KCT COMPUTER EDUCATION

Interest Calculation Interest is the return out of investments or chargeable expenses or income out of the loan taken and also for the delay payment and vice versa. Interest is an amount charged to the borrower for the privilege of using the ledger’s money. Types of Interest:           1.    Simple Interest:             Interest is calculated on principle amount at a specified rate for a specified period. For Example principle amount is   ₹..50,000/- and the rate is 10% for 2 years, the   interest amount can be calculated as follows. For1st, 2 nd year interest will be ₹.5000/-. Amount for 2 year is the same .i.e. ₹.5000/-.        2. Compound Interest:             Interest is calculated on principle amount and interest accrued but not claimed. Compound interest is when interest is earned ...

  Maintain Bill wise Details Bill wise Details hence can be used to track the details of any already made or due payments and also to generate payables or receivables reports with minimum effort.  How to activate:   Go to Gateway of Tally->  Press - F11 : Accounting Features -> Set ' Yes' to 'Maintain Bill wise Details (for Non-Trading A/c s also). There are four types of bill wise detail. New Reference This is used at the time of passing sales and purchase entries which will later serve for Against reference entries to be passed under Sundry debtors and creditor’s ledger. Against Reference This reference is used when we pass receipt entries or payment entries against the references created at the time of passing of original entries such as sales and purchase. Advance This reference is used when any amount is received in advance for any services rendered or for any outward supplies...

Accounting Basics for Tally

  Tally Accounting Features  Multi Currency At times you need to record the transaction in the foreign currency itself when you maintain the balance of the concerned account in foreign currency. You can create multiple currencies as per your business needs. Enable the  Multi-Currency feature to view  and enter transactions in multiple currencies.   RATES of Exchange: For example:                       1 USD   :  74.13 INR Example: Create a Foreign Currency US $(symbol) and set the Currency rates Rates of Exchange table Date Standard rate Selling rate Buying rate 1/5/20 ₹ 75.73 ₹ 77.5 ₹ 75.0 2/5/20 ₹74.5 ₹ 76.6 ₹ 74.5 31/5/20 ₹77.5 ₹ 78.5 ₹ 78.5   1/5/20         ...