How to record TDS transactions in Tally Prime?

TDS is one of the modes of collection of Income Tax. You have to deduct TDS at the time of crediting to the party’s account or at the time of payment, whichever is earlier even though you have to deduct TDS for payment of advance to the party. Income tax rules requires that TDS toRead More »

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What is INVENTORY in Tally?

Inventory means Stock maintenance and godown maintenance. Inventory management in Tally automatically generates reports like godown summary, stock summary, and movement analysis, etc.! ASSIGNMENT ON INVENTORY Create the following Stock Groups. Electronics Books Mobiles Create the following Stock Categories. i7 processor i8 processor i9 processor 4gb RAM 6gb RAM 2gb RAM Test Papers Text BooksRead More »

What is BILL SETTLEMENT in TALLY?

Usually, the company buys and sells goods on a credit basis from parties. We can use purchase and sales vouchers to enter the transactions said earlier. Then, Tally generates outstanding reports for payable and receivables automatically.For Example:We purchased goods from ABC Electronics for Rs. 30000/- on a credit basis. On 01/04/2020.We can record the purchaseRead More »