Accounting

Depreciation in Accounting Depreciation in Accounting Depreciation is a crucial concept in accounting that directly impacts financial statements, tax calculations, and overall business management. It represents the gradual reduction in the value of fixed assets over time due to wear and tear, obsolescence, or usage. Accurately recording depreciation ensures that profits are not overstated and … Read more

Fixed Asset Purchases & Loan Entries in Tally Fixed Asset Purchases & Loan Entries in Tally Maintaining accurate accounting records is crucial for businesses, especially when dealing with fixed asset purchases and loan entries. Incorrect entries can lead to financial discrepancies, affecting balance sheets and profit and loss statements. Fixed Asset Purchases & Loan Entries … Read more

Accounting for Two Trade Names in a Single Tally Data Accounting for Two Trade Names in a Single Tally Data Managing accounts for two trade names in a single Tally data file is a common requirement for businesses that operate under multiple trade names but wish to maintain consolidated accounting records. With Tally’s robust features, … Read more

Reimbursement Entry & Ledger Reconciliation Reimbursement Entry & Ledger Reconciliation TallyPrime is a widely-used accounting software that simplifies business processes, including handling expense reimbursements and ledger reconciliation. This blog will guide you step-by-step on how to make expense reimbursement entries and reconcile ledgers in TallyPrime effectively.   For better understanding watch https://youtu.be/2nUzbET0ARc this video What … Read more

How to Read a Balance Sheet How to Read a Balance Sheet Understanding a balance sheet is a crucial skill for anyone involved in business, investing, or personal finance. It provides a snapshot of a company’s financial health at a specific point in time, detailing what the company owns, owes, and the equity held by … Read more