Tally Notes for Beginners


TALLY Prime

    Business Management Software in India

What is tally?
Tally Solutions Pvt Ltd is a Bangalore-based software company that currently sells into more than 100 countries beyond its native India, including the United Kingdom, Bangladesh and the Middle East.
Mr. Shyam Sunder Goenka was the founding chairperson of Tally Solutions Private Limited.

Tally's software is mainly used for vouchers, financial statements, and taxation in many industries, and has specialized packages for retail businesses. More advanced capabilities are found in its Enterprise resource planning package. It is   computerized Financial Package, which is used to account & maintain financial data.
  
What is accounting?
Accounting is a business language. It is used record and present day-to-day transaction. About the business in such a way that the user can form opinion about business, judge its performance and take certain decisions.

What is transaction?
A Transaction is an event that changes the organization’s financial position and its earning.
(Transaction is process in which daily records of Purchases and Sales are maintained properly)

Types of transaction
1.Cash transaction
2.Credit transaction
                                                                    
1)    PERSONAL A/C
The account which is related with person, bank, any financial institution, investment, capital etc. they are called as personal a\c.
Eg.- Ram’s a\c, ICICI Bank a\c

2)    REAL A/C
The account which is related with properties and assets of the business, they are called as real a\c.
E.g. =land, building, machinery, furniture, motor car (fixed assets), goodwill (intangible assets), cash/bank balance (current assets).
        
3)    NOMINAL A/C
The account which is related with expenses and losses as well as incomes and gains they are call as nominal a\c.
e.g. =discount allowed, rent paid, interest received, commission earned etc.

GOLDEN RULES OF ACCOUNTS:

1)      PERSONAL A\C: (RELATED TO PERSON)
Debit – the receiver
Credit – the giver

2)      REAL A\C: (RELATED TO ASSETS)
Debit – what comes in?
Credit – what goes out?

3)      NOMINAL A\C: (RELATED TO INCOME & EXPENSES)
Debit – all expenses & losses
Credit – all income & gains


Advantages Of Computerized Accounting Over Manual Accounting:

1) Speed 
2) Storage Capacity
3) Accuracy
4) Security 
5) Auto effect Of Every Entry
6) Regular Backup 
7) Automatically Prepare Balance sheet.

Shortcut Keys in Tally

Alt + f1
shut company, to see any information in detailed
Alt + f2
change period
Alt + f3
company information (alter, split, company data, security control)
F1
select company
F2
Change date
F11
Feature
F12
Configure
Alt + C
to open calculator & ledger creation etc
Alt + D
to delete entry, ledger etc
Alt + X
to cancel entry
Alt + P
to print
Ctrl + R
to repeat  narration
Alt + E
to export
Ctrl + N
to start calculator
Ctrl + M
close (invoke) calculator
New Ref
it is use for purchase & sales
Against Ref
it is use against receipts and payment
On Account
it is use when cash/bank received in excess
                                   
Shortcut of voucher entry
           
F4
contra voucher
F5
payment voucher
F6
receipt voucher
F7
journal voucher
F8
sales voucher
Ctrl+F8
Sales Return(credit note)
F9
purchase voucher
Ctrl+F9
Purchase return(debit note)
Ctrl + F10
memorandum voucher
Alt + f7
stock journal voucher

 

Ledgers

Groups

1

Advance Tax paid

Current Liabilities

2

Advance to Employee

Current Assets

3

Advertisement

Indirect Expenses

4

Agent's commission

Indirect Expenses

5

Air Conditioner

Fixed Assets

6

Audit Fees

Indirect Expenses

7

Bad Debts

Indirect Expenses

8

Bad Debts Recovery

Indirect Income

9

Bad Debts W/off

Indirect Income

10

Bank Charges

Indirect Expenses

11

Bank o/d

Current Liabilities

12

Bank of India

Current Assets

13

BEST Deposit

Deposits

14

Bills Payable

Current Liabilities

15

Bills Receivable

Current Assets

16

Camera

Fixed Assets

17

Canteen expenses

Indirect Expenses

18

Capital

Capital

19

Capital Reserve

Reserves & Surplus

20

Carriage Inward

Direct Expenses

21

Carriage Outward

Indirect Expenses

22

Commissin paid

Indirect Expenses

23

Commission Received

Indirect Income

24

Computer Software

Fixed Assets

25

Consultancy Charges

Indirect Expenses

26

Conveyance

Indirect Expenses

27

Copyright

Fixed Assets

28

Custom duties (on goods despatched)

Direct Expenses

29

Delivery van expenses

Indirect Expenses

30

Deposit with BEST

Deposits

31

Deposite with MTNL

Deposits

32

Deposits

Deposits

33

Depreciation

Indirect Expenses

34

Depreciation on Furniture

Indirect Expenses

35

Depreciation on Machinery

Indirect Expenses

36

Director's Remmuneration

Indirect Expenses

37

Discount allowed

Indirect Expenses

38

Discount Received

Indirect Income

39

Dividend Received

Indirect Income

40

Drawings

Capital

41

Electricity Expenses

Indirect Expenses

42

Entertainment Expenses

Indirect Expenses

43

Equity Share Capial

Capital

44

Establishment Expenses

Indirect Expenses

45

Excise Deposit

Deposits

46

Exhibition Expenses

Indirect Expenses

47

FDR

Deposits

48

Festival charges

Indirect Expenses

49

Frieght Inward

Direct Expenses

50

Frieght Outward

Indirect Expenses

51

Fuel and Lighting

Direct Expenses

52

Furniture

Fixed Assets

53

Gas and Water

Direct Expenses

54

General Expenses

Indirect Expenses

55

General Reserve

Reserves & Surplus

56

Goods

Current Assets

57

Goods Distributed as Free Samples

 

58

Goods lost by theft

 

59

Goods taken over by partner

 

60

Goodwill

Fixed Assets

62

HDFC Mutual Fund

Investments

63

Income Receivable

Current Assets

64

Income Received in Advance

Current Liabilities

65

Income Tax

Indirect Expenses

66

Inputvat@5%

Current Liabilities

67

Insurance Claim Received

Indirect Income

68

Insurance Premium paid in Advance

Current Assets

69

Insurance Premium

Indirect Expenses

70

Interest Earned

Indirect Income

71

Interest on Bank O/d

Indirect Expenses

72

Interest on Capital

Indirect Expenses

73

Interest on Drawings

Indirect Income

74

Interest on Loan taken

Indirect Expenses

75

Interest paid

Indirect Expenses

76

Interest Received

Indirect Income

77

Kisan Vikas Patra

Investments

78

Land & Building

Fixed Assets

79

Lease

Fixed Assets

80

Leasehold/Freehold Property

Fixed Assets

81

Legal Expenses

Indirect Expenses

82

Live Stock

Fixed Assets

83

Loading & Unloading Charges

Indirect Expenses

84

Loan From Mr. A

Loan Liability

85

Loan given to Mr. B

Current Assets

86

Loan to Employee

Current Assets

87

Loose Tools

Fixed Assets

88

Loss by accident

Indirect Expenses

89

Loss by Fire

Indirect Expenses

90

Loss by flood

Indirect Expenses

91

Loss by Theft

Indirect Expenses

92

loss on sale of machinery

Indirect Expenses

93

Manager’s Commission

Indirect Expenses

94

Maneger's Salary

Indirect Expenses

95

Margin Money Charges

Indirect Expenses

96

Margin Money Deposit

Deposits

97

Misc. Expenses

Indirect Expenses

98

Motor Car and Truck

Fixed Assets

99

Mrs. Chandani(Purchase party)

Sundry Creditor

100

Mr. Deepak(Sales party)

Sundry Debtors

101

O/s Expenses

Current Liabilities

102

Office Equipments

Fixed Assets

103

Office Lighting

Indirect Expenses

104

Packing and Forwarding

Direct Expenses

105

Packing charges

Direct Expenses

106

Patents

Fixed Assets

107

Penalty and fines

Indirect Expenses

108

Petty Expenses

Indirect Expenses

109

Plant & Machiery

Fixed Assets

110

Postage & Telegram

Indirect Expenses

111

Postal Deposit

Deposits

112

Power & Fuel

Direct Expenses

113

Prepaid Expenses

Current Assets

114

Printing & Stationary

Indirect Expenses

115

Professional Tax

Indirect Expenses

116

Profit on Sale of Asset

Indirect Income

117

Profit on Sale of Investment

Indirect Income

119

Purchase

Purchase Account

120

Purchase Return

Purchase Account

121

Rent paid (Factory)

Direct Expenses

122

Rent paid(office)

Indirect Expenses

123

Rent Received

Indirect Income

124

Rent Deposit

Deposits

125

Repairs

Indirect Expenses

126

Repairs & Maintenance

Indirect Expenses

127

Repairs of Machinery

Indirect Expenses

128

Royalty

Direct Expenses

129

Salary &Wages

Indirect Expenses

130

Sale of Raw Material

Direct Income

131

Sale of Scrap

Direct Income

132

Sales

Sales Account

133

Sales Promotion

Indirect Expenses

134

Sales Return

Sales Account

135

Service Tax

Duties & Taxes

136

Share in Mahindra Finance

Investments

137

Share Premium Reserve

Reserves & Surplus

138

Show room Insurance

Indirect Expenses

139

Showroom expenses

Indirect Expenses

140

Showroom Rent

Indirect Expenses

141

Staff Salary

Indirect Expenses

142

Staff welfare Expenses

Indirect Expenses

143

Sundry expenses

Indirect Expenses

144

Tax Refund

Indirect Income

145

TDS Receivable

Loans and Advances

146

TDS Rent

Duties & Taxes

147

Telephone Charges

Indirect Expenses

148

Telephone Deposit

Deposits

149

Trade Expenses

Indirect Expenses

150

Trademark

Fixed Assets

151

Transpotation charges

Indirect Expenses

152

Travelling expenses

Indirect Expenses

153

Unproductive wages

Direct Expenses

154

Vat Deposit

Deposits

155

Vehicles

Fixed Assets

156

Wages

Direct Expenses

157

Warehouse Rent

Direct Expenses

Different versions of tally

                  4.5            inventory facilities was not available (1988)
                  5.4            Multiple ledger as well as inventory facilities was available
                  6.3            ODBC (open data base connectivity) online help, e-mail facilities, double security, print preview was available
                  7.2            VAT (value added tax) and TDS (tax deducted at source) added
                  8.1            different language are added (there are 12 language in which we use add to maintain Own company)
                  9.0            excise duty, payroll, F.B.T (fringe benefit tax) added
                 ERP 9       GST added
                 
Remembering  points

1)    Trail balance account is prepared to record all closing balances of ledgers.
2)    Trading account is related to factory (direct expenses) e.g. wages.
3)    Balance sheet is related to Assets and Liabilities.
4)    One Million means 10 Lakhs it has 6 zeros.
5)    Inventory values are affect-Yes only to Purchase & sales A/C &
for all the other account inventory values are affected -No.


VOUCHER ENTRY

SR.NO.
VOUCHER NAME
CR/TO
DR/BY
REFERENCE
1.
Purchase (F9)
Party a/c
Purchase a/c
New
2
Payment (F5)
Cash/Bank
Party a/c
Against
3
Sales (F8)
Sales a/c
Party a/c
New
4
Receipt (F6)
Party a/c
 Cash /Bank a/c
Against
5.
Contra (F4)
Bank
Cash
For Withdrawal
Cash
Bank
For Deposit
Bank
Bank
Transfer
6.
Journal(F7)
Fixed Assets
Depreciation
-------------------


Ledger Creation:-

Gateway Tally ------- Accounts Info ------ Ledger---- Create

LEDGER
UNDER (GROUP)
Opening bal
Initial Capital
Capital A/C
10,00,000
Loan from directors
Unsecured Loan
60,000
Loan from IDBI against Motor Car
Secured Loan
40,000
Electricity charges
Current Liabilities
25,000
Adm
inistrative Expenses
Current Liabilities
15,000
Investment
Investment
2,00,000
Motor Car
Fixed Assets
2,00,000
Plant & Machinery
Fixed Assets
3,00,000
State Bank of India
Bank A/C
1,50,000

Gateway Tally ------- Accounts Info ------ Ledger--- Alter---Cash----100000/-

Gateway Tally à Balance Sheet ---(Alt + F1)

To maintain stock statement:

Steps are:
1) Create stock groups,
2) Create stock categories,
3) Create unit of measurement
4) Create godowns,
5) Create stock item,

Press F11 and f2- inventory to on the categories & godown option
    Maintain stock categories –yes
    Maintain multiple godowns-yes
Press F12 Configuration – accts/Inventory info
    Use the Alternate Units for Stock Item. - Yes.

    To create a stock group:
Gateway of tally à inventory info àstock group à create
Example:-
Name: Raw Material
Under: primary
Can quantities of item be added – yes
            Accept it

    To create a stock category:
Gateway of tally à inventory info àstock category à create
Example:
Name: Logitech
Under: primary
            Accept it

    To create godowns:
Gateway of tallyà inventory info àgodowns à create
Name:Vashi
Under: primary
Accept it (save)

    To create unit of measurement:

Gateway of tally à inventory info àunit of measurement à create
Example
Symbol: nos
Formal name: numbers
Number of decimal places: 0
Accept it (save)



    To create stock item:
Gateway of tally à inventory info àstock itemà create
Example
Name: Keyboard
Under: Raw Material
Category: Logitech
Unit: nos
Qty: 100
Godown: Vashi
Price: 200
Accept (y)

    To create stock item:
Gateway of tally à inventory info àstock itemà create
Example
Name: Mouse
Under: Raw Material
Category: Logitech
Unit: nos
Alternate Unit: Box (Alt +C to create this unit)
Where: 1 box=10 no.
Qty: 50
Godown: Vashi
Price: 100
Accept (y)

    To check stock statement:

Gateway of tally àstock summary àpress alt+f1 to see in detail.

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Tally Notes for Beginners

TALLY Prime       Business Management Software in India What is tally? Tally Solutions Pvt Ltd is a Bangalore-based software company ...