Category: Beginner

1. Understanding the Concept of Profit on Sale of Fixed Assets in TallyPrime When a fixed asset is sold for a price higher than its book value (original cost minus accumulated depreciation), a profit is realized. This profit needs to be recognized in your financial records. 2. Steps to Record the Profit on Sale of…

1. Understanding Fixed Asset Sales in TallyPrime When a fixed asset is sold, it’s essential to record the sale and adjust the related accounts. This involves recognizing the sale proceeds, calculating any gain or loss on the sale, and removing the asset from your books. 2. Steps to Record Sale of Fixed Assets in TallyPrime:…

1. Understanding POS Invoices in TallyPrime: Point of Sale (POS) invoices are typically used in retail businesses where transactions are processed at a physical location. They often include details like product barcodes, quantities, and total amounts. 2. Steps to Record a POS Invoice in TallyPrime: 1. Create a Sales Invoice: Go to Gateway of Tally…

1. Understanding Sales Bills Pending Report in TallyPrime The Sales Bills Pending report in TallyPrime provides a list of sales invoices that have not been fully paid. This report is essential for tracking outstanding payments and managing your accounts receivable. 2. Accessing the Sales Bills Pending Report in TallyPrime: 1. Go to Reports: Go to…

1. Understanding Pre-Closure of Sales Order in TallyPrime Pre-closing a sales order means marking it as completed before the actual delivery or payment is made. This can be useful in certain scenarios, such as when a customer has confirmed the order but payment is pending or when partial shipments have been made. 2. Steps to…

1. Understanding Quotations in TallyPrime A quotation is a document that outlines the terms and conditions for a proposed sale or service. It’s often used to provide potential customers with an estimate of the cost before they commit to a purchase. 2. Steps to Record a Quotation in TallyPrime: 1. Go to Quotations: Go to…

1. Understanding Increased Sale Value in TallyPrime When the selling price of a product or service is increased, it directly impacts your revenue. In TallyPrime, you can account for this increase by adjusting the rate or quantity of the item in your sales transactions. 2. Steps to Account for Increased Sale Value in TallyPrime: 1.…

1. Understanding Credit Notes in TallyPrime A credit note is a document issued by a seller to a customer as a credit for returned goods or services or to rectify errors in billing. It reduces the customer’s outstanding balance. 2. The Credit Note Register in TallyPrime The Credit Note Register in TallyPrime provides a comprehensive…

1. Understanding Advance Receipts in TallyPrime Advance receipts are payments received from customers before the goods or services are delivered. In TallyPrime, you can record these receipts using the Receipt voucher. 2. Steps to Record Advance Receipts in TallyPrime: 1. Go to Receipts Voucher: Go to Gateway of Tally > Vouchers > Press F5 (Receipt).…

1. Understanding Bank Receipts in TallyPrime When you receive payments from customers via bank transfers, you need to record these receipts in TallyPrime to update your accounts and track cash inflows. 2. Steps to Record Receipt Against Sales (Bank) in TallyPrime: 1. Go to Receipts Voucher: Go to Gateway of Tally > Vouchers > Press…