Claire Dawson
Doctors and medical professionals can use Tally 9 to maintain their records and transactions. The accounting software provides a step-by-step facility for recording all transactions in the medical profession. This includes creating a company for the medical profession, changing the master group of the Sale Account into a Professional Fees Account, creating a ledger, and passing voucher entries. Tally also offers hospital management software solutions, such as Tally Prime and Tally ERP 9, which can assist health centers in invoicing and accounting management, as well as supervising various aspects of clinic work, including reception, inpatient and outpatient management, bed/room distribution, drug store invoicing, and stock and account management.
| Characteristics | Values |
|---|---|
| Use | Hospital administration, invoicing, accounting management, supervision of work, bed/room distribution, drug store invoicing, stock and account holders |
| Features | Patient information and analytical data, effective decision-making, error-free stream, clinical reports, patient enrolment master, auto-ID generation, patient file |
| Functions | Ordinary bookkeeping, inventory, taxation, payroll, voucher entries, salary payments, financial results |
| Other | Tutorials available for doctors and medical professionals to maintain their records |
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What You'll Learn
Recording transactions
- Recording purchases of goods or services from suppliers.
- Recording sales of goods or services to customers.
- Recording cash or bank receipts from customers or other sources.
- Recording cash or bank payments made to suppliers or for other expenses.
- Recording any transaction that doesn’t fit into the above categories, like internal transfers, adjustments, or depreciation entries.
If not already active, press Alt+F12 to activate the Gateway of Tally, the central navigation hub. Choose the appropriate voucher type based on the transaction you want to record. Here’s a quick guide:
- Purchases: Use Purchase Voucher for buying goods or services (e.g., inventory from a supplier).
- Sales: Use Sales Voucher for selling goods or services to customers.
- Cash Received: Use Receipt Voucher for receiving cash payments from customers or other sources (e.g., loan repayment).
- Cash Paid: Use Payment Voucher for making cash payments to suppliers or for expenses (e.g., rent, salaries).
- Other Transactions: Use Journal Voucher for any transaction not covered by the above, like internal transfers, adjustments, or depreciation entries.
The specific details you enter will vary depending on the voucher type, but generally include:
- Date: The date of the transaction.
- Particulars: The name of the account you are debiting (for purchases, expenses, etc.) or crediting (for sales, income, etc.).
Once you’ve entered all the details, carefully review the transaction for accuracy. Then, press Ctrl+A to accept and save the voucher. TallyPrime offers various accounting reports, such as the Trial Balance and General Ledger, which can help you verify the accuracy of your recorded transactions. Ensure your chart of accounts is well-defined and consistently used to categorize transactions accurately. If you use online banking, consider linking your bank accounts with TallyPrime for automatic transaction downloads and reconciliation.
Regularly back up your TallyPrime data to prevent data loss in case of unforeseen circumstances. Use a Purchase Voucher to record buying inventory worth from a supplier. The debit account would be “Inventory” (increased by the purchase), and the credit account would be “Accounts Payable” (amount owed to the supplier).
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Creating company accounts
When creating a company account, you will be required to fill out essential details, including the company name, address, and other pertinent information such as contact details, financial year, security settings, and base currency. This step also involves selecting the appropriate maintenance option, such as "Account Only," especially if the company is a service provider rather than a seller of goods.
The next step involves creating ledger accounts. In the case of medical professionals, for instance, the master group of the "Sale Account" would be changed to a "Professional Fees Account." This is because doctors do not sell goods but provide services, so there is no need to display an opening balance unless the doctor is transitioning from manual to Tally.
After setting up the ledger accounts, you can proceed to pass voucher entries. This involves recording various transactions, such as fees received from patients, deposits or withdrawals, payments, and other voucher entries.
Additionally, Tally allows for user account creation and customisation. You can assign specific roles and permissions to different users, such as data entry operators, billing clerks, and financial managers, ensuring controlled access to different aspects of the company account.
Tally also offers the "Group Company" feature, which is useful if you manage multiple companies. This feature provides a consolidated view of business reports, eliminating the need to view financial reports separately for each company and manually consolidate accounts.
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Ledger accounts
Doctors and medical professionals can use Tally 9 to maintain their records. Ledger accounts are a crucial aspect of this process. Here is a step-by-step guide on how to create and manage ledger accounts for the medical profession in Tally:
Creating Ledger Accounts:
Firstly, understand that doctors do not sell goods, so the master group of the 'Sale Account' needs to be changed to a 'Professional Fees Account'. This is done by going to 'Gateway of Tally → Account Info → Group → Alter → select Sale Account → write professional fees'. If you are a new doctor, there is no need to show an opening balance. However, if you are an established doctor transitioning from manual to Tally 9, you must enter your opening balance, reflecting your assets and liabilities.
Ledger Creation Steps:
- Access the Ledger Creation Menu: To create a ledger, go to 'Gateway of Tally > Account Info > Ledger > Create' or use the shortcut 'Alt+G (Go To) > Create Master > type or select Ledger and press Enter'.
- Naming the Ledger: Enter the name of the ledger account. Each ledger account name must be unique.
- Aliases: You can also create an alias, or an alternate name, for the ledger account. This is optional but can be useful for quick access and recognition.
- Specific Ledger Examples: You can create ledgers under specific groups relevant to your business. For example, a 'Bank Ledger' under 'Bank Account', a 'Sales Ledger' under 'Sales Account', or a 'Tax Ledger' under 'Duties and Taxes'.
- Ledger Customisation: You have the flexibility to create ledgers with basic details and then add or modify information as needed.
Ledger Usage:
Ledgers are date-wise records of transactions related to a particular account. They are essential for preparing financial statements and affect assets, liabilities, income, and expenses. Once transactions are posted to the ledgers, the closing balance of each account is considered to prepare the Trial Balance.
Additional Features:
TallyPrime offers two predefined ledgers: 'Cash' and 'Profit and Loss' accounts. The 'Cash' ledger is for cash-related transactions, while the 'Profit and Loss' ledger reflects the previous year's profit or loss as the opening balance. You can also generate a range of financial statements, reports, and the Balance Sheet.
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Voucher entries
Creating a Company for the Medical Profession
The first step is to create a company specifically for the medical profession. To do this, follow the path: Tally → Company Info → Create. Fill out the company creation form, ensuring that you select the "Account only" maintain option. This is because, in the medical profession, doctors provide services rather than selling goods.
Converting the Sale Account to a Professional Fees Account
In the ledger creation process, convert the master group of the Sale Account into a Professional Fees Account. This can be done by navigating to Gateway of Tally → Account Info → Group → Alter, selecting the Sale Account, and replacing it with Professional Fees. Accept this master group change.
Creating Cost Centres for Each Patient
It is essential to create a separate cost centre for each patient. This can be done by enabling the "Maintain cost centre" feature (F11) and using advanced entries (F12) under the Account Master heading.
Passing Voucher Entries for Patient Transactions
When fees are received from patients, record this transaction in a receipt voucher. This can include details such as the invoice number, date, patient information, and amount received. Utilise the F4 - Contra Voucher for depositing or withdrawing amounts from the bank. For payment of expenses, use the F5 Payment Voucher, and for other entries, the F7 Journal Voucher.
Understanding Different Types of Vouchers
Tally offers a range of voucher types to accommodate various transactions. Accounting vouchers include sales, purchase, payment, receipt, contra, journal, credit note, and debit note. On the other hand, inventory vouchers cover physical stock verification, material in and out, delivery notes, and receipt note vouchers.
Recording Sales Entries
Sales entries can be recorded in three different modes: Item Invoice Mode, Voucher Mode, and Accounting Invoice Mode. Item Invoice Mode is ideal for item-wise sales entries with inventory details. Voucher Mode suits general sales, non-inventory transactions, and sales of items not intended for trading. Accounting Invoice Mode is used when no inventory or stock details are maintained.
Recording Purchase Entries
Purchase entries can also be made in Voucher Mode, Accounting Invoice Mode, and Item Invoice Mode. In Voucher Mode, you can record general purchases, bulk entries, and purchases without maintaining item-wise details. Accounting Invoice Mode is used for entries without inventory or stock maintenance, while Item Invoice Mode captures item-wise purchase entries with inventory information.
By following these steps and utilising the various voucher types and modes, hospital accounts can be effectively maintained in Tally, ensuring accurate financial records for the medical profession.
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Invoicing and accounting management
Creating Invoices and Recording Transactions
TallyPrime enables users to easily create professional invoices that can be customized with logos and personalized to meet specific needs. It supports different billing formats, ensuring faster and error-free billing. Hospitals can create invoices, record quotations, accept payments, and receive bills in various currencies. TallyPrime also auto-calculates forex gains and losses due to currency fluctuations, ensuring accurate financial adjustments.
Price Levels and Discounts
Hospitals can create different price levels for various customer types, such as wholesalers, retailers, or individual patients. They can assign multiple price lists with quantity-based rates and discounts, ensuring that billing is accurate and tailored to each customer segment.
Payment Convenience and Tracking
TallyPrime allows hospitals to add QR codes and payment links to invoices, making it convenient for patients or customers to make payments. Additionally, hospitals can track vendor sales in real time, ensuring smooth Input Tax Credit claims and GST compliance.
Ledger Accounts and Expense Management
Tally assists in creating ledger accounts specific to the medical profession. Since doctors do not sell goods, the master group of the Sale Account is changed to a Professional Fees Account. Hospitals can create ledgers for various expenses, including office expenses (rent, lighting, water, employee salaries, telephone expenses), depreciation on equipment and furniture, and other indirect expenses.
Voucher Entries and Financial Results
Tally enables hospitals to pass voucher entries for various transactions, such as fees received from patients. It also provides a comprehensive view of financial results, including a brief history of patients, income and expenditure accounts, and cost centre breakdowns.
By leveraging the features of TallyPrime and customizing the software for hospital management, healthcare institutions can effectively manage their invoicing and accounting processes, ensuring accuracy, efficiency, and compliance with financial regulations.
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Frequently asked questions
Tally is an accounting software that can be used by doctors and medical professionals to maintain their records.
Go to Tally → Company Info → Create → fill out the form → Accept. Remember to select the 'maintain option' as 'Account only' because doctors do not purchase or sell goods.
Change the master group of 'Sale Account' into 'Professional fees Account' by going to Gateway of tally → Account Info → Group → Alter → select Sale Account → write professional fees on the place of the sale account and accept this master group.
When a transaction happens, such as receiving fees from patients, enter the data in a receipt voucher by going to Gateway of tally → Account Info → ledger → Create → Write following account under different groups.
You can record salary payments made through UPI mode and fee collections from patients through UPI mode in the accounting ledger.
