Tally Financial Accounting Program Volume 2
Jkobe Peoples
In April 2018, I convinced the board of my current Organisation to shift to using Manager for accountancy and told them of all the benefits, the best being that the desktop user edition is free. I had not really looked at the General Ledger report.
The year is ending and work with the external auditors have begun. They have made it clear to me how they want their General Ledger Transaction reports. They do not want control accounts transactions combined like it is in Manager now. They also want the GL transactions to have opening and closing balances which agrees with the General Ledger Summary.
Looking at the volume of transactions and control accounts in our COA I fear there will be a lot of work on me. Per the standards of the auditors, every account must have it opening balance, transactions and closing balance to enable easy lookup or scrutiny of transactions. This affects account under account payable, bank accounts, cash accounts, fixed asset, all control accounts.
As for showing general ledger transaction details of control accounts in the manner I suggested in this topic (showing balances of all accounts in the control accounts separately before summing their balances) you can ignore that for now, I have a temporal solution.
Even though it will be a lot of work and will make my balance sheet very long, I will create control accounts for all the account I want a separate transaction list for. So, for example, I will create 12 control account made of bank account for our 12 bank accounts we have in order to avoid all their transaction list added up to one list under the Bank Accounts control account.
It sad anyway that the balances of accounts are separated in the balance sheet (for example employee control account in the balance sheet when clicked will show balances to be paid to individual employees but not a list of all the transactions of employees) but not in General Ledger. Consistency is what i seek.
The program is consistent, @Abeiku. For all control accounts, the first level drill-down shows balances of subsidiary ledgers. From there, drilling down again shows transactions. For ordinary accounts, because there are no subsidiary ledgers, the first step is bypassed and the drill-down goes directly to transactions. If drill-downs always went directly to transactions, the results would be so jumbled you would have a hard time finding anything. You have been using Manager for long enough that you might remember when this was the case. The current approach was a big improvement, in my opinion. Whether you agree or not, it is consistent.
If you look at the GL transactions report right now, transactions for subsidiary accounts for a control account are all listed together. What I was requesting was for Manager to group these transactions according to their subsidiary accounts.
If you need to make changes they promt you to do the corrections. If you have engaged auditors to do your final accounts, they will also do their journal entries and give you a copy for you to update your records through your accounting software.
The current report makes it hard to confirm balances of subsidiary accounts. One can easily correct all that by putting every subsidiary account into their own control account (so subsidiary account for customers, for suppliers, for banks, for all special accounts etc) if you really need their transaction separated in the GL transactions report. It not easy but there is no choice.
If I do not get these features ( balances of accounts and separated transactions list), I will have to export my long accounting data (GL) onto a spread sheet and add all things to make the report usable for the auditors. Problem is that, if I make any corrections, I will have to enter it in the App and also the GL export.
@Abeiku, I understood your original request, both when first presented and when repeated in post #4. My response was directed toward the last paragraph of post #4, and especially the portion in parentheses. There, you seemed to be saying Manager behaved inconsistently for control accounts and ordinary accounts. The point I was making was that the program is consistent, just not what you prefer.
One thing is ironic. Your auditors seem to want a computer accounting program to produce the equivalent of an antiquated handwritten ledger. And they want to look at paper reports instead of delving into the software. My experience has been that auditors demand access to original data in the form it was first entered so they can trace it through the system. The general ledger report you describe, or locked spreadsheets, could easily be forged to hide malicious activity.
I have already worked with the auditors for the preparation of 2017 audited financial statement. I started working here in March and had to complete the work of the previous accountant. And they require these reports. In my country the accounting regulating body here requires auditors to have this record from their client. No one cares about your accounting software, they want to see your GL summary and your GL transactions that was used for the published financial statement.
They trace transactions to the hard copies, bank statements , contracts documents, etc using the GL transactions report shared with them and not through the accounting app, the apps function is to produce the GL and that it. The app is for the organization, the GL is for all parties interested in Auditing you (tax people, gorvenment, donors, potential buyers etc) that is why all accounts must be shown clearly. Accouting data from the software may also contain things a company may not want to share, e.g. records of employees, or customers or share holders which are kept in the app.
You work very hard to keep the forum running but some of these feature requests are better left for @lubos to answer. Most of the features I request here are basic features in the accounting software market.
In my previous organization where accounting data was bigger we used a paid Tally ERP 9 deployed on company server and the GL reports style im asking for and more was available that why I never requested for this. I used Manager then for store/inventory management.
Doing this by excel need a lot of time to finish we are not expert in excel. Once we done the GL preperation we have to check and match our work result with the system balance it is hardly will get it right from first time
Volume 2 introduces students to Tally's basic inventory related features. Students learn how to process transactions involving purchases and sale of goods, bills receivables and bills payable. They also learn how to set up related accounts and prepare financial statements.
In Volume 3 , all the advanced inventory related features are addressed in this volume. The transactions involve purchase of raw material, conversion of material into work-in-process and finished goods. Students are also trained on preparing related financial statements.
Accounting with Tally, is a two-part course, developed for undergraduate and postgraduate university students. These courses form part of the university curriculum and are taught on campus. They carry a certain weight in the evaluation of accounting papers.
Tally for Beginners is a course that will enable you to design, set up and manage accounting systems and work with the inventory related features of Tally. With thousands of businesses upgrading to Tally every year, professionals who are trained on using Tally are in great demand. Which is why, doing the Tally for Beginners course, translates into a huge opportunity for you to learn Tally and leverage on it to enhance your career prospects.
course from Tally covers the entire accounting cycle of a business environment. It equips you with an understanding of accounts, accounting entries and through this understanding helps you relate better to the day-to-day activities of an organisation. At the end of the course, you will be proficient in the fundamentals of accounting and bookkeeping. You will also be able to summaries the various transactions and preparation of Final Accounts namely, Trading, Profit and Loss Account and Balance Sheet.
For example, in keeping track of raw materials, safety stock, finished goods or even packingmaterials, businesses are collecting crucial data that influences their future purchasingand fulfillment operations. Understanding purchasingtrends and the rates at which items sell determines how often companies need torestock inventory and which items are prioritized for re-purchase. Having this informationon hand can improve customer relations, cash flow and profitability while also decreasingthe amount of money lost to wasted inventory, stockouts and re-stocking delays.
There are four different top-level inventory types: raw materials, work-in-progress (WIP),merchandise and supplies, and finished goods. These four main categories help businessesclassify and track items that are in stock or that they might need in the future. However,the main categories can be broken down even further to help companies manage their inventorymore accurately and efficiently.
Raw Materials:Raw materials are the materials a company uses to create and finish products. Whenthe product is completed, the raw materials are typically unrecognizable from theiroriginal form, such as oil used to create shampoo.
Components:Components are like raw materials in that they are the materials acompany uses to create and finish products, except that they remainrecognizable when the product is completed, such as a screw.
Packing and Packaging Materials:There are three types of packing materials. Primary packing protects the product andmakes it usable. Secondary packing is the packaging of the finished good and caninclude labels or SKU information. Tertiary packing is bulk packaging for transport.
Decoupling Inventory:Decoupling inventory is the term used for extra items or WIP kept at each productionline station to prevent work stoppages. Whereas all companies may have safety stock,decoupling inventory is useful if parts of the line work at different speeds andonly applies to companies that manufacture goods.
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