Outstanding Income Journal Entry In Tally

Basic rules of data entry in tally erp9 wp ad camp 3 author sunil bhave posted on june 30 2013 june 9 2016 categories accounts audit.

Outstanding income journal entry in tally. For example pass a sales entry towards professional income from customer a. Change the date by pressing shortcut key f2 or click on date button at the top right. Outstanding income account a dr to income account concerned b effect to be shown in profit loss a c. Journal voucher entry in tally erp9 duration.

To enter a journal entry in tally. Outstanding expense a c and expense a c. In certain cases the user would like to record the income ledgers also in the sales voucher the same is possible by enabling the option allow income accounts in sales vouchers in f12 configuration in voucher mode. The shortest route for accessing journal voucher in accounting voucher menu is f7.

Accrued or outstanding expenses or income prepaid expenses. From the gateway of tally go to accounting voucher gateway of tally accounting voucher. Now hit f7 shortcut key for journal voucher entry or click on f7 journal button on the right side of the screen. Directly recored entry for salary due for the months or year firstly press f7 then opend journal voucher screen.

Simplifying with an example. Journal entry for outstanding expenses outstanding expenses are those expenses which are due in the current accounting period but not paid. The journal entry for outstanding expenses involves two accounts. The entry will pass in tally erp.

Outstanding expenses entry in tally erp9 finance express. Outstanding expense acts like a. Erp 9 follow these simple steps. Above entry is a simple example without any deduction or advance to employee or any statutory dues.

Accrued income is also known as income receivable income accrued but not due outstanding income and income earned but not received. Debit customer a account. To salary payable a c 1000 00. As per accrual based accounting income must be recognized during the period it is earned irrespective of when the money is received.

2 thoughts on outstanding expense journal entries. Journal entries in tally are bye passed through journal vouchers. Expenses of salary debited to profit loss account and amount payable to employees go to current liabilities as outstanding. Journal entry for accrued income is.

And record booked entry like as 1 salary a c dr. The adjusting entry will be debit the expense.