How to maintain accounts?

Question

i am working in a newly established it company.the work is not yet started.i am the only person appointed for finance department.so any one can suggest me how to maintain the accounts.suggest me any accounting softwares.tell about tally also

Answer 1

By Far, Tally is the most widely used software for this purpose.  Along with this Personal finance sheets for the employees might also be maintained used Excel

Answer 2

yaah gud question,

to maintain the acccounts u need to dhav a basic idea about the accounts lik where to enter entries etc..! u hav to know journals, ledgers etc. v can record accounts manually and with the help of the system i.e accounting softwares...!

manuall accounting now a days no one is following this..! computerised accounting is famous now a days so i suggest u to learn tally7.1 or 9.0. tally 9.0 is the latest version..! apart from tally their are more softwares like nxgn, etc they are important for international accounts..! to learn tally it takes hardly 1month if u r easily grabing the software..! it depends on the single entry system..

and u no need to prepare p and l accounts and balence sheet..! if u enter the single entry it automatically shows us both i.e p and l accounts and balence sheet. to learn tally it charges some 500 to 1000k in hyd..! dats it

hope i helped u.

Answer 3

Quickbooks is a great accounting program that is relatively inexpensive.  

The basis of maintaining accounts is back to accounting 101 credits and debits.  Just remember assets = debits and liabilities = credits and on the profit and loss side expenses = debits and revenue = credits.

If accounting is not your thing, hopefully it is, do not fret quickbooks has tutorials about every facet of their software and is pretty intuitive for booking transactions.  If the newly established company does not have any procedures around recording transactions and reporting results that would be the #1 place to start.

First thing is to have a good system around recording transactions and a second step would be to set a goal for quarterly account reconciliations and monthly BANK reconciliations.  Remember in business you can operate for years at a loss but run out of cash and the gig is up.  A third step is probably establishing good controls around seperating control of assets and responsibilities in recording transactions.  Its never really a good idea to have someone receiving all the cash and making deposits and another recording sales and accounts receivable.

FYI: If reconciliations are new to you, they are basically finding the differences that exist between what is recorded and what you can prove.  (Bank statement = what you can prove, Cash Account = what you have recorded)

Example:  

Bank statement = $1,000

Cash Account = $500

You investigate what transactions have been recorded and find that a check for $500 was written at month end.  That would explain the difference and that is what a reconciliation essentially is.

Sorry if this answer is a little too simplistic, hope this helps.  Take care.

Answer 4

You have better to follow the Tally accounts package latest version

Answer 5

You can maintain books for accounts by passing journal entries and if you want a deep track on the accounts . You can open trading and profit and loss account with the balance sheet for the particular period to say for a week , month or a year. You can maintain cash and bank a/c to check the money flow.

Answer 6

First I congratulate you for being appointed. Do your best.

In India Tally is the only trusted software for accounts maintaining and can be very flexible as per your requirement. I suggest to have Tally 9 the latest version which supports all type of Industries and IT companies. Although there is Payroll added in this version but not recommended for company have employees more than 10/15.

It is always best to have thirdy-party software installed for payroll and other taxation, PF and many reports including attendance of your employees. Just Google it for the payroll package.. Call them for demo... See the best features, support, warranty and maintainance they offer and choose the best one.

Hope that helps...

Ilyas Kazi