Books of account
Books of account record the transaction details as entered. Although items are posted too many different ledgers, Tally brings all the transactions of a particular category together into a book of account for viewing and printing.
For example, Cash Book records all the transactions affecting cash and the Sales Book records all sales transactions.
Statements of Accounts
These pertain to cost centres and outstanding analysis. The Statements of Accounts are derived from individual transactions but are not statutory requirements.
Financial Statements
Financial Statements though derived from individual transactions tend to show summary totals, ratios and statistics, analyzing a company's financial data in a wide variety of ways. Financial statements include Balance Sheet, Profit & Loss A/c,and Cash Flow Analysis and form part of the statutory requirements in most countries.
| 1. | All books are displayed as a monthly summary with opening and closing balances. |
| 2. | Select a month and press Enter to display all transactions for the month. The opening and closing balances as well as the total of all transactions are displayed. |
| 3. | Select a transaction to bring up the voucher. The voucher displays either in alteration mode or simply displays depending on your access rights. |
Let us see some typical examples of how to display the books of account and financial statements. You will then be able to experiment with other statements for yourself.
More:
Outstandings and Credit Control