Bank Reconciliation Statement in Tally Prime

What is BRS?

 A bank reconciliation statement is a summary of all the transactions (deposits,

withdrawals, extra charges, and interest) on a company's bank account and its equation

with its financial records.

Bank Reconciliation Statement

 Compare the deposits.

 Adjust the bank statements.

 Adjust the cash account.

 Compare the balances.

Auto Bank Reconciliation

How is Tally helpful in the Bank Reconciliation process

 Minimize the time spent and the risk of making errors.

 Enhanced the bank reconciliation capability.

 Provides facility to select the formats, configuration and input file type

 Supports Excel CSV, and MT940 formats.

Auto Bank Reconciliation

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The following would be Recording in Journal Using Double Entry System. Do the Posting
Process from Journal Entries And Prepare The Trial Balance, Trading A/C, Profit & Loss A/C,
Balance Sheet, and bank reconciliation statement also in The Books of M/S. RAMAN PVT
LTD for the following year 2022 to 2023.

PARTICULAR DR CR

Capital 380,000

Cash 100,000

Federal Bank 350,000

Bank O/D 50,000

Furniture 82,000

Land & Building 50,000

Bills receivable 150,000

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Bills payable 150,000

Good will 50,000

Bank Loan 152,000

Bonus payable 50,000

SUNDRY CREDITORS.:
Ms. Nathan & CO Rs.10000 Bill no: AC071 due days:28
Mr. Thanvi& CO Rs.5000 Bill no: AG085 due days:30

SUNDRY DEBTORS.:
Mr. Senthil Ltd Rs.8000 Bill No:AG035 due days:21
Mr. Selvi Ltd Rs.7000 Bill no:AC083 due days:10

TRANSACTION DURING THE PERIOD

 Apr 1 Paid Salary by cheque Rs.10000 Chno:73105

 Apr 2 Paid Commission by cheque Rs.750 Chno:83103

 Apr 3 Commission received Rs.10000 by cheque Chno:81883

 Apr 4 EB charges Rs.1500 by cheque chno:73113

 Apr 5 Amount paid to Ms. Nathan & co by cheque Rs.9500 Discount received Rs.500

chno:71383 against bill no: AC071.

 Apr 6 Amount received from Ms. Senthil Ltd by cheque & discount allowed Rs.700

chno:81735 against bill no:AG035.

 Apr 7 Amount received from Ms. Selvi Ltd by cheque chno:31780 against bill

no:AC083.

 Apr 8 Interest received Rs.20000 by cheque chno:51333.

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  Apr 9 House rent paid Rs.10000 by cheque chno:72450.

 Apr 10 Bank O/D settled Rs.30000 by cheque chno:63085

 Apr 11 Bank loan settled Rs.40000 by cheque chno:711103.

 Apr 12 Cash withdraw from bank Rs.7000 by cheque chno:37015.

 Apr 13 Cash deposit to bank Rs.70000 chno:63511

 Apr 14 Telephone charges Rs.1500 by cheque chno:13543

 Apr 15 Dividend received Rs.20000 by cheque chno:13515.

 Apr 16 Paid travelling expenses by cheque Rs.5000 chno:74332

 Apr 17 General expenses paid by cheque Rs.3000 chno:53533.

 Apr 18 Received interest from by cheque Rs.1000 chno:77777.

 Apr 19 Paid trade expenses Rs.2000 by cheque chno:25138

 Apr 20 Insurance paid Rs.5000 by cheque chno:53112

 Apr 21 Bank O/D settled Rs.10000 chno:73513

 Apr 22 Bank loan settled Rs.20000 chno:51031.

 Apr 23 Rent received by cheque Rs.10000 chno:73519.

BANK STATEMENT FOR THE MONTH OF APRIL:

Federal Bank,
26, Fairland’s Road,
Mittapudur,
Salem-636016.

Date Particular Reference Dr Cr Balance

1-4-2022 Balance B/D 350,000

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2-4-2022 Salary 73105 10,000 340,000

2-4-2022 Commission 83103 750 339,250

4-4-2022 Commission 81883 10,000 349,250

5-4-2022 EB charges 73113 1,500 347,750

6-4-2022 Dividend 5,000 352,750

6-4-2022 Nathan CO 71383 9,500 343,250

7-4-2022 Senthil Ltd 81735 7,300 350,550

9-4-2022 Selvi Ltd 31780 7,000 357,550

9-4-2022 Interest 51333 20,000 377,550

10-4-2022 House Rent 72450 10,000 367,550

12-4-2022 Bank O/D 63085 30,000 337,550

settled

14-4-2022 Cash 63511 70,000 407,550

15-4-2022 Cash 70,000 337,550

15-4-2022 Telephone 13543 1,500 336,050

charges

15-4-2022 Dividend 13515 20,000 356,050

16-4-2022 Branch income 43210 10,000 366,050

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 16-4-2022 ATM (02-10- 10,000 356,050
35)

19-4-2022 Cash 9,000 365,050

15-4-2022 Cash 37051 7,000 358,050

22-4-2022 Interest received 77777 1,000 359,050

22-4-2022 Bank O/D 73513 10,000 349,050

settled

24-4-2022 Rent received 73519 10,000 359,050

30-4-2022 Salary 93158 100,000 459,050

Closing 459050

Balance as per company book : 384050

Balance as per passbook : 459050

Answers

Particular Amount

Opening Balance 797,000

Gross Profit -----

Net Profit 137,050

Balance Sheet 824,050

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Create a New Company

 Go to the Gateway of Tally.

 Select "Create Company" or "Alt+ K" (exact wording may vary based on your version).

Fill in Company Creation Form:

 You will be prompted to fill in the Company Creation form. Enter the relevant details for

M/S. RAMAN PVT LTD for the financial year 2022 to 2023.

 Here are some key details you may need to provide:

o Name: M/S. RAMAN PVT LTD

o Address: Enter the company's address.

o Statutory Compliance for: Choose your country.

o Security Control: Set a password for security purposes.

o Financial Year from: 01-04-2022 (Start of the financial year)

o Books Beginning from: Set the date from which you want to start maintaining

accounts.

Save the Company:

 After entering all the required details, press Enter to save the company information.

Activate the Company:

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  Once the company is created, you need to activate it. You can do this by selecting the

company from the list and pressing Enter or by clicking on "Activate" at the bottom of the

screen.

Confirmation:

 Confirm the activation by pressing Y for Yes.

Create Ledger

Ledger Name Group Opening Balance Dr Cr

Capital Capital Accounts 380,000 Credit

Cash Cash in hand 100,000 Debit

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Federal Bank Bank Accounts 350,000 Debit

Bank O/D Bank O/D 50,000 Credit

Furniture Fixed Assets 82,000 Debit

Land & Building Fixed Assets 50,000 Debit

Bills receivable Current Assets 150,000 Debit

Bills payable Current Liabilities Credit

Good will Fixed Assets 50,000 Debit

Bank Loan Loan Liabilities 152,000 Credit

Bonus payable Current Liabilities Credit

MS. Nathan & CO Sundry Creditors 10,000 Credit

Mr. Thanvi & CO Sundry Creditors 5,000 Credit

Mr. Senthil Ltd Sundry Debtors 8,000 Debit

Mr. Selvi Ltd Sundry Debtors 7,000 Debit

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Select Chart of Accounts:

 Under the "Gateway of tally" menu, choose "Chart of Accounts" and then select "Groups"

or "Ledgers.".

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TRANSACTION DURING THE PERIOD

Apr 1Paid Salary by cheque Rs.10000 Chno:73105

Go to Gateway of Tally:

 Navigate to "Gateway of Tally."

Select Payment Voucher:

 Choose " Vouchers" from the main menu.

Choose Voucher Type:

 Select "F5: Payment" for creating a payment voucher.

Enter Voucher Date:

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  Enter the voucher date as April 1, or the relevant date.

Enter Payment Details:

 In the payment voucher, enter the payment details:

o Particulars: Salary

 Account: Salary (or the relevant salary ledger)

 Debit: Rs. 10,000

o Particulars: Federal Bank

 Account: Federal Bank (or the relevant bank ledger)

 Credit: Rs. 10,000

Enter Cheque Details:

 Below the payment details, enter cheque details:

o Payment by: Cheque

o Cheque No.: 73105

Narration:

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  Enter any relevant narration like "Salary payment for April 1."

Save the Voucher:

 Press Ctrl + A to save the voucher.

follow the above steps for the budget below.

 Apr 2 Paid Commission by cheque Rs.750 Chno:83103

 Apr 4 EB charges Rs.1500 by cheque chno:73113

 Apr 5 Amount paid to Ms. Nathan & co by cheque Rs.9500 Discount received Rs.500

chno:71383 against bill no: AC071.

 Apr 9 House rent paid Rs.10000 by cheque chno:72450.

 Apr 11 Bank loan settled Rs.40000 by cheque chno:711103.

 Apr 14 Telephone charges Rs.1500 by cheque chno:13543

 Apr 16 Paid travelling expenses by cheque Rs.5000 chno:74332

 Apr 17 General expenses paid by cheque Rs.3000 chno:53533.

 Apr 19 Paid trade expenses Rs.2000 by cheque chno:25138

 Apr 20 Insurance paid Rs.5000 by cheque chno:53112

 Apr 22 Bank loan settled Rs.20000 chno:51031

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Apr 3 Commission received Rs.10000 by cheque Chno:81883
Go to Gateway of Tally:

 Navigate to "Gateway of Tally."

Select Payment Voucher:

 Choose " Vouchers" from the main menu.

Choose Voucher Type:

 Select "F6: Receipt" for creating a receipt voucher.

Enter Voucher Date:

 Enter the voucher date as April 3, or the relevant date.

Enter Receipt Details:

 In the receipt voucher, enter the receipt details:

o Particulars: Commission Received

 Account: Commission Received (or the relevant commission ledger)

 Debit: Rs. 10,000

o Particulars: Cash

 Account: Cash (or the relevant cash ledger)

 Credit: Rs. 10,000

Enter Cheque Details:

 Below the payment details, enter cheque details:

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 o Payment by: Cheque

o Cheque No.: 81883

Narration:

 Enter any relevant narration like "Commission received for April 3."

Save the Voucher:

 Press Ctrl + A to save the voucher.

follow the above steps for the budget below.

 Apr 6 Amount received from Ms. Senthil Ltd by cheque & discount allowed Rs.700

chno:81735 against bill no:AG035.

 Apr 7 Amount received from Ms. Selvi Ltd by cheque chno:31780 against bill

no:AC083.

 Apr 8 Interest received Rs.20000 by cheque chno:51333.

 Apr 15 Dividend received Rs.20000 by cheque chno:13515.

 Apr 18 Received interest from by cheque Rs.1000 chno:77777.

 Apr 23 Rent received by cheque Rs.10000 chno:73519.

Apr 10 Bank O/D settled Rs.30000 by cheque chno:63085

Go to Gateway of Tally:

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  Navigate to "Gateway of Tally."

Select Payment Voucher:

 Choose " Vouchers" from the main menu.

Choose Voucher Type:

 Select "F4: Contra" for creating a contra voucher.

Enter Voucher Date:

 Enter the voucher date as April 10, or the relevant date.

Enter Contra Details:

 In the Contra voucher, enter the Contra details:

o Particulars: Federal Bank

 Account: Federal Bank (or the relevant bank ledger)

 Credit: Rs. 30,000

o Particulars: Bank O/D

 Account: Bank O/D (or the relevant Bank O/D ledger)

 Debit: Rs. 30,000

Enter Cheque Details:

 Below the contra details, enter cheque details:

o Payment by: Cheque

o Cheque No.: 63085

Narration:

 Enter any relevant narration like "Bank O/D settlement for April 10."

Save the Voucher:

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  Press Ctrl + A to save the voucher.

follow the above steps for the budget below.

 Apr 12 Cash withdraw from bank Rs.7000 by cheque chno:37015.

 Apr 13 Cash deposit to bank Rs.70000 chno:63511

 Apr 21 Bank O/D settled Rs.10000 chno:73513

Banking Reconciliation

Go to Gateway of Tally:

 Navigate to "Gateway of Tally."

Navigate to "Bank Reconciliation"

 From the Gateway of Tally, go to "Banking."

 Under "Banking," you will find the option "Bank Reconciliation." Select it.

Select Bank Ledger

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  In the Bank Reconciliation screen, you'll need to select the bank ledger for which you

want to reconcile transactions. Use the arrow keys to choose the appropriate bank ledger.

Company Transaction

Apr 1 Paid Salary by cheque Rs.10000 Chno:73105

Apr 2 Paid Commission by cheque Rs.750 Chno:83103

Apr 3 Commission received Rs.10000 by cheque Chno:81883

Apr 4 EB charges Rs.1500 by cheque chno:73113

Apr 5 Amount paid to Ms. Nathan & co by cheque Rs.9500 Discount received Rs.500
chno:71383 against bill no: AC071.

Apr 6 Amount received from Ms. Senthil Ltd by cheque & discount allowed Rs.700
chno:81735 against bill no:AG035.

Apr 7 Amount received from Ms. Selvi Ltd by cheque chno:31780 against bill
no:AC083.

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Apr 8 Interest received Rs.20000 by cheque chno:51333.

Apr 9 House rent paid Rs.10000 by cheque chno:72450.

Apr Bank O/D settled Rs.30000 by cheque chno:63085

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Apr Bank loan settled Rs.40000 by cheque chno:711103.

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Apr Cash withdraw from bank Rs.7000 by cheque chno:37015.

12

Apr Cash deposit to bank Rs.70000 chno:63511

13

Apr Telephone charges Rs.1500 by cheque chno:13543

14

Apr Dividend received Rs.20000 by cheque chno:13515.

15

Apr Paid travelling expenses by cheque Rs.5000 chno:74332

16

Apr General expenses paid by cheque Rs.3000 chno:53533.

17

Apr Received interest from by cheque Rs.1000 chno:77777.

18

Apr Paid trade expenses Rs.2000 by cheque chno:25138

19

Apr Insurance paid Rs.5000 by cheque chno:53112

20

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Apr Bank O/D settled Rs.10000 chno:73513
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Apr Bank loan settled Rs.20000 chno:51031.

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Apr Rent received by cheque Rs.10000 chno:73519.

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Bank Statement

Date Particular Reference Dr Cr Balance

1-4-2022 Balance B/D 350,000

2-4-2022 Salary 73105 10,000 340,000

2-4-2022 Commission 83103 750 339,250

4-4-2022 Commission 81883 10,000 349,250

5-4-2022 EB charges 73113 1,500 347,750

6-4-2022 Dividend 5,000 352,750

6-4-2022 Nathan CO 71383 9,500 343,250

7-4-2022 Senthil Ltd 81735 7,300 350,550

9-4-2022 Selvi Ltd 31780 7,000 357,550

9-4-2022 Interest 51333 20,000 377,550

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 10-4-2022 House Rent 72450 10,000 367,550

12-4-2022 Bank O/D settled 63085 30,000 337,550

14-4-2022 Cash 63511 70,000 407,550

15-4-2022 Cash 70,000 337,550

15-4-2022 Telephone 13543 1,500 336,050

charges

15-4-2022 Dividend 13515 20,000 356,050

16-4-2022 Branch income 43210 10,000 366,050

16-4-2022 ATM (02-10-35) 10,000 356,050

19-4-2022 Cash 9,000 365,050

15-4-2022 Cash 37051 7,000 358,050

22-4-2022 Interest received 77777 1,000 359,050

22-4-2022 Bank O/D settled 73513 10,000 349,050

24-4-2022 Rent received 73519 10,000 359,050

30-4-2022 Salary 93158 100,000 459,050

Closing 459050

Missing Entry for Bank Statement

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Follow the above steps for the following transaction.

 Apr 06 Dividend Received Rs. 5000

 Apr 15 Cash withdraw from bank Rs. 70000

 Apr 15 Cash withdraw from bank Rs Rs.7000

 Apr 16 Branch income Received Rs.10000

 Apr 16 Cash withdraw from bank Rs Rs.1000

 Apr 19 Cash deposit to bank Rs.9000

 Apr 30 Salary Received Rs. 100000

Banking Reconciliation Reports

Go to Gateway of Tally:

 Navigate to "Gateway of Tally."

Navigate to "Bank Reconciliation"

 From the Gateway of Tally, go to "Banking."

 Under "Banking," you will find the option "Bank Reconciliation." Select it.

Select Bank Ledger

 In the Bank Reconciliation screen, you'll need to select the bank ledger for which you

want to reconcile transactions. Use the arrow keys to choose the appropriate bank ledger.

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Day Book Reports

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Go to Gateway of Tally:

 Navigate to "Gateway of Tally."

Navigate to "Daybook"

 From the Gateway of Tally, go to "Display."

 Under "Display," you will find the option "Daybook." Select it.

Profit and Loss

Go to Gateway of Tally:

 You'll start at the Gateway of Tally, which is the main screen.

Access Reports:

 From the Gateway of Tally, go to "Reports" by selecting it from the main menu.

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Financial Reports:

 Under "Reports," navigate to "Profit & Loss" in the "Financial Reports" section.

Balance Sheets

Go to Gateway of Tally:

 You'll start at the Gateway of Tally, which is the main screen.

Access Reports:

 From the Gateway of Tally, go to "Reports" by selecting it from the main menu.

Financial Reports:

 Under "Reports," navigate to "Balance Sheet" in the "Financial Reports" section.

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