24 November 2014
I want to know that is it necessary to maintain Capital a/c in Tally Software for a non profit organisation or not. Actually organination receives fund and I put this entry in tally:
Bank a/c Dr. (under bank accounts) Head office Cr. (under direct incomes)
24 November 2014
Funds received are normally of 2 types. 01. Earmarked for a particular purpose 02. General purpose What you are doing is correct so far as general funds are concerned. But for "earmarked funds" you need to account for the same differently and separately. (This is with the assumption that you are working in the BRANCH of NPO and writing the books of BRANCH)