Course Content

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Course Content

FAQs

  • Go to Tally.com > Accounting Vouchers > Accounting Vouchers > Accounting Vouchers > Accounting Vouchers > Accounting Vouchers > F9: Make a purchase.
  • Select F12: Configure > from the menu bar. Set Allow expenses/fixed assets in purchase vouchers to Yes in F12: Advanced.
  • Enter the invoice number from the supplier.
  • Credit the party ledger, and enter the taxed fixed asset value.

Fixed assets are assets that are used to create revenue for a company. They are assets that the company owns, such as plant and equipment, and are reported as non-current assets in the balance sheet under the headings of property, plant, and machinery.

A fixed asset registry is a comprehensive record of all fixed assets owned by a company. Its primary goal is to let an organisation to reliably collect and preserve both financial and non-financial information about each asset, as well as to quickly identify and verify an asset when necessary.

Additions, retirement, adjustments, transfers, and other entries to the fixed asset sub ledger, such as depreciation, are all examples of fixed asset transactions.

Fixed asset data aids in the appraisal of a corporation and the preparation of reliable financial reports through financial analysis. Investors and creditors can analyse the financial health of a firm using such reports, which can help them decide when to acquire shares or lend money to the company.

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