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Books beginning date selection

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Keertikumar Patel

89 Points Posted on 16 July 2020

I have started individual firm in august 2019. Should i start accounting date in tally from august 2019?
If i start accounting from august then many of my savings bank entries will be left over between april to august 2019 which is required for income tax calculation.

Replies (2)

Quick Summary

This discussion explores the correct accounting start date in Tally for a new firm established in August 2019. The user is unsure whether to begin entries from August or April, considering personal savings bank transactions needed for income tax calculations. Advice suggests opening a separate current account for the firm and treating transfers to/from savings as capital contributions, even though their CA recommended including all savings accounts in Tally.

CA ABHAY GUPTA

Practice

3235 Points Posted on 16 July 2020

Saving bank account does not have any relation with your FIRM account even it is proprietorship firm.. you should open a current account in the name of FIRM.. any transaction from saving account to current account or vice versa treated through capital account..