amjmanikandan (Student CA IPC / IPCC) (58 Points)
13 May 2010Dear Sir / Madam,
Kindly guide me one of the concern used TALLY.ERP9 for accounting purposes , but they have entered in bank transaction are under a single entry ( Salary Related Cheque ) - as against of variours numbers of cheque issued to variours persons , It is correct and it is a proper accounting processor ?
If any Clarification / Guidence are there , kindly provide for better verification and maintenance.
Thanks & Regards,
M.MANIKANDAN
MEETU KASHYAP
(Job)
(57 Points)
Replied 13 May 2010
Dear M.MANIKANDAN
Kaushik
(Professional)
(549 Points)
Replied 13 May 2010
To enter bank trn. with single cheque\trf. letter in case of transfer through NEFT etc.
1. Provision for Salary.
Salary a/c Dr
to Employee A Cr
to Empolyee B Cr
2. trf. employee ledger to salary payable.
Employee A a/c Dr
Employee B A/c Dr
to Salary Payable Cr
3. Bank payment with single entry.
Salary Payable /c Dr
to Bank a/c Cr
Ratheen Baxi
(CA Final group2 clear exempt in law)
(48 Points)
Replied 13 May 2010
as a matter of practise, when ever a company has a system of making payment of salary through transfer (i.e. to salary accounts of various employees), a single entry is recorded. As meetu kashyap said, a letter to the bank with the list of employees is kept on record on the letter head of the company. As far as the method suggested by Kaushik goes, it can be used where the no. of employees is less and individual salary ledgers are maintained seperately for all employees. But in case of Kashyap's method, confidentiality of the salry of all employees may not be preserved. Thus single entry with adequate supporting document is prefered.
Lakshmi Baksr
(AGM-Finance)
(28 Points)
Replied 13 May 2010
In tally, instead of keeping every employee as a ledger account, the cost centres can be used. Also, using payroll features in Tally helps a Company to maintain the accuracy in a better manner
Radhika
(CA Final)
(194 Points)
Replied 13 May 2010
Agree with what Mr. Lakshmi baskar said. u have an option to create cost centers in tally.
Dear M.Manikandan i am agree with Lakshmi Baksr
I am Accountant and i am dealing in 130 employee in our co.
I have passed two entry for related salary
1- Any Perks related salry are Dr.
and Deduction are credit = Net pay Credit in Salary Payable A/c
2- Salary Payable A/c Dr.
Bank A/c Cr.
You are used cheque in favor of (various bank ) Yourself salary A/c Co.name
and attach list of employee Net pay
Ok
any query related in accounts to feel free contact this website everybody help you
REDDY.V
(Accountant)
(23 Points)
Replied 14 May 2010
Dear Sir/Madam,
please confirm karnataka composite vat rates for current year..
CAclubindia
