Author: Rishit Shah
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Using Voucher Classes for Invoice Round Off in TallyPrime: 3 Steps
1. Understanding Voucher Classes for Invoice Round Off in TallyPrime Voucher classes are a powerful feature in TallyPrime that allows you to group similar transactions together. By creating a specific voucher class for invoice round-off, you can streamline the process and ensure accurate accounting. 2. Steps to Use a Voucher Class for Invoice Round Off…
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Invoice Round Off Using Predefined Ledger in TallyPrime: 3 Steps
1. Understanding Invoice Round Off Using Predefined Ledger in TallyPrime Invoice round-off is a common practice to simplify calculations and minimize the impact of small decimal amounts on the final bill. In TallyPrime, you can use a predefined ledger to account for the round-off amount. 2. Steps to Use a Predefined Ledger for Invoice Round…
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Accounting for Loss on Sale of Fixed Assets in TallyPrime: 3 Steps
1. Understanding Loss on Sale of Fixed Assets in TallyPrime When a fixed asset is sold for a price lower than its book value (original cost minus accumulated depreciation), a loss is incurred. This loss needs to be recognized in your financial records. 2. Steps to Record the Loss on Sale of Fixed Assets in…
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Profit on Sale of Fixed Assets in TallyPrime: 3 Steps + Example
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…
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Sale of Fixed Assets in TallyPrime: 5 Steps + Easy Example
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:…
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Goods Returned to the Principal in TallyPrime: 4 Steps + Example
1. Understanding Goods Returned to Principal in TallyPrime When goods are returned to the principal, it’s essential to record this transaction in TallyPrime to accurately reflect inventory levels and financial accounts. 2. Steps to Record Returned Goods to Principal in TallyPrime: 1. Create a Material Out Voucher: Go to Gateway of Tally > Vouchers >…
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Payments to the Principal in TallyPrime: 5 Steps + 1 Easy Example
1. Understanding the Payments to the Principal in TallyPrime When you sell goods received from a principal, you typically need to remit the sale proceeds to the principal, minus any commissions or fees. 2. Steps to Record Payments to the Principal in TallyPrime: 1. Create a Payment Voucher: Go to Gateway of Tally > Vouchers…
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Sales of Goods Received from a Principal in TallyPrime: 5 Steps
1. Understanding the Sales of Goods Received from a Principal in TallyPrime When you receive goods from a principal on a consignment basis, you essentially become a seller on their behalf. When you sell these goods, you’re effectively making a sale for the principal. 2. Steps to Record the Sales of Goods Received from a…
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Receiving Stock Items for Consignment Sales in TallyPrime
1. Understanding Consignment Sales in TallyPrime Consignment sales involve sending goods to a third party (consignee) for sale. The ownership of the goods remains with the original owner (consignor) until they are sold. 2. Steps to Record Receipt of Stock Items for Consignment Sales in TallyPrime: 1. Create a Consignment Ledger: 2. Create a Material…
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Receipt of Returned Goods from a Third Party in TallyPrime: 5 Steps
1. Understanding Third-Party Returns in TallyPrime When a third party returns goods to you, it’s essential to record the return in your accounting system to accurately reflect inventory levels and financial transactions. 2. Steps to Record Returned Goods from a Third Party in TallyPrime: 1. Create a Material In Voucher: Go to Gateway of Tally…