We all know that what is accounting but some people still don't know that what is accounting, if they know than we are very sure that some people is not aware about computer accounting. In this blog post we will give you the information about computer accounting and after that we will explain the categorization of it.
Accounting: Accounting is the process of where we maintain our records, classifying and summarizing the records systematically in terms of money. All of these activity will be entered in a software called tally. Tally is most important tool or software where we can keep our accounting entry safe and secure. So without tally software we will be handicap t to maintain our accounting data.
categorized of Accounting: Accounting is to be categorized as:
Basic Tally :
3. cash balance
4. Trial Balance
5. Final Accounts
1. VAT CST
4. Debit credit note
5. Rejection out
So we all do above on the software by name Tally ERP 9.
Tally:Tally is a action name of accounting software to maintaining accounts, and for performing additional accounting and other interpretative operations which is more helpful in management of an organization.
Tally software have so many versions like Tally 4.5, 6.3, 7.2, 8.1, 9.0, Tally ERP 9.
Tally software is mainly used for maintaining vouchers,financial statements, taxation in so many industries. Tally has some own specialized packages for bussineses. Tally ERP 9 , ERP is abbreviated as Enterprise Resource Planning, ERP has advance capablities package.
what we do in basic Tally?
1. Journals: In journals we do journal entries on behalf of business transactions.
2. Ledger: A ledger is an accounting book where we transfer all journal entries in a sequence way to individual accounts.
3. Cash balance: Cash balance is appear on the balance sheet on accounts of both the debit and credit side.
4. Trial Balance: It is to be generating with the ledger accounts. Trial balance is run at the end of the accounting period
5. Final Accounts: In final accounts we do trading accounts, Profit & loss account and balance sheet.
What is VAT, CST, TDS?
VAT: VAT is Value added services, VAT is applicable on total amount.
CST: CST is Central sale tax which is also applicable on goods.
TDS: TDS is tax deducted at source, which is applicable on the salaries.