Page 296 - DMGT104_FINANCIAL_ACCOUNTING

Financial Accounting

Notes  As we come to next option i.e. Maintain, the Tally will ask the following information:
 Maintain Accounts Only: Choose this option if you want to maintain only Account
Books without any inventory transaction (Suitable for Professionals and service
Industry People).
 Maintain Accounts with Inventory: This option permits you to keep Accounts as well
as inventory information.
 Maintain Inventory only: If you do not want to keep any other financial data except the
inventory, choose this option.

Notes If you want to change your option relating to maintenance of accounts with
inventory, you can always change at a later stage. Once process of Company creation is
completed, you will find a button [F11] – Company Features – on the bottom right hand
corner of your screen. Companies Features are modifiable settings pertaining to the current
company you are working with. One of the settings is a question pertaining to maintenance
of accounts with inventory. One can select this option depending upon the needs of financial
data and reports.

 Financial Year: Give here the financial year of the Company. Tally considers 12 months
from the date you give here as the Financial year. The books are closed exactly 12 months
after this date.
 Books beginning From: Though normally the books are maintained from the beginning of
the financial year, but Tally give you the facility of starting your books at a date other than
the beginning of the financial year but close the books according to the financial year
selected by you. For example, your company is established on 30th June 1999. The financial
year stated is from 1.4.1999 to 31.3.2000. The books will begin on 30th June 99 and close on
31st March 2000. It ensures smooth transition to the next year.

 Security Control: For secrecy of your data, Tally provides a password based access control
to different parts of the system based on the authority lists created by the administrator.
Give the name of the administrator (presumably yourself) and your password. Repeat
password by way of verification. The password is not displayed to protect it.
 Tally Audit: This feature allows the auditor or the administrator to track the changes in
the accounting information. If you wish to use this facility select YES.
 Base Currency Information: Tally has the facility of working in different currencies. You
can select the currency of your choice according to your need. Please also mention the
number of decimal places for the base currency (usually it is Two).

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