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Unit 8 Tally

Sep 05, 2014

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UNIT 8: ACCOUNTING PACKAGE (Tally.ERP 9)

1

Accounting Software It is a system that carries out mechanical operations in accounting process. It does not have any accounting knowledge.

2100 Hrs Information Technology Training Board of Studies, ICAI

What is buying a software ? We actually never buy a software Demo copy of all software is available free We buy license to use the software

3100 Hrs Information Technology Training Board of Studies, ICAI

Legal/Demo/Pirated Software Legal software - Full functional software without any restrictions. Demo Software - Used for demo purpose with all major features but with a very few restrictions. Pirated software - Cracked software, nearly full functional, but damaged.

4100 Hrs Information Technology Training Board of Studies, ICAI

Demo / Educational Version This is a full functional software except a very few restrictions. This can be very well used for learning purpose.

5100 Hrs Information Technology Training Board of Studies, ICAI

Software License License to use is to bought at the time of buying a software. This includes a unique Serial No. and a key for that particular serial number.

6100 Hrs Information Technology Training Board of Studies, ICAI

Software Versions Version are used to differentiate same software according to stages of development. This is a totally new software with some major changes. E.g. Tally 4.5, 5.4, 6.3, 7.2, 8.1, 9, ERP9

7100 Hrs Information Technology Training Board of Studies, ICAI

Software Release Releases are like editions of a book. Software of same version with a new release will be having minor changes. Changes / updations are made in every software on continuous basis. Updations may be related to rectification of mistakes, addition of new features, statutory changes, etc.8100 Hrs Information Technology Training Board of Studies, ICAI

Types of Licenses Single User Multi User In case of Tally, there is no limit on number of users. In some cases, licensing may be according to the number of user, i.e. for every five users, or per user, etc.

9100 Hrs Information Technology Training Board of Studies, ICAI

Comparison of software's pricesSoftware Single User Rs. 11,880 Multiuser Rs. 29,770 (Unlimited Users) 27,000 (Unlimited Users) 2,500 per user 40,500 (Unlimited Users) 25,000 (five user) Rs. 10,000/five users10100 Hrs Information Technology Training Board of Studies, ICAI

Busy

Miracle Focus Tally Wings

13,500 33,000 13,500 15,000

Classification of Features Compatibility Features Operational Features Accounting Features Technical Features MIS & Control Features

11100 Hrs Information Technology Training Board of Studies, ICAI

What is Accounting Data ? Masters Vouchers

12100 Hrs Information Technology Training Board of Studies, ICAI

Masters Heads that are to be set only once. This is the standing data. Not expected to change frequently Forms integral part of accounting data.

13100 Hrs Information Technology Training Board of Studies, ICAI

Vouchers This is a place where transactions are recorded. This will contain links to masters. This may include other information like date, narration, quantitative details, reference, etc.

14100 Hrs Information Technology Training Board of Studies, ICAI

How data is stored ? In masters, independently In vouchers along with link to masters

15100 Hrs Information Technology Training Board of Studies, ICAI

Types of Masters Accounting Masters Inventory Masters Payroll Masters Statutory Masters

16100 Hrs Information Technology Training Board of Studies, ICAI

Basic Menu Style Masters Transactions Reports Configurations/Settings

17100 Hrs Information Technology Training Board of Studies, ICAI

Masters Creation Alteration Group, Name, Contact Details, Deletion

18100 Hrs Information Technology Training Board of Studies, ICAI

Vouchers Used only for entering transactions in software.

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Reports For viewing information For alteration of transactions For printing

20100 Hrs Information Technology Training Board of Studies, ICAI

Accounting for Software

Credit

Debit

Income

Expenditure

Liability

Asset

21100 Hrs Information Technology Training Board of Studies, ICAI

Types of Accounts Personal

Real

Nominal

22100 Hrs Information Technology Training Board of Studies, ICAI

Personal Accounts

Accounts representing persons or group of persons

23100 Hrs Information Technology Training Board of Studies, ICAI

Real Accounts

Accounts related with real things in this world.

24100 Hrs Information Technology Training Board of Studies, ICAI

Nominal AccountsAll Income and Expenses Accounts

25100 Hrs Information Technology Training Board of Studies, ICAI

Rules of AccountingType of Account Debit Credit

PersonalReal Nominal

The Receiver

The Giver

What Comes In What goes out All Expenses & All Incomes & Losses Gains26 Board of Studies, ICAI

100 Hrs Information Technology Training

Basic Question What do you mean by Debit ?

Any Guess ?

27100 Hrs Information Technology Training Board of Studies, ICAI

Basic Question What do you mean by Debit ? Left hand Side of a Ledger Account

28100 Hrs Information Technology Training Board of Studies, ICAI

Flow of AccountingUnderstanding the Transaction

Voucher EntryPosting Balancing Trial Balance P & L Account100 Hrs Information Technology Training

Balance Sheet29 Board of Studies, ICAI

Structure of AccountingLedger Accounts

Credit

Debit

Liability

Income

Expenditure

Asset

P & L AccountBalance Sheet100 Hrs Information Technology Training

30 Board of Studies, ICAI

Ledger Grouping Income Groups Expenditure Groups

Liability Group

Asset Group

31100 Hrs Information Technology Training Board of Studies, ICAI

Profit & Loss Account Group Income : Expenditure : Direct Income Direct Expenses Indirect Income Indirect Expenses Sales Accounts Purchase Accounts

32100 Hrs Information Technology Training Board of Studies, ICAI

Balance Sheet Group Liabilities : Capital Bank OCC/Bank OD Current Liabilities Duties & Taxes Loans (Liability) Provisions Reserves & Surplus Retained Earnings Secured Loans Sundry Creditors Suspense Unsecured Loans

Assets : Bank Accounts Cash in Hand Current Assets Deposit (Assets) Fixed Assets Investments Loans & Advances (Asset) Misc. Expenses (Asset) Sundry Debtors

33100 Hrs Information Technology Training Board of Studies, ICAI

Why to learn Tally only ?Tally is like Amitabh Bachchan

34100 Hrs Information Technology Training Board of Studies, ICAI

Tally & Amitabh Bachchan Most popular Most user friendly Most versatile Most reliable Most punctual 100% Indian

35100 Hrs Information Technology Training Board of Studies, ICAI

Tally Versions Tally 4 Tally 4.5 Tally 5 Tally 5.4 Tally 6.3 Tally 7.2 Tally 8.1 Tally 9 Tally.ERP 9

Basic Accounting Basic Accounting Window Based Inventory Hardware Lock VAT, Service Tax, TDS Multilanguage, FBT, Excise International Taxation, Payroll

Excise for Manufacturers, Remote Login36 Board of Studies, ICAI

100 Hrs Information Technology Training

Operating Systems Upto Tally 4.5, it was using DOS. From Tally 5 onwards, all versions are windows based.

37100 Hrs Information Technology Training Board of Studies, ICAI

DOS & WindowsFeature Speed Printing Cost Reliability User Friendliness Presentation Facilities DOS More More More Less Poor Less Windows Less Less Less More Excellent More

38100 Hrs Information Technology Training Board of Studies, ICAI

Software Giants in India TCS Infosys Wipro Satyam

39100 Hrs Information Technology Training Board of Studies, ICAI

Leaders in Generalised Accounting Softwares

Tally (Tally India Pvt. Ltd., Bangalore) Busy (Busy Infotech Pvt. Ltd., New Delhi) Wings (Wings Infonet Ltd., Hyderabad) Focus (Softline Software Services Pvt. Ltd., Hyderabad) Miracle (R.K. Softwares, Rajkot)

40100 Hrs Information Technology Training Board of Studies, ICAI

Company Company in Tally means any accounting unit. It includes Limited Company, Partnership Firm, Trust, Society, College, School, Proprietorship, etc.

41100 Hrs Information Technology Training Board of Studies, ICAI

Voucher Types in Tally F4 : Contra F5 : Payment F6 : Receipt F7 : Journal F8 : Sales F9 : Purchases

42100 Hrs Information Technology Training Board of Studies, ICAI

F4 : Contra Cash deposited in bank Cash withdrawn from bank Cash to cash transfer Bank to bank transfer

43100 Hrs Information Technology Training Board of Studies, ICAI

F5 : Payment All types of payments are entered through this voucher type. (Cash and Bank) Debit item of a payment voucher shall be either Cash or Bank Account only. There can be two modes, Single Entry Mode or Double Entry Mode. Voucher can be with Dr. and Cr. or with To and By as prefixes.

44100 Hrs Information Technology Training Board of Studies, ICAI

F6 : Receipt There can be only two types of receipts. Cash Receipt and Bank Receipt. Both these receipts has to be entered here. Debit item of Receipt