Tally Prime
Glance over the various versions of tally:-
Tally 4.5:
Its MS-DOS support financial accounting system. It
takes care of accounting activities only such as Ledgers
Classification Vouchers Entry.
Simple financial reports and Bill wise analysis of
debtors and creditors in the business.
Tally 5.0:-
It’s an up grated version to tally 4.5 and it works in
windows operating system Inventory modules is introduced in
this version, which involves detailed inventory, structure
invoicing and integrating accounting and Inventory records.
Tally 5.4:-
It’s an improved module over the version 5.0 where it
is capable of converting earlier data formats in to the current
data format. This is possible though Import of Data Facility.
Tally 6.3:-
It’s an extended enterprise system whereby interacts
with other system through ODBC (Open Data Base
Connectivity you and e-mail upload your financial records from
tally.
Tally 7.2:-
It’s an integrated enterprise system VAT, TDS , TCS
and Service Tax modules are introduced in this version.
Tally 8.1:-
It’s multi language support software. It supports 10
`Languages introduced in this version.
Tally 9.0:-
It’s an improved model over the version 8.1. It
supports 13 Languages (Includes Foreign Languages). Payroll,
POS modules are introduced in this version.
Tally ERP9 :- (Enterprise Resource Planning)
*Remote Access
*GST
Tally PRIME
*Accounting
*Inventory management
*GST
*Payroll
*E way Bill
Basic Accounting
Book Keeping:-
Book keeping is the art of recording business transaction in a
systematic manner.
Advantages of Book keeping:-
1. Reliable Record
2. Calculation of profit & Loss
3. Calculation of dues
4. Control over assets
5. Control over borrowings
6. Ascertainment of the growth of business
7. Ascertainment of the financial position
8. Identifying the dos and don’ts
9. Fixing the selling Price
10.Taxation
Basic concept of accounting
Accounting: It is an art of recording, classifying and summarizing in
significant manner and in terms of money, transactions and events
which are of financial character and interpreting the results thereof.
Business transaction: A business transaction is “The movement of
money and money’s worth from one person to another”, Or exchange
of values between two parties is also known as “Business Transaction”.
Purchase: A purchase means goods purchased by a businessman from
suppliers.
Sales: Sales is goods sold by a businessman to his customers.-
Purchase Return or Rejection out or Outward Invoice: Purchase return
means the return of the full or a part of goods purchased by the
businessman to his suppliers.
Sales Return or Rejection in or Inward Invoice: Sales return means
the return of the full or a part of the goods sold by the customer to the
businessman.
Assets: Assets are the things and properties possessed by a
businessman not for resale but for the use in the business.
Liabilities:- All the amounts payable by a business concern to-
outsiders are called liabilities.
Capital: Capital is the amount invested for starting a business by a
person.
Debtors: Debtor is the person who owned amounts to the
businessman.
Creditor: Creditor is the person to whom amounts are owned by the
businessman.
Debit: The receiving aspect of a transaction is called debit or Dr.
Credit: The giving aspect of a transaction is called credit or Cr.
Drawings: Drawings are the amounts withdrawn (taken back) by the
businessman from his business for his personal, private and domestic
purpose. Drawings may be made in the form cash, goods and assets of
the business.
Receipts: It is a document issued by the receiver of cash to the giver of
cash acknowledging the cash received voucher.
Account: Account is a summarized record of all the .sections relating
to every person, every thing or property and every type of service.
Ledger: The book of final entry where accounts lie.
Journal entries: A daily record of transaction.
Trail Balance: It is a statement of all the ledger account balances
prepared at the end of particular period to verify the accuracy of the
entries made in books of accounts.
Profit: Excess of credit side over debit side.
Profit and loss account: It is prepared to ascertain actual profit or
loss of the business.
Balance Sheet: To ascertain the financial position of the business. It is
a statement of assets and liabilities.
Types of accounts
Personal account: Personal accounts are the accounts of persons,
firms, concerns and institutions which the businessmen deal.
Principles: Debit the receiver
Credit the giver
Real Account: These are the accounts of things, materials, assets &
properties. It has physical existence which can be seen & touch.
Ex. Cash, Sale, Purchase, Furniture, Investment etc.
Principles: Debit what comes in
Credit what goes out
Nominal account: Nominal account is the account of services
received (expenses and Losses) and services given (income and gain)
Ex. Salary, Rent, Wages, Stationery etc.
Principles: Debit all expense/losses
Credit all income/ gains
