Basic Accounts
The Basic Accounting Equation is the key, key, key, key equation of the subject. Did I mention it’s key? If you understand this simple, yet often misunderstood equation, you will be leap years ahead of most accounting students! I really mean it… You see, everything in accounting – and I mean e-v-e-r-y-t-h-i-n-g – revolves around this equation! The rest of the subject is a breeze if you get this concept.
And in order to fully understand this key, key equation, we will be taking a detailed look at each of its three components:
1. Assets
2. Liabilities
3. The Owners Equity.
By learning what each of these terms mean, and how they add up to the equation, you’ll be in a perfect position to go through more complicated parts of the subject, like debits and credits (scary terms, but please don’t run away yet!
We’ll get to this and sort it all out pretty soon!.
With the GST implementation, various accounting software such as ClearTax and Tally are available to help you prepare your books in alignment with GST rules. In this course, we will guide you on how to use Tally ERP 9.
1. How to create a company
2. Enabling GST features in Tally
3. Ledger Creation
After creating a company and activating GST features, you need to create ledgers that will enable you to pass accounting entries in Tally.
After having done the above 3 steps, you can start entering accounting entries in Tally. There are many accounting Vouchers in Tally such as Payment, Receipt, Contra, Sales, Purchase, etc. Choose the relevant Voucher and start passing the accounting entries.
The Advanced Tally course includes Accounts training and additional Payrolls, Statutory Regulations and Tax filing methodologies. Moreover the course will provide you extra practice sessions to ensure you are well equipped and comfortable with the Tally Software.