Fixed Assets Process in Tally ERP9

Fixed Assets are purchased for long term and business operations purpose to generate income and which cannot be easily converted into cash, such as furniture, plant and machinery, land, building and office equipment etc.

 

 

Fixed Asset Group

 

Similar nature of fixed assets will group under one head for easy reporting purpose.

 

 

Examples for Fixed Asset Groups

 

Computer & Peripherals

 

Furniture

 

Vehicles

 

Buildings

 

 

Examples for Fixed Assets

 

Desktop Computers

 

Laptops

 

Office Tables

 

Audi Car

 

Maruthi Swift

 

House No.403

 

 

 

Creation of Fixed Asset Groups in Tally ERP9

 

Path: Go To Gateway of Tally -> Accounts Info -> Group-> Create

 

Fixed Asset Group Name: Computer & Peripherals

 

 

Under: Fixed Assets

 

Press enter to save the screen

 

 

Name of Asset Group: Furniture

 

 

Under: Fixed Assets

 

Press enter to save the screen

 

 

 

Name of Asset Group: Vehicles

 

 

Under: Fixed Assets

 

Press Enter to save the screen

 

 

 

Fixed Assets Creation in Tally ERP9

 

Path: Gateway of Tally -> Accounts Info -> Ledger-> Create

 

Name: Desktop Computer

 

 

Under: Computer & Peripherals

 

Press Enter to save the screen

 

 

 

Name of Fixed Asset: Laptops

 

 

Under: Computer & Peripherals

 

Press Enter to save the screen

 

 

 

Name of Fixed Asset: Office Tables

 

 

Under: Furniture

 

Press Enter to save the screen

 

 

 

Name of Fixed Asset: Audi Car

 

 

Under: Vehicles

 

Press Enter to save the screen

 

 

 

How to record asset purchase transaction in Tally ERP9

 

Fixed Asset acquisition transactions will record in Journal voucher (F7).

 

 

Fixed Asset purchase on credit

 

Desktop Computer Dr             50,000

 

CGST Dr                                 4,500

 

SGST Dr                                 4,500

 

To Eeshitha Computers          50,000

 

 

 

 

 

Payment to Vendor 

 

Path: Gateway of Tally -> accounting vouchers -> F5 payment

 

Eeshitha Computers a/c Dr 59,000

 

To Cash/Bank a/c  59,000

 

 

 

Fixed Asset Purchase with Cash

 

You have to record the following accounting entry, if you purchase fixed assets, paying in cash.

 

Entry

 

Office Tables A/c Dr

 

To Cash A/c

 

 

 

 

Fixed Assets Report

 

Path: Gateway of Tally -> Balance Sheet -> Fixed Assets

 

 

The above screen shot indicates group wise fixed assets summary.

 

 

 

How to record depreciation entry in Tally ERP9

 

Depreciation is a systematic reduction of value from fixed asset due to wear and tear.

 

 

Depreciation Ledger Creation in Tally ERP9

 

 

Under: Indirect Expenses

 

Press enter to save the screen

 

 

 

Depreciation Entry

 

Depreciation A/c Dr

 

To Accumulated depreciation – Furniture & Fixtures

 

 

 

 

 

Related Topics

 

Bank Reconciliation in Tally ERP9

 

Interest Calculation in Tally ERP9

 

Cost Centre and Cost Category in Tally ERP9