Adjusting entries refers to a set of journal entries recorded at the end of the accounting period to have an updated and accurate balances of all the accounts.
Read MoreGot stuck in figuring what to Debit and Credit? Yes, like some of you, even I used to get puzzled as well in my early days. By the time I would settle my understanding on golden rules of accounting: d
Read MoreDouble entry system of booking is an accounting system which recognizes the fact that every transaction has two aspects and both aspects of the transaction are recorded in the books of accounts.
Read MoreBill of Material is a comprehensive list of raw materials, components, assemblies, sub-assemblies, parts, or anything which is required to manufacture the finished product.
Read MoreInventory management is one of the key factors which will define the success of the business. Inventory is money sitting around in another form and it holds huge working capital.
Read MoreOnly by using this account, you can offset the respective asset account that it is paired in the balance sheet. In the above example, accumulated depreciation is a contra account of machinery.
Read MoreTallyPrime is a flexible inventory management software that helps small and medium business to manage optimum level of inventories always.
Read MoreOften, you must have heard people talk about ‘ERP’ in events, session or you might have seen while you were browsing. No matter where you have heard this, it is important to understand the ERP basics.
Read MoreWe shall learn how to configure GST details for Expenses ledgers, such that claim of ITC on indirect expenses can be auto populated in the relevant form for claim of Input tax credit.
Read MoreTallyPrime ‘Annual Computation’ report will helps you get the values 'as per book’ computed annually and use this to match with the system computed values of GSTR-9 in GST portal.
Read MoreRecent Recommendations Made by the GST Council- relaxing the provisions on GST on advances, allowing small businesses to make interstate supplies of service
Read MoreKnow revised GST rates on goods & services, extended gst return dates, extended date to opt for composition scheme, increase in compensation cess on cars
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