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.
Similar nature of fixed assets will group under one head for easy reporting purpose.
Computer & Peripherals
Furniture
Vehicles
Buildings
Desktop Computers
Laptops
Office Tables
Audi Car
Maruthi Swift
House No.403
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
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
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
Path: Gateway of Tally -> accounting vouchers -> F5 payment
Eeshitha Computers a/c Dr 59,000
To Cash/Bank a/c 59,000
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
Path: Gateway of Tally -> Balance Sheet -> Fixed Assets
The above screen shot indicates group wise fixed assets summary.
Depreciation is a systematic reduction of value from fixed asset due to wear and tear.
Under: Indirect Expenses
Press enter to save the screen
Depreciation Entry
Depreciation A/c Dr
To Accumulated depreciation – Furniture & Fixtures
Bank Reconciliation in Tally ERP9
Interest Calculation in Tally ERP9
Cost Centre and Cost Category in Tally ERP9
Copy Right © 2023 waytosimple.com All Rights Reserved.