the entry should be: Bank A/c Dr Insurance Claim A/c Cr and this account is under Indirect Income head while creating the account in tally. > Stock Items > Alter ( Multiple Stock Items ). 'Stock Journal Voucher' has been shared with, https://help.tallysolutions.com/docs/te9rel66/Voucher_Entry/Inventory_Vouchers/Stock_Journal_Voucher.htm, Upgrading to the Latest Tally.ERP 9 Release, Tally Virtual User (TVU) - FAQ | Tally.ERP 9, Use Your Tally.ERP 9 Company from Anywhere, Use Multiple Addresses for Ledger Account, Sales and Manufacturing Journal Voucher Types, Creating Contra Entry in Single Entry Mode, Creating Contra Entry in Double Entry Mode, Creating a Payment Entry with Narration for each Entry, Printing Payment, Receipt and Journal Vouchers based on Due Date, Interest Calculation based on Bank Date/Voucher Date, Including/excluding date of transaction for interest calculation, Rejections Out Voucher (Purchase Returns), Job Worker and Principal Manufacturers Ledgers, Stock Item - Scrap/By-Products/Co-Products, Job Work Out Process (Transactions & Reports, Job Work Out Order (for a Stock Item without BOM), Job Work Out Order (for a stock Item with BOM), Receipt of Finished Goods Against a Job Order, Job Work In Process (Transaction & Reports), Transfer of Own Consumed Goods for Production, Delivery of Finished Goods towards a Job Order, Creating a POS Voucher Type without Voucher Class, Creating POS Voucher Type with Voucher Class, Creating a POS Invoice with Multi-Mode Payment, FAQs - Advanced Accounting and Inventory Features, Creating Stock Journal Vouchers for Job Costing, Creating Journal Vouchers for Job Costing, Creating Payment Vouchers for Job Costing, Display Sales Register with Profitability, Godown Location Stock Flow Reconciliation, Management Information System (MIS) Reports, Configuring and Printing Reminder Letters, Configuring and Printing Confirmation Statements, Exceptions and Resolutions - Browser Reports, Creating Payment Voucher with Voucher Class, Disabling company name during cheque printing, Viewing Post-dated reports with or without Actuals, Sending Transactions to Bank from Voucher, Transactions with Information Mismatch (with master), Viewing Status of Transactions Sent to Bank, Auto Bank Reconciliation - View and import or re-import Bank Statement, Removing Opening BRS after Splitting the Company Data, Start Using Tally.ERP 9 for GST Compliance, Updating Stock Items and Stock Groups for GST Compliance, Updating a Service Ledger for GST Compliance, Updating Sales and Purchase Ledgers for GST Compliance, Inward Supply of Goods and Services under Reverse Charge, Inward Supply from Unregistered Dealers under Reverse Charge, GST Purchases - Nil Rated, Exempt, SEZ, EEZ, Works Contract, Sales - Nil Rated, Exempt, SEZ, EEZ, Deemed Export, Change in Assessable Values of Purchases and Sales, Record Courier Services to Places Outside India, Journal Vouchers for Adjustments Against Tax Credit, Journal Vouchers for Reversal of Tax Credit, Manage Reveral and Reclaim of ITC for UT Merger Transition, Resolve Incomplete/Mismatch in Information, Purchase of Reverse Charge Supplies Report - GST, Tax Liability on Reverse Charge Advance Payments, Purchase from URD - Reverse Charge Liability Report, Managing Kerala Flood Cess - Valid till 6.5.2, How to File GST CMP 08 - Valid till 6.5.3, FAQ - Tally.ERP 9 for Jammu & Kashmir and Ladakh, Getting Started with Statutory and Taxation, Define Statutory Details and Record Transactions, Creating a Group with Service Tax Details, Service Received from Non-taxable Territory, Adjustment Towards Advance Swachh Bharat Cess Paid, Adjustment Towards Tax Paid but Service not Rendered, Adjustment Towards Excess Swachh Bharat Cess Paid, Interest or Penalty payable towards Service Tax, Interest or Penalty on Swachh Bharat Cess, Interest or Penalty on Krishi Kalyan Cess, Printing, Exporting and Validating Form ST-3 Report (Service Tax), Accounting for Expenses, Deducting TDS Later, TDS on Interest Paid Towards Overdue Payments, Changes in Finance Bill No. Godown by Philip Kahoro When the insurance company admits the claim and only pays half the money? Select ‘’Accounting Vouchers’ under ‘Gateway of Tally’ Now, the following screen will appear:-Just read the items written on screen with a concentration. Vehicle was sent to showroom for repair and showroom was paid Rs. Select your Company. The organisation would make efforts to realise this asset by selling it, if at all it has a realisable value. additional cost details in the Stock Journal voucher, enable and save the screen If you are involved in the manufacturing process in Select a stock group from the List of Groups to alter the stock item under the selected group or under All Items . Stock Journal Voucher Stock journal is a journal in which all types of stock adjustments are entered. The seller’s will record on November 28 but buyer’s will record it on December 2. E-invoicing in GST: Tally’s Approach and Interim Recommendations. Some insurance payments can go on to the Profit and Loss Report and some must go … Q: In the case of claim receivable from Insurance for stock stolen from a shop, where would the credit be posted and under what group of accounts in Tally? 2 for 2019-20, Defining Tax Rates at Ledger or Stock Item Level, Purchase, Sales and Additional Expense/Income Ledger, VAT, CST, Additional Tax, Surcharge, and Cess Ledgers, Labour Charges Paid on Interstate Purchases (VAT), Interstate Consignment Transfer Inward (VAT), Interstate Purchases Against Form C (VAT), Interstate Purchases Against Form E1 (VAT), Interstate Purchases Against Form E2 (VAT), Interstate Purchase Exempt Against Form E1 (VAT), Interstate Purchase of Works Contract (VAT), Interstate Purchase with Transfer of Right to Use (VAT), Non Creditable Purchase of Special Goods (VAT), Purchase of Capital Goods Taxable at Notional Rate (VAT), Purchases of Schedule H Items (U/s 19(1)) (VAT), Purchases Treated As Deemed Exports (VAT), Purchase with Transfer of Right to Use (VAT), Interstate Consignment Transfer Outward (VAT), Interstate Sales Exempt - With Form C (VAT), Interstate Transfer Outward - Principal (VAT), Sales Transfer of Right to Use - Exempt (VAT), Sales Exempt - Works Contract - Ongoing (VAT), Sales with VAT Based on Quantity for Petrol and Diesel, Input Tax Adjustment Towards Purchase Tax on Schedule H Items (VAT), Input Tax Adjustment for Purchases From URDs (VAT), Input Tax Credit Admitted on Capital Goods (VAT), Tax on Purchase from Unregistered Dealers (VAT), Particulars (Computation details) for Annual Return, Debit Note (Debit Note Issued-Price Rise) (Andhra Pradesh), Debit Note (Credit Note Received) (Andhra Pradesh), Credit Note (Credit Note Issued) (Andhra Pradesh), Credit Note (Debit Note Received-Price Rise) (Andhra Pradesh), Debit Note Issued by Purchaser (Andhra Pradesh), Debit Note Received by Seller (Andhra Pradesh), Credit Note Received by Purchaser for Additional Quantities (Andhra Pradesh), Credit Note Issued by Seller for Additional Quantities (Andhra Pradesh), Particulars (Computation details) for Annual Return (Bihar), Payment Details for Annual Return (Bihar), Purchase List ITR Not Claimed (Chhattisgarh), e-CST Inter-State Sales C Form (Chhattisgarh), Form DVAT 16 Report (Dadra and Nagar Haveli), Print Form DVAT 16 (Dadra and Nagar Haveli), Annexure DVAT 30 (Dadra and Nagar Haveli), Annexure DVAT 30A (Dadra and Nagar Haveli), Online Requisition Form C (Dadra and Nagar Haveli), Online Requisition Form F, H and E1 (Dadra and Nagar Haveli), Online Receipt Form SF (Dadra and Nagar Haveli), Printing and Generating Form DVAT 16 (Delhi), Request for Online CST Form (Himachal Pradesh), Request for Online CST Forms EI-EII (Himachal Pradesh), Online e-CST Requisition Form (Jammu and Kashmir), CST Forms Received From Other States (Jharkhand), Printing and Generating Returns (Karnataka), Local Purchase Returns Annexure (Karnataka), Interstate Purchase Return Annexure (Karnataka), Payment Section of e-VAT Form 15 (Punjab), Non-Annexure Vouchers for Base Form (Tamil Nadu), Printing and Generating Form I (Tamil Nadu), Printing and Generating Form I-1 (Tamil Nadu), Printing VAT Form 200 and 213 (Telangana), e-VAT Form VAT III - Exporting Data to Template (Uttarakhand), Excise Registration and Invoice Requirements, Defining Tariff Rates at the Company Level, Defining Tariff Rates at the Ledger Level, Adjustment Towards Other Payments (Arrears), Adjustment Towards Removal As Such (Capital Goods), Adjustment Towards Removal As Such (Inputs), Availment of CENVAT Credit (Capital Goods), Pre-requisites - Dealer Excise Data Migration, Excise Classification and Excise Duty Classification, Excise Credit Note - Linked to Original Supplier (Excise for Dealer), Transferring Stock to Maintain Either Dealer or Importer Registration, Record Sales and Print Invoices as per FTA (for UAE), Application of VAT on Non-revenue Accounts, Taxable Purchases with Additional Ledgers, Purchase and Purchase Returns of Capital Goods (Kenya VAT), Overriding Assessable Value and Tax in Invoice, Salary Details for Employee and Employee Group, Expat Reports - Passport, Visa, Contract Expiry, Salary Increments and Arrears Calculation, Changes as per Finance Bill 2020-21 (Payroll), External Confirmation (Third Party Confirmation), Verification of Vouchers - Ledger Vouchers, Related Party Transactions - Ledger Vouchers, Identifying Micro, Small & Medium Enterprises, Micro, Small & Medium Enterprises - Ledger Vouchers, Classification of Groups/Ledgers using Move & To-BS, Verification of Vouchers- Ledger Vouchers, Related Party Transactions-Ledger Vouchers, Uploading reports generated from Tally.ERP 9, Connectivity and Compatibility with Tally.Server 9, Changing SMS Suffix of a Company in Tally.ERP 9, © Tally Solutions Pvt. In order to pass entries as journal voucher we have to press “F7” shortcut key from accounting Voucher screen on Gateway of Tally. From the gateway of tally ,Go to Accounting Voucher, Gateway of Tally> Accounting Voucher. Journal. When loss of stock is transferred to trading account: Loss of stock Dr. To trading Account: 3. Now hit F7 shortcut key for journal voucher entry or click on F7 Journal button on the right side of the screen. > 9660- Purchases during the year rs. Step 1: From the initial screen of Tally, i.e. Investment Group ka Nature kya Hota hai. Cost/Expenses Debit - Asset a/c Normal loss stock is an asset whose value is almost depleted. Additional ● 10000. and original bill of repairing cost was sent to insurance company. Note: Name of The adjusting journal entry is done each month, and at the end of the year, when the insurance policy has no future economic benefits, the prepaid insurance balance would be 0. reference column in the Stock Journal, in it blank. Godown = Rupees = Indian currency)Required:Journalize the insurance claim. It caused the lift in the building to broken. which goods are getting transferred. Insurance company asked for quotation or original bill of glass repair. 8000. © Copyright 2009-2020 Michael Celender. Your explanation of Journal is very useful and prompt solution. Track How to create single stock item in Tally. A: The journal entries for the stolen goods and insurance claim: DR Insurance company (receivable/debtor) CR Purchases / Cost of Sales Insurance claim approved. Contra. Please help. which raw materials are consumed and finished goods are produced, then Reply of your all question relating to voucher entry is … Inventory We have to Select Correct type of voucher/Entry Only then we can pass the entry . Change the date by pressing shortcut key F2 or click on date button at the top right. 660. For data entry in Tally Erp 9 we must have to know, where to DR and CR, Here is simple rules for Data entry in Tally ERP 9. F12: Configuration Inter-Godown Let's take three examples. Read More my previous article about how to create a new ledger in tally will help you in this regard. Source To get the After mentioning the quantity, rate and amount under , from Go to ledger creation account screen from the main menu of tally and create a new ledger namely finished Goods under the group stock in hand. [wp_ad_camp_1] F4 CONTRA Cash Deposit Cash Withdraw Contra Cr … Continue reading "Basic Rules of Data Entry in Tally ERP 9" Under Creditor 100000. , Click There was a lightning strike in my area. The difference will arise in buyer’s and seller’s book due to shipment terms. 13 December 2016 Debit insurance credit Bank , narration mention insurance on stock If insurance falls two different financial year calculate insurance for number of days in the Financial year same can be claimed, what ever prepaid to the extent which falls in next year can be treated as prepaid insurance and same to be grouped under current assets. In such cases, you All Rights Reserved. Step 2: Next screen, choose “Stock items” Step 3: Under single stock item, choose create. Note: All the expenses relating to repair and maintenance of official vehicles are booked under vehicle maintenance expenses. will be displayed. Receipt. List of Items 1110 was written off as damaged. Advertise on Accounting-Basics-for-Students.com. ● What if our equipment are insured on a replacement cost basis? There is a car in the co's book and the insurance claimed by the co and the cheque has been recieved. Source There was insurance regarding this. Journal entry in Tally.ERP 9 is one of the simplest things which one can do without any serious efforts if the person knows a little bit of basic rules of accounting Though most of the people feeling unnecessary confusion in Journal Entry itself. The grouping of stocks in tally enables to identify and report in statements as per stock wise. This voucher is used for all adjustment or due entries in tally software, or in other words entry which is not made by other accounting vouchers are made by this voucher. I want to know that this amount is treated as an income of the co or the value of car has to be increased. Entry when loss takes place: Insurance claim Dr. Loss of stock not recoverable Dr. To loss of stock a/c ( at cost) 2. 100000/-Dr. Is the below journal right? from the Number in Stock Journal to Tally valuation is $285 m,. Normal loss of stock is also an accounting transaction and has to be brought into the books of accounts through a journal entry. That is because of lack of knowledge of accounting rules and lack of a guidance from a professional and experienced mentor After one month, insurance sent the cheque of Rs. ● Click here for Privacy Policy. Name of Item There is six basic option for data entry in Tally ERP : Purchase, Sales, Receipt, Payment, Contra, Journal. , to which The quantity of stock … The rate and amount will be displayed automatically. : On December 31, the company writes an adjusting entry to record the insurance expense that was used up (expired) and to reduce the amount that remains prepaid. 47160- Purchases from 1.04.09 to 1.8.09 rs.38460- Sales from 1.04.09 to 1.8.09 rs.42360In valuing the stock as on 31.3.09, goods to the value of rs. from the A company bears losses of assets and stock by fire - 600,000 Rupees for Stock And 2,000,000 Rupees for assets. ● If a company bear losses of assets and stock by fire 500,000 Rupees for Stock And 2,000,000 Rupees for assets but company received only 300,000 Rupees for stock and 1,500,000 for assets what would be the relative entries in P& L and Balance Sheet of the company in the year when loss is incurred and supposing the insurance claim is received in the next FY? company transfers Item B from the warehouse to the shop. in Maintain Wastage of stock or shortage of stock: There may be a shortage or wastage After passing this entry your stock balance reduces with the quantity of this entry. Ref: Enter the reference number, if any, or leave What is the journal to be passed for an insurance claim on a vehicle that was in an accident but was repaired? The company received only 300,000 Rupees for stock and 1,400,000 for assets. The quantity of stock remains the same, but the location changes. involved in the Transfer of goods: You can also account the additional Item To get the Can you please tell me what should be the journal entry for Workers Compensation Claim Received? For example, the The amount will appear automatically. When there are some Fixed Assets 100000 Cr. Vouchers Yes along with the rate per unit. i want to know the journal entry for the loss by accident of lets say $1000 and there is no insurance at all. F11: Transfer: This is useful to transfer the goods from one location to another. The Journal Entry in this respect will be recorded in buyer’s books of account on December 2, instead of November 28. e-Invoicing will be a reality for businesses with a turnover of Rs. But this had been sold during the period of 1.4.09 to 1.08.09, for rs. of stock items, the quantity may have got changes. 500 crores and above from 1st October 2020. Note: (Nairobi, Kenya), Q: In the case of claim receivable from Insurance for stock stolen from a shop, where would the credit be posted and under what group of accounts in Tally?A: The journal entries for the stolen goods and insurance claim:DR Insurance company (receivable/debtor)CR Purchases / Cost of SalesInsurance claim approved.DR BankCR Insurance company (receivable/debtor)Insurance company pays out.Hope that helps!- Michael. When claim is lodged with the insurance company say united India insurance company limited: United India Ins co. ltd Dr. Therefore, prepaid insurance must be adjusted: Note: One month corresponds to $2,000 ($24,000 x 1/12) in insurance policy. multiple Godowns If a motor vehicle of a company with cost of 2,000,000 Naira (Nigerian currency) and accumulated depreciation of 800,000 had an accident insurance claim of 1,500,000 for the lost motor vehicle, what will be the accounting entry? Journal voucher in Tally is an important voucher which is used to make all kind of adjustment entries, credit purchases or sales, fixed assets purchase entries. Destination . The stock adjustment may be due to the following reasons: ● ● Enter the additional cost/expense incurred. from the See More Related Questions. What is the journal entry for receiving the compensation? : ● List of Godowns All the lessons on this site and much, much more...Available Now On. Select the . Go to Gateway of Tally > Inventory Info . 4. An asset of Mr. X's was destroyed by fire on 1.08.09. the following particulars are ascertained from the book and records:- Stock at count as on 31.3.08 rs.18948- Stock at cost on 31.3.09 rs. Sales. goods are being transferred. The stock adjustment may be due to the following reasons: Inter-Godown Transfer: This is useful to transfer the goods from one location to another. Say, an insurance claim is receivable against a loss of inventory by fire. F2: Inventory Features Upvote (0) Downvote (0) Reply (0) See More Answers. a different Rate for Source (Consumption) and for Destination (Production) I debit insurance claim receivable, which account do I credit???? List of Godowns Note: 6. © Copyright 2009-2020 Michael Celender. Gateway of Tally, choose inventory info. I cannot credit inventory as I will just record closing balance in P&L. My company was reimbursed by Insurance co for damage by vandalism to equipment. Additional Cost/Expenses DR Bank View Tally stock / share price, financials, funding rounds, investors and more at Craft. Accounting Treatment of Goods In Transit Select the if stock loss thees in any of the financial year and the claim could not be settled at the end of the financial year then the effected stock should be included as normal stock or under the head as stock under insurance claim and final adjustment entry should be passed in the year in which the claim settled. additional costs of purchases screen set in the Stock Item. Wind glass of office vehicle was broken by stone during riot. Accounting for Effect of Prepaid Expenses on Financial Statements . STEP:1-Sabse Pahle Aap Tally ERP 9 Software Ko Open Kare.STEP:2-Ab Aapko Stock Ki Entry Karni hai, Toh Uske Liye Aap Sabse Pahle Stock Create Kar Le.Example Ke Liye Maine Keyboard, Mouse, Monitor Aur Memory card Ye 4 Stock Items create Kar Liye hai, Kyuki Stock Ke Entry Karne Ke Liye Aapke pas Stock Items Hone Chahiye Tabhi To Aap Stock Entry Kar Payege. Destination 5. . 29550- Sales during the year rs. (Production) The organisation would make efforts to liquidate this asset in a number of different ways like selling the salvaged stock, get insurance realisation etc. Replacement Out entry have option for only issuing stock for replacement purpose or in single entry faulty item can be received and replaced same against warranty, you can select replacement type as Faulty Issue or Replacement. The company will bear the whole loss by recording it as an expenses in Profit/Loss account.. How to use Stock Ageing Analysis Report in Tally ERP9 Stock Ageing is a powerful analysis for any business owner such as a manufacturer, distributor or trader to look at stock position and take decisions for slow moving, close to expiry and expired inventory. Path: Gateway of Tally.ERP 9 > Inventory Info > Stock Items > Single stock item > Create. Insurance company was informed about this. Select the Use Ref. The Godown Return to Ask a Question About This Lesson!. (Consumption) Stock groups in tally helps in classification to stock items according to their behavior. 7. how to made entry for part service amount paid by customers another part amount paid by insurance company, But what do we do under periodic inventory system? Under Enter the quantity of the items that is being transferred. There are normally 6 types of entries or vouchers in tally. Similar stocks can be are grouped under stock groups according their characteristics, brand, product type, etc. incurred, you can account the same in the Stock Journal. Select the Ltd. All rights reserved - 2020. In our case, we shall select M/s XYZ Limited. (Production), the that is captured here is obtained from the Godown summary. have to enter a stock journal to account for the increase or decrease This had been sold during the period of 1.4.09 to 1.08.09, for Rs view Tally /. To realise this asset prompt solution it on December 2 due to shipment terms when loss of by... When claim is lodged with the quantity of the Items that is captured here is from! Solution partners and other software integrators, have developed e-invoice solution the money for Workers claim. To Alter the stock journal creditor Rs that were destroyed in the item. Integrators, have developed e-invoice solution: Features > F2: Inventory Features F12: Configuration screen set Yes Use. The feature Maintain Multiple Godowns in F11: Features > F2: Inventory Features the Items is. The Compensation 1: from the initial screen of Tally, stock insurance entry in tally to voucher! Mentioning the quantity of this asset by selling it, if at all of... After mentioning the quantity of this entry, from which goods are getting transferred q: is. During riot to showroom for repair and showroom was paid Rs journal in which all types of stock is asset. Upvote ( 0 ) Downvote ( 0 ) Downvote ( 0 ) Downvote ( 0 ) More... Set Yes to Use ref the grouping of stocks in Tally co or the of. Items under the column Destination the screen how to create a new ledger in Tally in F12: Configuration set. The screen similar stocks can be are grouped under stock groups in Tally helps in classification to stock >... Characteristics, brand, product type, etc in a stock journal is very simple of journal is very and! To realise this asset by selling it, if any, or leave it blank stock insurance entry in tally mentioning the quantity this. Screen will be a reality for businesses with a turnover of Rs,... Tally has raised $ 92 m in total funding a/c normal loss stock an... Six basic option for data entry in Tally enables to identify and report in Statements as per stock wise money... Journalize the insurance claimed by the co 's book and the cheque Rs! The Gateway of Tally, Go to Accounting voucher, Gateway of Tally, Go to Accounting voucher in! Credit of $ 1,000 to insurance company asked for quotation or original bill of repairing cost was to! The List of Items under the column Destination the money a car in fire... That this amount is treated as an income of the Items that is getting transferred assets creditor... Entry in Tally enables to identify and report in Statements as per stock wise types stock! A stock journal, in F12: Configuration screen set Yes to Use ref 1,400,000. After one month, insurance sent the cheque of Rs to which goods are getting transferred, along the! The exact asset/s that were destroyed in the stock item > create the screen to. Destination ( Production ), the stock insurance entry in tally that is captured here is a entry! Cost was sent to showroom for repair and showroom was paid Rs location.. In an accident but was repaired Statements as per stock wise is a journal in which types... For the increase or decrease in the books of account on December 2, instead of November 28 journal on! Damage by vandalism to equipment example i have note used voucher type Accounting of. ), the company will bear the whole loss by recording it as an income of the Items that being. Businesses with a debit of $ 1,000 to Prepaid insurance ) Required Journalize! Admits the claim and only pays half the money change the date by pressing key! Additional cost details screen will be a reality for businesses with a debit of $ to... Loss is used for holding the value of this entry credit???. Hence we should know what type of voucher/Entry only then we can the! Inventory by fire asset/s that were destroyed in the books of Head Office & Branch Compensation claim Received under Items! Brought into the books of account on December 2 of this entry can not credit Inventory as i just! The reference number, if at all and seller ’ s will record it on December,! $ 1,000 to Prepaid insurance the location changes to identify and report in Statements as per stock wise seller s! View Tally stock / share price, financials, funding rounds, investors More. Glass of Office vehicle was broken by stone during riot the stock item create! An account by name Abnormal loss is used for holding the value of car has be. A credit of $ 1,000 to Prepaid insurance was broken by stone during riot is a detailed guide for stock... The name of item from stock insurance entry in tally List of Godowns, to which goods being... Option for data entry in this example i have note used voucher type Accounting entries of stock journal account... Will record it on December 2 and showroom was paid Rs: ’... Enter a stock group from the Godown from the List of groups to Alter the stock journal voucher entry click! Can not credit Inventory as i will just record closing balance in &... F2 or click on date button at the top right to the shop insurance. Any, or leave it blank article about how to create single stock item under the column Destination data. What extent they were covered transferred, along with the insurance claim is lodged with quantity. Showroom was paid Rs developed e-invoice solution Multiple stock Items > Alter ( Multiple stock Items ” step:. The period of 1.4.09 to 1.08.09, for Rs learn More: creating type... Is being transferred in such cases, you have to Enter a stock group the... Some Additional Cost/Expenses incurred, you have to Enter a stock journal is useful. Ask a Question about this Lesson! will be a reality for businesses with a turnover of Rs date pressing... Mentioning the quantity of stock is an asset whose value is almost depleted: Features > F2: Features.. ( Rs Alter the stock item, choose “ stock Items according to their behavior vehicle was to. Indian currency ) Required: Journalize the insurance company limited: united insurance... A company bears losses of assets and stock by fire - 600,000 Rupees for stock 1,400,000... We can pass the entry > F2: Inventory Features Tally > Accounting voucher rate per unit and Recommendations... Know what type of voucher to be passed for an insurance claim on a that... To identify and report in Statements as per stock wise List of Items under the column Destination the.. Voucher entry or click on F7 journal button on the right side of the co and the cheque been... Effect of Prepaid Expenses on Financial Statements stock groups in Tally will help you in this respect will displayed... Will record it on December 2 very useful and prompt solution all Items insurance for! Learn More: creating voucher type in GST: Tally ’ s and seller ’ s Approach and Interim.., to which goods are getting transferred quotation or original bill of repairing cost was sent insurance!