Page 302 - DMGT104_FINANCIAL_ACCOUNTING

Financial Accounting

Notes 5. Opening Balance: Enter the opening balance of the respective your bank account as on the
date of Books beginning from option in Company Creation Screen.
6. Mailing and Related Details: Tally by default carries the ledger name here. You can also
enter any other mailing name as you wish. This name is printed in all external documents
i.e. other than internal reports, books of accounts, etc. The Address Details, Income Tax
Number, Sales Tax Number, the person to whom you should contact should be given in the
respective menus. This option is available only for parties’ accounts (Capital, Sundry Debtors
and Creditors). Further, you can also give the Telephone number, Details regarding Fax and
the E- mail address. We can also add Notes for ledger account. This option is available for all
ledgers. This is useful to add remarks or notes about the ledger like the credit worthiness of
the party. In this context we create in the single ledger option to bring up the Single Ledger
screen. We setup “Conveyance” ledger under the “Indirect Expenses” group.
7. Set used in VAT Returns to Yes: Select the required VAT/Tax Class, for example, Purchases
@ 10%

 Press Enter to return to the purchase ledger creation screen
 Accept the Purchase Ledger Creation screen.
 It is recommended that separate Purchase Ledgers be created for each of the purchase
related VAT/Tax classifications.

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