By default, in Gateway of Tally -> Report section you can view given options Balance Sheet, Profit & Loss A/c, Stock Summary, Ratio Analysis and Display More Reports. We can easily get all final accounts in TallyPrime Gateway of Tally Report section at the place of previous above options.

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In Final accounts you will get following things in your TallyPrime window: Balance Sheet, Profit & Loss A/c, Cash Flow, Fund Flow and Ratio Analysis. In some business entities final accounts also known as income statement.

How to show Final Accounts in TallyPrime

TallyPrime bring lot of tips and tricks for tally prime users which not only increase the knowledge but also increase the working speed also on TallyPrime accounting software. In regular interval we bring lot of tips and trick for our users so that they can read the article and take help in daily office work.

By default, when any user start working in Tally Prime you will never show Final accounts in TallyPrime window. After reading this article you can easily show Final accounts in TallyPrime window at the place of default options.

Do you know what is the meaning of final accounts?

Final accounts, also known as financial statements, are pivotal summaries of a company’s financial performance and position at the end of a specific period.

Final accounts give an idea about the profitability and financial position of a business to its management, owners, the public and other interested parties. All business transactions are first recorded in a journal. They are then transferred to a ledger and balanced in a Trial Balance.

Must Read: How to make adjustments entries of Final Account

These final tallies are prepared for a specific period. The preparation of a final accounting is the last stage of the accounting cycle. It determines the financial position of the business. Under this, it is compulsory to make a trading account, the profit and loss account, and balance sheet.

The term “final accounts” includes the trading account, the profit and loss account, and the balance sheet.

Trading Account

Trading account displays the outcomes of the purchasing and selling of goods. A trading account is the first financial statement prepared during the accounting cycle. This account is used to determine the gross profit or gross loss of a business entity by comparing the revenue from sales with the cost of goods sold.

This sheet aims to illustrate the distinction between selling and cost prices. The trading account is set up to display the business’s trading outcomes, such as gross profit, or gross loss. It keeps track of a company’s direct costs.

Profit and Loss Account

This account determines a company’s net profit or loss and costs over an accounting year. Profit and loss accounts show your total income and expenses. It also shows whether your business has earned more income than it has spent on its running costs. The profit and loss account represents the profitability of a business.

Balance Sheet

A balance sheet is a financial statement that contains details of a company’s assets or liabilities at a specific point in time.
The balance statement shows the company’s financial situation as of a given date. The company’s financial situation can be determined by adding up a company’s assets and liabilities as of a specific date. The difference between assets and liabilities reflects the capital invested in the company’s operations and its financial stability.

How to show Final Accounts in TallyPrime

From Gateway of Tally -> Press F1 function key to active Help window in TallyPrime.
Choose Settings -> Display option from the available list of options in TallyPrime Help window.
In list of configuration box, you have to select “Show Final Accounts menu in Gateway of Tally” – Yes by pressing Enter or return key.
Now get back your control at Gateway of Tally by pressing ESC key. Here you can check at Final Accounts option is activated in your TallyPrime window at the place or previous options.

Note: If you want to again get back previous option or hide Final accounts from Gateway of Tally, then again follow step no 1 and 2 and turn off Show Final Accounts menu in Gateway of Tally – No.