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Finalization of account in tally

Mohammad Shoaib Quraishi (Freelancer) (55 Points)

17 April 2015

Hello Friends,

My Name is Mohammad Shoaib Quraishi, 23, Mumbai. I am a Novice in Accounting Stream, I would like to ask that I eagerly needed how to finalize a company account in the year end.

I have tally erp software, under which I entered all expenses, but I am stucked at the last step of finalization.

I am keen to learn it, I have ask it to several people, but didn't got the solution, I tried those all but that didnt worked.

Some people said, "Check The Trial Balance".

Some said, "Pass The Remaining Entries",

whereas Somewhere I have read the long procedure.

Guys, I need the simple and Step By Step Procedure To Finalize The Account Please Help

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3 Replies

NAVIN AGICHA (HELPING HAND) (1313 Points)
Replied 19 April 2015

FINALIZATION OF ACCOUNTS IS LIKE AUDITING OF ACCOUNTS

YOU HAVE TO CHECK GP RATIO NP RATIO, WEATHER TDS IS PROPERLY DEDUCTED OR NOT, WEATHER BALANCES OF LOANS , CREDITORS AND DEBTORS ARE PROPER OR NOT AND MANY MORE THINGS

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Mohammad Shoaib Quraishi (Freelancer) (55 Points)
Replied 19 April 2015

Subject : Still Need More Specifications

Sir,

I appreciate your help & thanking you,

But I need some common steps to finalize the accounts in most accounting cases

NAVIN AGICHA (HELPING HAND) (1313 Points)
Replied 19 April 2015

Some steps are Start from pl check that sales and purchases and other expenses are recorded or not till the year end. Then check tds properly deducted or not, Then check depreciation properly charged or not, Then check that provisions are made or not like electricity bill of March paid in April and other provisions. Then check gp and np ratio it should be similar to last year, there can be difference and there should be proper reasons for difference like purchased more and sold less etc Then come to balance sheet Check loans with section 269ss and 269T, Creditors and debtors balances, in short check that each and everything iis proper or not.

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