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Oliva Jones
Asked: 2022-12-06T22:29:36+05:30 In:

How to maintain construction company accounts in tally?

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    3 Answers

    1. Vaibhav Verma

      1. Set up the accounting books in Tally ERP 9 software, including the chart of accounts, which is the basis of all accounting information. 2. Record all transactions related to your construction company in Tally ERP 9. Enter all vendor invoices, customer invoices, and cash receipts in the journal enRead more

      1. Set up the accounting books in Tally ERP 9 software, including the chart of accounts, which is the basis of all accounting information.

      2. Record all transactions related to your construction company in Tally ERP 9. Enter all vendor invoices, customer invoices, and cash receipts in the journal entries.

      3. Use the finance module in Tally ERP 9 to track your company’s bank accounts and reconcile those accounts with your monthly bank statement.

      4. Enter your company’s income and expenses into the respective ledgers, making sure that each transaction is recorded accurately.

      5. Do a trial balance on a monthly basis to ensure that your books are balanced and that your financial statements are accurate.

      6. Prepare your annual financial statements in accordance with Accounting Standards, such as the Income Statement, Balance Sheet and Cash Flow Statement.

      7. Analyze your financial information using the reports available in Tally ERP 9. This will allow you to track your company’s profitability, liquidity, and financial health.

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    2. Anil Kumar
      Best Answer
      Beginner

      how can we learn construction accounts in tally ( assignment)

      how can we learn construction accounts in tally ( assignment)

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      • Vipin Chauhan
        Professional

        To learn construction accounts in Tally for your assignment, you can follow these steps: Start by familiarizing yourself with Tally's interface and basic accounting principles. Understand the specific needs of construction accounting, such as tracking project expenses, material costs, labor expensesRead more

        To learn construction accounts in Tally for your assignment, you can follow these steps:

        1. Start by familiarizing yourself with Tally’s interface and basic accounting principles.
        2. Understand the specific needs of construction accounting, such as tracking project expenses, material costs, labor expenses, and overheads.
        3. Explore Tally’s features related to construction accounts, such as creating ledger accounts for various expenses, using cost centers to allocate expenses to specific projects, and generating reports.
        4. Practice entering transactions related to construction projects in Tally, including purchase of materials, payment to laborers, and other project-related expenses.
        5. Use Tally’s reporting capabilities to generate financial statements and project-specific reports.
        6. Review and reconcile accounts regularly to ensure accuracy.
        7. Seek additional resources like tutorials, online courses, or consult Tally experts for further guidance and clarification.
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