What are B2B Sales? Business-to-business (B2B) describes a relationship, situation, or marketplace between one business entity and another. A B2B company is one that sells to other businesses. B2B sales refer to a sales model or a category of selling wherein a business sells its products or services to another business. Because B2B sales usually …
An Accountant Problem In Accounting Accounting is one of those topics that when mentioned most people shudder and rather dig trenches than have to deal with. When you run a business there is already so much to worry about with operations, hiring employees, managing inventory and dealing with logistics, should we change the display? Should …
Accountant job In Office Prepare balance sheets, profit, and loss statements, and other financial reports. Accountant duties and responsibilities also include analyzing trends, costs, revenues, financial commitments, and obligations incurred to predict future revenues and expenses. Reports organization’s finances to management and offers suggestions about resource utilization, tax strategies, and assumptions underlying budget forecasts. Also …
Definition of Tax in Accounting One of the most frequently debated political topics is taxation. Taxation is the practice of collecting taxes (money) from citizens based on their earnings and property. The money raised from taxation supports the government and allows it to fund police and courts, have a military, build and maintain roads, along …
Cost Centers in Tally Accounting Meaning of a Cost Center? The Cost Center is a department or a distinct unit or division within the framework of a company. These cost centers indirectly contribute to the organization’s profits. For accounting, all expenses of that particular division are gathered at these cost centers’ levels. These departments are …
Inventory Maintain in Accounting Inventory is the physical supplies you sell or use to provide services as part of your business. Your inventory is one of your most valuable assets, and keeping track of it accurately is essential to running your business smoothly. Whether you use an electronic inventory tracking system or do everything yourself …
Definition of TDS in Accounting What is TDS in Accounting? TDS or tax deducted at source is a deduction made by someone while making a payment or crediting the account, whichever is early. This could be your employer, customer or even a bank paying you interest on a fixed deposit. Before making a payment to …
Bank Statement in Accounting A bank statement is a document (also known as an account statement) that is typically sent by the bank to the account holder every month, summarizing all the transactions of an account during the month. Bank statements contain bank account information, such as account numbers and a detailed list of deposits and withdrawals. …
Adjusting Entries in Tally Accounting The purpose of adjusting entries is to accurately assign revenues and expenses to the accounting period in which they occurred Whenever you record your accounting journal transactions, they should be done in real-time. If you’re using an accrual accounting system, money doesn’t necessarily change hands at that time of the accounting …
How to Finalize Balance Sheet in Accounting What is the Balance Sheet in Tally? The report showing the assets and liability of the company on a given date is called a balance sheet, in simple words, the balance sheet shows the actual position of a company or a person, how much are the assets …
What Is a Secured Loan What Is a Secured Loan. A secured loan is a loan backed by collateral—financial assets you own, like a home or a car—that can be used as payment to the lender if you don’t pay back the loan. The idea behind a secured loan is a basic one. Lenders accept …
Unsecured Loan In Accounting Meaning Of Unsecured Loans Loans are funds extended by banks or financial institutions based on the agreement that the borrower would repay the amount in full along with certain interest on a monthly basis. The monthly instalment which is paid back to the bank or financial institution is termed as equated …
Rectification in Tally Accounting When an error is committed in the books of accounts the same should be corrected to show true numbers in financial statements. If the error is immediately identified it may be fixed by striking out the wrong entry and replacing it with a correct one. However, if the error is identified …
Bank Reconciliation Statement in Accounting What Is a Bank Reconciliation Statement? A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period. A bank reconciliation statement is a useful financial …
Petty Cash Definition in Accounting What is petty cash, and what are the benefits of maintaining petty cash in business? In simple words, petty cash is that small amount of cash of a company or organization which is kept in hand by the company to pay small expenses. There are many types of expenses during …
Definition Of Financial Year in India What is the financial year? What is financial year and assessment year. In simple language, the financial year is said to be the year in which companies and organizations prepare their budget. Just as the year in the calendar is from 1 January to 31 December, in the same …
Understanding drawing in accounting What is drawing? and how to maintain drawing in accounting? The simple meaning of drawing is that when some item or cash is taken out of the business by the owner of the businessman, then it is known as drawing. Drawing is a type of representational personal account. When a person …
What is the meaning of capital in business? What is the capital, and what are the types of capital? The simple meaning of capital can be applied to money. All those things can be taken in the capital which gives profit to the owner. The word capital can be used to mean money, but it …
What is the Meaning of Buyer What is buyer? And what is the types of buyer ? Buyer means all those persons or entities who are buying any goods or services. The buyer can be a big businessman and can also be a person. It is not necessary that only the people of the big …
Definition of Seller in Business What are sellers in business? And why are they necessary for any market. A seller is a person or entity engaged in providing goods or services or property to the buyer. These are the people who give goods or services to the buyer in exchange for money. It is mandatory …
Meaning of debit note in tally accounting What is debit note? And why debit note is used in tally? Debit note means purchase return. In simple words, the definition of debit note is given, then when a buyer buys an item from a seller and if for some reason that item is returned by the …
Meaning of Credit Note in Tally What is a credit note in Tally? When a customer returns the item purchased on credit or in cash to the seller, this process is called sales return. A credit note is sent by the seller to the buyer as a notification to prove that the goods have been …
Meaning of sales in Tally Accounting What is sales in tally? Sales in tally means that when a businessman in a business sells his product or service to another person and takes money in return, then it is called sales. Sales always take place between two persons in which one is the buyer and the …
Definition of purchase in Tally Accounting What are purchases in tally Accounting? Purchase in tally means, Such items are bought by the businessman which can be sold again by the businessman. When the raw material is bought by the businessman and after that it is sold then it is part of the operating activity of …
Meaning of Commission in Tally What is the commission of Tally? Commission means that as compensation to a person, there is money given by a company for selling its service or item. The commission can also be in percentage. And may also be on the quantity of goods or services. In simple words, commission is …
Definition of Loan and Liabilities in Balance sheet What are loans and liability? Liability is the responsibility of any person or company that he has to pay in a given time. In simple language, when a company or person borrows any loan or thing from any person or institution for their needs, then it becomes …
Meaning of Loan And Advance Assets in Tally Accounting What is loan and advance in tally and how to maintain loan and advance in tally. Loan and Advance is the amount given by the owner of the company to another person at a fixed time and at a fixed rate of interest. When a businessman …
Meaning of Loan in India What is loan ? Friends loan is money taken by a person or company from any bank or financial institution to fulfill his personal needs. In which we pay back that money with interest. In simple language, loan is said to be the amount that we have taken money from …
Meaning of Interest in Tally Accounting What are the interest . And what is the interest in tally accounting. the interest is that amount, then it is given by a debtor to the moneylender in exchange for money. When a person borrows any loan or money from any place, then interest has to be paid …
Updated New GST Rates as on Sep 2021 In the 45th meeting of the GST Council held in Lucknow on Friday, 17th September, many big decisions related to GST were taken. In which Nirmala Sitharaman ji has decided to increase the rate of GST in many goods and services. In this meeting, there has been …
Meaning of Discount in tally? What is discount in tally? Some percentage is deducted or reduced from the original price of any product, it is called discount. Let me explain discount to you in a simple way. If you went to a shop to buy a computer and on that you are getting that computer …
Meaning of Dealers in Tally Accounting What is a dealer, And how many types of dealers are there in Tally? Friends, if you also think that dealer and distributor are one, then this is absolutely wrong. The dealer and distributor can be any one person who acts as a middle man in the finance system. …
Definition of ROI (Return on Investment) What is (ROI)? The full form of (ROI) is Return on Investment. This is such a formula that any organization or any distributor whether it is monthly or early can easily find out its income. (ROI) is a formula that serves to measure the return of investment, in simple …
Understanding Investment in Tally What is Investment. When a person or businessman invests his money in such a place where in the coming time, he can get more money in return for his money, it is called investment. In simple language, investment means getting more capital in return for your invested capital is called investment. …
Meaning of gain in tally Accounting What is gain and how is it calculated in tally. Often people take income and gain as one, but these two are completely different. If a person buys an item for Rs.20000/- and when the person sells that item for Rs.25000/-, he gets a profit of Rs.5000/-, then he …
What are groups in tally Accounting? Someone in tally is called a group. And what are these types? In Tally, groups are a group of ledgers of the same nature. And in Tally, the group of the ledger is called groups. In Tally, when the accountant maintains the group, the reason for maintaining them is …
What is Bed Debts in Tally Accounting What is bed debts. Bed debts are one type of Expenses of a business, then the business owner has to bear it. If the owner of the business sold an item to a person on credit, then that person is called a debtor for the business. But if …
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Accounting Voucher in Tally prime What are Types of voucher in accounting ? Voucher is a type of document in tally accounting which any accountant keeps records of his business in tally books. Vouchers are used to perform all types of transactions like purchase, sale, payment, receipt, contract etc. and to maintain the warehouse and …
Inventory Voucher is used to make any kind of stock related entry in tally. In accounting voucher only account entry can be done but in inventory voucher all the entries related to stock like warehouse, stock, value of stock, location, quantity etc., all types of entries are made in inventory voucher. To start this, when …
What is Expenses in Tally? What is expenses and losses in Tally? Expenditure is a type of expenditure which a company or an individual does with the aim of earning profit, these expenditure can be direct and can also be indirect, Expenditure is always the money spent for the purpose of making profit. What is …
Profit and Loss Statement (P&L) Definition What is Profit and loss statement in tally? profit and loss is a type of financial statement. Which summarizes the costs, expenses and revenues incurred within a given period, quarter or year. P&L is synonymous with a company or firm to see the correct information of income and expenses …
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Definition of Unearned Revenue? What is Unearned Revenue in accounting and what is its effect on accounting. unaccrued income would mean income that you have already received but the services of that income have not yet been rendered. unaccrued income is a type of advance income that you have taken in advance but you have …
What are Outstanding Expenses in Accounting? What are outstanding expenses? Outstanding expenses are those expenses whose services we have taken but have not paid for those services yet. There are all kinds of expenses for running every company, in which some are direct expenses and some are indirect. In all the expenses are paid by …
What is accrued income? Income that the business has earned but not yet received. Simply put, we have given services but have not received the amount yet. We call it earned income. These are kind of current assets because we have earned money. And these are shown in the asset site of our Balance sheet. …
What is Depreciation in Accounting What are Depreciation? When a company or a firm starts a business, the company has to purchase all kinds of Assets to run that company, but when some time passes, the value of the assets decreases, because of the depreciation on the assets. (Depreciation), Depreciation is always applied on fixed …
When a transaction takes place, there are always two affected, in which one is debited and one account is credited. In Tally Accounting, an account is created for each ledger.Ledger is that part of accounting in which every transaction made in respect of persons, goods and services is kept. By creating a ledger, the exact …
What are vouchers, when we make an entry in tally, we call it a journal entry, and the voucher we enter is called a voucher. In this post you will know about the different types of Vouchers. And when we enter a transaction in tally, which entry will go in key voucher, and what are …
What are prepaid expenses, those expenses which we paid ahead of time but have not availed the service yet, or we can call them such expenses which we have paid but we will get its service in future, if I say That we have paid in advance, then it is called prepaid expense, and what …
Meaning of Balance sheet in Tally What are Balance Sheet in Tally? The report showing the assets and liability of the company on a given date is called balance sheet, in simple words, the balance sheet shows the actual position of a company or a person, how much are the assets in the company, how …
In this blog, I will give you complete information about GST, what is GST, what is the full name of GST, what are the types of GST, when GST was implemented in India, and the benefit of GST coming to India. when GST did not come in India, VAT and many types of taxes used to …
Friends, today I will give you complete information of Tally course in India, in which details of tally course, How you can become an accountant, and if you have done tally then scope of tally and what jobs you can get in it, I will tell you today. I will give full details. For this, …
Friends, today I will tell you what is income in tally, friends, when a person starts a business, then that person wants that he should profit from business. And when he starts business, we come to know only through income that the person is getting profit in business or loss. So friends today in this …
Understanding shortcut key in tally What is the shortcut key in tally? In Tally accounting, the shortcut key is used to mean all those shortcut keys, with the help of which accountants use while doing accounting in Tally. Just as there is a shortcut key in MS Office, similarly there is a shortcut key in …
Friends, today I am going to tell you that what is ledger in tally, and how to create ledger in tally. Accounting is a process of business so that the owner can know whether he is getting Profit or Loss in his business. Friends, when we book the accounts of any company or firm, then …
What are Liability in Tally Accounting? What is liability in Accounting often we hear the word liability in business, so friends what is this liability . In this post, I will tell you in full detail what is liability , and how many types are they. Often people look at liability and assets with almost …
Meaning of Assets in tally Accounting when we do the accounting of any company or firm, we hear the name of assets. So what are these assets and how many types are they? Many people know what assets are, but they do not know how many types they are, and which assets come in which …
Today I will tell you how to create a company in tally, friends, it often happens that students learn tally, but when they form a company, they make some small mistakes, due to which the company is not formed properly. today I will tell you how to form a company in a very easy way …
Friends, if you want to become an accountant in Tally or want to know about it, then first you should know what is the full form of Tally. The full form of tally is transaction allowed in a liner yards. Friends, today I will tell when Tally started and who is Tally’s father. Friends Tally …
Meaning of Sundry debtor and creditors What are a sundry debtor and sundry creditor? When a businessman starts a business, the businessman has to purchase many types of goods and services in the business. When the business of the businessman runs smoothly, then there are many types of transactions that take place in cash as …
When we are doing some work in our system then we have to do a lot of editing in our paragraph, which has 2 ways, either you go to that function and do that editing or your paragraph by using its shortcut key. Friends, when we do editing by going to the function, then either …
What are the expenses? What is an expense, is such an expense of expenditure that a person or company spends to earn more profit. When any person starts a business, first he has to invest capital in the business. Even if the expenditure is called investment, it does not make a wrong sense, because when …
What are the job of an accountant in Office Hi friends, Do you know that what is the work of an accountant in the office, many students do not know that if they do the work of an accountant, then what work they will have to do in the office or what will be their …
What is scope in Accounting filed Hi Friends, you must have read in the title that whether there is scope in the accounting field or not, often people think that how much money an accountant would have earned. Many people would think that a person keeping an account would earn at most 15 or 20 …
Friends, Do you also want to become an accountant, and if you are wondering where should I start so that I can become a good accountant. Friends, do not worry, today I will tell you how you can become an accountant. Many students think that they have done 12th art, so they cannot become an …
Meaning of Golden rules of accounting What is 3 golden rules of accounting? And how to apply the golden rules in accounting. There are 3 rules in accounting, which help the accountant to book the accounts of any organization or company. In simple words, the Golden Rules are the rules of accounting that help the …
Hi friends, you already know that nowadays everything has become digital, and how much competition has increased, now the interest of the students studying in this way is increasing more in the field of computer and technology, everyone is in the computer field. Wants to make his future, someone wants to become a computer scientist, …
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