Accounting is often called the “language of business” — and just like any language, it has rules and concepts that help everyone understand financial information clearly. Whether you’re a student, entrepreneur, or professional, knowing the basic concepts of accounting will help you make better financial decisions. Accounting concepts are the basic rules and […]
Basic Concepts of Accounting: A Beginner’s Guide Read More »
If you’re starting your journey in accounting, one of the first things you’ll hear about is the Journal Entry. It’s the foundation of the accounting process and the first step in recording business transactions. A journal entry is the first formal record of a financial transaction in the books of accounts. It tells the
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A business transaction refers to any activity that involves the financial exchange of money or goods between two or more parties. It can involve the exchange of goods, services, or money. A business transaction is “The movement of money and money’s worth form one party to another”. Or exchange of values between two parties is
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What is Accounting? Accounting is the process of identifying, recording, classifying and reporting information on financial transactions in a systematic manner for the purpose of providing financial information for decision making. Accounting is a systematic recording day to day business transaction is called as accounting. 🔄 Key Steps in Accounting: Identifying – Recognizing
What is Accounting in Tally? Read More »
Managing multiple companies in TallyPrime is easy and efficient. However, there may be instances where you no longer need a company — maybe it was created for testing, has incorrect data, or the business has been closed. In such cases, TallyPrime allows you to delete a company permanently from your system. ⚠️ Important: Deleting a
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TallyPrime is a versatile accounting software used by businesses to manage their financial records. One of its most important features is the ability to restore a company. This feature is useful when you need to retrieve data from a backup file. Whether you’re migrating data, recovering lost information, or restoring files to a new system,
How to Restore Company in TallyPrime: A Step-by-Step Guide Read More »
Backing up your company data in TallyPrime is an essential practice to ensure the safety of your financial records. Regular backups protect your data from unexpected issues like system crashes, corruption, or accidental deletions. By following this guide, you can ensure that your data is secure and recoverable in case of any unforeseen issues. Make
How to Backup a Company in TallyPrime: Step-by-Step Guide Read More »
If you’re using TallyPrime to manage accounting for one or more businesses, you might come across the option called “Shut Company” (sometimes referred to as “Close Company”). Many beginners get confused about what this means and how it affects their data. The Shut Company option is used to close a company that is currently open
How to Shut (Close) a Company in TallyPrime: Step-by-Step Guide Read More »
If you are using TallyPrime for managing accounts and business transactions, you may have seen the options “Select Company” and “Change Company” in the TallyPrime menu. These options are very important for users who manage one or more businesses or companies in Tally. The “Select Company” option allows you to open or load a company
How to Open a Created Company / Select Company in TallyPrime Read More »
One of the useful features in Tally is the ability to alter or edit your company details if needed — like correcting the address, phone number, email ID, financial year, or even the GST number. Alter or Edit Existing Company Info means to make changes to the details of a company that is already created
Alter / Edit Existing Company Info in TallyPrime – Explained with Steps Read More »
