Tally accounting

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GAYATHRI K

Accounts executive

25 Points Posted on 19 March 2021

Hi,

I have a retail store dealing in sanitary wares and a godown in the same GSTIN. I need to account for both the transactions in tally. the store and the godown will have separate activities even though they deal in the same product. for example, the godown will have separate purchases, sales,s, and expenses from the retail store. however, for Income tax and GST purposes, it will be just one entity.

how should I record the transactions in tally? is it maintenance of branch accounts? or is there any better option? I need a single report, but distinguishable.

Replies (8)

Quick Summary

This discussion addresses how a retail store owner with a separate godown, operating under the same GSTIN, can effectively manage and account for distinct transactions in Tally. The user seeks a method that allows for separate tracking of purchases, sales, and expenses while presenting a consolidated view for tax purposes. While branch accounts are considered, the conversation highlights TallyPrime's 'group company' feature as a powerful solution for consolidating financial statements and books of accounts efficiently and accurately.

yasaswi gomes

My grammar is 💯 good I

5110 Points Posted on 19 March 2021

I would have tried tally gateway-> display-> day books & inventory books to get condensed reports.

CA. Sourav Sarkar

Chartered Accountant

16188 Points Posted on 19 March 2021

Creating a consolidated financial manually is a nightmare. Not just efforts but potential risk of incorrect details due to omissions, errors etc. during data consolidation. This why most businesses have started using accounting software that allows you to manage the business efficiently and generating all the reports including consolidated financial statement automatically.

If you are using TallyPrime, consolidation of financial statements is an easy task at all times. Not just financial statement, you can consolidate complete books of accounts using group company feature. The concept is simple yet powerful that allows you to consolidate the accounts of any number of companies at any time and maintain them separately. All this in a few mins.

You can view consolidated balance sheet, profit & loss a/c, stock summary, ratio analysis, trial balance, cash/funds flow and much more.
Group company function as a single economic entity, where financial reports such as balance sheet, profit and loss a/c and trial balance are consolidated without any impact on the transactions and real-time basis.

Using the group company, you can compare the performance of your subsidiary companies and keep a tab on the overall business.

You should use create group company function by ALT+3 and create group company. After that you can access the consolidated accounts of group company and compare them also

yasaswi gomes

My grammar is 💯 good I

5110 Points Posted on 19 March 2021

If you consolidate, the output will be in excel I think and no special info on inventory, cost centres will be available. So best to use display menu.

GAYATHRI K

Accounts executive

25 Points Posted on 19 March 2021

Thank you for your valuable output. But is this feature available in tally erp 9?

yasaswi gomes

My grammar is 💯 good I

5110 Points Posted on 19 March 2021

Yes. I tried it once and the output was excel and just financial statements.

CA. Sourav Sarkar

Chartered Accountant

16188 Points Posted on 19 March 2021

You should try Tally Prime for consolidation entries

GAYATHRI K

Accounts executive

25 Points Posted on 20 March 2021

the problem is both the tally backups are at different locations and doesn't have a server.

yasaswi gomes

My grammar is 💯 good I

5110 Points Posted on 20 March 2021

Ok... without server we can work... now I understood it is difficult during reporting.... then next best alternative is to copy data and receive it through mail.