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 at a later stage, the correction should be made by passing a suitable journal entry, such entries used to fix an accounting error are called rectification entries.
Also Read:- Loans and Liability in Balance Sheet
How to Search Rectification in Tally Accounting
Locating errors is like searching for a black cat in a dark room, all the while wearing sunglasses. However, there are some methods that can make it easier to locate errors.
A trial balance is prepared to check arithmetical accuracy. Hence, the task of locating errors should start from the trial balance.
Earlier, it was mentioned that some errors are disclosed by the trial balance, while others are not. If the trial balance is in disagreement, then it is an indication that errors exist in the books of accounts.
Also, Read:-What is interest
Rectification Entry in Tally
Solve tally Data Error in 2 minutes….So In order to Rewrite Tally Data Follow these steps:
- Open the tally.
- Press Ctrl + Alt + R.
- Then paste the data in directory by pressing Ctrl + Alt+ V.
- Then press enter and you will see the option to Rewrite the Tally data.
- Your Data will be corrected in 1 or 2 seconds.