Subject: Tally- I

S.No. Particul
ars
UNIT - I Installation, Types of Licenses, Working in
Introductio Educational Mode, Company creation and Setting
n to up Company Features, Navigating, Configuration,
TallyPrime Alter Company Details Shut the
and Company.Introduction to Chart of Accounts,
Recording Creation, Alteration, Deletion of Masters, Multi-
and Masters Creation and Display of Chart of Accounts-
Maintainin Groups, Ledgers, Stock Groups Recording
g Accounting Transactions and Vouchers in; Receipt,
Accounting Contra, Payment, Purchase, Sales, Debit Note,
Transactio Credit Note, Journal
ns
Introduction to Tally, Fundamentals of Accounting,Installation of
TallyPrime

FUNDAMENTALS OF ACCOUNTING
Meaning of Accounting:-

 The first step will be identifying the accounts involved in the

transaction.
 The next step will be to record the transaction systematically.
 Then you need to classify, analyze the transaction and then
summarize it at the end of the year.
 At last, we interpret the result of the above steps in the form of a
Financial Report.
Phases of Accounting Cycle
What does each phase of the accounting cycle represent or mean?

Understand the Transaction Journal Entry

Check & analyze the transaction
Recording Transaction in Journal by
Capture and classify details like debiting
and crediting the different
Date, Debit or Credit amount account

Ledger Posting
Transfer the transactions in a specific Category
It helps you to find all the information and type of Transactions

Terminologies of Accounting
The commonly used accounting terms in the business are:

Rules Of Debit And Credit

 Golden Rules of Accounting
An ‘account’ is a statement of transactions relating to one of the two
aspects of a business
transaction. Based on the aspect being recorded, an account can be
‘debited’ or ‘credited’
Introduction to Tally Prime
TallyPrime is the world's one of the fastest and most powerful concurrent
multi-lingual business Accounting, Inventory management, Data
management, Banking, Tax Deducted at Source (TDS), Tax Collected at Source
(TCS), Payroll Management and Good and Services Tax (GST) ready software

History
Tally Solutions, then known as Peutronics was co-founded in 1986 by Shyam Sunder Goenka
and his son Bharat Goenka and incorporated in 1991.Shyam Sundar Goenka was running a
company that supplied raw materials and machine parts to plants and textile mills in southern
and eastern India. Unable to find software that could manage his books of accounts, he asked
his son, Bharat Goenka, 23, a Maths graduate to create a software application that would
handle financial accounts for his business. The first version of the accounting software was
launched as an MS-DOS application. It had only basic accounting functions, and was named
Peutronics Financial Accountant.

Founders: Shyam sunder Goenka & Bharat Goenka

Co. Name: Tally Solutions Pvt. Ltd.
Headquarter: Bangalore (Karnataka)
Year: 1986
Name as Tally: 1988
Education Mode: 1991
Latest Release: Tally Prime (Release 6.2)
 Downloading and Installation of TallyPrime

1. Download the setup files.

a. Go to https://tallysolutions.com/download/.
b. Click Download.
The exe will get downloaded in the Downloads folder.
You can copy and paste it to any folder, if needed.
2. Install TallyPrime.
a. Double-click setup.exe.
b. Double-click Install New.

3.

c. Configure Application Path, if needed.

By default, the application will be installed at C:Program
FilesTallyPrime.

 Click Configure.
 Double-click Application Path.
 Click … and change the path as needed
 

Close the List of Configurations window.

a. Click Install.
The application gets installed, and the following window opens.
 Computers must meet the following technical requirements

Particulars System Recommended Configuration

Operating system Microsoft Windows 7 or above.

(OS)

System type 64-bit operating system (for the OS and other

applications such as MS
Excel, Adobe Acrobat, and so on).
Memory (RAM) A minimum of 4 GB or more.

Hard disk 30 MB of free space to install the application.

Processor Intel Core2Duo and above or equivalent.

Connectivity Continuous connection to the internet.

Monitor resolution 1024 x 768 or higher.

Creation Of Company
Step1:Goto Gateway of Tally and pressAlt+F3 then Click Company Info,on
the button panel.
Step 2: From the Company Info menu, select Create Company option,
Now Company creation Screen will display.
Step 3: Type the following
details
Step 4: After entering the above details press Enter until the last field
and look at the new dialog box on the screen.
Step5:Accept Yes or typeY,the new company has been created.
After Accepting the Company creation screen we enable the features as
per our business needs

Alteration of Company:
Step 1: Goto Gateway of Tally and pressAlt+K then Click Alter
Step 2: After Click on Alter Press Enter on Company Name

S.NO NAME OF Creation of Masters &

. LEDGER Inventory

Creation of 1 PURCHASES Masters & Inventory

2 SALES
3 CREDITORS
4 DEBTORS
5 CAPITAL
6 SBI BANK
7 STOCK
8 MACHINERY
9 FURNOTURE
10 SLARY
11 RENT
COMMISSION
12 REC.
Procedure:-
(Accounting Master)
To Create the Ledgers in Tally Prime,
Step 1: From Gateway of Tally. And Click on the Chart of
Accounts Option.
Step 2: Go to Accounting Master and Select option Ledger.
Step 3: Enter the Name as Purchase a/c > Under Purchase a/c.
Step 4: Press (Ctrl A ) And Accept The Screen.
(Inventory Master)
Procedure:-
To Create the Stock Group in Tally Prime,
Step 1: From Gateway of Tally. And Click on the Char Of the
Accounts Option.
Step 2: Go to Inventory Master and Select option Stock Group.
Step 3: Enter the Name as oppo Mobile Phone > Under
Primary.
Step 4: Press (Ctrl A ) And Accept The Screen.

To Create the Stock Category in Tally Prime,

Step 1: From Gateway of Tally. And Click on the Chart Of The
Accounts Option.
Step 2: Go to Inventory Master and Select option Stock
Category.
Step 3: Enter the Name as 64GBStorage > Under Primary.
Step 4: Press (Ctrl A ) And Accept The Screen.

To Create the Stock Unit in Tally Prime,

Step 1: From Gateway of Tally. And Click on the Chart Of The
Accounts Option.
Step 2: Go to Inventory Master and Select option Stock Unit.
Step 3: Enter the Type Simple > Symbol: - Nos > Formula
name: - Numbers.
Step 4: Press (Ctrl A ) And Accept The Screen.

To Create the Stock Unit in Tally Prime,

Step 1: From Gateway of Tally. And Click on the Chart Of The
Accounts Option.
Step 2: Go to Inventory Master and Select option Stock Unit.
Step 3: Enter the Type Compound First Unit( Bx) of
Conversion(10) Second Unit(Nos) .
Step 4: Press (Ctrl A ) And Accept The Screen.
StockItemName StockGroup StockCateg UnitsofMeasure
ory
OppoA31Mobile OppoMobilePhone 64GBStorage Nos

OnePlusNordMobile OnePlusMobilePhon 128GBStorag Nos

e e
NokiaC3Mobile NokiaMobilePhone 32GBStorage Nos

Nokia2.3Mobile NokiaMobilePhone 32GBStorage Nos

ASUS14UltraLaptop Computer NotApplicable Nos

DELLi3InspironLapto Computer NotApplicable Nos

p
HP153rdGenLaptop Computer NotApplicable Nos

LogitechM221Mouse WirelessMouse NotApplicable Boxof10Nos

LogitechK230Keybo WirelessKeyboard NotApplicable Boxof10Nos

ard
SanDiskUSBPendriv ComputerAccessori NotApplicable Boxof10Nos
e es
 Recording Day to Day Transactions

Recording of a financial transaction is the first step in an accounting

cycle.Every day, business concerns are involved in business activities like
making purchases, sales, making payments to vendors, receiving payments
from customers and so on.
If any one of the transactions is not recorded properly or is missed out,
the financial reports will not reflect the correct financial performance or
financial position of the company

Voucher Types in Tally

There are specialized voucher types for different types of

transactions. The voucher types are used to understand
the process of entering a transaction in TallyPrime.
Voucher types in TallyPrime can be categorized as follows:

 Receipt
Voucher :- Any
money
received by a business concern, from sales or any other

source capital introduced by owners is considered

receipts and entered by using the Receipt Voucher in
Tally.

 Contra Voucher:- Contra Voucher is a transaction

involving the transfer of cash between One Cash A/c to
 another or One Cash A/c to Bank A/c or from One
Bank A/c to another Bank A/c or Bank A/c to Cash
A/c
 Payment Voucher:- Payment Voucher is a transaction which is
passed to record all payments made by the business.

 Purchase Voucher:- Purchase is the cost incurred by the business

concern during a period, for further sale of inventory. Purchase is an
expense to the company. It is included in the income statement and is also
considered under the cost of goods sold

 Sale Voucher:- A Sales voucher is used when a company sells goods to

customers on cash, cheque or credit basis.Sales entries lead to an increase
in sales revenue.

 Debit Note Voucher:- A Debit Note Voucher is used to record the

transaction details of the purchases returns or returns outwards. The
reason for purchases returns could vary from supply of damaged goods,
or goods not as per specifications, to any other

 Credit Note Voucher:- A Credit Note Voucher is used to record

transaction details of sales returns or returns inwards. The reason for
sales returns could be damaged condition of goods sold, not as per
specifications of the buyer or any other

 Jour
nal
 Voucher:- Journal vouchers are used to pass adjustment entries, to
adjust the debit and credit amounts without involving cash or bank
accounts. Adjusting journal entries are typically made just prior to
issuing a company's financial statements.
Journal Voucher is used for all types of accounting transactions which does not
fit into Contra, Payment or Receipt Vouchers.
Journal Voucher is used for all types of Accounting transactions which does
not involve Cash or Bank Ledgers.