How to do Depreciation Entry in Tally Prime | Techjockey | Watch video till the end for a surprise

The importance of recording depreciation cannot be overstated. Depreciation is a critical element in business accounting, compliance, and tax calculations. Depreciation entries help businesses keep an accurate record of their assets, track the value of those assets over time, and claim tax deductions for the cost of those assets.
However, passing depreciation entry in Tally is a complex task. It involves calculating the depreciable value of an asset, charging it to the right account and valuing the assets correctly in the balance sheet. Besides, it must be compliant with the tax and other statutory laws.
Don't worry, our in house Tax expert, Sukhesh is here to teach how to do a depreciation entry in Tally Prime.
Before we jump directly into the calculation and entry part. Let’s understand what depreciation is and why it is important in accounting.
The word depreciation is used to describe two different but related concepts in accounting: the decrease in value of an asset, and the allocation of the cost of an asset over its Useful Life.
In this video, Sukhesh explains the depreciation entry in Tally Prime with an example so watch the video till the end as we have a small surprise for you..
Tally is advanced accounting software that is used to keep track of accounts. It helps records all types of accounting that include invoicing, receipt notes, inventory management, sale records, credit note, etc. The software helps record the complex book keeping in a simple way so that everyone can handle it easily.
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