Stock market accounting in tally

shirajroz

Active Member
#3
Shiraj/Shivraj can you please start with a few pointers as to what do you mean by Stock market accounting in Tally and how that would help the members...

Thanks for taking this initiative....
Starting this new Thread to Guide those who need assistance in book keeping for STOCK/ COMMODITY market Transactions in TALLY Accounting Software.
Pls Shoot ur Queries on the Topic , will try my best.

Thank u

Shiraj
If ur transactions are Voluminous, and if u have an obligation to file the Return of Income, this helps.
 

lemondew

Well-Known Member
#4
Doesnt the report from zerodha which is
1. tradebook for last 1 year
2. Profit and loss report
provide all necessary details for book keeping. Wouldnt tht be enough to give it to a CA for audit.
 

carnot11

Active Member
#5
Hi Shirajroz,

Thanks for the efforts.

Let us start with the following -

1. A person has opened a new trading account - segments are
cash intraday,
cash delivery (buy and then sell)
Futures intraday (buying and selling or selling and buying)
Futures positional (buying and selling or selling and buying)
Options intraday (buying and selling or selling and buying)
Options positional (buying and selling or selling and buying)

2. A person has opened a new bank account (zero balance) specially for this trading
account

3. A person has transferred money from his normal salary account to this new bank
account

With this data - let us go step by step how to proceed in tally, how to create ledger accounts, how to fill the account vouchers, how to use contra vouchers, etc. etc.

Enjoy,
CArnot
 

shirajroz

Active Member
#6
Doesnt the report from zerodha which is
1. tradebook for last 1 year
2. Profit and loss report
provide all necessary details for book keeping. Wouldnt tht be enough to give it to a CA for audit.

Lemondew Bro,
Yes , then ur CA does the math in FIFO to ascertain the P/L for each of ur transaction and closing stock ,if any, and then incorporate that results into ur Return of Income.
Whereas in TALLY...... u do the accounting and inventory of ur Stock Market transactions like any other Busines Transactions on a daily basis and at the Year end, u pull out the Report of P/L & Inventory from ur Tally Account and use it for ur Return of Income.
Pls note - its Helpful only in cases of Cash Segment/ Delivery transactions ( FIFO method is mandatory for ascertaining P/L and Closing Inventory in such cases) and dat too if there are too many to handle manually.
In case of only FnO transactions, like u said , Brokers Report n Ledger Sheet are just enough.
Thank You LemonDew, funny i was about to clarify the same thing and i saw ur post above.

Shiraj
 

shirajroz

Active Member
#7
Hi Shirajroz,

Thanks for the efforts.

Let us start with the following -

1. A person has opened a new trading account - segments are
cash intraday,
cash delivery (buy and then sell)
Futures intraday (buying and selling or selling and buying)
Futures positional (buying and selling or selling and buying)
Options intraday (buying and selling or selling and buying)
Options positional (buying and selling or selling and buying)

2. A person has opened a new bank account (zero balance) specially for this trading
account

3. A person has transferred money from his normal salary account to this new bank
account

With this data - let us go step by step how to proceed in tally, how to create ledger accounts, how to fill the account vouchers, how to use contra vouchers, etc. etc.

Enjoy,
CArnot
@Carnot ,
i will start with the assumption that the users of this thread are familiar with the DEBIT & CREDIT (Dr & Cr) Basic accounting concepts /rules and have a working experience with TALLY accounting software.
Thank u for ur interest and vl start exactly the logical way u put it above.

Shiraj
 

carnot11

Active Member
#8
@Carnot ,
i will start with the assumption that the users of this thread are familiar with the DEBIT & CREDIT (Dr & Cr) Basic accounting concepts /rules and have a working experience with TALLY accounting software.
Thank u for ur interest and vl start exactly the logical way u put it above.

Shiraj
Hi Shirajroz,

Super Duper.

Thanks.

I follow the very simple rule - credit the giver debit the receiver.
I just cannot keep a track of real, personal and nominal type of accounts.

I have experience of operating the tally software for personal accounting, learnt it by trial and error.

Thanks again for your efforts.

Enjoy,
CArnot
 

mastermind007

Well-Known Member
#9
Starting this new Thread to Guide those who need assistance in book keeping for STOCK/ COMMODITY market Transactions in TALLY Accounting Software.
Pls Shoot ur Queries on the Topic , will try my best.

Thank u

Shiraj
I have been maintaining the statement in Excel. I am s/w guy, not accounting guy and have no experience of Tally.
 

shirajroz

Active Member
#10
I have been maintaining the statement in Excel. I am s/w guy, not accounting guy and have no experience of Tally.

MasterMindJi :)

Better stick to Excel If u r comfortable wid dat (and ,wid ur magnificent Skill sets, im sure u hve alrdy automated ur Excel system somehow to import data directly from ur broker's statements).
TALLY is actually additional typing /clicking , suitable for those who need a readymade Accounting S/W package to record too many stock market transactions.

Preparing a tutorial , will post soon.

Thank u MasterMindJi ( i read ur awesome posts wid utmost admiration)

Shiraj