What is Accounting Software?
Tally is traditional accounting software. It is a mandatory tool for every accountancy requirement. Tally covers the 360-degree approach of the finance segment.
It is a bundle of Book Keeping, Payroll, Taxes and customized MIS. It is a vast accounting application that simplifies the double-entry system. We can manage simplified transactions to complicated transactions in one go with this master application.
Tally is licensed by Tally Solutions and currently available in single-user and multiple-user mode. We can create multiple companies with a single license. Tally does offer Automatic Backup and remote assistance. Customized formats for vouchers, invoices, notes and financials are easy to use.
With the recent update, the tally has launched cloud access and users can access company data from anywhere. Tally do have surrender, reactivation and transfer process from one computer to the other.
In this article, we will be explaining about Tally Basics:
Tally Basics
Part-1
Create a company:
The first step after installing the tally is to create a company.Alt+F3 Company info-create company
Select company:
We can choose a company which is already created. Shortcut key-F1.
Shut company:
For closing the company which has already created is shut company. Shortcut key-Alt+F1
Alter:
It is used to make alterations in the company creation like name, date, maintenance, etc.
Quit:
Exit from the tally.
- Click on the quit button.
- Esc, Esc, Esc and enter
- Ctrl+Q
F2: For changing the date F4: For Contra voucher
F5: For Payment voucher F6: For Receipt voucher
F7: For Journal voucher F8: For Sales voucher
F9: For Purchase voucher
Accounting Voucher Creation In Tally
Part-2:
Groups
By default, Tally.ERP 9 provides a list of Groups called pre-defined groups. The user can create any number of Primary Groups and Sub Groups which are again grouped under a Primary Group/Sub Group.
There are 28 pre-defined Groups in Tally.ERP 9, out of which 15 are Primary Groups and 13 are Sub-Groups.
Out of the 15 Primary Groups, 9 Primary Groups appear in the Balance Sheet which are Capital in nature and 6 Primary Groups appear under Profit & Loss Account which are Revenue in nature.
13 Sub Groups are classified under the 15 Primary Groups and they appear in the Balance Sheet.
Note: The primary group cannot be deleted,however,it can be renamed which is not suggested.
Ledgers
There are only 2 default ledgers in tally i.e. Cash and P&L Account.
If you want to create and alter the groups and ledgers in tally
Go to Gateway of Tally> Accounts Info> Groups > Create,Display,Alter
Go to Gateway of Tally> Accounts Info> Ledgers > Create,Display,Alter
List of Primary Groups in Tally
| 1. Branch/ Divisions | 6. Indirect Income | 11. Current Assets |
| 2. Capital Accounts | 7. Suspense Account | 12. Direct Incomes |
| 3. Sales Accounts | 8. Current Liabilities | 13. Fixed Assets |
| 4. Loans (Liabilities) | 9. Misc. Expenses (Asset_ | 14. Direct Expenses |
5. Indirect Expenses | 10. Purchase Accounts | 15. Investments |
List of Sub groups in Tally
| 1. Sundry Creditors | 6. Duties & Taxes | 11. Bank Accounts |
| 2. Secured Loans | 7. Deposits (Assets) | 12. Reserves & Surplus |
| 3. Stock in Hand | 8. Bank OD Accounts | 13. Loan & Advances (Assets) |
| 4. Provisions | 9. Unsecured Loans | |
| 5. Cash in Hand | 10. Sundry Debtors |
G Setty – Accounting Coach
rcco.in with collaboration of gsetty.com offer customized and specialized practical training sessions with 30+ courses.
With 10+ years industry experience, we craft accountants with practical courses.
You can access more info at rcco.in/coaching
tax247.in provides single window for your tax needs. http://tax247.in is a one stop solution for Accounting, Tax, GST and other legal compliances.
We are equipped with 3,500+ clients along with 20+ team members spread among various industries in Bangalore
Our services:
- Accounting
- GST
- Income Tax
- Sole Proprietorship registrations
- Partnership registrations
- Private Limited company incorporations
- Payroll
Contact info:
Marathahalli, Bangalore 560037
Alternatively reach us at 8884446694
For appointments www.tax247.in
Do reach us on what’s app @ https://wa.me/+918884446694
