23 June 2010
one of my client office's accountant argues me that maintaining balance sheet & p&L in tally software will amount to finishing the financials. IS IT CORRECT.
He says, the responsibility to prepare the financials will be over when they have a Tally. Because in tally users can see balance sheet, etc.
23 June 2010
According to me Financial Statements includes P & L A/c, Balance Sheet, Cash Flow Statement and Notes to account. Tally is just a software which automatically prepares the P & L A/c and Balance Sheet. Financial Statements in the tally are not valid until and unless they are authorised by CA. So the accountant is not right. Moreover anybody can change the entries in tally. In case of companies Schedule VI is to be followed which is not followed by tally. So all together accountant is wrong here.
CAclubindia
