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What is year end provisions and how to Enter in Tally?

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What is year end provisions and how to Enter in Tally? A provision is an amount set aside from a company's profits to cover and expected liability or a decrease in the value of an asset, even though the specific amount might be unknown. A provision is not a form of savings, instead, it is a recognition of an upcoming liability. First we know about what is provision expenditure and liabilities which is payable to next year. Provision is the year ended expenditure or liability which will be payable to next year e.g. Salary Payable (for March), Bonus Payable, Leave Encashment Payable or all other expenses which will be paid in next year but period of expenses is current year. Suppose you have telephone bill for the month of March but it is paid in April, it means expenses incurred in March (which is year end) and paid in April so in this case we pass a journal entry like: Dr. Telephone Expenses  Cr. Expenses Payable or Telephone Expenses Payable In case of Salary ...
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PAYROLL SYSTEM IN TALLY

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BY POONAM YADAV PAYROLL Payroll is the process of maintaining records of all employee salary under various pay head, all statutory and non- statutory deduction attendance/ absent record. Working steps:- Create a company and then activate payroll as follow: To Activate Payroll : - G.O.T. (Gateway of Tally) -->  Press F11 (Company Features) -->  Press F1 (Accounting Features). Create attendance/ production types as follow:- Path for attendance/ production types creation : - G.O.T. (Gateway of Tally) -->  Payroll Info -->  Attendance/ Production Types  -->  Create. Here, press “Alt + C” to create unit as follow:- And then accept the attendance type:- After that create employee group:- Path for employee group creation : - G.O.T. (Gateway of Tally) -->  Payroll Info -->  Employee Group  -->  Create (Single). And then create employee:- ...
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How to charge Freight, Transportation, Packing or any other Expenses in GST Invoice?

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How to charge Freight, Transportation, Packing or any other Expenses in GST Invoice? Recently we have so much query about how to show freight, transportation, packing or any other expenses in GST invoice with Tax Liability. For Example: Ramesh sold goods of Rs. 50000 to Suresh and charge freight charge seperatly in invoice @ 1.5% of total sale value then CGST and SGST @ 9% each. Then entry will be like below: Dr. Suresh Rs. 59750 Cr. Taxable Sales             Rs. 50000 Cr. Freight             Rs. 750 Cr. CGST @ 9%             Rs. 4500 Cr. SGST @ 9%             Rs. 4500 Now we see how to calculate Freight automatically on value or on quantity.  For Create Freight Ledger - Go ...
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