MIS is a common word used now a days to represent reporting to upper management about the operations of the management. MIS is a broad term used in common parlance. MIS format is dependent upon which level of management are u making the representation and what are their objective or agenda of meeting which will discuss the information reflected in MIS.
29 July 2011
Thanks for the reply, But how i will be assure that the report which i prepared from tally data is correct & the net profit what i shown in MIS report is absolutely correct.
Your case is of not on how to prepare on MIS but on whether you can rely on Tally data or not. You have to check the accounting controls in place, internal controls in place, internal control environment, and the qualification and knowledge of the person handling the accounting department. If you have been assigned the responsibility to verify the accounting data, you can do sample check of vouchers and scrutinize the accounts to get comfort of accounting information available in tally.
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