Capital entry in tally
This query is : Resolved
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)
I am not maintaining capital a/c.
Actually organination receives fund and I put this entry in tally:
Bank a/c Dr.
(under bank accounts)
Head office Cr.
(under direct incomes)
I am not maintaining capital a/c.
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)
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)
Message likes :
1 times
24 November 2014
Thanks I knew firstly about earmarked funds. please tell about capital a/c entry in non profit organisation.
25 November 2014
Capital entry is required to be passed if the funds are received for CORPUS.
25 November 2014
What does mean by CORPUS?
25 November 2014
The CAPITAL as we call it for Individual. The trust fund....it is called as CORPUS of the trust
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