Neeraj Desai (Accountant) (53 Points)
01 April 2017I know you can enter the opening balances in Tally and continue with the years accounts, but is it possible to enter closing balances in Tally to get the Year end Trading / Profit and Loss Account and Balance Sheet.
I'd like to take the closing Balances from another Software which we use, which does not proivde us with Final Accounts, and enter it into Tally.
Can you please help?
CA Rahul Sharma
(Asisstant Manager Finance)
(697 Points)
Replied 01 April 2017
you fave to pass the journal entry for this. a single journal entry will be sufficient
There is one alternative which can be used.
First create a ledger name COST OF GOOD SOLD
which need to be classified under direct expenses or trading accounts
. [We know that Cost of good sold= Opening Stock + Purchases - Closing Stock]
Than transfer Opening stock and purchases to Cost of good sold by way of journal entry.
Afterward closing stock can be posted by passing Journal Entry
Cost of good sold A/c Dr. xxxx
To Inventory xxxx [classified under Inventory]
Neeraj Desai
(Accountant)
(53 Points)
Replied 03 April 2017
Since most have suggested passing journal entries, what heads in the journal entries will need to be debited and credited in order to do this?
I have attached the Tally file that contains the opening balances as per last audited Balance Sheet.
The firm is a Multi Purpose Credit Cooperative Society which extends loans for Motor Vehicle and other Purchases, as well as accepts deposits in various forms (Fixed Deposits, Savings Deposits etc.)
Can you please provide a few examples of which Heads are to be Debited and Credited with the data in the attached Tally files?
Thank You,
Neeraj Desai
(Accountant)
(53 Points)
Replied 04 April 2017
Presently, the closing balances of few of the heads are as follows. When passing a journal entry as suggested by all the replies, to post closing Balances, one Head will be either one of the below. Which will be the other head? This is where I am confused. Can you please help with this?
Liabilities:
Share Capital
A Class Share Holders - 58,56,713.00
Deposits
Daily Deposit Scheme - 75,76,267.00
Fixed Deposits - 6,50,83,590.00
Assets:
Bank Accounts
Axis Bank - 14,590.00
Loans & Advances:
Vehicle Loans - 3,40,68,131.00
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