A Journal is the book of original entry where financial transactions are recorded chronologically. A Ledger is where journal entries are classified into individual accounts such as Cash, Sales, Purchases, and Expenses to prepare financial statements.

The three Golden Rules of Accounting are:

• Personal Account: Debit the Receiver, Credit the Giver.
• Real Account: Debit What Comes In, Credit What Goes Out.
• Nominal Account: Debit All Expenses & Losses, Credit All Incomes & Gains.

GST (Goods and Services Tax) is an indirect tax levied on the supply of goods and services in India. It simplifies taxation by replacing multiple indirect taxes and helps businesses remain compliant with government regulations through timely GST return filing.

• Accounts Receivable (Debtors): Money customers owe to the business.
• Accounts Payable (Creditors): Money the business owes to suppliers or vendors.

Proper management of both helps maintain healthy cash flow.

Tally Prime is an accounting software used for bookkeeping, voucher entry, GST accounting, payroll management, inventory management, banking, financial reporting, and generating Balance Sheets, Profit & Loss Accounts, and other business reports.

A Bank Reconciliation Statement (BRS) compares the company's cash book with the bank statement to identify differences caused by outstanding cheques, bank charges, direct deposits, or timing differences, ensuring accurate financial records.

The main financial statements are:

• Profit & Loss Account – Shows business profit or loss.
• Balance Sheet – Shows assets, liabilities, and capital.
• Cash Flow Statement – Shows cash inflows and outflows.

These reports help evaluate a company's financial performance.

Payroll Management involves calculating employee salaries, allowances, deductions, PF, ESI, professional tax, TDS, bonuses, and generating salary slips while ensuring compliance with labour and tax regulations.