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Concern for proprietorship in tally

bdj (propreitor) (40 Points)

09 January 2018

Hello,

I want to segregate Personal Bank Account and Current Account of Sole Propritorship Business in Tally ERP 9. If I enter personal bank account entries in tally it gets refelected in balancesheet of busiess account which I do not want.

So how to segregate both accounts under one roof in tally?

Thanks

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4 Replies

satish (teaching) (2046 Points)
Replied 09 January 2018

No chance.

those are personal transactions. can not possible.

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bdj (propreitor) (40 Points)
Replied 10 January 2018

Thanks for your answer...so should I prepare a new account of that person or should I enter only closing balance of savings bank account in the business balance sheet at the end of the year...if I do so there will be difference in amounts at the end of the year and I don't want to increase firm's capital Thanks in advance

satish (teaching) (2046 Points)
Replied 10 January 2018

while preparation of Balance sheet, you need to disclose only your organisation bank balances only.

no need to disclose your personal bank info.

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (3581 Points)
Replied 10 January 2018

There are pre-defined Ledger Groups available in Tally.ERP 9 Account Software to create the almost all financial Ledgers likewise for creating Savings or Current Bank Account Ledgers for SBI, ICICI, Axis, Andhra Banks also we have a Ledger Group named Bank Accounts.