Revision: Computer In Accounting Accounts HSC Commerce (English Medium) 12th Standard Board Exam Maharashtra State Board

Key Points: Computarized Accounting System (CAS)

Meaning: A Computerised Accounting System (CAS) is software-based and automates and manages accounting tasks.
Features: It offers features like speed, accuracy, security, real-time information, and integration with other business functions.
Importance: Saves time, reduces cost/errors, supports multi-user access, and stores large data.
Components: Hardware (devices), Software (programs), Personnel (users with access control).
Functions: It performs functions such as creating invoices and vouchers, recording transactions, and generating financial reports.
Process: Input (data) → Processing (entries) → Output (reports).

Manual Accounting Process vs. Computarized Accounting Process

Basis	Manual Accounting	Computerized Accounting
Meaning	A system where business transactions are recorded manually in physical books like journals and ledgers.	A system where business transactions are recorded digitally using accounting software and computers.
Calculations	Done manually for each account.	Automatically done by software.
Ledger Accounts	Prepared manually; errors possible.	Prepared automatically after voucher entry; fewer errors.
Trial Balance	Prepared manually by taking balances.	Automatically generated by the system.
Adjustments	Done and posted manually one by one.	Adjustments entered once; posting is automatic.
Financial Statements	Created manually using the Trial Balance.	Automatically generated and updated with each entry.
Closing Books	Done manually at year-end.	Automatically carried forward by the system.

Key Points: Accounting Software

Accounting software is used to record, store, and manage financial data in a computerized accounting system.
The main types are ready-to-use, customised, tailored, and free/open-source, chosen based on business needs.
Ready-to-use is for small businesses; customised and tailored software suits larger businesses with specific needs.
Free and open-source software, like GNU Khata, is useful for small businesses with limited budgets.
Legal software is safe and updatable, while pirated software is illegal and can risk data loss.

Key Points: Practical Activity

Accounting software like Tally is used to record daily business transactions and is integrated with functions like sales, purchase, payroll, and inventory.
To create a company in Tally, go to: Gateway of Tally > Company Info > Create Company, and fill in the company details.
To create a ledger account, follow the path: Gateway of Tally > Accounts Info > Ledgers > Single Ledger > Create.
Groups must be created to classify ledger accounts properly (e.g., Assets, Liabilities, Income, and Expenses) before ledger creation.
To record a transaction using vouchers (e.g., credit purchase of ₹25,000 from Mr. Anmol Sharma), use the appropriate voucher type from the Tally voucher section.

Voucher Types in Tally

F4 (Contra Voucher) is used for transactions like cash deposit/withdrawal from the bank or transfer between cash and bank accounts.
F5 (Payment Voucher) is used to record all cash or bank payments and can be entered in single- or double-entry mode.
F6 (Receipt Voucher) is used for all types of receipts (cash or bank); the debit side must be a cash or bank account.
F7 (Journal Voucher) is used for non-cash transactions like depreciation, adjustments, or provisions—not for credit sales or purchases.
F8 (Sales Voucher) is used for recording both cash and credit sales, with modes like “As Invoice” or “As Voucher.”
F9 (Purchase Voucher) is used for cash or credit purchases, and entries can be made in “As Invoice” or “As Voucher” mode.
To view accounting reports in Tally, click on the Report option and select Display.