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Major Types of Account Real, Personal & Nominal Account

Major Types of Account Real, Personal & Nominal Account

Tally has multiple types of accounts, including real accounts and personal accounts. In a typical business, you will have accounting vouchers, inventory vouchers, and both types of these accounts. You can use any of these types of accounts as necessary to keep track of your business’ finances. You can even make custom accounts and set them up to reflect your company’s specific needs.

Major 3 Types of Account in Tally

  • Real Account
  • Personal Account
  • Nominal Account

Real Account

In Tally, the Real Account refers to the current balance of a business. The main reason to maintain an account is to know the amount of money owed to and received from different sources. The Accounts Receivable and Accounts Payable of a business represent the assets and liabilities of a business.

A real account carries forward the closing balance of a fiscal year to the next, so the closing balance of a real account at the end of the year becomes the opening balance for the following year. Real accounts relate to a business’s assets, liabilities, and equity. Golden Rule Number 2 says that a business should credit what comes in and debit what it expends. The Real Account in Tally reflects these values and is essential for analyzing financial information.

In Tally, real accounts are similar to personal accounts. While personal and nominal accounts are linked to assets, real accounts don’t close at the end of the accounting period. Instead, the balances are carried forward. Hence, they are also known as permanent accounts. They can be set up in a variety of ways to track and manage a business. One common example is creating a bank account. Another example would be an account for your income and expenses.

In Tally, you can create the Capital Account group by using the corresponding XML file. This will include the Capital Ledger and the Drawings Ledger. You can also create a new company by using the Import All Masters with Opening Balance from an XML file. This way, you can manage your business finances without any problem. There is one more thing to know about Tally. You will find that it’s an outstanding piece of software.

Personal Account

Accounts are related to various things, both tangible and intangible. They are expressed in statement form and have two sides, namely, the debit side and the credit side. There are various types of accounts, some of which are related to people, such as bank accounts and creditors’ accounts. These are usually categorized according to their type. Some of these types are more complex than others, however. In the context of the tally, natural accounts are those that are related to persons, while artificial accounts are those created by law.

The ledger is the central part of Tally’s accounting software. Each ledger represents a specific type of transaction, and Tally uses a system of groups to keep track of the accounts in the system. There are 28 predefined groups in Tally, including current assets, fixed assets, and fixed liabilities. These groups can be further separated into subtypes, such as journal, receipt, and contra. The individual ledgers are also called sub-groups.

There are two main types of accounts: personal and business. Personal accounts contain transactions with individuals or organizations, such as salaries and expenses. A business can break these accounts down further with sub-accounts. These sub-accounts will show where money is coming from and how much of it is in each one. Each account may have multiple sub-accounts, each with its own unique numbering system.

In Tally ERP 9, there are 28 predefined groups, of which 15 are primary. For example, the capital accounts group includes Partners’ Capital A/c. Other primary groups include reserves and surplus, stock-in-hand, inventory, and sundry debtors. This group excludes bank accounts. And the non-trading accounts group contains inventory, non-integrated accounts, and sundry debtors.

Nominal Account

In Tally, you have several options when you need to create a Nominal Account. The default settings for this account include the cash and profit/loss ledgers. Tally creates the 28 default groups automatically. It also maintains ledger accounts for all your company divisions, branches, and subsidiaries. Nominal accounts have the same meaning as the other account types, but differ slightly. These differences in terms of the type of account should not deter you from using the Nominal Account.

A Nominal Account In Tally is a type of temporary account that keeps track of financial transactions for a specific period. The balance of this account starts at zero and is reset at the end of the accounting year. This makes it simple to see all financial transactions for a specific period. The difference between a Nominal Account and a Balance Sheet is that a Nominal Account is temporary, while a permanent account is permanent.

Similarly, a Nominal Account is a temporary account that you create to record the wages of employees. If you pay wages in cash, you are writing off that expense as an expense. In business accounts, the rules are similar to personal accounts, such as the Debit the Giver and Credit the Receiver.

Source : ( help with accounting assignment ) Experts LiveWebTutor


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