ACCOUNTING TALLY

Here's some information about Tally

Tally is a popular accounting software used by businesses to manage their
financial transactions, inventory, and other related tasks. It's like a digital ledger
that helps you keep track of your company's money and resources.
Tally can help you with various tasks such as:
1. Recording and managing financial transactions like sales, purchases, and
expenses
2. Tracking inventory levels and managing stock
3. Creating invoices, bills, and other financial documents
4. Generating reports and statements to help you understand your business's
financial performance 5. Managing payroll and employee data
6. Integrating with other business systems like e-commerce platforms and
banking systems
Benefits of using Tally
Using Tally can bring several benefits to your business, including:
1. Improved accuracy and efficiency in financial management
2. Better decision-making with real-time financial data and reports
3. Enhanced security and control over financial transactions
4. Simplified compliance with tax laws and regulations
5. Scalability and flexibility to grow with your business

 CREATION OF A COMPANY
 Creating a Company in Tally Prime by using software Step-
by-step
1. Install Tally Prime 3

2. Open Tally Prime

3. Select ‘Create Company’ Option

4. Fill in the company Details

1.Company name 2.Mailing Address
3.Country 4.State
5.PIN Code 6.Telephone
7.Email 8.Website
9.Financail 10.Books Beginning From
11.Currency Symbol 12.Maintain
13.Statutory Compliance

5. Select “SAVE”

6. Company Created
This is gateway of tally:

 Gateway of Tally is the main screen of Tally Prime that provides a centralized access point to all the features
and functions of the software.

 Use of Gateway of Tally:

1.Navigation: Gateway of Tally allows users to navigate to different modules and features of Tally Prime,
such as Accounting, Inventory, Payroll, and more.

2. Data Entry: Users can enter data, such as vouchers, invoices, and journal entries, directly from the
Gateway of Tally.

3. Reporting: Gateway of Tally provides access to various reports, such as Balance Sheets, Profit &
Loss statements, and Trial Balances.

 Importance of Gateway of Tally:

1. Easy Navigation: Gateway of Tally provides a user-friendly interface that makes it easy to navigate to
different features and functions of Tally Prime.

2. Centralized Access: Gateway of Tally provides a centralized access point to all the features and
functions of Tally Prime, making it convenient for users to access the
information they need.

3. Improved Productivity: By providing quick access to various features and functions, Gateway of Tally
helps users to work more efficiently and productively.

Gateway of Tally is a critical component of Tally Prime that provides a centralized access point to all the
features and functions of the software, making it easy to navigate, configure, and use the software.
 Tally Prime*, after creating a company, the **masters* are crucial as they form the foundation for recording
transactions, managing accounts, inventory, and complying with statutory requirements. Here's an overview of
how and why to use various master lists:

1. Accounting Masters
 Groups
 Ledgers
 Currency
 Voucher Types
2. Inventory Masters
 Stock Groups
 Stock Categories
 Stock Items
 Unites Of Measure
 Godowns
3. Statutory Masters
 GST Registration
 GST Classification
4. Statutory Details
 Company GST Details
 PAN/CIN Details
Important Of Masters

Data Organization: Master ensures your data is well-structured and categorized

Statutory Compliance: Organized masters provide accurate and insightful financial reports
 LEDGER
A Ledger is a primary record that contains all the transaction related to a
particular account [ e.g. Bank accounts, suppliers, customers,
expenses, income etc] In Tally Prime. Ledgers help track the flow of money and
categorize your business transactions systematically
 Use of ledger
a. Recording Financial Transactions
b. Organizing Accounting Information
c. Generating Accurate Reports
d. Complying with Tex Regulations
e. Automation of Processes
f. Integration with Vouchers

 Importance of ledger
a. Foundation of Accounting: Ledgers form the base of your accounting
system in Tally. Without them, you cannot record or process transactions.
b. Customizability: In Tally Prime, you can customize ledgers as per your business needs (e.g..
creating multiple sales ledgers for different branches).
c. Error Prevention: Proper ledger categorization prevents errors in financial reports.
d. Statutory Compliance: Ledgers ensure compliances with statutory requirements
like GST, TDS, and income tax
e. Decision-making: Well-maintained ledgers provide insights into financial performances,
helping in strategic decisions.
1. Purchase A/c under > Purchase Account

2. Sales a/c under > Sales account

3. Purchase GST @0% under> Purchase account

4. Purchase GST @5% under> Purchase account

5. Purchase GST @12% under > Purchase account

6. Purchase GST@18% under> Purchase account

7. Purchase GST @28% under > Purchase account

8. Sales GST @0% under > Sales account

9. Sales GST @ 5% under > Sales account

10. Sales GST@12% under > Sales account

11. Sales GST@18% under> sales accounts

12. SALES GST@28% under> sales accounts

13. Machinery a/c under > fixed assets

14. Furniture a/c under > fixed assets

15. Equipment a/c under> fixed assets

16. Ankita capital a/c under> capital account

17. SBI Bank a/c under> Bank accounts

18. IDBI Bank a/c under> Bank accounts

19. Legal Charges a/c under > Indirect expenses

20. SGST under> Duties & Taxes

21. CGST under> Duties & taxes

22. IGST under> Duties & taxes

23. Smart Electronic India under> Sundry Creditors

24. SGST14% under> Duties & Taxes

25. CGST 14% under> Duties & Taxes

26. SGST 4% under> Duties & Taxes

27. CGST 6% under> Duties & Taxes

 Vouchers
Voucher is a feature in Tally Prime that allows users to record and
manage financial transactions.

Use of Voucher:

1.Create vouchers: Create and manage different types of vouchers,

such as sales, purchases, and payments.
2. Record transactions: Record financial transactions, including
invoices, bills, and receipts.
3. Manage accounts: Manage accounts payable, accounts receivable,
and other financial accounts.

Benefits of Voucher:

1. Accurate financial management

2. Easy transaction recording
3. Improved accounting and reporting

How to access Voucher in Gateway of Tally:

1. Go to Gateway of Tally
2. Click on "Accounting" menu
3. Select "Voucher" from the dropdown menu
4. Create or manage Vouchers as needed

By using Voucher in Gateway of Tally, users can efficiently manage and

record their financial transactions, making informed decisions to drive
business growth
Receipt Entry is a feature in Tally that allows users to
record receipts of money from customers, debtors, or
other parties.
View to Receipt Entry > Gateway of Tally > Voucher > F6
1. Receipt

Contra Entry is a Feature in Tally Prime that allows

users to record transaction that affect two or
more account simultaneously
View to Contra Entry > Gateway of Tally > Voucher > F4
1. Contra Entry
 2. Contra

Payment Entry is a Feature in Tally that allows

users to record payments made to suppliers,
creditors or other parties.
View to Payment Voucher > Gateway of Tally >
Voucher > F5
1. Payment
2. Payment

Purchase Entry is a feature in Tally that allows users

to record purchase transactions, including invoices,
credit notes, and debit notes.
View of Purchase entry > Gateway of Tally > Voucher > F9
1. Purchase
e

Steps to Create a Godown in Tally Prime

1. Open Tally Prime

Launch Tally Prime and select the company where you want to create the godown.

2. Enable Godown Feature (If Not Enabled)

Press F11 (Features) > Inventory Features

Set "Maintain Multiple Godowns" to Yes

Press Ctrl + A to save.

3. Open Godown Creation Screen

Go to Gateway of Tally > Create Master > Godown

OR Press Alt + G → Type "Create Godown" → Press Enter

4. Enter Godown Details

Name: Enter the godown name (e.g., Main Warehouse, Branch Storage).

Under: Select Primary (or another existing godown if it's a sub-godown).

Allow Storage of Materials: Set to Yes if the godown will store inventory.

5. Save the Godown

Press Ctrl + A or click "Accept" to save.

Steps to Create a Unit of Measurement in Tally Prime

1. Open Tally Prime

Launch Tally Prime and select your company.

2. Open Unit Creation Screen

Go to Gateway of Tally > Create Master > Unit

OR Press Alt + G → Type "Create Unit" → Press Enter

3. Enter Unit Details

Type: Choose between Simple (e.g., PCS, KG, LTR) or Compound (e.g., Dozen = 12 Pieces).

Symbol: Enter a short symbol (e.g., "Kg" for Kilograms, "Pcs" for Pieces).

Formal Name: Enter the full unit name (e.g., Kilogram, Liters).

Number of Decimal Places: Define precision (e.g., 2 for weight-based units like KG).

4. Save the Unit

Press Ctrl + A or click "Accept" to save.

Steps to Create a Stock Group in Tally Prime

1. Open Tally Prime

Launch Tally Prime and select your company.

2. Open Stock Group Creation Screen

Go to Gateway of Tally > Create Master > Stock Group

OR Press Alt + G → Type "Create Stock Group" → Press Enter

3. Enter Stock Group Details

Name: Enter the stock group name (e.g., Electronics, Furniture, Clothing).

Under: Choose Primary (or another stock group if it's a sub-group).

Should quantities of items be added?:

Yes (if items in the group are similar, like different sizes of shirts).

No (if items are independent, like different types of products).

GST Details (if applicable): Enable and configure GST for the group.

4. Save the Stock Group

Press Ctrl + A or click "Accept" to save.

Steps to Create a Stock Goup in Tally:

Step 1: Open Tally and Select the Company

1. Open Tally.ERP 9 or Tally Prime.

2. Select the company where you want to create the Stock Group.

Step 2: Navigate to Stock Group Creation

1. For Tally.ERP 9:

Go to Gateway of Tally → Inventory Info → Stock Groups → Create.

2. For Tally Prime:

Go to Gateway of Tally → Create Masters → Stock Group.

Step 3: Enter Stock Group Details

1. Name: Enter the name of the Stock Group (e.g., "Electronics", "Clothing").

2. Under: Select the parent stock group if applicable (default is “Primary”).

3. Should Quantities of Items be Added?

Yes: If you want to maintain stock in quntities.

No: If you don’t want to maintain quantity tracking.

Step 4: Save the Stock Group

Press Ctrl + A or click Accept to save the Stock Group.

Step 5: Verify the Created Stock Group

Go to Display → Inventory Info → Stock Groups → Alter/Display to view the created stock group.
LCD

LED
PLASMA

MOBILE
SONY A1

SONY PLS55
SONY PLS65

SONY S1

SONY SP09
SONY SP12

SAMSUNG A1
SAMSUNG FT02

SAMSUNG FT03
SAMSUNG G49
SAMSUNG G55

SAMSUNG J7

SAMSUNG S1
ADESH ELECTRONICS

ADVERTISEMENT A/C
FUEL EXPENSE A/C

REPAIR CHARGES A/C

TELEPHONE CHARGES A/C

TRAVELLING EXPENSES A/C

YASHADA LTD
DAY BOOK

BALANCE SHEET

PROFIT & LOSS A/C