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Introduction to Basic Accounting

Let's start with a basic introduction to Tally

The systematic and comprehensive recording of financial transactions pertaining to a business is kindly referred as accounting. Accounting also refers to the process of summarizing, analyzing and reporting these transactions.

What is Accounting?

Accounting Cycle?

Accounting is systematic and continuous process of identifying, recording classifying summarizing interpreting or analyzing and communication of financial information to users of accounts.

Accounting cycle

Transaction ------------ Money related identified

Journal entry----------- Books of record

Ledger ----------- Classify

Trial balance --------- Summary of income and expense

Trading and profit/and loss A/C ------- interpretation and analysing


Grass production ----------------- net profit

Balance sheet ------------------ Communiction

Type of Accounting

There are three type of Accouting

1.personal account

2.Real Accounting

3.nominal Account