Am Shan Sir I have some doughts in tally , I joined in a company at the time of a bad cultivation in accounts,company didn't make any proper account.at that time started to use tally erp 9.. i jest give all the opening balance such as debtor's creditor assets its now in my balance sheet showing a difference in op balance how I need to solve the problem
kindly request you to advise me regarding this waiting for your reply
03 October 2013
If the opening balance showing difference means you have not entered properly for the opening balances in tally it may be either wrong amount entering or forget of enter.
So please take the opening balancesheet for the last completed year and compare it with the tally date you entered and find the mistake.
03 October 2013
As I told you sir previous time company didn't make any accounting procedure any balance sheet P&L accounts any thing,how i want to start from there is it possible to give all the opening balance as on starting date such as
1. Sundry debtors 2. Sundry creditors 3. Capital 4. Bank balance
I have made all the above entries please advice me what are the things i need to look more over this
03 October 2013
Then you have to consider the capital of the company, stock in hand if any etc...in one word can say consider all items which shall be in balancesheet like fixed assets etc... and at final the difference amount(opening balance difference) can adjust in cash balance except this adjustment you didn't have any option. As well as if at final cash balance comes to negative then please notify then we look for other solution.
03 October 2013
how I need to adjust the op balance diff in cash which entry I need to pass for this kindly advice One more thing is there sir
In the fixed asset we had a vehicle which is by lone from bank as of now=36337 we paid from bank total amount :60139Dhs as of now amount deducted from bank =36337/- is this amount we need to show in fixed asset and the lone we have to pay till may 2015(1253*18+1248=23802/- this amount we need to show as bank lone right sir
03 October 2013
You said company not maintaining any books and doesn't have P&L and balance sheet previously so i said the suggestion with the assumption of taking opening balance sheet now that way i suggested is any difference found adjust with the cash balance. If you have earlier year balance sheet then adjustment in cash doesn't possible and it may be the mistake of you while feeding of opening balance sheet in Tally.
Yes, you have to show as bank lone.
However please be clarify me the following
1) is previously the company has any balance sheet means is it submitted any balance sheet to the IT department or ROC etc... if available then based on such date feed opening balances in the tally then you didn't have any difference in opening balance and if any mistakes found in such opening balances then we have to think what adjustment has to pass depending on the nature of mistake etc....
So first confirm is company previously had any balance sheet officially
03 October 2013
1. I THROUGHLY CHECKED CASH AND PETTY CASH BALANCE EVERYTHING AS ON TODAYS DATE MY CASH AND PETTY CASH BALANVE EVERYTHING IS OK WITH MY SOLID CASH AND SOLID PETTY CASH BALANCE,HOWEVER IF I ADJEST IN CASH BALANCE THAT MUCH CASH WILL INCRESE NAA......IT WILL NOT BE THE BALANCE OF SOLID CASH IN MY HAND NOW NAA....I DIDNT GET THE CASH BALANCE ADJESTMENT,IF YOU DONT MIND CAN YOU GIVE THE ENTRY FOR THIS
2.FOR BANK LONE ENTRY WILL BE ,,, IN JOURNAL BANK ACCOUNT...........DR TO BANK LONE(UNDER BANK OD)
WHILE REPAYING THE LONE IN PAYMENT BANK LONE ACCOUNT.......DR TO BANK ACCOUNT SIR PLEASE GIVE ME A CONFORMATION
3.AS OF TODAY WE DIDNT PREPARE ANY BALANCE SHEET AND NEVER SUBMIT ANYWARE
If at this day you didn't have any balance sheet then prepare a opening balance sheet based on the data and financial position available from the company i will help you how to take opening balance in my next reply, while we preparing of opening balance sheet now taking of cash balance is in our hands and adjustment shall made.
Now i got it you have all the details and values regarding the figures for the previous years including cash balance but while presenting it in a balance sheet form you have the difference amount so the difference shall adjust with the profit and loss account balance means increase or decrease the profit and loss account balance to tally the opening balance sheet.
Still you require any clarification regarding how to prepare opening balance sheet then please reply me i will provide you with an example as well as provide your mail id because of i provide you in excel sheet for clear presentation.
for get perfect solution provide the details or information what you have to prepare opening balance sheet.
KIDLY REQUEST YOU TO PROVIDE WHAT ARE THE DETAILS YOU NEED FOR THIS
ONE MORE THING IS THERE SIR
WHILE WE DOING RECONSILATION
JEST IMAGINE WE ARE DOING RECONSILATION FOR THE MONTH OF SEPTEMBER,IF THE BANK BALANCE AS ON 30.09.2013 SHOWING A BALANCE OF 300000/-IT SHOULD BE EQUAL TO BALANCE AS PER BANK ACCOUNT NAA IN RECONSILATION, THEN ONLY WE CAN SAY ITS OPEANING BALANCE IS CORRECT NAA MY ACCOUNT SHOWING 1900 DHS EXCESS IN MY COMPANY ACCOUNT AS COMPARED TO BANK STATEMENT
1)Date of opening balance sheet 2)Balances you have as on that date on public like bank balance, fixed assets value, debtors, creditors amount, cash balance, any other liabilities or assets what may be available with you.
There may be due to the non considering bank charges or etc... which are debited or credit by the bank in our books we have such differences to know that differences we make the reconciliation of the accounts.
04 October 2013
Okay i will wait for you reply and send my mobile number through my personal mail id to your mail, please confirm me the receipt of mail.
CAclubindia
