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How to Enable Accounts Only for a Company in Tally.ERP 9?


Tally.ERP 9 Accounting Software having the Accounting Maintaining System of both Account with Inventory and Accounts Only. When you do not want the Inventory reports in your Books of Accounts you can maintain your Books of Accounts with Accounts Only option in Tally.ERP 9.

How to Enable Accounts Only for a Company in Tally.ERP 9?
Accounts Only in Tally.ERP 9

In Tally.ERP 9 business accounting package we can hide the Inventory related Vouchers and Reports by simply enabling the Accounts Only option while creating a Company. If you have already enabled Accounts with Inventory for your Company in Tally, still you have the choice to disable it by Altering the Company.

We can enable Accounts Only for the maintenance of Books of Accounts in Tally, while creating a Company or even after creating the company. And let us see how to do that in both cases.

Enabling Accounts Only at the time of create a Company

We have already learned how to create a Company in Tally.ERP 9 and now let us follow the below steps for enabling Accounts Only option for your Company in Tally.

  1. In the Company Creation screen get to the Company Details section.
  2. Select Accounts Only option for Maintain field.

Accept the screen to enable the Accounts Only for your Company.

Enabling Accounts Only using the Company Alteration screen

If you have already created the company with Accounts with Inventory you can change that to Accounts Only. In order to do that

  1. Load the Company for which you want to disable Accounts with Inventory and make it as Accounts Only.
  2. In the Company Alteration screen get to the Company Details section.
  3. Choose Accounts Only for Maintain option and save the screen.

Accept the screen to enable the Accounts Only for your Company.

Now we have enables our Company to maintain Accounts Only. And this is how to enable a Company with Accounts Only while create a Company or after creating the Company.

How to work with a Blog from Blogger Dashboard?


When a user login to his Google Blogger Account he will see the Blogger Dashboard and there he will find the number of Blogs either created by him or invited by someone else in the User’s Blogs section. There are number of options available to work with the Blogs like Blog Title, Pageviews, Posts, Followers of the Blog etc.,.

How to work with a Blog from Blogger Dashboard itself?
Blog options in Blogger Dashboard

In the User’s Blogs section of the Dashboard the Blogs of the user will be listed in row wise and each and every blog will be having the following Blog Options.

Blog Title

The first thing that you see in the Blog record is the Title of the Blog. When you click the Blog Title hyperlink you will be navigated to the Overview Page of the particular Blog.

XXX Pageviews

Below the Blog Title we can see the Pageviews hyperlink, which contain the number of times the Blog was viewed by the Visitors. By clicking on the hyperlink you will be navigated to the Stats Overview Page of the Blog.

XXX Posts

Beside the Pageviews option we can find the Posts hyperlink, which will show the number of Total Blog Posts either published or under drafting. By clicking on it we will be navigated to the Posts Page of the Blog. Apart that here you can see the date of the last Blog Post published in the Blog.

XX Followers

Beside the last published date of the Blog we can see the Followers hyperlink, which will show the number of followers of the Blog. By clicking the hyperlink we will be navigated to the Blogs Followers Page.

Create new Post

Above the Followers hyperlink we can see the Create New Post button using which we can draft the Blog Posts in the particular Blog. By clicking this button we will be navigated to the Post Page where we can write the Blog Posts.

Go to Post List and Other Options

Beside the Draft Blog button we will be having the Go to Post List button which will take us to the Posts Page. In the button can find out a small down arrow button called More Options which will show the Overview, Pages, Pages, Comments, and sections options of the Blog.

View Blog

The final option of the blog available in the User’s Blogs section is the View Blog button. The Blog Owner or Blog Author can view the final output of the Blog by clicking on it. It will show the appearance of your Blog in new page that how it looks like to the Blog Viewers.

Now we have completed all the Blog options available in User’s Blogs section in the Blogger Dashboard. The same Blog Options will be available for every Blog in your User’s Blogs section. And this is how we can work with a particular blog directly from the Blogger Dashboard screen itself..

List of Accounting Standards applicable to Non-Corporate Entities


The Accounting Standards Board of ICAI has issued an announcement called Criteria for Classification of Entities and Applicability of Accounting Standards in which the Board has classified the Entities into three categories based on turnover, borrowing, and other elements, which we have already learned.

The ASB of ICAI has shortlisted the Accounting Standards which have to be applied in the Financial Statements of the Non-Corporate Enterprises. And the Accounting Standards are applicable to all the Non-Corporate Entities (Level I, Level II, Level III) in their entirety. And the list of Accounting Standards are enumerated below

  1. Accounting Standards 1 – Disclosures of Accounting Policies.
  2. Accounting Standards 2 – Valuation of Inventories.
  3. Accounting Standards 4 – Contingencies and Events Occurring After the Balance Sheet Date.
  4. Accounting Standards 5 – Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies.
  5. Accounting Standards 6 – Depreciation Accounting
  6. Accounting Standards 7 – Construction Contracts
  7. Accounting Standards 9 – Revenue Recognition
  8. Accounting Standards 10 – Accounting for Fixed Assets
  9. Accounting Standards 11 – The Effects of Changes in Foreign Exchange Rates
  10. Accounting Standards 12 – Accounting for Government Grants
  11. Accounting Standards 13 – Accounting for Investments
  12. Accounting Standards 14 – Accounting for Amalgamations
  13. Accounting Standards 16 – Borrowing Costs
  14. Accounting Standards 22 – Accounting for Taxes on Income
  15. Accounting Standards 26 – Intangible Assets

These are the list of Accounting Standards which are applicable to all the Non-Corporate Entities.

Criteria for classification of non corporate Entities as decided issued by the ICAI


The Accounting Standards Board of ICAI has issued an announced regarding the Classification of Entities and Applicability of Accounting Standards. In connection with this the ASB has divided the Non Corporate Entities into three Levels and these three are explained in details and the conditions are explained to decide the classification of an Entity.

As per the announcement of Criteria for Classification of Entities and Applicability of Accounting Standards issued by the Accounting Standards Board of ICAI the Entities are classified into three categories in order to applicability of the Accounting Standards. And there three are called as Non-Corporate Entities.

Level 1 Non Corporate Entities

All the Non Corporate Entities which fall in any one of the following categories, at the end of the relevant accounting period, are classified as Level 1 Entities.

  1. Whose Equity Securities (Bank Notes, Bonds, Debentures) or Debt Securities (Common Stock, Ordinary Shares) are listed or are in the process of listing on any Stock Exchange, whether in India or outside India.
  2. Banks (including co-operative Banks), Financial Institutions, or Entities carrying on Insurance Business.
  3. All Commercial, Industrial and Business reporting Entities, whose turnover (excluding other income) exceeds rupees Fifty Crore in the immediately preceding Accounting Year.
  4. Holding and Subsidiary Entities of the Entity/Entities falling in any one or more of the above categories.

Level II Non Corporate Entities (SMEs)

The Level II Entities are also called as Small and Medium Sized Entities. All the Non Corporate Entities which are not Level 1 entities but fall in any one or more of the following categories are classified as Level II Entities.

  1. All Commercial Industrial and Business Reporting Entities, whose turnover (excluding other income) exceeds rupees One Crore but does not exceed rupees Fifty Crore; or
  2. Borrowing (including public deposits) in excess of rupees One Crore but not in excess of rupees Ten Crore in the immediately preceding Accounting Year.
  3. Holding and Subsidiary Entities of the Entity/Entities falling in any one or more of the above categories.

The ASB on 07-03-2013 revised the minimum turnover to One Crore for Level II Entities with the announcement ‘Criteria for classifying Level II non-corporate Entities’

Level III Non Corporate Entity (SMEs)

Along with Level II Entities, Level III Entities are also called as Small and Medium Sized Entities. Entities which are not covered under Level I and Level II non corporate entities are considered as Level III Entities.

There are the criteria mentioned by the Accounting Standards Board of ICAI to classify the Non Corporate Entities.

How to remove a Blog or Website from Reading List in Google Blogger?


In order to remove or unfollow a Blog from your Blogger Account go to the Reading List section in the Blogger Dashboard and click on Manage Reading List gear button in Manage Blogs I’m following screen click on the Settings hyperlink pertaining to the particular blog which you want to remove and click on stop following this blog hyperlink.

How to remove a Blog or Website from Reading List in Google Blogger?
Remove Blog from Blogger Dashboard

In the Reading List section of your Blogger Dashboard, we can add a Favorite Blog or Website to get the updates from the Blog or Website. When we do not want to get any updates from the Website or Blog in our Blogger Account we have to Unfollow the Blog or Remove it from the Reading List.

To remove a Blog or website from the Reading List in Blogger Dashboard just login to your Blogger Account and you will find the Blogger Dashboard. In the Dashboard move the Reading List where you can find your Favorite Blogs added.

  1. Click on the Manage Reading List button (Gear Button) in right side of the Reading List section.
  2. In the Manage Blogs I’m Following screen click on the Settings hyperlink belongs to a particular Blog or Website Title.
    • If you have followed the Blog publicly using your email ID, just login with your email id and click on the Stop Following this site hyperlink and confirm the action.
    • If you have followed the Blog Publicly as Anonymous mostly probably you can not unfollow a blog as I faced an error while I was removing a blog from Reading List If any get the solution for this kindly comment in this blog post.

Now the Blog or Website will be no more seen your Reading List section and this is how to remove or unfollow a blog or website from your Reading List in your Blogger Account.

How to change the Settings of the YouTube Analytics Report page?


In your YouTube account you can find the YouTube Analytics, where we can generate the reports related to the YouTube Videos uploaded in our Account. Earlier it was providing the Default Report of the Analytics for last 28 Days only and if the account is linked with the Google Adsense Account you will see the Earnings of your Monetized YouTube Videos also.

How to change the Settings of the YouTube Analytics Report page?
YouTube Analytics Settings

Whenever you open the Analytics it will generate with the Default Analytics Settings. If you want to change the report you have to change the criteria of the report in the Analytics page. And you have to every time you open the Analytics.

But now the YouTube website enabling the users to change the Default Analytics Settings, we can change the Range of Period for the Report and the Currency of the YouTube Earnings. Once, do this to will the Analytics as per your settings whenever you open it.

In order to do so, login to the YouTube Account and click on User Icon in top right side corner in your YouTube Account.

  1. Click on Creator Studio button in the dropdown menu.
  2. Click on the Analytics tab in your left side.
  3. In the Analytics Overview page click on Settings button (Gear Button). Then you will see the Settings Pop-up menu.

How to change Default Currency of YouTube Analytics

Earlier the Analytics was only used to generate the YouTube Earning in United State Dollar (USD) Currency, but now it supports to generate the report in different Currencies like Euro, Britain Point, Jepanese Yen, Swiss Franc, Indian Rupees, etc.

In order to change the Currency of the Analytics just click on the Currency Name in the Setting Pop-up menu, then you will find the various Currencies used in the different parts of the world and choose any one of the Currencies available and click on Save button. Now Report will be generated in your specified Currency.

How to change the Default time period of YouTube Analytics

Earlier when we open the Analytics we used to get the report pertaining to the last 28 days only, but now we can change that period. To do just click on the Default time period button and choose the any one of the provided time period and save the report.

After you have made the changes to the Settings of the YouTube Analytics the report will be generated as per your Settings instead of Predefined Settings. And this is how to the change the default settings of the YouTube Analytics.

An introduction about QuickBooks Online (QBO) User Interface!


QuickBooks Online (QBO) is a Could Accounting Software meant for small business people and it is purely web based accounting software where the Books of Accounts can be accessed from anywhere in the world.

An introduction about QuickBooks Online (QBO) User Interface!
QuickBooks Online Interface

In order to Record the Books of Accounts in the QuickBooks Online, one can avail this service by paying subscription fee at QuickBooks Online website. The Intuit provided the Trail period for the fresh registered user for a couple of days. If the user is satisfied by using the QuickBooks Online Software wan can proceed to pay the monthly or annual subscription fee to proceed with.

When you registered at QuickBooks Online you will be provided with a valid User ID and Password to access your Books of Accounts and to work with the QBO software. When you login to your Account at QuickBooks Online software in the Webs Browser you will see a screen similar to the above picture.

The home page of your QuickBooks Online software will contain the following areas to work with.

  1. Working Area or Main Area
  2. Left side Navigation Menu
  3. Quick Create Button
  4. Tools and Settings

And let us understand each and every section of the QuickBooks Online interface in detail.

Working Area or Main Area

The central point of the QuickBooks Online software is meant for Recording the Books of Account and generating the Reports. In the Home you will find the name of the Company, Summary report of the Income, Expenditure, Profit & Loss Accounts, apart that you can find out the Cash and Bank Balances at Bank Accounts and recent activities of the Company.

Left side Navigation Menu

The option available in the left side of the screen is called as Lift Side Navigation Menu meant to navigate to different segments of the software. Using this navigation menu you record and alter the transactions related to Clients, Suppliers, Employees, and some other transactions. The Reports menu will take you to the Reports screen where you can generate different kinds of report of the Books of Accounts.

Quick Create Button

At the top of the screen you will find the Plus (+) symbol using which you can quick create List of Clients, Suppliers, Employees, and Record the business transactions.

Tools and Settings Button

The Tools and Settings button is available in top right side corner which is seen with the Company Name. Using this Button the user can manage and change the settings of the Company, Audit, Reconcile, and Import the Data. Apart that there are some other features are provided in this Button, about which we will discuss in more detail in the coming blog posts.

Using these Buttons, and Tools we can work with QuickBooks Online Software and this all about introduction about QuickBooks Online (QBO) interface and working with the QuickBooks Online.

How to print Wishing Message for POS Invoice in Tally.ERP 9?


Tally.ERP 9 Accounting Software supports the POS Invoicing feature, which is used in Retail Outlets, Check-out Points in the Shopping Malls. And the Tally Solutions Ltd., designed the software to customize the setting in the POS Invoicing, and we can put the customized messages like Thank You,  Visit Again messages in the Invoice Bill Slip.

How to print Wishing Message for POS Invoice in Tally.ERP 9?
Wishing Message in Tally.ERP 9

We have learned about the Point of Sale and its incorporation in Tally.ERP 9 Accounting Software earlier and now here we are going to customize the Invoice Format for the POS Invoice in Tally.ERP 9. When we purchase some perks at a Shopping Mall we will get an Invoice from the Check-out point.

In the Bill we can find out the messages like Thanks for visiting, Visit Again, Have a nice day etc., likewise message we can also do it in Tally.ERP 9 Accounting Software. To do that just open your POS Invoice enabled Voucher Type in the Voucher Type Alteration mode.

  1. To open the POS Voucher Type from Gateway of Tally screen select Accounts Info. option.
  2. In the Accounts Info. menu choose the Voucher Types and after that select Alter option.
  3. From the List of Voucher Types choose the POS Enables Voucher Type (POS Invoice).

Now the POS Invoice Voucher Type is opened for alterations. To add the customized wishing message in the Invoice Slip, just get the Printing section.

  • And enter the Visit Again or Thanks for Visiting Message in the Print Message 1 field.
  • If you want to enter the any secondary message you can ad in the Print Message 2 field.

After that just save the Voucher Type and try to record a POS transaction and take the Print Out of the Invoice. The messages that you have provided in the Print Message fields will be printing at the bottom of the Invoice Papers. And this is how to set a customized message in the POS Invoicing in Tally.ERP 9.

What the criteria for Classification of Entities and Applicability of Accounting Standards?


The Accounting Standards Board of ICAI has classified the Enterprises for the Application of Accounting Standards with the Financial Statements. For which, the ICAI has already issued an announcement called Classification of Entities and Applicability of Accounting Standards and it was notified by the Central Government of India.

As per ICAI the Entities are classified into three Levels, but as per the Central Government notification there are two Levels only. So, there is a difference between the issued and notified announcements. And these two sets are discussed below in detail.

Categories of Entities or Companies issued by the ICAI

The ICAI has already issued an announcement on Criteria for Classification of Entities and Applicability of Accounting Standards to enable the Companies to prepare the Financial Statements in compliance with Accounting Standards. And this announcement classified the Entities into three Levels based on turnover, borrowing, and other criteria.

  1. Level I Entities.
  2. Level II Entities.
  3. Level III Entities.

These are called as Non Corporate Entities, Level II and Level III Entities are considered as Small and Medium Entities (SMEs). The above three levels of entities are discussed in more details in Criteria for classification of non-corporate entities as decided by the ICAI article.

No Relaxation was given to Level II and Level III enterprises in respect of recognition and measurement principles. Relaxations were provided with regard to Disclosure Additional Requirements.

Categories of Companies or Entities notified by the Central Government

The Criteria for Classification of Entities and Applicability of Accounting Standards was also notified by the Central Government of India for the Companies, where the Government has just mentioned only two levels of Company and they are

  1. Small and Medium sized Companies (SMCs) as defined in the Companies (Accounting Standards) Rules, 2006
  2. Companies other than Small and Medium sized Companies (Non SMCs).

The Non-SMCs are required to comply with all the Accounting Standards in their entire segment. But SMCs are provided with certain exemptions/ relaxations while presenting the Financial Statements in complains with the Accounting Standards. And these two categories are called as Companies or Corporate Entities. The above two levels of companies are discussed in more details in Criteria for classification of Corporate Entities as notified by the Central Government of India article.

So, consequent to certain differences between the ICAI and the Central Government the Accounting Standards Board of the ICAI decided to revise the Criteria for Classification of Entities and Applicability of Accounting Standards and want to make such changes only to the Non Corporate Entities i.e. entities issued by the ICAI.

Though the classification criteria and applicability of Accounting Standards are mainly aligned with the criteria prescribed for Corporate Entities, it was also decided to continue for the Non Corporate Entities also.

How to add a Blog or Website to the Reading List in Google Blogger?


In Google Blogger Dashboard, it has provided the section called Reading List, where the user can add the Blog or Website as a favorite Blog. And this is the User’s Favorite Blogs list and it will contain the Blog Posts or Articles published in those Blogs or Websites.

How to add a Blog or Website to the Reading List in Google Blogger?
Following a Blog

In order add the Blog to the Reading List, the Blogger has to login to his Google Blogger Account. In Blogger Dashboard screen just scroll down to the Reading list and click on Add button available just below the heading. A popup will be displayed to add a Blog or website.

  1. Enter the Blog or Website URL in the Add from URL field e.g. http://www.accountsguy.net, if you want to add more URL just click Add URL and you can add as many as Blogs that you want to add to the Reading List.
  2. You can select Follow publicly as (Your Name) option if you want to follow the blog using your Google Account otherwise Follow anonymously option for Following option field.

When you click on Follow button the blog will be added to the Reading List and the list of Blog Posts published in the Blog will Shown with summary.

And this is how to add a Blog or Website to the Reading List in your Google Blogger Dashboard.

Difference between Accounting Standards and Income Tax Act, 1961


Accounting Standards are formulated by the Accounting Standards Board of ICAI to reduce the complications involved in the application of Accounting Principles, As well to improve the comparability of Financial Statements and to promote the transparency and fairness in their presentation.

There are certain fiscal policies formulated by Income Tax Department, where Deductions and Exemptions are allowed in the computation of Taxable Income. And there might be different than that of the Accounting Standard Policies. Thus and Expense Chargeable against revenue by an Accounting Standards does not imply that the same is always deductable for Income Tax purpose.

For instance, An Asset is taken for lease by X Company from Y Person. Regarding the Depreciation there are deviations found between the Accounting Standards and Income Tax Act 1961, while implementing them in Accounting, for general purpose and Computation of Income Tax purpose, which are citied below.

  1. Depreciation on Assets taken on Finance Lease is charges in the Books of Lessee (here X Company) as per Accounting Standard 19.
  2. But for Income Tax purpose it is allowed to Lessor (here Y Person), being the legal owner of the asset, rather than to the Lessee (X Company).

Likewise, recognition of revenue in the financial statements can not be avoided simply because it is exempted under Section 10 of the Income Tax Act, 1961.

The Central Government has notified the following Accounting Standards for Income Tax purpose.

  • Tax Accounting Standard 1 (TAS 1)
  • Tax Accounting Standard 2 (TAS 2)

As well the Government has mentioned the following two required disclosures for Tax purpose.

  • Disclosures of Accounting Policies.
  • Disclosures of Prior Period and Extra Ordinary Items and Changes in Accounting Policies.

Section 145 of Income Tax Act, 1961 implies that all the Enterprises keeping their Books on the basis of Mercantile System of Accounting must comply with TAS 1 and TAS 2.

And the requirements of TAS1 and TAS 2 are practically same as the corresponding Accounting Standards 1 and Accounting Standards 5 issued by the ICAI. The Mandatory compliance of TAS 1 and TAS 2 are nevertheless required for the limited purpose of Income Tax.

What content of Disclosures should be provided for deviation of Accounting Standards?


All the concerned Enterprises should present the Items of the Financial Statements as per the Order made by the Court/ Tribunal. On November 17, 2004, the Council of ICAI has announced that if an Item in the Financial Statement of an Enterprise is treated differently, disclosures should be made in the Financial Statements of the year in which different treatment has been given.

And the disclosure should have the following

  1. Description of the accounting treatment made along with the reason that the same has been adopted because of the Court/Tribunal Order.
  2. Description of the difference between the accounting treatments prescribed in the Accounting Standard and that followed by the enterprise.
  3. The financial impact, if any, arising due to such a difference.

And this about the description of the reasons, differences and impact that hold be enclosed in the disclosures of deviations from Accounting Standards in the Financial Statements of the Enterprise.

Know the Financial Items to which Accounting Standards are applicable?


Accounting Standards are applicable to the Items, which are shown in the Financial Statements of an Enterprise and the Items should be of Material in nature. An item in the Financial Statement is likely considered to be a Material, if it is likely to affect the economic decision of the Enterprise.

The Materiality is not primarily considered by its size, but it is mainly the information. If we say it in clear, an Item in the Financial Statement is important.

For instance, A Company, which is incurring crores of rupees in a years would have to pay a penalty of Rs. 50,000/- for breach of law. Even though it is very small amount for the company, yet the item Penalty having the Materiality in nature as it conveys the information. Therefore, the materiality should be judged on case to case basis.

If an Item in the Financial Statement of an Enterprise is of Material nature, it should be shown separately in the Financial Statements of the Enterprise rather than clubbing it with other items of the Statements. For instance, in the above said example it is advisable to show the Penalty as a separate item rather than clubbing it with the Legal Charges.

And this is how to know an Item in the Financial Statement is applicable to the Accounting Standards.

Different Enterprises which are applicable to Accounting Standards?


There are Enterprises which required to comply with the Accounting Standards (issued by the ICAI and notified by the Central Government), and which does not required to comply with the Accounting Standards and these are explained in detail below.

An Enterprise does not required to comply with Accounting Standards.

Non Companies like Partnership Firms does not required to comply with the Accounting Standards if they are following rules governed by the Enterprise. i.e., the Members of the ICAI are required to examine the Financial Statements of the Enterprises and that are prepared based on the applicable Accounting Standards or not. If any deviations are found from the Accounting Standards they have to disclose them in their reports.

It is the responsibility of the Management to disclose the Financial Statements of the enterprise and the Auditor’s responsibility is to form an opinion and report upon it.

An Enterprise required to comply with Accounting Standards.

Enterprises like Companies should mandatorily comply with the Accounting Standards, while presenting the Financial Statements.

As per the Section 211(3A) of the Companies Act every Company has to present their Profit and Loss Accounts and Balance Sheet in compliance with the Accounting Standards [As per Section 211 (3A) Accounting Standards means standards of Accounting recommended by the Institute of Chartered Accountants of India, as may be prescribed by the Central Government in consultation with the National Advisory Committee on Accounting Standards established under subsection (1) of section 210A].

And as per Section 211(3C) of the Companies Act, Profit and Loss Account and Balance Sheet must have audited and must have adhered to Account Standards. If Profit and Loss Account and Balance Sheets of a Company does not comply with the Accounting Standards, the Company is required by Section 2011 (3B) to disclose the deviations from the Accounting Standards together with reasons for the deviation and financial effect if any arising due to such deviations.

As per Section 227 (3)(d) of Companies Act, Auditor has to report and form his opinion about the Profit and Loss Account and Balance Sheets of the Company, whether they are prepares in complains with Accounting Standards or not.

In addition to that, Companies listed in Securities and Exchange Board of India (SEBI), are required to comply with the Accounting Standards issued by the Institute of Chartered Accountants of India, by clause 50 of Listing Agreement. SEBI has set up a Standing Committee on Accounting Standards, which mandates the adherence and enforcement of the same through the Listing Agreements between the Companies and recognized Stock Exchanges.

Insurance Regulatory and Development Authority Regulations, 2002 enforces the Enterprises of Insurance Business to adhere to the accounting Standards which are applicable to them.

How to close SB Account, and obtain Relieving Letter, Bank Statements?


Savings Account will be closed by submitting the Cheque Books, ATM Cards, and other required instruments that are related to the Account. And account will be closed by the Accounts Officer within an hour if the required documents are submitted along the Request Letter by the Account Holder.

While closing the Bank Account charges for account closure will be deducted and the remaining balance will be repaid to the Account Holder either in Cash or Account Pay Cheque. Mostly, the banks will issue an Account Payee Cheque after closing the account.

And here is a specimen Request Letter for the Closure of Savings Bank Account.

In the above letter we requested for the closure of Savings Account and you just replace your information, your bank information, and reason for closure which are highlighted in italicized font style. Just submit this Request Letter along with your Cheque Book, ATM Card and other Instruments to the Accounts Officer at your branch. Within an hour the Officer will settle your account by issuing an Account Payee Cheque (deduct the Closing Charges from the Closing Balance), Relieving Letter, and Account Statement if requested.

What determines an Enterprise that the Accounting Standards are applicable to?


Accounting Standards are applicable to an Enterprise, which is a Corporate, Co-operative, or any other form type, but it must be engaged in Commercial, Industrial, or Business activities. Even it is applicable to the Non Profit Enterprises like Charitable, Religious Trusts, such activities carried by them.

So, an Enterprise must have engaged in any one of or all of the following activities in order to adhere to the Accounting Standards.

  1. Commercial
  2. Industrial
  3. Business

An Enterprise can be out of this purview, if no part of the activity is of Commercial, Industrial, or Business in nature. Accounting Standards however do not apply to Enterprises solely carrying on the activities, which do not of the above cited activities. For instance, collecting donations and giving them to the flood affected people.

If a very small portion of the activities of an enterprise is considered to be of above cited nature, then the Accounting Standards will be applicable to all its activities, which are not of such kind of nature.

And this is about the determination of an Enterprise that the Accounting Standards are applicable to.

How to configure POS Invoicing in Sales Voucher Type in Tally.ERP 9?


Tally Solutions designed the Tally.ERP 9 Accounting Software to support the POS (Point of Sale) Invoicing for Retail business, and Check-out Points at the Shopping Malls. And it can be enabled using the Sales Voucher Type in Tally. For default Sales Voucher Type we can not enable the POS Invoicing, so we have to create a new Voucher Type for Sales where we can activate the POS Invoicing.

How to configure POS Invoicing in Sales Voucher Type in Tally.ERP 9?
Activate POS Invoicing in Tally.ERP 9

POS Invoicing can be enabled in Tally.ERP 9 for Sales Voucher Type. It is simple and quick to activate the Point of Sale Invoicing in Tally.ERP 9 for Sales Voucher Type. In Tally we can not configure the POS for the default Sales Voucher Type, instead of that we have to create a Customized Voucher Type, where we can enable the POS Invoicing.

To create the POS Voucher Type we have to select a Company in Tally and after that

  1. Go the Gateway of Tally
  2. Select Accounts Info option and choose Voucher Types.
  3. Select the Create option then you can see the Voucher Type Create screen. In that screen complete the following fields.
    • Enter the name as Point of Sale.
    • Choose Sales from the List of Voucher Types in Type of Voucher field under General section.
    • Go to the Printing section and set Yes for Use for POS Invoicing field.

Finally, accept the screen to create the Point of Sale Voucher Type in Tally.ERP 9, using which we can record the POS Sales. And this is how to enable POS Invoicing in Tally.ERP 9.

How to know the Accounting Standards are applicable to an Enterprise?


Earlier we have learned that the Accounting Standards framed by the Accounting Standards Board (ASB) of ICAI, and issued by the Council of ICAI. The ASB will submit the Finalized Exposure Draft of Proposed Accounting Standard to the Council. After consideration of all the comments the Council will request the ASB for further amendments to be done to the Draft, if needed.

And ICAI is not at all a legislative body therefore it has issued the Accounting Standards within the bounds of the laws and local regulations. Later it will be notified by the Ministry of Corporate Affairs for Companies.

How does an Enterprise does knows the applicability of Accounting Standards

An Enterprise can ascertain the answer for the question, whether the Accounting Standards are applicable for it or not by answering the following three questions.

  1. Does it apply to the Enterprise concerned?
  2. Does it apply to the Financial Statement concerned?
  3. Does it apply to the Financial Item concerned? (Here the Financial Item could be an Fixed Asset, Current Asset, etc., which is shown in the Financial Statement of the enterprise).

We will comprehend in detail about the above three point in the next article and this is all about the Overview of Accounting Standards and how an Enterprise can know that the Accounting Standards are applicable.

An introduction about Intuit QuickBooks Online (QBO)


QuickBooks Online is one of the products of Intuit meant for Small Business owners and it is a Cloud Accounting Software. Without need of any software installation we can work with QuickBooks Online. It is also called as QBO.

As we already told you that the QuickBooks is a web based Accounting Software and we need only an Internet Browser like Google Chrome, Mozilla Firefox, Internet Explorer to operate this Cloud version of Accounting Software and your Computer System must have connected to the Internet.

Subscribers have to pay the Monthly subscription fee instead of upfront fee to access the Online Accounting Software through a secured login via a web browser. It is a distinct product from Desktop version of QuickBooks. In 2013, Intuit (Developer of the software) announced that the third party can design the customized patches for QBO to meet the additional requirements of the Subscribers by using the QuickBooks Online with an open platform design.

QuickBooks Online supported on Chrome, Firefox, Internet Explorer 10, Safari 6.1 and also accessible via Chrome on Android and Safari on iOS 7. As well the subscribers can access via an iPhone, a BlackBerry, and an Android web app.

Earlier, in the beginning stage of VAT introduction in the Business segment it was not supported by the QuickBooks Online but later on 2011 it addressed the specific VAT and European Tax System. There are also custom versions for Canadian, Indian, and Australian markets, as well as a global version that can’t be customized by the user.

Will Tally.ERP 9 supports POS Invoicing for Sales Transactions?


Tally Solutions has incorporated the POS (Point of Sale) Invoicing in Tally.ERP 9 Accounting Software. Using this option Tally Users can record and maintain the POS Sales at Outlets, Check-out Points, etc., By activating the POS Invoicing in Tally, user can record the POS Sales by using the various instruments like Cash, Credit or Debit Cards, Chques, Barcode Scanner.

What are the features of POS Invoicing in Tally.ERP 9?
Features of POS Invoicing in Tally.ERP 9

Apart that it allows Discounting, Actual and Billing Quantity, VAT Computation in Tally.ERP 9. Even we can take the print out of the Point of Sale Invoice after raising the Bill. And we can look out the features of POS Invoicing in Tally.ERP 9 as shown below.

Features of POS Invoicing in Tally.ERP 9

  1. It is simple to activate the POS Invoicing and it is designed as user friendly in Tally Software.
  2. We can set up POS Invoicing quickly and easily in Tally.
  3. Tally.ERP 9 facilitates faster data entry and calculations.
  4. Helps you to calculate sales and sale proceeds
  5. Manages Inventory and facilitates Barcode Scanner operations.
  6. Offers a flexible and simple way of querying your inventory and sales information
  7. Helps you to track the movement of items and how much you are spending on them
  8. Tracks and records the date and time of every sale made at the store
  9. Helps faster printing in invoices.

And this is all about Features of POS Invoicing in Tally.ERP 9.

What is a Point of Sale (POS)?


Point of Sale is nothing but a place or location of Retail Shop or a Check-Out Counter at a Showroom or Shop, where the Sale Transaction takes place even for small quantity. There are various instruments like Cash Registers, Card Readers, and Barcode Scanners are used by the outlets.

This Point of Sale is a Computerized Cash Register. While billing the Sales Transaction at the POS it will adds the Commodities Rate, deducts Discounts, adds the State Sales Tax (VAT) on the value. As the bill is raised the Billing System will automatically adds the Money to the Cash Register and deducts the Billed Stock from the Inventory.