Open Tally's Gateway and navigate to Accounting Vouchers > F9: Purchases > I: Accounting Invoice.
Save the party ledger, followed by the cost ledger, and finally the tax ledgers.
Booking expenses is done with the use of an expenses ledger. It is created by selecting the Nature of Payment option while creating a ledger. 1. Go to Tally's Gateway > Accounts Info.
Expenses are recorded in the journal. Expenses are the costs of the assets or services that are used. Expense The critical accounting entries that reflect the entity's expenses are called journal entries. The foundation of accounting is journal entries.
Expenses and liabilities are not interchangeable terms. One appears on a company's balance sheet, while the other appears on its income statement. Expenses are a company's operating costs, whereas liabilities are the company's commitments and debts.
Tally is a complete accounting software. It helps in managing and tracking the business expenses. Tally Prime is an add-on for Tally that helps in creating reports, invoices, and other accounting documents.