Tally

Tally

Introduction:- Tally is a versatile data base management system is based on a

window interface. Tally ees 6.3 stands for Extended Enterprise System.

How to Start TALLY:-Double click on the icon of Tally

Features of Tally:-

1. This is visible package of simplicity, speed & flexibility.2. It has many short cut keys & hot keys as any other window

based application. 3 It connected unlimited users to a single computer or network server over a

local area network. It offers various kinds of accounting solution in a very simplified format.

4. It has a screen to create information about company such as its name,address with tel. no, income tax no, local tax no etc.

5. It has a flexibility to alter the company feature along with that of accounting and inventory.6. It facilitate day to day accounting; transaction through Voucher entry. Voucher entry is done basically for purchase, sales, receipt, payment and journal transaction.7. It provides the facility to view the “Trial Balance”. Similarly “Profit and Loss A/C” and “Balance Sheet” are extractable in minutes without much problem or changes.

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Creating a company:-

A company is basically a file in which transaction are

Entered. Shortcut command is “Alt+f3”

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FieldName Mandatory Fill the name of the company.

Mailing Name, add. Optional Fill the mail add.

Currency Mandatory Country specific. Symbol

Maintain Mandatory choose any option as Account only / Inventory only /Both.

Financial year Mandatory

Books beginning MandatoryFrom

Tally vault Optional Password is required to view the

Name of company. Currency Information Mandatory Fill the type currency.

Tally vault:- Shortcut command is “Alt+f3” Tally vault work like a lock, & keep the company‘s account safe.

The password provided access to the decrypted data.

Alteration:- Shortcut command is “Alt+f3” A company’s information can be modified at any time through alter option from Gateway of Tally.

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LEDGER

Next step of accounting is to create ledger.

Create a ledger:-

While posting ledger entry specify following point.

1. Name: - Fill the name of ledger. 2. Under: - Fill the group under which the ledger is to

be creating3. Currencies of ledger: - Specify type of currency in which ledger

are to be maintained.4. Opening balances: - last step is to fill opening balances in

opening balances column.

The default ledger account is Cash a/c & profit & loss a/c.

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VOUCHER ENTRY

Primary function of accounting is to maintain Journal Entries. Tally provides 16 predefined voucher format.E.g. Sales voucher purchase voucher. This can be activated from Gateway of Tally by choosing Voucher Entry and then Voucher Creation

1. PURCHASE ENTRY :( F9)

Purchase of 2 CPU, 4 Monitors from A by credit. For rs 48000.

Purchase a/c. Dr. 48000To A 48000

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2. SALES ENTRY: (F8)

Sale of Computer to C by cash @ Rs. 21000 per unit.

Cash A/c Dr. 21000To Sales A/C 21000

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3 RECEIPT ENTRY: (F6).

Realization of Debtor B for Rs. 10000 by cheque.

Bank A/C Dr. 10000 To B 10000

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4. PAYMENT ENTRY: (F5)

Payment to Creditor A Rs. 10000 by cash.

B A/C (Dr.) 10000 To Bank A/C 10000

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GENERATING BOOKS OF ACCOUNT

When financial year occur, ledger account are created & then entries are made in their journal. When all journals are correctly entered then, the books are automatically created.

E.g. The liabilities side of the balance sheet is converted to Ledger account.

Trial balance:-

When all the transaction is entered then tally automatically prepares opening balances in trial balances.

Profit & loss a/c Tally provides facility to automatically prepare Profit & loss a/c.

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Balance sheet:- Balance sheet shows assets and liabilities of a company

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