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EBA F11

B.Com - E-Business & Accounting - Bangalore University - F11 & F12 notes

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Lavin Bhawnani
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53 views

EBA F11

B.Com - E-Business & Accounting - Bangalore University - F11 & F12 notes

Uploaded by

Lavin Bhawnani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 9

E-Business & Computerised Accounting

Unit 3. Introduction to Tally


F11: Company Features in Tally.ERP 9
Different features of a company can be selected or modified by using
the F11: Features button. This button is available in almost all the screens
of Tally.ERP 9 enabling the user to modify it as and when your requirements
change.
Unlike F12: Configure, F11: Company Features is specific to the current
company only. Therefore, each company may have different active features.
Configuration options, on the other hand, affect all companies maintained in
the same Tally.ERP 9 directory and setting the configuration for one
company will affect the configuration of other companies in that particular
data directory.
Note: Certain features like multi-currency and multi-locations, once set to
Yes, cannot be modified if the feature has been used. However, other
features like Bill-wise details, Reversing Journals & Optional
vouchers, etc., can be modified even if they are used.

Go to Gateway of Tally > F11: Features


The F11: Features menu is displayed as shown.

Note
The option of ‘Audit Features’
will be available only in
“Auditor’s Version” of Tally.
F1: Accounting Features

This feature enables you to set the various Accounting Features required
for transaction entries.
Go to Gateway of Tally > F11: Features > F1: Accounting Features
1. General
a) Integrate Accounts and Inventory
This option has a significant effect on the Balance Sheet and Profit & Loss Account. If set
to Yes, it extracts the stock/inventory balance figures from the inventory records and
provides a drill down to the Stock registers from the Balance Sheet.

If set to No, it ignores the inventory books figures and picks up manually entered closing
stock balances from the ledger account created. This facilitates the maintaining of accounts
and inventory separately.

Stock records often contain compensating errors caused by wrong allocation to items. This
feature enables finalisation of financial books without waiting for the reconciliation of stocks.

b) Income/Expense Statement Instead of P & L


By Default, this option is set to No.

If set to Yes – Tally.ERP 9 displays Income & Expenses A/c instead of Profit & Loss A/c in the
Gateway of Tally.ERP 9 Menu. Income and Expenditure statement generally used for Non-
Trading accounts and Profit & Loss a/c are used for trading accounts.

c) Allow Multi-Currency
By Default, this option is No.

Set this option to Yes, if you want to create multiple currencies and the Menu Currencies is
displayed in Gateway of Tally > Accounts Info. menu.

2. Outstandings Management
a) Maintain Bill wise Details
The Bill-wise facility is made functional by setting this option to Yes. By activating the Billwise
feature, the ledger masters under Sundry Debtors and Sundry Creditors automatically
displays an additional option called Maintain balances bill-by-bill. On setting this option
to Yes, an additional option Default Credit Period is displayed.

When you enter details of sales and purchases with the Bill-wise option activated, Tally.ERP
9 prompts you to identify the invoice with an appropriate reference number. The reference
can then be used to allocate payments to the correct invoice to maintain an accurate account
of outstanding.
(For Non-Trading A/cs also)

If you want to maintain bill wise details for Non-Trading Accounts also, set this option
to Yes. Bill wise Details for Non-Trading Accounts is useful in those cases where one needs
to track either an installment to be paid or a loan amount to be received over a certain
period of time.

b) Activate Interest calculation


Set this option to Yes to enable Tally.ERP 9 to calculate interest automatically based on the
interest rate and style of calculation specified. Enabling this option allows interest
calculation on outstanding balances for any ledger account or on each invoice for the period
it is outstanding completely or partly.
Use advanced parameters

The advanced parameters are useful when interest rates change from time to time. Set this
option to Yes to enable this function.
3. Cost/Profit Centres Management
a) Maintain Payroll
Set this option to Yes if you want to maintain Payroll information on Tally.ERP 9 for the
selected company .

b) Maintain Cost Centres


A Cost Centre can be defined as a unit of an organization to which transactions can be posted.
When only costs or expenses are allocated to these units, they are referred to as Cost Centres.
The Cost Centre feature is activated by setting this option to Yes.
Use Cost Center for Job Costing

Set this option to Yes to track all income and expenses for a Job/Project.
More than ONE Payroll/Cost category

Set this option to Yes to create more than one Payroll or Cost Category.
Use Pre-defined Cost Centre Allocations during Entry

Set this option to Yes to define Cost Centre Allocations. Refer Cost Centres and Cost
Categories for details.
Show Opening Balance for Revenue Items in Reports

Set this option to Yes to display the opening balance in Cost Centre Report for the cost
centres which are allocated to the Ledgers, grouped under Income and Expenses Group.

4. Invoicing
a) Allow Invoicing
Set this option to Yes, to create Sales and Purchase vouchers in the invoice format. The
advantage of using the invoice format for sales invoice entry is that it enables automatic
calculations of Duties and Taxes accounts.
Enter Purchases in Invoice Format

Set this option to Yes, to enable voucher class option in purchase voucher type.

b) Use Debit/Credit Notes


The Debit Note and Credit Note voucher types are made available only if this feature is set
to Yes.
Use Invoice Mode for Credit Notes

Set this option to Yes to create Credit Notes in Invoice Mode.


Use Invoice Mode for Debit Notes

Set this option to Yes to create Debit Notes in Invoice Mode.

5. Budgets & Scenario Management


a) Maintain Budgets and Controls
Set this option to Yes, to create multiple budgets. The Budgets menu option is displayed
in Gateway of Tally > Masters Info. > Accounts Info. menu.

b) Use Reversing Journals & Optional Vouchers


Setting this option to Yes displays the Scenario option in Accounts Info menu. You will
now be able to create and alter Scenarios. You can enter the Reversing Journal and make it
Optional, so that the entries do not to affect the books.
6. Banking Features
a) Enable Cheque Printing
Set this option to Yes, to enable Cheque Printing. Refer Cheque Printing for details.
b) Alter Banking Features

Set this option to Yes to alter features with respect to Banking. Refer Banking Features for
details.

7. Other Features
a) Allow Zero Valued Entries in Vouchers
Set this option to Yes, to allow Zero valued entries in vouchers.

b) Maintain Multiple Mailing Details for Company & Ledgers


Set this option to Yes, to maintain multiple mailing details for your company and ledgers.
Refer Multi Address for details.
Set/Alter Company Mailing Details

If this option is set to Yes, Tally.ERP 9 will allow you to alter the
Create/Alter Address Types.

c) Enable Company Logo


This option allows to print the company's logo on the selected vouchers, reports and invoices.
Set this option to Yes, the Company Logo screen appears. Specify the path of the logo image
file under Location of Logo (E.g. C:\Tally.ERP9\CompLogo.bmp). The Company's logo is
printed on the top left of the respective voucher, report or an invoice.
F2: Inventory Features
This feature enables you to set the Inventory Features required for the transactions.

Go to Gateway of Tally > F11: Features > F2: Inventory

1. General
a) Integrate Accounts and Inventory
This field performs the same function as explained in Accounting Features.

b) Allow Zero Valued Entries in Vouchers


Set this option to Yes, to allow zero valued entries in Inventory vouchers.

2. Storage & Classification


a) Maintain Multiple Godowns
Set this option to Yes, if you have more than one stock point/storage Locations/ Godowns,
and you want to track stock movement across these Locations. You can create any number
of Stock Locations/Godowns. The Godowns/Locations option is displayed in Gateway of
Tally > Inventory Info. menu only if you set this option to Yes. You will be able to identify
your stocks at each location as well as assign stock movement to one or more locations
during voucher entry.

b) Maintain Stock Categories


Set this option to Yes, if you wish to create and maintain Stock Categories. This creates a
new field Category in the Stock Item Creation screen.
c) Maintain Batch-Wise Details
Set this option to Yes, to maintain batch information pertaining to Stock Items. A new field
Maintain in Batches is displayed in the Stock Item Creation screen.
Set Expiry Dates for Batches

Set this option to Yes, if you want to set expiry dates for the batches. This displays an
additional field Use Expiry Dates in the Stock Item Creation screen.

This is useful for businesses that deal in goods that have expiry dates like medicines, food
and other perishables. During voucher entry, by default the date of the voucher is
considered as the date of manufacture of the product. This date can be changed, but not to
a date later than the voucher date. At the same time, the Expiry date cannot be a date
prior to the voucher date.

d) Use different Actual & Billed Quantity


Set this option to Yes, if you want to specify quantities, that are different from those
delivered/ received, when invoicing.

3. Order Processing
a) Allow Purchase Order Processing
Set this option to Yes, to create Purchase Orders. This feature can also be used for pre-
closure of purchase order.

b) Allow Sales Order Processing


Set this option to Yes, to create Sales Orders. This feature can also be used for pre-order
closure of sales order.

c) Allow Job Order Processing


Set this option to Yes, to create Job Work Out/In Orders.

4. Invoicing
a) Allow Invoicing
This field performs the same function as explained in Accounting Features.
Enter Purchases in Invoice Format

This field performs the same function as explained in Accounting Features.

b) Use Debit/Credit Notes


This field performs the same function as explained in Accounting Features.
Use Invoice Mode for Credit Notes

This field performs the same function as explained in Accounting Features.


Use Invoice Mode for Debit Notes

This field performs the same function as explained in Accounting Features.

c) Separate Discount Column on Invoices


This option is active only if Allow invoicing is set to Yes. Set this option to Yes, if you
want a separate column for discounts in invoices.
5. Purchase Management
Track Additional Costs of Purchase
Set this option to Yes, to obtain a break-up of purchase costs, without the need to
separately debit ledger accounts for expenses.

Refer Additional Cost Details section

6. Sales Management
Use Multiple Price Levels
Set this option to Yes to create Multiple Price Levels. Refer Enable and Create Price Lists for
more details.

7. Additional Inventory Vouchers


a) Use Tracking Numbers (Delivery/Receipt Notes)
Set this option to Yes, if you want to use tracking numbers to maintain the relation
between Delivery notes and Invoices/Bills. This is available for both Purchases and Sales.

b) Use Rejection Inward/Outward Notes


Set this option to Yes, if you wish to record rejection of goods separately and not through a
common Debit Note or Credit Note.

c) Use Material In/Out


Set this option to Yes, to record transfer of item quantity towards the party and transfer
material from one Godown (Location) to the other.

d) Track Stock Item Cost


Set this option to Yes, to analyse the cost involved for an item.

F3 : Statutory & Taxation


This feature enables you to set the Statutory Features required for the transactions.

Go to Gateway of Tally > F11: Features > F3: Statutory & Taxation

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