How to maintain construction company accounts in tally?
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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.