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.

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.

Select Chart of Accounts:

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

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.":

Alter Indian Bank

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

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

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

Save the Voucher:

Press Enter to save the voucher

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

Narration:

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

Save the Voucher:

Press Ctrl + A to save the voucher.

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.

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.

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).

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

Import Excel Statement:

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

Select the Reconcile Unlinked or Reconcile All Unlinked

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.

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.