Published: 2021-09-14 10:45:10
essay essay

Category: Science

Type of paper: Essay

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Books of account record the individual transaction details you have entered. Although you may post items to many different ledgers, Tally brings all the transactions of one category together into a book of account for viewing and printing. For example, the Cash Book records all the transactions affecting cash, the Sales Book records all the sales transactions.

Statement of Accounts pertain to cost centres and outstanding analysis. These are derived from individual transactions but are not statutory requirements.

Financial statements on the other hand are still derived from individual transactions but tend to show summary totals, ratios and statistics, analysing a company's financial data in a wide variety of ways. Typical financial statements include the Balance Sheet, Profit & Loss A/c, and Cash Flow Analysis. Financial statements are usually statutory requirements in most countries.

All books are displayed first as a monthly summary with opening and closing balances.

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