Tally Query

Others 303 views 6 replies

Namit kumar jha

Student

102 Points Posted on 12 December 2018

If a company previously maintain Books of Account manualy, and now company wants to maitain its accounts on Tally erp, then we have to pass the opening Entry . Entry is something like this-
All Assets A/c Dr. ×××
To All liabilities A/c ×××
To Capital A/c ×××

(Q).How do I pass the opening stock entry in Tally to find the balancing figure of capital A/c ?
# I was trying to pass it in a journal voucher, but in the journal voucher did not take stock-in-hand entry.

Replies (6)

Ruchika Somani

Coaching and Practice in Tax Audit Law

4429 Points Posted on 12 December 2018

In order to pass opening entries in Tally you have to pass it like below :

In gateway of tally go to Accounts Info then Ledgers and then create. Create all accounts therein and fill required information one by one

Namit kumar jha

Student

102 Points Posted on 12 December 2018

But we have to find the capital as in the form of Balancing Figure and without the entry of the stock, it is not possible to find balancing figure in right manner.

Ruchika Somani

Coaching and Practice in Tax Audit Law

4429 Points Posted on 12 December 2018

So put the stock amount as opening figure and then balancing figure in balancesheet will be capital so put that in opening of capital account

Namit kumar jha

Student

102 Points Posted on 12 December 2018

Can you explain it better than above? I can not understand it.Can you explain it in a way that I can easily understand?

Ruchika Somani

Coaching and Practice in Tax Audit Law

4429 Points Posted on 12 December 2018

Pass opening stock entry as stated above by me and then in Tally check in balancesheet it will show difference amount that difference amount will be capital. Note that amount and pass opening entry as stated above by me of Capital account

CA. Mayur M. Mamtora

Chartered Accountant

162 Points Posted on 12 December 2018

You don't have to pass journal entries in Tally for entering opening balances. You will have to create new ledgers and at the time of creating new ledger you can input opening balance.

To create a new ledger follow these steps :

Masters > Accounts Info > Ledgers > Create > Ledger Name > Under 'Select Category' > Enter Opening Balance

To enter stock in Tally there are two methods :

Integrated Accounts (Default Method) :

Step 1 : Create the unit of measurement from - Masters > Inventory Info. > Units of Measure > Create > Enter Symbol > Enter Formal Name

Step 2 : Create Inventory Item from - Masters > Inventory Info. > Stock Items > Create > Enter Name > Select Unit > Select Costing Method (FIFO Perpetual is advised here) > Enter Qty, Rate & Value

Non Integrated Accounts (Manual Stock Method)

Step 1 : Press F11 > Accounting Features > Set Integrate Accounts with Inventory to 'No'

Step 2 : Go to Masters > Accounts Info. > Ledgers > Create > Enter Name of Stock Item > Under 'Stock-in-Hand' > Enter Opening Balance