Accounting treatment of closing stock in Tally
This query is : Resolved
27 October 2007
I would like to know what entry i need to pass in tally when the market value is lower then the cost price and inventory control is maintained in tally
27 October 2007
Go Display and Click Opening Stock than Enter Input Date : 31-03-2007 and Enter as per Closing Value:(Trading A/c Automatically update) from:
mraju_rao@rediffmail.com
http://www.vattaxconsutanttinsukia.com
mraju_rao@rediffmail.com
http://www.vattaxconsutanttinsukia.com
05 November 2007
Thanks Mr.M.Janak Rao
06 November 2007
Stock-in-hand
This group contains accounts like Raw Materials, Work-in-Progress and Finished Goods. The balance control depends on whether you have selected Integrated Account-cum-Inventory option while creating the company. (refer to Company creation section for more details) Let's consider the options:
Integrated Accounts-cum-Inventory
This option has a significant effect on the Balance Sheet and Profit & Loss Account. If set to Yes, it brings the stock/inventory balance figures from the inventory records and provides a drill down to the Stock registers from the Balance Sheet.
You are not allowed to directly change the closing balance of an account under this group. You are allowed to pass transactions in Inventory records and the account balances are automatically reflected in the Balance Sheet as Closing Stock.
Non-integrated Accounts-cum-Inventory
If Integrated Account-cum-Inventory option is set to No, it ignores the inventory books figures and picks up manually entered closing stock balances from the ledger account created. This provides the facility to maintain accounts separately and inventory separately.
You are not allowed to pass transactions if your accounts that come under this Group. It allows you to hold opening and closing balances only. Since no vouchers can be passed for these accounts, they are the only accounts for which the closing balances can be directly altered (by an authorised user only).
This group contains accounts like Raw Materials, Work-in-Progress and Finished Goods. The balance control depends on whether you have selected Integrated Account-cum-Inventory option while creating the company. (refer to Company creation section for more details) Let's consider the options:
Integrated Accounts-cum-Inventory
This option has a significant effect on the Balance Sheet and Profit & Loss Account. If set to Yes, it brings the stock/inventory balance figures from the inventory records and provides a drill down to the Stock registers from the Balance Sheet.
You are not allowed to directly change the closing balance of an account under this group. You are allowed to pass transactions in Inventory records and the account balances are automatically reflected in the Balance Sheet as Closing Stock.
Non-integrated Accounts-cum-Inventory
If Integrated Account-cum-Inventory option is set to No, it ignores the inventory books figures and picks up manually entered closing stock balances from the ledger account created. This provides the facility to maintain accounts separately and inventory separately.
You are not allowed to pass transactions if your accounts that come under this Group. It allows you to hold opening and closing balances only. Since no vouchers can be passed for these accounts, they are the only accounts for which the closing balances can be directly altered (by an authorised user only).
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