Financial Accounting

Bizops Insights

Understand essential business operations including workflow, process, and analysis.

Bizops Insights
Track Financial Accounting
Duration 60 hours
Skill Level Beginner
Language English

About this Course

Understand essential business operations including workflow, process, and analysis.
Learning Mode: Learn at ALC or at Home

Detailed Course Curriculum

Hands-on module breakdown aligned with MKCL production standards and industry requirements.

  • Course Introduction
  • Definition & Utility of Accounting
  • Introduction to Accounting
  • Method of Accounting
  • Financial Accounting Concept
  • Basic Books of Accounts
  • Recording Transactions
  • Manual Accounting System
  • Financial Report
  • What is a Market Place?
  • What are Goods and Services?
  • What are the different types of Organization?
  • Difference Between Types of Entities
  • Purpose of Maintenance of Books of Accounts
  • Case Study : Single entry vs Double Entry
  • Cash Basis vs Accrual Basis of Book-keeping
  • Case Study Cash Basis Vs Accrual Basis of Accounting
  • Reports Generated from Book-keeping
  • Definition of Accountancy
  • User of Accounting Information
  • General Transactions - 1 Shop & 1 Service
  • General Books of Accounts Maintained by Them.
  • General Transactions in a Stationery Store
  • Example 1: Books Maintained by the Stationery Store
  • General Transactions in a Xerox Shop
  • Example 2: Books Maintained by the Xerox Shop
  • Understanding Transactions in an Organization
  • Meaning of Accounting Principles
  • Accounting Concepts and Conventions
  • Entity Concept
  • Money Measurement Concept
  • Going Concern
  • Periodicity Concept
  • Matching Concept
  • Accrual Concept
  • Consistency Concept
  • Historical Cost Concept
  • Prudence Concept
  • Materiality Concept
  • Realisation Concept
  • Dual Effect Concept
  • Case study - Accounting Concepts
  • Concept of Capital and Revenue Expenditure
  • Concept of Capital and Revenue Income
  • Case Study - Capital and Revenue
  • Golden Rules of Accounting
  • Types of accounts
  • Golden Rules of Accounting - Real Accounts
  • Golden Rules of Accounting - Personal Accounts
  • Golden Rules of Accounting - Nominal Accounts
  • Recording a Cash sale
  • Recording a Credit sale
  • Recording receipt from a debtor
  • Recording a credit purchase
  • Recording Payment for Purchase of Letterheads
  • Payment of cash for staff refreshments
  • Classification of Accounts
  • Case Study : Journal
  • Subsidiary Books
  • Case Study : Subsidiary Books
  • Rectification of errors
  • Concept of Book Entries
  • What is a Ledger?
  • Ledger Posting - Expense a/c
  • Ledger Posting - Income a/c
  • Ledger Posting - Asset Account
  • Ledger Posting - Liability a/c
  • Trial Balance and its components
  • Case Study: Subsidiary Books and Ledgers
  • Ledger Scrutiny
  • Ledger Scrutiny - Liability
  • Ledger Scrutiny through Trial Balance
  • Components of Financial Statements
  • Profit & Loss account & its components
  • Balance Sheet and its Components
  • Notes to Accounts
  • Cash flow Statement
  • Accounting Standards
  • Applicability of Accounting Standards
  • Difference between Computerised and Manual Accounting
  • Introduction to Tally and other Software
  • Example of Financial Statements of Sole Proprietorship
  • Example of Financial Statements of Partnership
  • Example of Financial Statements of Trust
  • Example of Financial Statements of Company
  • Example of Financial Statements of Bank
  • Introduction - debtors
  • Concept of credit period
  • MSME Debtors
  • Udyam Registration and its Benefits
  • Difference between cash discount and trade discount
  • Debtor Reconciliation
  • Bill-wise entry of debtors
  • Ledger scrutiny - debtors
  • Concept of credit note
  • Introduction - creditors
  • Creditor Reconciliation
  • Bill-wise entry of creditors
  • Ledger scrutiny - creditors
  • Concept of debit note
  • Presentation of debtors and creditors in the financial statements
  • Presentation of debtors and creditors in the financial statements - ITC Ltd
  • Credit Rating Agencies - Meaning and Functions
  • Inventory
  • Components of Inventory
  • Books maintained under Inventory
  • Stock Register
  • Documents used for inventory
  • Material Requisition Note
  • Delivery Challan
  • Goods Received Note
  • Documents in case of import of goods
  • Valuation of stock
  • Cost Sheet
  • Manufacturing account
  • Process from material to finished goods
  • Concept of variable cost
  • Concept of fixed cost
  • Contribution
  • Sample documents
  • Cost sheet
  • Case study - cost sheet
  • ABC Analysis in Inventory Management
  • History of Tally
  • Importance of Tally in accounting
  • Tally ERP 9 Vs Tally Prime
  • Tally Prime Setup - Download
  • Tally Prime Setup - Installation
  • Tally License Information
  • Tally Prime Interface - Select Company
  • Tally Prime Interface - Manage Options - Other Buttons
  • Tally Prime Interface - Manage Options - F1 Help Button
  • Company Creation in Tally Prime - I
  • Company Creation in Tally Prime - II
  • Company Feature in Tally Prime - Accounting Feature
  • Company Feature in Tally Prime - Inventory Feature
  • Company Feature in Tally Prime - Taxation & Other Feature
  • Gateway of Tally Introduction - Menu Options - I
  • Gateway of Tally Introduction - Menu Options - II
  • Gateway of Tally Introduction - Main Screen
  • Gateway of Tally Introduction - Main Screen - II
  • Accounting Group Introduction
  • Accounting Group & Sub Group Creation I (Income & Expenses)
  • Accounting Group & Sub Group Creation II (Assets & Liabilities)
  • Accounting Group & Sub Group Alteration/Deletion
  • Accounting Ledger Introduction
  • Accounting Ledger Creation - I
  • Accounting Ledger Creation - II
  • Accounting Ledger Creation - III
  • Accounting Ledger Alteration/Deletion
  • Stock Group Introduction
  • Stock Group Creation
  • Stock Group Alteration / Deletion
  • Stock Category Introduction
  • Stock Category Creation
  • Stock Category Alteration / Deletion
  • Unit of Measurement Introduction
  • Unit of Measurement Creation - Simple & Compound
  • Unit of Measurement Alteration/Deletion
  • Godown Introduction
  • Location Vs Godown
  • Godown/Location Creation
  • Godown Alteration/Deletion
  • Stock Item Introduction
  • Stock Item Creation
  • Stock Item Alteration/Deletion
  • Voucher Types in Tally Introduction
  • Voucher Types Creation/Alteration in Tally Prime
  • Chart of Accounts in Tally Prime
  • Chart of Accounts - Accounting Groups
  • Chart of Accounts - Accounting Ledgers
  • Chart of Accounts - Voucher Types
  • Chart of Accounts - Inventory Masters
  • Multi Accounting  Master - Introduction
  • Multi Accounting  Master - Creation
  • Multi Accounting Master Alteration
  • Multi Inventory Master - Introduction
  • Multi Inventory Master - Creation
  • Multi Inventory Master Alteration
  • Preview of Trial Balance with Master Opening
  • Preview of Profit & Loss Statement
  • Preview of Balance Sheet with Master Opening
  • Treatment of Opening Balance Difference
  • Basic Accounting Vouchers used for business Transaction
  • Receipt Transaction in Tally Prime - Configuration
  • Receipt Transaction in Tally Prime - Booking
  • Receipt Transaction in Tally Prime - Cash Receipt
  • Receipt Transaction in Tally Prime - Bank Receipt
  • Payment Transaction in Tally Prime - Configuration
  • Payment Transaction in Tally Prime - Booking
  • Payment Transaction - Petty Cash Expenses
  • Payment Transaction - Online Payment
  • Payment Voucher
  • Receipt Voucher
  • Contra Voucher Configuration
  • Contra Voucher - Cash Deposit
  • Contra Voucher - Interbank Transfer
  • Receipt Voucher as Contra Voucher
  • Payment Voucher as Contra Voucher
  • Journal Voucher - Depericiation
  • Journal Voucher - Other transactions
  • Cash Purchase Transaction - Configuration
  • Cash Purchase Transaction - Account Invoice
  • Cash Purchase Transaction - Voucher Format
  • Credit Purchase Transaction - Account Invoice
  • Credit Purchase Transaction - Voucher Format
  • Cash Sales Transaction - Configuration
  • Cash Sales Transaction - Transaction
  • Credit Sales Transaction - Account Invoice
  • Credit Sales Transaction - Voucher Format
  • Inventory Cash Purchase - Configuration
  • Inventory Cash Purchase - Transaction
  • Inventory Credit Purchase
  • Inventory Credit Purchase with Delivery Charges
  • Inventory Cash Sales - Bank Account
  • Inventory Cash Sales - Cash Ledger
  • Inventory Credit Sales
  • Inventory Credit Sales with Delivery Charges
  • Debit Note
  • Credit Note
  • Stock Journal - Material Transfer
  • Stock Journal - Material Consumption
  • Physical Stock
  • Memorandum Voucher
  • Optional Voucher Configuration
  • Optional Voucher Proforma Invoice
  • Financial Statements
  • Accessing Trial Balance Report
  • Working with Trial Balance in Tally
  • Accessing P&L Account Report
  • Working with P&L Report in Tally
  • Accessing Balance Sheet Report
  • Working with Balance Sheet Report in Tally
  • Accessing Stock Summarry Report
  • Working with Stock Summarry Report
  • Cash & Funds Flow Statements
  • Day book & Trial Balance Report
  • Cancellation, Alteration and Deletion of Vouchers in Tally Prime
  • Addition & Insertion of Transaction in Tally Prime
  • Printing & Exporting Vouchers
  • Columnar Sales Register
  • Columnar Purchase Register
  • Cash & Bank Books in Tally Prime
  • Edit Log in Tally Prime
  • Case Study Description
  • Business data setup with feature in Tally
  • Inventory Masters
  • Inventory Purchase
  • Service Purchase/Expenses
  • Inventory Sales
  • Service Sales Voucher
  • Receipt Against Sales
  • Payment against Purchase
  • Accounting Ledger Report
  • What is Bill wise Accounting in Tally Prime?
  • Types of Bill Reference in Tally Prime?
  • Credit Purchase Transaction I
  • Credit Purchase Transaction II
  • Credit Sales Transaction I
  • Credit Sales Transaction II
  • Receipt Transaction (Against Reference)
  • Payment Transaction (Against Reference)
  • Receipt Transaction (Advance Reference)
  • Payment Transaction (Advance Reference)
  • Receipt and Payment On Account Reference
  • Billwise Transaction for Non-Trading Account
  • Accounting Ledger Report - Creditors & Debtors
  • Outstanding Receivables Report
  • Outstanding Payables Report
  • Ledgerwise Outstanding Report
  • Groupwise Outstandding Report
  • On Account & Bill Settelements
  • Bill wise Case Study Description
  • Case Study Data Setup with Billwise Feature
  • Opening Ledger Balances (Debtors & Creditors)
  • Advance Payment to Supplier
  • Loans & Advance with Bill wise details
  • Service Purchase with bill wise details
  • Service Purchase against advance
  • Service Sales with bill wise details
  • Bill wise outstanding report in Tally
  • Bill Settelment Non Trading Account
  • Receipt Voucher against reciveable
  • Payment Voucher against Payable
  • Case Study Description
  • Case Study Data Setup
  • Capital Investment
  • Purchase of Inventory
  • Stock Transfer
  • Sale of Inventory
  • Debit and Credit Note Voucher Setup
  • Purchase Return
  • Debit Note against Sales (Rate Difference)
  • Sales Return
  • Sales, Purchase, Debit Note & Credit Note Register
  • Objectives
  • What is Banking Feature in Tally?
  • Mode of Banking Transactions?
  • Bank Ledger Setup - Current Account
  • Bank Ledger Setup - OD Account
  • Receipt Transaction  Single Party
  • Receipt Transaction  Multi Party
  • Payment Transaction Single Party
  • Payment Transaction Multi Party
  • Inter Company Fund Transfer
  • Objectives
  • Cash Purchase (via Bank Account)
  • Cash Sales (via Bank Account)
  • Income Receipt Transaction
  • Expense Payment Transaction
  • Cheque Prnting Configuration
  • Cheque Prnting from Voucher
  • Cheque Printing Reports
  • Payment Advice - Single Transaction
  • Payment Advice - Multiple Transaction
  • Objectives
  • Cheque Register Report
  • Cheque Register Alter Status
  • Cash Deposit Slip
  • Cheque Deposit Slips
  • Post Dated Transaction
  • Post Dated Summarry
  • Bank Reconcilation Preview
  • Bank Reconcilation Process
  • Objectives
  • Banking Case Study Description
  • Case Study Data Setup
  • Banking Master Setup
  • Multi Mode Receipt Transaction
  • Multi Mode Payment Transaction
  • Cash Deposit Slips
  • Payment Advicce
  • Post Dated Transaction
  • Cheque Printing
  • Cheque Register
  • Bank Reconciliation Statement
  • Objectives
  • What is Multi Currency Feature in Tally Prime?
  • Multi Currency  Concept - ROE, FEF Realised & Unrealised
  • Company Creation with base Currency
  • Multi Currency Creation/Alteration
  • Export Invoice - Inventory
  • Export Invoice - Service
  • Import Invoice - Inventory
  • Import Invoice - Service
  • Objectives
  • Unadjusted Gain or Loss (FEF) Report
  • Payment against Import Invoice
  • Forex Exchnage Gain or Loss Ledger & Voucher Configuration
  • Forex Gain or Loss on Import - Full Payment
  • Forex Gain or Loss on Import - Part Payment
  • Receipt against Export Invoice
  • Objectives
  • Forex Gain or Loss on Export - Part Payment
  • Forex Gain or Loss on Export - Full Payment
  • Forex Gain or Loss on Advance Payment
  • Forex Gain or loss on unrealised invoice (Year End)
  • Bank Charges on Receipt
  • Subsequent Year  Export Invoice
  • Objectives
  • Subsequent Year Receipt
  • Subsequent Year Transaction - Import Purchase
  • Subsequent Year Transaction - Closing ROE
  • Subsequent Year Transaction - Payment Voucher
  • Forex Gain or Loss Reports
  • Do’s & Don’t’s while working with Multi Currency
  • Objectives
  • Multi Currency Case Study Description
  • Multi Currency Case Study Data Setup
  • Multi Currency Setup
  • Import of Assets
  • Advance Receipt
  • Export of Goods
  • FEF on Advance Receipt
  • Payment against Import
  • FEF on Import Payment
  • Closing ROE - Revaluation
  • Receipt against Export
  • FEF on Export Receipt
  • Objectives
  • What is Purchase Order?
  • Purchase Order Cycle in Tally Prime?
  • Purchase Order Feature - Company Creation
  • Purchase Order Feature - Voucher Setup
  • Purchase Order Voucher Configuration
  • Purchase Order Voucher No 1
  • Purchase Order Voucher No 2
  • Receipt Note Voucher No 1
  • Receipt Note Voucher No 2
  • Objectives
  • Purchase Invoice No 1
  • Purchase Invoice No 2
  • Payment agaist Purchase
  • Purchase Order Report
  • Purchase Order Voucher No 1
  • Purchase Order Voucher No 2
  • Objectives
  • Receipt Note Voucher No 1
  • Receipt Note Voucher No 2
  • Pre-closure of Purchase Order
  • Rejection Out Voucher
  • Purchase Invoice against PO No 1
  • Purchase Invoice against PO No 2
  • Debit Note against Purchase Invoice
  • Payment Entry against Purchase Invoice
  • Purcase Order Report
  • Objectives
  • Case Study Description - PO
  • Case Study Data Setup - PO
  • Purchase Order Voucher 1
  • Purchase Order Voucher 2
  • Receipt Note against Purchase Order
  • Rejection Out against Receipt Note
  • Pre Closure of Order
  • Purchase Invoice against Receipt Note
  • Debit Note against Puchase Invoie
  • Purchase Order Report
  • Objectives
  • What is Sales Order?
  • Sales Order Cycle in Tally Prime
  • Sales Order Featue - Company Creation
  • Sales Order Featue - Voucher Activation
  • Sales Order 1 (Buyer 1)
  • Sales Order 2 (Buyer 2)
  • Delivery Note 1  (Buyer 1)
  • Delivery Note 2 (Buyer 2)
  • Objectives
  • Sales Invoice 1 (Buyer 1)
  • Sales Invoice 2 (Buyer 2)
  • Receipt against sales invoice
  • Sales Order Report
  • Sales Order Voucher No 1
  • Sales Order Voucher No 2
  • Objectives
  • Deliver Note Voucher No 1
  • Deliver Note Voucher No 2
  • Pre Closure of Sales Order
  • Rejection In Voucher
  • Sales Invoice against SO 1
  • Sales Invoice against SO 2
  • Credit Note
  • Sales Order Report
  • Objectives
  • Case Study Description SO
  • Case Study Data Setup Sales Order
  • Sales Order Voucher 1
  • Sales Order Voucher 2
  • Delivery Challans against Sales Order
  • Rejection In against Delivery Challan
  • Pre Closure of Sales Order
  • Sales Invoice against Delivery Challans
  • Credit Note against Sales Invoice
  • Sales Order Report in Tally
  • Objectives
  • What is Inventory Valuation?
  • Stock Item Master Setup
  • Sales & Purchase of Material
  • Average Costing Method Introduction
  • Average Costing Method in Tally
  • FIFO Method Introduction
  • FIFO Method in Tally
  • LIFO Method Introduction
  • LIFO Method in Tally
  • Standard Costing Introduction
  • Standard Costing in Tally
  • Last Purchase Cost Introduction
  • Last Purchase Cost in Tally
  • At Zero Cost Introduction
  • At Zero Cost in Tally
  • Objectives
  • Company Creation with Foreign Currency
  • Godown and Voucher Setup
  • Master Setup with Opening Balance
  • Sales Order Voucher
  • Import Purchase Order
  • Advance Payment against PO
  • Other Accounting Transactions
  • Import Purchase
  • Delivery Challan
  • Rejection In Voucher
  • Sales against Delivery
  • Payment & Receipt
  • Forex Gain or Loss Report
  • Objectives
  • What is Batchwise?
  • Batchwise Company Data Setup
  • Batchwise Godown Setup
  • Opening Inventory Master Information
  • Opening Inventory Master Creation
  • Purchase Voucher 1 - Batch wise
  • Stock Transfer
  • Sales Transacation 1
  • Batchwise Inventory Reports
  • Objectives
  • Company Creation with Batch wise Feature
  • Company Data Configurations
  • Inventory Opening Master Information
  • Inventory Opening Master Creation
  • Batchwise Purchase Transaction 1
  • Batcwise Sales Transaction 1
  • Stock Transfer - Inter Godown
  • Expired Batches
  • Objectives
  • What is Manufacturing?
  • What is Bill of Material?
  • Feature Activation & Setup in Tally Prime
  • Inventory Master Creation - Component Materials
  • Inventory Creation with single BOM
  • Inventory Creation with Multiple BOM
  • Component Material - Purchase Order
  • Objectives
  • Purchase Invoice against PO 1
  • Purchase Invoice against PO 2
  • Stock Transfer - Default Voucher
  • Stock Transfer - Voucher Class
  • Inventory Reports
  • Sales Order Voucher
  • Manufacturing Process - Default Voucher
  • Objectives
  • Manufacturing Journal Voucher
  • Manufacturing Process - with Scrap
  • Manufacturing Journal Voucher – Additional Cost
  • Stock Transfer Voucher Class
  • Stock Consumption - Damaged Product
  • Sales Invoice against Sales Order
  • Inventory Reports - Stock Summarry
  • Inventory Reports - Inventory Books
  • Objectives
  • Case Study – Data Configuration
  • Manufacturing Process Setup
  • BOM– Semi Finished Goods Example
  • BOM– Semi Finished Goods Setup
  • BOM– Finished Goods
  • Opening Inventory Balance
Eligibility Criteria
• Basic knowledge of computers and keen desire to build skills in this field.
• Open to students, job seekers, and working professionals.
Official Certification
• Official MKCL KLiC Certificate upon successful completion of the course and evaluations.
Work-Centric Learning Approach
• Step 1: Learners are given an overview of the course and its connection to life and work
• Step 2: Learners are exposed to the specific tool(s) used in the course through the various real-life applications of the tool(s).
• Step 3: Learners are acquainted with the careers and the hierarchy of roles they can perform at workplaces after attaining increasing levels of mastery over the tool(s).
• Step 4: Learners are acquainted with the architecture of the tool or tool map so as to appreciate various parts of the tool, their functions, utility and inter-relations.
• Step 5: Learners are exposed to simple application development methodology by using the tool at the beginner’s level.
• Step 6: Learners perform the differential skills related to the use of the tool to improve the given ready-made industry-standard outputs.
• Step 7: Learners are engaged in appreciation of real-life case studies developed by the experts.
• Step 8: Learners are encouraged to proceed from appreciation to imitation of the experts.
• Step 9: After the imitation experience, they are required to improve the expert’s outputs so that they proceed from mere imitation to emulation.
• Step 10: Emulation is taken a level further from working with differential skills towards the visualization and creation of a complete output according to the requirements provided. (Long Assignments)
• Step 11: Understanding the requirements, communicating one’s own thoughts and presenting are important skills required in facing an interview for securing a work order/job. For instilling these skills, learners are presented with various subject-specific technical as well as HR-oriented questions and encouraged to answer them.
• Step 12: Finally, they develop the integral skills involving optimal methods and best practices to produce useful outputs right from scratch, publish them in their ePortfolio and thereby proceed from emulation to self-expression, from self-expression to self-confidence and from self-confidence to self-reliance and self-esteem!

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Course Overview
  • Duration: 60 hours
  • Track: Financial Accounting
  • Skill Level: Beginner
  • Language: English
  • Mode: Learn at ALC or at Home
  • Certificate: Official MKCL
Key Course Highlights:
  • At the end of this course, learners will be able to:
  • Apply accounting concepts, conventions, and principles to real-world business transactions and operational scenarios.
  • Record and classify business transactions using manual methods and Tally Prime software.
  • Create and maintain accounting masters, inventory masters, vouchers, and ledgers in a business setup.
  • Prepare and interpret key financial statements such as Profit & Loss Account, Balance Sheet, and Cash Flow Statements.
  • Handle comprehensive business operations including purchase and sales cycles, inventory valuation, and manufacturing processes.
  • Reconcile debtors and creditors, manage bill-wise accounting, and generate outstanding reports using Tally.
  • Manage business banking operations such as fund transfers, cheque printing, bank reconciliations, and post-dated transactions.
  • Execute foreign currency-based transactions and calculate forex gain/loss using Tally’s multi-currency features.
  • Analyze business data through practical case studies involving inventory, manufacturing, purchase orders, sales orders, and batch-wise tracking.
  • Generate business insights using reports and dashboards to support decision-making and operational efficiency.
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