open TallyPrime:

When, Company A’s  payment done from Company B

This means that it is to be done in

Company B Payment Voucher

Debit to Loan to Company A

Credit to Cash the same amount

Then, open Tally of Company A

go to voucher and then click F7

Now, in Journal

Debit  Milk & Curd purchase

Here write same amount company B  as  amount on Loan to Company A

Then in credit loan from Company B  the same amount

 and then narration.