Tally question

freedinner · #1 28th December 2007, 06:27 PM

I am a salaried professional and want to do my personal financial accounting in Tally.
Does anyone know how can I do share transactions in Tally?
I would like to create multiple entities like bank accounts, demat accounts and different shares.
The transaction order should be as per what we do. Money gets withdrawn from bank account to demat account and then we shares in demat account. Should take care of no of shares, price and brokerage as well.
Please let me know if you have any idea about this.

Thanks.

taswsol · #2 29th August 2008, 07:04 PM

Yes its long time to use TALLY Software.

Following methods you can use
If you want to enter detailed transaction in tally i.e. Buy, Rate, Qty, Script then you need to use Inventory Module & Batchwise stock.

or other way could be without detailed entries. but only heading.

Well for detailed entry you have to keep batchwise buying qty in lot and selling from particular batch will result to exact profit.

For summarised entries you can create HEAD under Current Assets i.e. Shares

and under Shares create accounts i.e. IDEA/INDIABULLS/POWERGRID/LT

Create one account in Indirect Receipt i.e. "Shares Incomes"
Create one account in Bank Account (Your broker) i.e. I have Indiabulls Securities Limited

How to post summarised BUY Entry
Say I buyed IDEA @ 85 and Qty = 10 The
IDEA DR (85*10+Brokarage)
Indiabulls Securites Limited CR (85*10+Brokarage)

How to post summarised Sell Entry
If Profit
Indiabulls Securities Ltd DR (90*10+Brokarage)
IDEA A/C Cr (actual earlier rate i.e 85*10+brokarage)
Shares Income Cr (the difference )

If Loss
Indiabulls Securities Ltd DR (80*10+brokarage)
Shares Income DR (the difference)
Idea A/c Cr (actual earlier rate i.e 85*10+brokarage)

This way you can maintain Broker Account in Bank Account so that you can withdraw money or make contra entry as it is like BANK Without Interest and this will also show you actual holding of money.
Shares Income will show you profit gained / loss
and SHARES head in current assets will show you actual invested position in each account i.e. script.

I think this may help you to maintain Shares transaction in Account software

Thank You
Technical Analysis Software Solutions.
http://www.geocities.com/taswsol
(EOD2AmiBroker - NSE/BSE + Indices downloader, exporter for AmiBroker with Schedular facility)

rkgoyal_98 · #3 29th August 2008, 08:59 PM

Hello,

I have maintained my account in tally, it is complex set of entries with inventory module. bank and broker ledgers, i have also kept separate ledger for brokerage and stt.
u can try it
Rajeev

taswsol · #4 30th August 2008, 11:38 AM

Hello,

I consider STT / brokarage / postage saperate.. instead you can club all in AS Brokarage... maintaining saperate STT what you will gain! .. I consider STT / POSTAGE in brokarage and outword in single head.

Can you tell me what is use of maintaining STT in other heads?

Thank You

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rkgoyal_98 · #5 30th August 2008, 11:47 AM

Hello,

Though i have no immediate reason for keeping it seperate but i still kept it because some time there is refunds in brokrage and that head is kept seperate. STT there is some rule to adjust against the Taxes, exact details i am not aware at his time but when there is need i will find out. So it may help out in those times if we need to find out how nuch stt has been paid for adjustment in taxes.
Regards

darlingangel · #6 20th December 2008, 02:58 AM

Hello everyone:

What is the way in Tally, to automatically calculate and post interest, so that it is compounded, by the software itself; instead of manually.

I was told that there is a provision in Tally, by which the software itself calculate interest and post it at the year end or specified intervals.

thesaint · #7 8th February 2009, 10:14 PM

Yes its long time to use TALLY Software.

Following methods you can use
If you want to enter detailed transaction in tally i.e. Buy, Rate, Qty, Script then you need to use Inventory Module & Batchwise stock.

or other way could be without detailed entries. but only heading.

Well for detailed entry you have to keep batchwise buying qty in lot and selling from particular batch will result to exact profit.

For summarised entries you can create HEAD under Current Assets i.e. Shares

and under Shares create accounts i.e. IDEA/INDIABULLS/POWERGRID/LT

Create one account in Indirect Receipt i.e. "Shares Incomes"
Create one account in Bank Account (Your broker) i.e. I have Indiabulls Securities Limited

How to post summarised BUY Entry
Say I buyed IDEA @ 85 and Qty = 10 The
IDEA DR (85*10+Brokarage)
Indiabulls Securites Limited CR (85*10+Brokarage)

How to post summarised Sell Entry
If Profit
Indiabulls Securities Ltd DR (90*10+Brokarage)
IDEA A/C Cr (actual earlier rate i.e 85*10+brokarage)
Shares Income Cr (the difference )

If Loss
Indiabulls Securities Ltd DR (80*10+brokarage)
Shares Income DR (the difference)
Idea A/c Cr (actual earlier rate i.e 85*10+brokarage)

This way you can maintain Broker Account in Bank Account so that you can withdraw money or make contra entry as it is like BANK Without Interest and this will also show you actual holding of money.
Shares Income will show you profit gained / loss
and SHARES head in current assets will show you actual invested position in each account i.e. script.

I think this may help you to maintain Shares transaction in Account software

in wat to do the entry jv/purchase/sales pls do let me know also if SHARES IS IN CURRENT ASSEST and then again IDEA/LT too in current assest then how to do the entry pls simply fi how to create the ledgers step by step hope to hear soon

taswsol · #8 14th February 2009, 08:09 PM

Hello,

Create GROUP in current asset "Shares"

Create account named LT / Indiabulls / Idea individually under "SHARES" group.

Then create your BROKER account in "CASH / BANK" group so that it will also show you CURRENT Assets.

use Receipt / Payment vouchers for sale/ buy using given method.

Thanks
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thesaint · #9 18th February 2009, 11:12 PM

Still i did not get u pls can u tell me IDEA AND IDEA A/C are created under one head i.e. SHARE (under head i.e. CURRENT ASSETS) NOW comes SHARE INCOME under which head should i creat it i.e. INDIRECT INCOMES OR DIRECT INCOMES. rest i got it how to post buy and sell enteries hope to hear soon

Also would like to thank you

taswsol · #10 14th March 2009, 08:25 PM

Hello thesaint,

Share income account should be created under Indirect Incomes to come in Profit & Loss A/c.

Direct / Indirect are for Trading Business , dont get bothered.. Use indirect Incomes.

About Buy / Sale

BUY

Payment / Purchase voucher

Idea Acc Debit ( Amount + Brokarage)
Broker Account CREDIT

Dont maintain saperate brokarage account/ add brokarage in narration otherwise it will be more complicated to maintain actual buy rate though I think you pay brokarage as it is not returnable then why not to club with direct Idea A/c !! you can take ur own decision.

Sale Entry
use Sales voucher / Receipt voucher

Broker Account Debit ( total )
Idea Ac credit (actual Invested)
share Income (Debit / Credit )depending upon Profit / loss u got.

I think this is the answers to ur query.

Its very long time to use tally

Thank You

Technical Analysis Software Solutions.
http://www.geocities.com/taswsol

EOD2AmiBroker NSE/BSE EOD data downloader, filterer and export for AmiBroker with Indices.