Tallyfor provides a dedicated book-to-tax work space. One of the key aspects of this is the ability to make book, reclass and tax journal entries.
Creating a journal entry
To create a journal entry in Tallyfor:
Click the Journal Entry Icon in the upper right corner to open the JE Panel.
Click Add to start a new journal entry.
Complete the Memo field with your entry description.
Select the accounts you want to use from available options.
Enter the debit and credit amounts for each account.
**You can create journal entries using accounts that were imported through the trial balance, as well as any system-generated accounts you've created inside TallyFor.
Validating your entry
Once you complete the memo, select all accounts, and enter all debits and credits, the entry will pass all validations. Tallyfor verifies that your journal entry is balanced and complete.
Viewing journal entries in reports
After creating your journal entry, you can view how it appears in your reports. The entry will be reflected in the appropriate reports based on its classification.
Changing journal entry types
You can modify your journal entry type after creation:
Change the entry to a reclass journal entry
Change the entry to a book journal entry
The reports will update automatically to reflect the new classification.
Posting to accounting systems
If your Tallyfor binder is connected to QuickBooks Online or Xero, you can post book journal entries directly back into your accounting system. This integration allows synchronization between Tallyfor and your primary accounting platform, ensuring a clean roll forward in the ensuring year.
Note: Only book journal entries can be posted back to connected accounting systems.