RBI Governor Y V Reddy hiked cash reserve ratio by 0.25 per cent to 8.75 per cent and the short-term lending (repo) rate by 0.50 pre cent to 9.00 per cent. This could instigate banks and other Institutions to increase the rates by 1 %

Consumers may have to fork out up to Rs 1,500 more every month for a home loan of Rs 20 lakh, as bankers say that interest rates could go up by 0.5-1 per cent after RBI’s hawkish policy aimed at containing inflation. Repayments may increase by over Rs 3.5 lakh (Rs 350,000) over a 20-year period on a Rs 20 lakh (Rs 2 million) home loan, if the bankers hike interest rates by up to 1 per cent.

So Guys be prepared to fork in more money.

Check this interesting Article http://www.rediff.com/money/2008/jul/29cred3.htm

What do the following fields indicate?

Financial Year From – indicates the start of the financial year for the company, in this case, 1^st April 2005

Books Beginning From – The date entered in this field will restrict the user from passing any entry prior to this date. In other words no voucher can be passed before 1^st July 2005, though the financial year begins from 1^st April 2005.

Do you know…?

In Tally, you can recall the current voucher’s narration in two ways.

a)      Press Ctrl+R to recall the previously saved voucher.

b)      Press Alt + R to recall the previously saved voucher for the first ledger in the current voucher.

For example, in a payment voucher, you can save the first voucher debiting Conveyance as shown in the following figure with narration as “Conveyance charges paid”

The second voucher is entered, debiting Staff Welfare with narration “Staff welfare paid”

The third voucher is entered, debiting Conveyance.

Press Ctrl+R to recall the previous voucher’s narration, Staff welfare paid, or press Alt+R to recall the previous voucher narration for Conveyance ledger, Conveyance charges paid.

In the narration field, press Ctrl+ or Ctrl +  to navigate to the first letter of the word.

The levels you can create in Tally is only limited by your imagination

 Tally does not restrict a user from creating any number of groups, sub-groups and ledgers, in a chart of accounts.

Consider a business where you need to know the status of your receivables region wise across the country.  You could create your own accounting group / ledger under pre- defined / primary group  - Sundry Debtors as shown

Use an Effective Date for Bank Reconciliation: Say a company has data of the current year and/or previous year and you want to use the bank reconciliation facility from a cut off date, for example, 1^st October 2005. By specifying this date in the field “Effective date for Reconciliation,” the vouchers for reconciliation will be considered only from the specified date.

Once you download the above file and execute the same, the following three files would be extracted, viz,
1.
TDS FVU Readme.rtf:This file contains instructions for setup of the e-TDS FVU.
2.
e-TDS FVU Setup.exe:This is a setup program for installation of FVU.
3.
TDS_FVU_STANDALONE.jar:This is the FVU program file.
These files are required for installing the e-TDS/TCS FVU
Save the above three files in the Tally folder. Double click “TDS FVU Setup.exe” file > It will prompt with a message “Successfully created TDS_FVU.bat” and will create a batch file of the same name.
Steps to generate Quarterly e-TDS Returns:
1.
Reconcile the TDS ledger(s). i.e., from Gateway of Tally go to Display > Statement of Accounts > TDS Outstandings > TDS Computations > Select a TDS ledger > Press Alt+F5 or Click on “F5 Challan Reconcile” button available on the right side.
2.
Next, it will list the TDS payment voucher. Update the following fields for each payment made, i.e.,

Bank Challan No.
Challan Date.
Bank Name.
BSR Code.
3.
Save the above updation. (Accept = Yes)
4.
Next, Gateway of Tally > Display > Statutory Reports > TDS Reports > ETDS Forms > Report Generation (Export Screen) will appear.
5.
Enter the details for the following fields:
6.
Format: SDF (Fixed Width)

Output File Name : Tally.txt
Personal Responsible details: Fill in the same
Other Details: For e.g. if you are exporting for a quarter i.e., Apr to Jun,
Mention the period from: 1-4-2007 To: 30-6-2007
Challan Date: 7-7-2007 (E.g.)
Form Name: 26Q [Other forms that can be exported are Form 26, 27 & 27Q]
Enter Place & Date (E.g. Bangalore, 7-7-2007]
Upload Type: Regular
Export = Yes
7.
Go to Tally folder > Open NSDL Utility file (i.e.,) Run the batch file ‘TDS_FVU.bat’ > a pop-up window will appear [see picture below] > Under “Input File Name with Path” mention the exported file name with path (for e.g. D:\Tally\tally.txt). Under “Error/Upload & Statistics Report File Path” mention the path of tally folder (e.g. D:\Tally\)

8.
Next highlight on “Validate” button and Click the same or press Enter. > If the information fed by you is correct > You will get a ‘success’ message (as per the picture below), and a file named ‘Tally.html’ will be generated in Tally folder. Open this file to view the e-TDS form.

9.
If the information fed by you is not correct, you will get an error message stating the reason for failure (see, an e.g. error message picture below), and a file named ‘Tallyerr.html’ will be generated in tally folder. Open this file to view the details of error message and rectify accordingly.

Please note that the following fields are mandatory (with valid data):
1.
Company TAN No.

IT No.
Address (without special characters)
State
PIN
Telephone No.
E-mail ID
2.
Party’s IT No.

Address (without special characters)
State
PIN
3.
Person Responsible details in Export Configuration.
4.
Challan Reconciliation with valid data in all columns (eg. If Cheque no. is 000012, then it has to be entered as same and not just 12)
5.
Selection of proper Date range and Challan Till in the Export Configuration.

For all your customisations, Tally Customisations. Support Inquries, Call US