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Works Contract

Indian Accounting Standards 1207 views 2 replies

Hi I m doing audit for an Interior Decorators company which works as per Works Contract.

So i wanna know how to make entries in Tally for that different Contracts going on for the company at different sites?so that i can calculate profit for different Job Works going on as different Cost Centre.

Pls. Help quickly. 

Replies (2)
You can account different contract undertaken by you with the help of AS 7 i.e. Construction Contracts
You can create different ledger accounts giving site names as prefix. This will be bit confusing, since there is number of ledger accounts. Instead you can use create cost centre option in Tally, where you can create site name as Cost Centre. When make the entries, it will be ask for the cost centre to be selected. You can take report cost centre-wise, in your case it is site. However, you have to enable this option in features provided by Tally.


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