Tally Part 2 - Company Configuration – Accounting Features

In this lesson we know how to configure the company according to Income Tax, Sales Tax, Excise & Others Government Revenue Accounts. In TallyERP.9, there is two types to configure the Company Information 1st is Accounting Features Configuration & 2nd is General Configuration. Here is the screenshot of both the Configuration

1. Accounting Features – Following Features will be open when you Press F11 on Gateway of Tally Screen (Figure 1), & when you creating voucher entry press F11 & you will see the Accounting Feature on your Screen (Figure 2).

(Figure 1)

(Figure 2)

Figure 2 is appear for Configure your Company’s Accounting & Taxation Details. 1st Red Box is Showing Accounting Features & the main points of Accounting features are General, Outstanding Management, Cost/Profit Centers Management, Invoicing Budget & Scenario Management & company’s Cheque Printing, Company Logo, Multiple Contact / Mailing Details of Company.

What are these features? Here I explain it :

1.      General : Integrate Accounts with Inventory :This feature allows you to maintain Inventory also in your Company with Sales, Purchase & General Entry. If you want to maintain Inventory Books then Select Yes, otherwise No.

Income / Expense  Statement Instead of P & L (Profit & Loss): This feature allows you to see your Profit & Loss Account in Income over Expenditure Statement.

Allow Multi Currency: This feature allows you to Set Multiple Currency According to Export or Import or Foreign Currency Transactions made in your Tally Company.

2.      Outstandings Management: Maintain Bill Wise Details: This feature allows you to maintain your Billing Outstandings Bill wise. For Example you sold a item for Rs. 20000/-, & you received Rs. 15000 against your sell then this feature automatically shows your balance is Rs. 5000 against your this Item.  Following Video shows how this Feature works.

3. Cost / Profit Centre Management: This option has Payroll Management (Maintain Companies Employee Salary) & Cost Centers. Payroll Option is allows you to maintain Employees daily attendance, work hours, production, overtime, allowances & monthly salary. It also maintain Employees benefit details i.e. Provident fund & Employees State Insurance & also maintain Gratuity of every employee. Cost Centers allows you to see your Companies Item-wise profit ratio. You can also create Cost Centre as unit wise accounting.

4.      Invoicing: This feature is allow you to create your Bills (Sales & Purchase) in Invoice Format. You also create Rule 11 Invoice (Excise Invoice) from this option. See Below image as a Excise Rule 11 Invoice. You can also create Credit Note (against Sales Return) or Debit Note (against Purchase Return) in Invoice Format.

5.     Budget & Scenario Management: This feature allows you to create your Companies Estimated Budget & Generate MIS reports. Click here to see how budget & scenario works. It also allows you to create Memorandum & Reversing Journal Voucher. Memorandum is a optional Voucher. If you want to delete & save a voucher entry then you must be create Memorandum voucher. Memorandum voucher is not a book entry voucher, it is optional & not reflect in your Accounts Book.

6.   Other Features: Enable Cheque Printing: This feature allows you to print your Cheques through TallyERP.9 Payment Voucher from Cash or Bank. Click Here to know how to Configure Cheque Printing in TallyERP.9

Allows Zero Value Entries: This feature is allows you to Create Zero Value Entry, It means you are enter a Zero Value Entry i.e. If you export an item & you don’t know FOB value of the Item then you create Zero Value Entry (Sale Invoice) to the Party & when you received exact amount of the Bill, you will enter the amount in the Entry & Save the Voucher. (Shortcut key for create Zero Value Entry is Ctrl + X)

Maintain Multiple Mailing Details for Company & Ledgers: This feature is allow you to Create Companies Multiple Mailing Details. 1st Mailing Detail is enter when you Create Company & When you Select Yes from this option You will allow to enter 2nd Mailing Detail of the Company which is shows on your All Invoices. The Same is applicable with your Ledger Accounts.

Enable Company Logo: This feature is allow you to put your Company logo on All of your Statements which is printed by TallyERP.9 Software.

So now we learn about how to configure your Company Accounting Features. 

If you have query about TallyERP.9 Software please feel free to Comment on this blog.

Thank You

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