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How can a Software professional Use Tally 9 to Maintain her Records

Posted on 2010-08-22
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Last Modified: 2012-05-10
Hello,

I want to use Tally 9 for maintaining my records. I am software professional, who get income from clients.
I found a article How can a Doctor Use Tally 9 to Maintain His Records (http://www.svtuition.org/2009/01/how-can-doctor-use-tally-9-to-maintain.html). But this is for doctors, not for Software Professional. As you all know there are so many similarities as well as differences in both professions.
I have my Accountant with me, but he is not able to support me more than a week. If any one of you provide me a quick solution with example that will be great help :). I dont have time to learn Tally 9 because of busy schedule, so I will need easy steps like above article.

Hoping for quick favor.

Thanks.
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Question by:Mohit Vijay
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11 Comments
 
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Author Comment

by:Mohit Vijay
ID: 33499065
no answer?
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Assisted Solution

by:ericpete
ericpete earned 500 total points
ID: 33528964
VjSoft,

There are a number of tutorials listed at http://www.apnitally.com/2008/02/tally-tutorials-complete-tutorials-on.html

Also, if you do a Google search, you will find a number of videos that are tutorials as well.

Personally, though, I use Quickbooks. It's easy to set up, easy to use, and inexpensive -- and I do the same kind of thing you do.

ep
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Author Comment

by:Mohit Vijay
ID: 33528991
I will check this tutorial and let you know.

BTW
If you know any other financial software using that I can manage my account, please let me know (I will prefer freeware, if possible)
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LVL 15

Expert Comment

by:ericpete
ID: 33533895
"...I will prefer freeware, if possible..."

What you pay for is what you get; I don't think I'd want to put my tax liability in the hands of software that is free.

Having said that, accounting software is like driving a car: you find what you're comfortable with, and use that. I'm partial to Quickbooks because you don't really have to know much accounting to get started, and at the same time, it's very good at teaching you what you need to know. There are others, though: Peachtree's software is pretty popular.

It all depends on your requirements, which your accountant should be able to help you with.

Quickbooks does have a free version that probably doesn't have a lot of the features you might want: http://download.cnet.com/QuickBooks-Simple-Start-Free-Edition/3000-2066_4-10608523.html

There's also http://www.freeaccountingsoftware.net/download.aspx that might be okay -- I've never used it.
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Author Comment

by:Mohit Vijay
ID: 33553723
Using the tutorial, I am learning how to use tally. But its not specific to Software Professional, so its taking little bit time.

Now I know how to use Receipt/Contra voucher, cost centers

Here are few question:

1. How to show bank interests?
2. How FD's should be entered in system, as bank Account?
3. How to show Gifts received from Family persons?
4. How to show investments in shares/mutul funds/ Insurances?

Please reply as soon as possible.
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Assisted Solution

by:ericpete
ericpete earned 500 total points
ID: 33553882
1. Bank interest (money bank pays you) should be shown as an income subcategory.

2. FDs depend on the source of the income. If they are retainers then they are straight income, like the money you would receive from any other client. If they're from an annuity, then they're income, but unrelated to the business, so I'd list them separately.

3. Gifts are generally not considered taxable income (up to a point). However, if the money is a loan or an investment in the business, then it is treated as equity (normally). That's a question for your accountant and depends on your local tax rules.

4. These are investments you're making? If so, then they are assets you are acquiring. Normally, though, insurance is different; it's an expense, not a purchase.

One thing you should do is keep your personal accounting (what you pay for food, for example) separate from your business accounting (what you pay for office supplies, for example).

ep
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Author Comment

by:Mohit Vijay
ID: 33555584
Hello ericpete,

your below line make so many things clear:
------------
One thing you should do is keep your personal accounting (what you pay  for food, for example) separate from your business accounting (what you  pay for office supplies, for example).
-----------

But the questions are,

1. How should I enter Bank Interest in Tally? Yes It is a part of income, but how should I enter this amount.
2. Should I maintain different account to maintain personal accounting, like gifts etc..? but the problem is when I match my business account, total amount in bank will not match with amount received from client and expenses done by me from Bank Account :(

I am quite sure that you will help me on it and I will award you with all expert points :)

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Accepted Solution

by:
ericpete earned 500 total points
ID: 33555970
1. I have no idea specifically; I've never used Tally. But you'll want a separate account on your Income/Expense ledger (usually called a Profit/Loss ledger) for Interest Income. On your general ledger (Assets/Liabilities/Equity), it will all go into your bank account.

2. You might want to take a quick read of http://en.wikipedia.org/wiki/General_ledger -- it will give you the basics.

If you start the year with $100, you can have an income of $500,000, but if you have expenses of $500,000 too, you'll still only have $100 at the end of the year. In other words, for tax purposes, you won't have earned anything.

But that's why you keep the two separate (at least in terms of accounting for the money you take in and spend). The simple file that is attached, plus the Wikipedia article, should make it pretty clear. You will see that taken separately, they don't tell you much, but taken together, they tell you pretty much everything you need to know.

ep
26421411.txt
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Author Closing Comment

by:Mohit Vijay
ID: 33555992
Partially, because Whatever I want to get, specifically software professional, I did not get that, but overall, it was good.

Thanks Buddy.
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