Home Blog Page 42

Theory Questions for ICWA Inter (Group-1)

0

                Theory Questions for ICWA Inter (Group-1)
                                     Difference between:
1)Reserves & Provision.
2)Income and Expenditure & Payment and Receipts.
3)Hire Purchase & Installment Purchase.
4)Capital Receipts & Revenue Receipts.
5)Share Holders & Debenture Holders.
6)Depreciation & fluctuation.
7)Capital Expenditure & Revenue Expenditure.
8)Shares & Debentures.

 

                  Write Short Notes on:

1)Profit Prior to Incorporation.
2)Joint Life Policy.
3)Rebate on Bills Discounted.
4) Non-Banking Assets.
5) Non-Performing Assets.
6) Contingency Reserve.
7) Development Reserve.
8)Tariff and Dividend Control Reserve.
9) Clear Profits.
10) Debt-Equity Ratio.
11) Minimum Rent.
12)Treatment of Short Workings in Royalty.
13)How to treat abnormal loss in Bank a/c and Branch a/c.
14)Issue of Shares at Discount u/s 79 of Companies Act.
15) Escrow Account.
16)SEBI guidelines and Modes of Buy-Back of Shares.
17)Conditions for Issue of Redemption of Preference Shares.
18)Company Law Provision for Issue of Shares at Premium and Utilization of
Securities Premium.
19)SEBI regulation on issue of debenture and Creation of Redemption Reserve
restriction on dividend.
20)Different methods of Redemption of Debentures.
21)Ex-Interest and Cum Interest.
22)Schedule 6 requirements of companies act
23)Divisible profit, source of payment of dividend.
24)Guidelines of Bonus Issues.
25)Computer Software Accounting.

Allocation and Apportionment of Cost

0
ALLOCATION OF COST: allocation of cost is a process by      which
cost items are charged directly to the cost center. for example:  electricity
charges can be allocated to various departments if separate meters are 
installed, salary of stores clerk can be allocated to stores department etc. 

APPORTIONMENT OF COST:  now apportionment of cost is a process
where u cant easily identify a cost to a particular cost or service center,
for example if there is single electricity meter for the all department, 
then it becomes a little difficult to allocate the exact cost to a cost
center, another example rent will have to be apportioned to various 
departments on the basis of floor space.

Set-off carry forward 2012-2013

0

SET –off and carry forward of losses
Nature of income
set-off
carry forward
set off
S.S.S.H
I.S.S.H
INTER HEAD
FOR A.Y
FROM
Salary
N.A
N.A
N.A
N.A
N.A
house property
allowed
allowed
allowed
8 year
same head
PGBP
Non speculation
allowed
allowed
allowed
8 year [except salary
same head
Speculation
allowed
X
X
4 years
same sources
Amalgamation loss
allowed
allowed
allowed
Fresh 8 year
same head
race hourses
allowed
X
X
4 years
same sources
Specified business
allowed
X
X
Infinite period
same sources
Unabsorbed dep.
allowed
allowed
X
Infinite period
same head
capital gain
Short term
allowed
allowed
X
8 year
same head
Long term
allowed
X
X
8 year
same sources
other sources
Card game
X
X
X
not allowed
Cross word puzzles
X
X
X
not allowed
winning from lottery
X
X
X
not allowed
interest etc.
allowed
Allowed
allowed
not allowed
Tax rate for firm including LLP, AOP , BOI ,Local authority-30% [ no surcharge is payable]
In case of domestic company –30% and surcharge @ 5%
In case of foreign company- 40% and surcharge @ 2%
Age group for tax        1. Below 60 year                    2. 60 year or more but less than 80 year                   3. 80 year or more


Date of furnishing return for individual – 31 july and for other 30 sep.[company,firm,AOP,BOI etc.]
Time for revised and be-lated return – till the end of related assessment year.  For example: – Return for income of 2008-2009 [P.Y] is due on 31 march 2010
 
Assessment year 2011-12
For individual (male) or HUF below 65
Upto 160000 – nil
160010 – 500000 – 10%
500010- 800000 – 20% 
Above  –           30%
For individual (Female) or HUF below 65
Upto 190000 – nil
190010 – 500000 – 10%
500010- 800000 – 20% 
Above  –           30%
For individual or HUF  65 year or above
Upto 2400000 – nil
240010 – 500000 – 10%
500010- 800000 – 20% 
Above  –           30%
Assessment year 2012-13
For individual (male) or HUF below 60
Upto 180000 – nil
180010 – 500000 – 10%
500010- 800000 – 20% 
Above  –           30%
For individual (Female) or HUF below 60
Upto 190000 – nil
190010 – 500000 – 10%
500010- 800000 – 20% 
Above  –           30%
For individual or HUF  65 year or above but below 80 year
Upto 250000 – nil
250010 – 500000 – 10%
500010- 800000 – 20% 
Above  –           30%
For individual or HUF  80 year or above
Upto 500000 – Nil
500010- 800000 – 20% 
Above  –           30%


How to take auto backup in Tally ERP 9 and Tally shortcut keys

0
[wp_ad_camp_1]
To Duplicate a voucher
Go to  List of Vouchers  Press ALT + 2,  It will create a voucher similar to the one where you positioned the cursor and used this key combination. Now you can post a duplicate voucher or can modify amount of new voucher. This short cut help is posting new entries for similar heads of account with different amount . Say when you have to post monthly entry for bank interest or rent etc, you can use this short cut keys for faster entry.
To Add a voucher
When you are viewing a report or voucher list and you want to add a new voucher, then you don’t need to go main menu of tally or voucher entry screen. you can do this job straight away from here

Press ALT + A and enter a new voucher and its all done!

To create a master at a voucher screen (if it has not been already assigned a different function, as in reports like Balance Sheet, where it adds a new column to the report)
ALT + C
At voucher entry and alteration screens, at a field where you have to select a master from a list. If the necessary account has not been created already, use this key combination to create the master without quitting from the voucher screen
when you are middle of posting an entry, and want to create a new group then just from the filed of ledger account press ALT+C and you will be prompted to new ledger account creation.
you can also create a new group from by this way, or a new item ledger,new unit, currency from the respective field
Another use of this short cut keys can be done from the amount field of an entry.(To access Auto Value Calculator in the amount field during voucher entry)
Suppose you are posting an entry and you want to enter the amount of 1008*10% then from the amount field press ALT+C and calculate 1008*10% and the result will be automatically captured by the amount field.
At all voucher entry screens in the Amount field
To delete a voucher
ALT + D
To delete a master
To delete a column in any columnar report
(if it has not been already assigned a different function, as explained above)
At Voucher and Master (Single) alteration screens. Masters can be deleted subject to conditions, as explained in the manual.
All the reports screen which can be viewed in columnar format
To export the report in ASCII, Excel, HTML OR XML format
ALT + E
At all reports screens in TALLY.ERP 9
To insert a voucher
ALT + I
To toggle between Item and Accounting invoice
At List of Vouchers – inserts a voucher before the one where you positioned the cursor and used this key combination.
At creation of sales and purchase invoice
To select the Language Configuration
ALT + G
At almost all screens in TALLY.ERP 9
To select the Keyboard Configuration
ALT + K
At almost all screens in TALLY.ERP 9
To upload the report at your website
ALT + O
At all reports screens in TALLY.ERP 9
To select language for TALLY.ERP 9 Interface
ALT + G
At almost all screens of TALLY.ERP 9
ALT + M
To Email the report
At all reports screens in TALLY.ERP 9
ALT + N
To view the report in automatic columns
At all the reports where columns can be added
To print the report
ALT + P
At all reports screens in TALLY.ERP 9
To remove a line in a report
ALT + R
At all reports screens in TALLY.ERP 9
To bring back a line you removed using ALT + R
ALT + S
At all reports screens in TALLY.ERP 9
To retrieve the last line which is deleted using Alt + R
ALT + U
At all reports screens in TALLY.ERP 9
From Invoice screen to bring Stock Journal screen
ALT+ V
At Invoice screen > Quantity Field > Press Alt + V to select the Stock Journal.
To cancel a voucher in Day Book/List of Vouchers
ALT + X
At all voucher screens in TALLY.ERP 9
To Register TALLY.ERP 9
ALT + R
At almost all screens in TALLY.ERP 9.
To accept a form
CTRL + A
wherever you use this key combination, that screen or report gets accepted as it is
At almost all screens in TALLY.ERP 9, except where a specific detail has to be given before accepting
To select the Budget
CTRL + B
At Groups/Ledgers/Cost Centres/ Budgets/Scenarios/Voucher Types/ Currencies (Accounts Info) creation and alteration screen
To check the Company Statutory details
CTRL + ALT + B
At all the menu screens
To select the Cost Centre
CTRL + C
To select the Cost Category
At Groups/Ledgers/Cost Centres/ Budgets/Scenarios/Voucher Types/ Currencies (Accounts Info) creation and alteration screen
At Stock Groups/ Stock Categories/ Stock Items/ Reorder Levels/ Godowns/ Voucher Types / Units of Measure ( Inventory Info)  creation/alteration screen
To select the Currencies
CTRL+ E
At Groups/Ledgers/Cost Centres/ Budgets/Scenarios/Voucher Types/ Currencies (Accounts Info) creation and alteration screen
To select the Group
CTRL + G
At Groups/Ledgers/Cost Centres/ Budgets/Scenarios/Voucher Types/ Currencies (Accounts Info) creation and alteration screen
To view the Support Centre
CTRL + H
At Almost all screens in TALLY.ERP 9
To select the Stock Items
CTRL + I
At Stock Group/ Stock Categories/ Stock Items/ Reorder Levels/ Godowns/ Voucher Types / Units of Measure ( Inventory Info)  creation/alteration screen
To import statutory masters
Ctrl + Alt + I
At all menu screens
To Login as Remote Tally.NET User
CTRL + K
At Almost all screens in TALLY.ERP 9
To select the Ledger
CTRL + L
To mark a Voucher as Optional
At Groups/Ledgers/Cost Centres/ Budgets/Scenarios/Voucher Types/ Currencies (Accounts Info) creation and alteration screen
At the creation and alteration of Vouchers
To select the Godowns
CTRL + O
At Stock Group/ Stock Categories/ Stock Items/ Reorder Levels/ Godowns/ Voucher Types / Units of Measure ( Inventory Info)  creation/alteration screen
CTRL + Q
To abandon a form – wherever you use this key combination, it quits that screen without making any changes to it.
At almost all screens in TALLY.ERP 9.
CTRL + R
To repeat narration in the same voucher type
At creation/alteration of voucher screen
CTRL + Alt + R
Rewrite data for a Company
From Gateway of Tally screen
CTRL + S
Allows you to alter Stock Item master
At Stock Voucher Report and Godown Voucher Report
CTRL + U
To select the Units
At Stock Groups/ Stock Categories/ Stock Items/ Reorder Levels/ Godowns/ Voucher Types / Units of Measure ( Inventory Info)  creation/alteration screen
CTRL + V
To select the Voucher Types
To toggle between Invoice and Voucher
At Groups/Ledgers/Cost Centres/ Budgets/Scenarios/Voucher Types/ Currencies (Accounts Info) creation and alteration screen
At creation of Sales/Purchase Voucher screen
CTRL + K
To login to Control Centre
At almost all screens of TALLY.ERP 9
CTRL + H
To access Support Centre. Wherein you can directly post your queries on the functional and technical aspects of Tally.ERP9, Shoper and Tally.Developer.
At almost all screens of TALLY.ERP 9
Alt + Enter
To view the Voucher display
At Day Book and almost all Voucher Reports
Alt + S
To view Stock Query report
At all Voucher Creation and Alteration screens where inventory is applicable except Contra, Reversing Journal, Memorandum and Physical Stock  Voucher

[wp_ad_camp_3]

Tally ERP 9 Data Analysis and Reporting

0
USING TALLY DATA FOR FURTHER ANALYSIS        
The data and various reports generated by Tally can be exported to Excel Worksheet for further analysis. There are two different methods of exporting data
1)     Export of data
2)     Connecting through ODBC (Open Data Base Connectivity)1) Export of data –
In all the reports generated by Tally, on right hand corner panel, you will find an option to export the report. On pressing that option, it will ask whether to export or not. If any displayed parameters are to be changed, then so no and change the displayed parameters. So saying no, it goes to option Output File Name, press Backspace twice to go to option of different formats –
a)     ASCII (Comma Delimited)
b)     HTML (Web-Publishing)
c)      SDF (Fixed Width)
d)     XML (Data Interchange)Under ASCII (Comma Delimited) format, the data is exported without column headings. The data is separated by comma. The HTML format can be used for putting information on the internet. Similarly, the file exported in this format has all the headings, sub-headings, etc. The said generated report can be opened in excel also and can be modified. The data exported by SDF format is like the E-TDS returns generated, each column have fixed width, thus increasing the size of the file. XML format is used for transferring data in another package or program accepting such data.2) Connecting through ODBCThe exported data as mentioned above has a limitation that on modification of data made in the Tally does not make corresponding change automatically in Excel Sheet. Whereas, the data exported through ODBC, gets automatically updated in Excel Sheet.

How to use ODBC

In tally, select a company. Then press Ctrl + N to activate ODBC Server. On activation, it can be observed that the bottom screen of tally gets highlighted. Now, go to excel worksheet. Go to Data – Get External Data – New Database Query – Choose Tally ODBC Database. Now it will give option to select the columns available in different tables for which data is required.
Like for getting Trial Balance, we require from Ledger Table following items, Closing Balance, Name and Parent.
After selection of columns, it will lead to further options, make the selection and finally it will return the data to Excel Worksheet.
Thereafter, we can make analysis of data. The said data gets automatically updated with the option Refresh Data in the Data Toolbar

 

Audit Of Sundry Receivable and Payables in Tally ERP 9

0

[wp_ad_camp_1]

AUDIT AREA: – SUNDRY DEBTORS AND CREDITORS
Debtors and creditors is most important part of every organization

OBJECTIVE: – Risks
Ø The accounts receivable listing or individual balances may be inaccurate
Ø Accounts receivable balances may not exist
Ø Accounts receivable may not be collectible
Ø Bad debts write-offs may not be valid
Ø Sales transactions may be processed in the wrong period
Using Tally.
1.Fixing credit limit to respective customers/supplier.
Credit Limit – Amount.
Once if we fix credit limit to a customer then after crossing credit limit tally does not allows entering any sales in that Ledger a/c.
Gateway of Tally – Accounts Info – Ledgers-Credit limits- Sundry Debtors/ Sundry Creditors- Enter Amounts in credit limit column.
Credit Limit – Period.
1.      To activate credit limit period for a particular supplier or customers account. We have to activate Maintain Bill Wise Details option. Press F11- under accounting feature type Yes to Maintain Bill Wise Details.
2.      Then while creating new ledger account of supplier or customer we have to activate Maintain balances bill by bill and then activate Default Credit Period by specifying No. of days.
This option will maintain bill wise due date for specified supplier or customer.
Once if we fix credit limit to a customer then after crossing credit limit tally does not allows entering any sales in that Ledger a/c.
Gateway of Tally – Accounts Info – Ledgers-Credit limits- Sundry Debtors/ Sundry Creditors- Enter Amounts in credit limit column.

 

2. View of list of over due bills.

List of over due bills can be obtained by using Over Due Receivables & Payable   

 

Gateway of Tally – Display – Exception Report-Over Due Receivables/ Payables.

 

This option can be better used for ledger scrutiny and payment performance of a customer.
3.Age wise analysis of as single ledger account.
If you are not already in the receivables screen:
Gateway of Tally -> Display -> Statements of Accounts -> Outstanding->Ledger
Select the ledger account.
Select (click) Age-Wise.
Select one of the two Methods of Ageing: By Bill Date or By Due Date
Set the age periods required for the report.
An earlier setting is given and can be accepted as it is or modified.
The aged bills report is produced accordingly. You can drill down to query the individual invoices.
4.Over all verification of recording of sales bill in case where the sales bill Nos. are entered manually in tally 6.3.
Step 1. Go to Sales Register- Gateway of Tally –Display-Account Book- Sales Register.
Step 2. Select the period for which we want to check the recording.
Step 3. Press F5 to covert the sales register into columnar format. Activate only Show Voucher Number option by pressing YES. And for all other option it should be NO so that we can get the required data.  Under type of column option Select – End of the List option. At this stage we can get the sales register in columnar format  so that we get only required data.
Step 4. Export the columnar sales register in excel
1.Click-Export– Press Y- this exported file will either go to your tally data folder or it may be on your desktop. Open this file in excel.
2.When you open this file in excel  there appears a text import wizard – click on delimited – click on Next –  on next screen click on – tab, semicolon & comma option click on Next and the Finish. After this steps we find our columnar sales register exported  in excel.
3. Save this file into .xls format.
4.On screen we find 5 columns i.e
i.                     Date of sale bill.
ii.                   Name of Customer.
iii.                  Sale bill No.
iv.                 Sales bill Amount.
A)     Between column C & D we have insert two columns.
B)     Now we find column D & E blank.
C)    Insert Number of the bills serially in column No. D
D)    Reduce value of column C form value of column D.
E)     If we find the value in column E ‘0’ the is seems that there is not no problem in the bills entered.
F)     If any value found in column E either negative of positive then we have to investigate in to the matter.
5. Investigating abnormal entries in Sundry Debtors Accounts/Sundry Creditors Account.   E.g. Payment made to Sundry debtors and payments received from sundry creditors.
Gateway of Tally-Statement of Accounts – Statistics- Payments- Select Period- Press F12-In Range of information –Vouchers having- Ledgers- with Group Name- with Name – Containing- Sundry Debtor/ Sundry Creditors.
We can get all lists of entries where sundry debtors have been made payments. Then we can restrict our enquiry to that level only. 
  
6.  Ledger Performance –
Gateway of Tally – Display – Account Books – Ledger and select individual ledger account. Then press F7 for Monthly Breakup. Press F8 and select Ledger Analysis
This will give the information about items purchased and sold to the party alongwith quantity, rate  and value. The same report can be generated for periodic interval as per choice available or as per requirement as mentioned in the above feature. 

[wp_ad_camp_2]

How to Inventory Audit using Tally ERP 9 data

0
AUDIT AREA: – INVENTORY

OBJECTIVE: – Risks
Ø To eliminate the risk of Inventory records may not be complete
Ø To eliminate the risk of Inventory transactions may be processed in the wrong period
Ø To eliminate the risk of Inventory items may not exist
Ø To eliminate the risk of Inventory carrying values may not be realizable


Using Tally.
1.      Location wise list can be obtained for physical verification of inventories.
         Activate integrate accounts & inventory by press F11.
         Activate maintain multiple location by typing yes under inventory features.
         Create Various Locations. Inventory Info-Location-Create.
         While entering purchase bills we can enter the locations.
         We can also give various bin numbers to the locations under alias.
         Inventors lying at our location, which belongs to other company, can be clearly identified by this feature.
          By using this feature physical count of inventories is very much possible.
The above-mentioned feature can be used for the locating wrong entry and frauds. Eg:- While creating location we can mention capacity in bracket with the name of location. Then we can check the actual storage of goods in locations for that particular location record. If the qty stored is more then the capacity then there may be a recording problem or there is some thing serious matter to look in.  
2. Determination of slow moving items.
1.      We can do age wise analysis of inventory items. Display-Inventory Books-Age Analysis.
2.      Press F6 to change aging periods.
3.      By using above functions we can determine movements of inventory items.
3.Proper Accounting of Transfer/Issue of material from one location to another location.
Gateway of Tally – Inventory Vouchers- Stock Journal (F 7). By using this options all material requisitions of the production department can be accounted for. All goods transferred from one location to another can be also traced out properly.
4. Entering physically verified stock and ascertaining shortages and excess:
Gateway of Tally – Inventory Vouchers- Physical Stock Verification. (F 10).  
By using this option, we can enter physical stock verified in the books.
After going to each of the stock items individually, we are able to view the excess on physical verification (shown as inwards without value) and shortage (shown as outwards without value).
5.  Fixing of Reorder level and minimum level for purchase of inventories.
There may be some material, which may carry huge inventory cost. If proper planning not done by maintaining the stock level this may amount huge blockage of funds for such items.
Gateway of Tally – Inventory Info- Reorder Level.
6. Various details regarding stock items
Gateway of Tally – Display – Statement of Inventory – Stock Query
This gives various details as item name, group, part no., category, closing stock (quantity, cost, value, standard selling price, location wise stock), last purchase (date, party, quantity and cost) as well as last sale (date, party, quantity and price)
7. Movement analysis –
Gateway of Tally – Display – Inventory Books – Movement Analysis
This gives information about purchase and sale of stock items partywise giving details of quantity and cost/price. This feature is very much useful for analyzing pattern of purchases and sales.
8. Gross Profit Feature
Gateway of Tally – Stock Summary – F7 Show Profit
This will show profit groupwise. To get details further details groupwise and itemwise press Alt + F1. This feature gives information based on costing method and valuation method employed. With help of this information, it is easier to identify profit itemwise and look into the details wherever required. You can have further details of profit for various different time intervals as per choice given or your own choice by either pressing Auto Column or New Column or right hand panel.
9.      Processing of Sales  & Purchase order.
         We have facility of entering Sales Order & purchase order with respective due dates.
         Pending Sales Order – Gateway of Tally – Display-Statement of Inventory – Sales Order Summary-Press F 7. Here we can get Nos. of sale order received and sales order pending for execution.
         Pending Purchase- Gateway of Tally – Display-Statement of Inventory – Purchase Order Summary-Press F 7. Here we can get Nos. of purcahse order received and purchase order pending for execution.

–>

TALLY ERP 9 Notes for Data Audit

0

1.         Debit balance in the Directors Account which will be considered as deemed dividend
            a.         Open the directors ledger account
            b.         To find out whether he has debit balance any time during the
year
                        Press F12 : Configure and Set option High/Low Details to Yes
            c)         If there is any debit balance, it will be shown in the details at
                        the bottom

2. Gross profit feature ‑
This feature gives amount of gross profit earned from the transaction or series of transaction.
A) Go to Stock Summary and press F7: Show Profit
            This will show the profit earned each stock groupwise.
            To get further details stock itemwise, press F1: Detailed
B) To get the details of profit earned each sale voucher wise
            Go to Sales Register ‑ Display ‑ Accounts Books ‑ Sales Register
            (DAS)
            Enter on any month and press F7: Show Profit
            This will give the profit each sale bill wise.
The above gross profit is disclosed on the basis of method of valuation of stock as default. To know the profit as per all other different methods of valuation available in Tally Accounting Package press, Alt + N for activating Auto Column
It will give various options. Out of which, one of the options is Stock Valuation Methods. On selecting this option, it will provide details under various stock valuation methods. To get the details only by one or some of the methods of your choice, press Alt + C for activating New Column.
3.         Agewise analysis of stock ‑ useful to comment on write off
Go to Display ‑ Inventory Books ‑Ageing Analysis (DIA)
To change the ageing periods, press F6 : Ageing Period which allows you to specify the different ageing periods.
4.         Consolidated Debtors List of two or more
First, we will have to keep more than one companies simultaneously. Then, go to Debtors List from the Balance Sheet ‑ Current Assets ‑ Debtors
To simultaneously view the details of debtors of another company, Alt + C for activating New Column. Select the another company for which, you want to see the details of Debtors
5.         Internal MIS reports useful for audit purpose
There are various predefined MIS reports called as EXception Reports. To view those reports, press Display ‑ EXception Reports (DX).
6.         Interest calculation ‑ This function we have used to get the details of delay in various payments as well as for maintaining fixed asset register. The same is also useful for finding out or checking the amount of interest charged or paid on various loans. The same is available in various reports by pressing F8 : Other Report.
7. Report of different items ‑ turnover with particular debtors & creditors
Display ‑ Inventory Books ‑ Movement Analysis ‑ Ledger Analysis (DIML)
This will generate the report specifying the details of sales or purchase to a particular party item wise giving details of quantity, rate and amount
8.         Report of Groups/Ledgers ‑ payment performance
This report helps in identifying the payment performance of particular ledger or group. In any particular ledger account of group display, press F8: Other Report and this option is available.
9.         Stock Summery & Movement Analysis

This option is available for making comparison of prices of purchase and sale partywise alongwith total quantity. This feature enables to compare the rates as well as identifying major suppliers or customers for particular item of stock. This feature will also be useful on commenting whether the transactions with related parties are at reasonable rates.

Report under Companies Act Accounting Standard as well as CARO

0

1.Loans from interested parties
  Refer item No. 4 above.
2 Related party transactions
3.Timely payment of Provident Fund Dues
   Refer item No. 5 above.
4. Maintenance of Fixed Assets Register and calculation of Depreciation
a) First Activate F1 l : Features and set following options to Yes
            Maintain Billwise Details Yes
            (for non trading A/c. Also) Yes
            Activate Interest Calculation Yes
            (use advance parameters) Yes
b) In the ledger account of Fixed Assets (Accounts Info. ‑ Ledger ‑ Alter)(ALA) and select the ledger account. Set the following parameters to Yes ‑
            Maintain bill‑by~bill Yes
            Activate interest calculation Yes
c) In interest parameters specify:
            Calculate Interest Transaction by Transaction to Yes
            Rate : ‑20 % per 365 days year on Debit balances only
            Applicability Always Calculate from Date of Invoice
            Rounding Not Applicable
d) While entering the transaction give the details and references
e)         While providing depreciation, give credit to the respective assets references
            To get the details of Fixed Assets and also depreciation provided over the years
            Go to relevant ledger account Display ‑ Account Books ‑ Ledger (DAL)
            and type name of the ledger account and press Enter
            Press F2 : Period and type 01/04 To 31/03
            Press F8 : Other Report ‑ Select Billwise Details
            To get further details, press F1: Detailed and it will give all details, date of purchase, depreciation provided every year
            Press F8 : Other Report ‑ Select Interest Calculations
            This will now show amount of depreciation to be charged under written down value method
            To get further details, press F1: Detailed and it will give all details, date of purchase, rate of depreciation and use in no. of days
5.         Maintenance of Inventory Records
            Refer item No. 6 above
6.         Audit features & Trail useful for internal control / security
            First we need to activate the feature in the company master
            Press Alt + F3: Comp Info
            Select Alter
            Select the name of the company to alter
            Set the last option ‑ Use Security Control to Yes
            Then its asks for user name and password
            Use Tally Audit Features : Yes
            Then Save the changes by pressing Ctrl + A
            Press Esc
            Then you have another option SEcurity Control
            Here you can create different types of securities by which you can restrict tile access to various options as per requirements
To tick mark the vouchers and ledger which have been checked and find out           which are still to be vouched and check,
            Go to Display ‑ Statements of Accounts ‑ Tally Audit (DST)
            This has to options for view, Vouchers and Ledgers,
            Press appropriate option and it will give list of unchecked items. As you check the ledger or voucher, you can tick mark it by pressing F7: Accept One.
            By pressing F12 : Configure, it will give further details of person entering and altering the vouchers details
7.         Cost Centers useful for segment reporting
8.         Group Company useful for consolidation
            To create Group Company, we need to first open two companies
            Then press Alt + F3: Comp Info
            The option of Create Group Company will get highlighted
            Now you can create group company by giving all the details.
            When the group company is opened, it also opens the members of
            the group company

Tax Audit Report in Form No. 3CD

0
1. Method of Stock Valuation and effect of change in the valuation

 a) To use this feature, we need to activate first Integrate Accounts and Inventory option to Yes in Features (press F1 1)
 b) Now go to Balance Sheet. You will see Option in the right hand side panel F7: Valuation. Press F7 and select the method you desire
 c) To add a new column with another method of valuation, select New Column or press Alt + C and make the selection of another column.
 d) This will help you to disclose the effect of change in the method of valuation of stock
 2.         Finding out any expenses paid by way of penalty. fine. club or advertisement expenses
 a)   Go to Profit & Loss A/c.
 b)   Select option F12 : Value by pressing Ctrl + F12
 c)   Select voucher having Narration Containing Fine or voucher having narration Containing Penalty
 d)   This will give you the information about any expenses paid by way of penalty or fine under any head of expenses.
 e)   Please make it sure by selecting appropriate vouchers that it is really expenses in the nature of penalty or fine
 f)    The above procedure may be used for getting advertisement expenditure
 3. Expenditure in cash above Rs.20,000 in cash
 a) Go to ledger of cash A/c. (either selecting by pressing Enter Key from Balance Sheet, Current Assets, Cash‑in‑Hand and Cash A/c. or Display ‑ Account Books ‑ Cash or Bank Book [DAC1 and Select Cash A/c.
 b)  Go list of payment Vouchers Display ‑ Statements of Accounts ‑
     Statistics (DSSI, Select Type of Vouchers ‑ Payment
 c) Enter any month and Press Alt + F2 for selecting period from 01/04 to 31/03
     Press Alt + F12 : Range ‑ Voucher having Ledger Amount greater than 20000
     This will give the list of all the payments above Rs.20,000
     But if the payment of Rs.20,000 has been split into vouchers below        Rs.20,000 and recorded on the same day, the same will not get reflected in the above list. Similarly, it may give list of vouchers where we have            made payment for issue of Demand Draft. This may be requires case to case basis different approach.
 4. Particulars of Loans and Deposits above Rs.20,000
 a) You have activate Feature Interest Calculations by pressing F11
     Features and activate interest calculation to yes
b) For the individual ledger accounts, you have to select the option of Interest Calculation
c) Go to Balance Sheet ‑ Loans Liabilities
d) Select F1: Detailed
e) Select F12 : Configure and set options Opening Balance, Transaction to Yes
f)  Select Individual Ledger Account
g) Press F8 : Other Report and Select Interest Calculation
h) Select option Contact by pressing Alt + C. This will give details of the party like address as well as PAN
i)   Similarly we can also check interest calculations. To give interest calculation parameters press CtrI + Enter on the individual ledger account and activate interest calculation parameter to yes and give the required details.
j)    To find out maximum balance outstanding during the year, press Enter on Individual Ledger Account, then press F12 : Configure and Set option High/Low Details to Yes
5. Details of TDS and Provident Fund Contributions.
a) First Activate F1 l : Features and set following options to Yes
Maintain Billwise Details Yes
(for non trading A/c. Also) Yes
Activate Interest Calculation Yes
(use advance parameters) Yes
b) In the ledger account of TDS A/c. or PF? A/c. (Accounts Info. ‑ Ledger ‑
Alter) (ALA) and select the ledger account. Set the following parameters to Yes ‑
Maintain bill‑by‑bill Yes
Activate interest calculation Yes
c) In interest parameters specify:
        Calculate Interest Transaction by Transaction to Yes
Rate : 1 % per 365 days ye on credit balances only
Applicability Always Calculate from Due Date of Invoice
Rounding Not Applicable

d) While entering the transaction give the details and references with correct due dates
c) To get the details of delayed payments and also interest payable
Go to relevant ledger account Display ‑ Account Books ‑ Ledger (DAL)
and type name of the ledger account and press Enter
Press F2 Period and type 01/04 To 31/03
Press F8 Other Report ‑ Select Interest Calculations
This will now show interest at specified rates where the payment has been delayed.
To get further details, press F1: Detailed and it will give all details, date of credit, due date, date of payment and delay in no. of days
6. Quantitative Details
     To get these details, first quantitative details of stock should be maintained by activating various features.
a)     Press F3: Cmp Info
b)     Select Alter
c)      Select the name of the company to alter
d)     Go to option no. 10 ‑ Maintain and Select Accounts with Invento
e)     Go to option of Inventory Info and create various stock groups, stock items and units of measurement
f)        To get quantitative information, go to Stock Summary
g)     To get itemized details of all items, press F1 : Detailed
h)     To get other details, like opening balance, inwards and outwards, press
     F12: Configure and select following options to yes
     Show Opening Balance Yes
     Show Goods Inwards Yes
     Show Goods outwards Yes
7. Ratios ‑ There are various ratios as per predefined formulas calculated by the Tally. Select Ratio Analysis and    you will get various ratios calculated with details of formulas used.
8. Transactions with related parties

–>