Auto Bank Reconciliation in Tally Prime


The following would be Recording in Journal Using Double Entry System. Do the Posting Process from Journal Entries and Prepare The Trial Balance, Trading A/C, Profit & Loss A/C, Balance Sheet, and bank reconciliation statement also in The Books of M/S. Navin Pvt Ltd for the following year 2021 to 2022.

Particular DR CR
Capital 100,000
Indian Bank 122.54
Bank loan 50,000
Cash 100,000
Reserves 30,000
Machinery 35,000
Bill Payable 7,000.54
Typewriter 31,000
Unpaid Expenses 10,000
Furniture 25,000
Bill Receivable 5,878

TRANSACTION DURING THE PERIOD OF OCTOBER:


  • Oct 01 Amount Received Saranya Pvt Ltd Rs.12500.Ch. No.254156
  • Oct 02 Amount paid to Other Charges Rs.7000.Ch. No.100011
  • Oct 03 Paid Telephone Charge Rs. 2456.54 Ch. No.100012
  • Oct 04 Amount paid toEB work Rs. 1000.Ch. No.100013
  • Oct 07 AmountWithdraw from bankRs.5000.
  • Oct 08 Salary Received Rs.60000.Ch. No.356147
  • Oct 09 Paid Rent Rs.12500. Ch. No.100015
  • Oct 11 AmountWithdraw from bankRs.31500
  • Oct 12 Paid Electric Charge Rs.2568.Ch. No.100017
  • Oct 13 Amount Received MR. Saranya Pvt Ltd Rs.46750.Ch. No.254177
  • Oct 15 Amount Paid Mr. Murugesan pvt ltd Rs. 4400.Ch. No.100019
  • Oct 17 Amount paid to Carriage Charges Rs. 2340.Ch. No.100020
  • Oct 18 Amount transfer to Ravi trade shop Rs. 7704.Ch. No.100021
  • Oct 19 Amount Received from MR. Tutor Joes Pvt Ltd Rs. 18000.Ch. No.636007
  • Oct 20 AmountWithdraw from bank Rs. 4500.
  • Oct 21 Amount paid by Mr. Sri Sai Kamatchi Pvt Ltd Rs.6000. Ch.No.100022
  • Oct 22 Paid Rent Rs. 18500.Ch. No.100023
  • Oct 24 Amount Received from Mr. Ramya Pvt Ltd Rs.17586.Ch. No.45632
  • Oct 25 Amount Received from MR. Tutor Joes Pvt Ltd Rs. 47330.Ch. No.636008
  • Oct 26 Amount paid to Mr. Sri Sai Kamatchi Pvt Ltd Rs. 4700.Ch. No.100026
  • Oct 27 Amount Received from Mr. Dhivya Pvt Ltd Rs.55600.Ch. No.213456
  • Oct 28 Amount paid to Mr. Kalyan Silks Pvt Ltd Rs.6851.Ch. No.100029

BANK STATEMENT FOR THE MONTH OF OCTOBER:


INDIAN BANK,
28, Shopping Complex Omalur Road,
Salem-636016.
Date Particular Reference Dr Cr Balance
1-10-2021 Balance B/D 122.54
2-10-2021 Saranya Pvt Ltd 254156 12,500 12,622.54
3-10-2021 Other Charges 100011 7,000 5,622.54
3-10-2021 Telephone Charge 100012 2,456.54 3,166
5-10-2021 EB work 100013 1,000 2,166
6-10-2021 Legal Charges 100014 1,500 666
7-10-2021 Insurance 789654 75,430 76,096
7-10-2021 Withdraw from bank 5,000 71,096
8-10-2021 Salary Received 356147 60,000 131,096
10-10-2021 Rent Paid 100015 12,500 118,596
10-10-2021 Discount Allowed 100016 25,430 93,166
11-10-2021 Withdraw from bank 31,500 61,666
13-10-2021 Electric Charge 100017 2,568 59,098
14-10-2021 Saranya Pvt Ltd 254177 46,750 105,848
15-10-2021 Commission Paid 100018 2,500 103,348
16-10-2021 Murugesan Pvt Ltd 100019 4,400 98,948
16-10-2021 Deposit Amount 3,500 102,448
17-10-2021 Carriage Charges 100020 2,340 100,108
18-10-2021 Ravi trade shop 100021 7,704 92,404
20-10-2021 Tutor Joes Pvt Ltd 636007 18,000 110,404
20-10-2021 Withdraw from bank 4,500 105,904
21-10-2021 Sri Sai Kamatchi 100022 6,000 99,904
21-10-2021 Sri Sai Kamatchi 100023 1,568 98,336
23-10-2021 Rent Paid 100024 18,500 79,836
24-10-2021 Ramya Pvt Ltd 458632 17,586 97,422
24-10-2021 Commission Paid 100025 19,546 77,876
25-10-2021 Tutor Joes Pvt Ltd 636008 47,330 125,206
27-10-2021 Sri Sai Kamatchi 100026 4,700 120,506
26-10-2021 Audit Fees 100027 2,458 118,048
27-10-2021 Telephone Charge 100028 2,450 115,598
28-10-2021 Dhivya Pvt Ltd 213456 55,600 171,198
29-10-2021 Kalyan Silks 100029 6,851 164,347
30-10-2021 Kalyan Silks 100030 1,340 163,007
Closing 163007

Balance as per company book :

Balance as per passbook :


Opening Balance 197,000.54
Gross Profit -----
Net Loss 6,906
Balance Sheet 232,733.54

Create a New Company

  • Go to the Gateway of Tally.
  • Select "Create Company" or "Alt+ K" (exact wording may vary based on your version).

Fill Company Information:

  • Company Name: Enter "M/S. Navin Pvt Ltd" in the company name field.
  • Address: Enter the company's registered address.
  • Financial Year: Set the financial year to 2021-2022.
  • Books Beginning From: Set the date to the start of the financial year (e.g., April 1, 2021).
  • Security Control: Enter a password if required.
  • Enable Goods and Services Tax (GST): Set as per your business requirements.
  • Set/Alter GST Details: If applicable, enter GST details.

Save the Company:

  • After entering all the required details, press Enter to save the company information.
  • Tally Prime will ask you to confirm, press Y for yes.
Company Create


Create Ledger


  • Select "Create" >"Accounts Masters">"Ledger">"Create".

Now, create each ledger account with its opening balance.

Capital Account:

  • Name: Capital
  • Under: Capital (Choose this group)

Indian Bank:

  • Name: Indian Bank
  • Under: Bank Accounts (or Bank)

Bank Loan:

  • Name: Bank Loan
  • Under: Loans (Choose this group)

Cash:

  • Name: Cash
  • Under: Cash-in-hand (or Cash)

Reserves:

  • Name: Reserves
  • Under: Reserves and Surplus (Choose this group)

Machinery:

  • Name: Machinery
  • Under: Fixed Assets (Choose this group)

Bill Payable:

  • Name: Bill Payable
  • Under: Sundry Creditors (Choose this group)

Typewriter:

  • Name: Typewriter
  • Under: Fixed Assets (Choose this group)

Unpaid Expenses:

  • Name: Unpaid Expenses
  • Under: Current Liabilities (Choose this group)

Furniture:

  • Name: Furniture
  • Under: Fixed Assets (Choose this group)

Bill Receivable:

  • Name: Bill Receivable
  • Under: Sundry Debtors (Choose this group)

For each ledger account, enter the opening balance in the respective "Opening Balance" field.

Save the Ledger Entries

  • After entering all the details, press Enter to save each ledger entry.
Company Create


Select Chart of Accounts:

  • Under the "Gateway of tally" menu, choose "Chart of Accounts" and then select "Groups" or "Ledgers."
Company Create

TRANSACTION DURING THE PERIOD OF OCTOBER:


Oct 01 Amount Received Saranya Pvt Ltd Rs.12500.Ch. No.254156

Go to Gateway of Tally:

  • Navigate to "Gateway of Tally."

Select Receipt Voucher:

  • Choose "Vouchers" from the main menu.
  • In the Accounting Vouchers screen, select "F6: Receipt“for a payment transaction.

Fill in Transaction Details

  • Date: Set the transaction date to October 1st.
    • Particulars:
      • Debit: Select "Indian Bank.":
      Company Create

Alter Indian Bank

  • Select Bank Ledger > Indian Bank > F12.
  • Provide cheque Book and cheque Printing details Yes.
    • Company Create

    Company Create

    • Credit: Select "Saranya Pvt Ltd."
    • Cheque No.: Enter Cheque No. 254156.
      • Company Create

    • Amount: Enter Rs. 12,500 in the respective fields.

Save the Voucher:

  • Press Enter to save the voucher
Company Create


follow the above steps for the transaction below.

  • Oct 07 AmountWithdraw from bankRs.5000.
  • Oct 13 Amount Received MR. Saranya Pvt Ltd Rs.46750.Ch. No.254177
  • Oct 19 Amount Received from MR. Tutor Joes Pvt Ltd Rs. 18000.Ch. No.636007
  • Oct 24 Amount Received from Mr. Ramya Pvt Ltd Rs.17586.Ch. No.45632
  • Oct 25 Amount Received from MR. Tutor Joes Pvt Ltd Rs. 47330.Ch. No.636008
  • Oct 27 Amount Received from Mr. Dhivya Pvt Ltd Rs.55600.Ch. No.213456

Oct 02 Amount paid to Other Charges Rs.7000.Ch. No.100011.

Go to Gateway of Tally:

  • Navigate to "Gateway of Tally."

Select Payment Voucher:

  • Choose " Vouchers" from the main menu.

Choose Voucher Type:

  • Select "F5: Payment" for creating a payment voucher.

Enter Voucher Date:

  • Enter the voucher date as October 2 or the relevant date.

Enter Payment Details:

  • In the payment voucher, enter the payment details:
    • Particulars: Other Charges
      • Account: Other Charges (or the relevant salary ledger)
      • Debit: Rs. 7,000
    • Particulars: Indian Bank
      • Account: Indian Bank (or the relevant bank ledger)
      • Credit: Rs. 7,000

Enter Cheque Details:

  • Below the payment details, enter cheque details:
    • Payment by: Cheque
    • Cheque No.: 100011
    Company Create


Narration:

  • Enter any relevant narration like "Payment to Other Charges on Oct 2."

Save the Voucher:

  • Press Ctrl + A to save the voucher.
Company Create


follow the above steps for the transaction below.

  • Oct 03 Paid Telephone Charge Rs. 2456.54 Ch. No.100012
  • Oct 04 Amount paid toEB work Rs. 1000.Ch. No.100013
  • Oct 08 Salary Received Rs.60000.Ch. No.356147
  • Oct 09 Paid Rent Rs.12500. Ch. No.100015
  • Oct 12 Paid Electric Charge Rs.2568.Ch. No.100017
  • Oct 15 Amount Paid Mr. Murugesan pvt ltd Rs. 4400.Ch. No.100019
  • Oct 17 Amount paid to Carriage Charges Rs. 2340.Ch. No.100020
  • Oct 21 Amount paid by Mr. Sri Sai Kamatchi Pvt Ltd Rs.6000. Ch.No.100022
  • Oct 22 Paid Rent Rs. 18500.Ch. No.100023
  • Oct 26 Amount paid to Mr. Sri Sai Kamatchi Pvt Ltd Rs. 4700.Ch. No.100026
  • Oct 28 Amount paid to Mr. Kalyan Silks Pvt Ltd Rs.6851.Ch. No.100029

Oct 07 AmountWithdraw from bankRs.5000.

Go to Gateway of Tally:

  • Navigate to "Gateway of Tally."

Select Contra Voucher:

  • Choose " Vouchers" from the main menu.

Choose Voucher Type:

  • Select "F4: Contra" for creating a Contra voucher.

Enter Voucher Date:

  • Enter the voucher date as October 7 or the relevant date.

Enter Contra Details:

  • In the Contra voucher, enter the Contra details:
    • Particulars: Cash
      • Account: Cash (or the relevant Cash ledger)
      • Debit: Rs. 5,000
    • Particulars: Indian Bank
      • Account: Indian Bank (or the relevant bank ledger)
      • Credit: Rs. 5,000

Narration:

  • Enter any relevant narration like "Withdrawal from Indian Bank on Oct 7."

Save the Voucher:

  • Press Ctrl + A to save the voucher.
Company Create


follow the above steps for the transaction below.

  • Oct 11 AmountWithdraw from bankRs.31500
  • Oct 18 Amount transfer to Ravi trade shop Rs. 7704.Ch. No.100021
  • Oct 20 AmountWithdraw from bank Rs. 4500.

Auto Bank Reconciliation Statement


Enter Bank Transactions:

  • Go to the Gateway of Tally.
  • Select Ledger from the main menu, Enter Bank ledger.

    • Company Create


  • Select "Banking" from the main menu.
  • Enter all your bank transactions such as payments, receipts, and other relevant entries.

Import Bank Statement:

  • Obtain a copy of your bank statement in a format supported by Tally Prime (CSV or Excel).
    • Company Create

  • Go to the Gateway of Tally.
  • Select "Banking" and then "Bank Reconciliation."
    • Company Create


Import Excel Statement:

  • Go to the Gateway of Tally.
  • Select "Bank Details" and then "Bank Statement."
Company Create

Company Create


  • Select the Reconcile Unlinked or Reconcile All Unlinked
Company Create

Company Create

Company Create

Profit and Loss

Go to Gateway of Tally:

  • You'll start at the Gateway of Tally, which is the main screen.

Access Reports:

  • From the Gateway of Tally, go to "Reports" by selecting it from the main menu.

Financial Reports:

  • Under "Reports," navigate to "Profit & Loss" in the "Financial Reports" section.
Company Create

Balance Sheets

Go to Gateway of Tally:

  • You'll start at the Gateway of Tally, which is the main screen.

Access Reports:

  • From the Gateway of Tally, go to "Reports" by selecting it from the main menu.

Financial Reports:

  • Under "Reports," navigate to "Balance Sheet" in the "Financial Reports" section.
Company Create

Tally Prime

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