What are accounting masters ?



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Describe accounting masters .

2 Answer(s)


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Hello Sid! Good to hear from you again.

Accounting Masters are pre-defined structure and content of your accounting information system. for example the account Ledgers in your Chart of Accounts and the Groups under which they are classified. The Ledgers Furniture & Fixtures, Computer Equipment and Vehicles are classified under the Group Fixed Assets. Another example is the structure and content of accounting vouchers which will be used to enter transactions. So masters are like default templates into which information is entered using vouchers. The template or master gives the 'shape' to the information we enter into it. Information entered can be different each time but the Masters allows us to have a standard format and structure so that we can manage our business as we need.

Accounting Masters also includes background information (needed for transactions) which is picked up by Tally ERP 9 during voucher entry. For example when you make a 'Sales with Freight Charges' Sales Voucher Class it picks up the %age of Freight and Amount on which it will be charged from the Voucher Class Master that you created. Another example could be the US Dollar currency rate picked up by Tally ERP 9 when entering Foreign Currency Transactions.

The Control Station of Accounting (and Inventory) Masters is the F11 Features and F12 Configuration. As you know F11 Features are company specific whereas F12 Configuration is global (means it applies to all companies in the data directory/folder). The options that you choose in F11 and F12 will enable those (accounting/inventory) masters (and their configuration) in your company file. For example if your business deals in Foreign Currency unless you set YES to 'Allow Multi-Currency' in F11 Feature your Accounting Masters (Accounts Info) will not allow you to create/display/alter Foreign Currency types and their information like buying and selling and spot rates.

So this means that how many and what kind of Accounting (or Inventory) Masters is there for a company depends on the features enabled in F11 and the configurations selected in F12. Your choices in F11 and F12 will determine what masters you have to create and what fields are there to fill up during master creation.

Hope I was clear enough. If you need more info let me know.

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Accounts Info. menu lists the masters like
Groups
Ledgers
Voucher Types
through which you can provide the details of your company's accounts.
Go to Gateway of Tally > Accounts Info.