Dear Friends.
I am Treasurer of RWA. Prv Treasurer were maintaining manual accounts which i didn't like it. I would like to transfer books from this April on accounting software TALLY.
I have some questions before converting accounts from Manual to Computer:-
1) At present books are on Cash basis whereas implementing TALLY accounting, I need to adopt Accrual Basis else list of defaulters & advance payee will not come in the system. Can I do this?
2) Every month we are collecting certain fixed amount from Residents. Should I debit Resident account in the begining of the month to create outstanding in their name & adjust with receipt entry upon collection so that there account will become ZERO? OR should i pass entry for only those residents who are paying in the particular month?
3) If residents are paying yearly subscripttion in advance. we are giving one month discount as per by laws. Should i pass discount entry for one month subscripttion to keep proper accounting of residents ledger?
Regards
CAclubindia
