Capital entry in tally

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Rohit Sonare (Querist)
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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.

Amol S Joglekar

Amol S Joglekar (Expert)
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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)

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Rohit Sonare

Rohit Sonare (Querist)
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24 November 2014 Thanks I knew firstly about earmarked funds. please tell about capital a/c entry in non profit organisation.

Amol S Joglekar

Amol S Joglekar (Expert)
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25 November 2014 Capital entry is required to be passed if the funds are received for CORPUS.

Rohit Sonare

Rohit Sonare (Querist)
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25 November 2014 What does mean by CORPUS?

Amol S Joglekar

Amol S Joglekar (Expert)
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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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