What is Tally Prime?
Tally Prime is a complete business management software for small and medium business. Tally Prime helps you manage accounting, inventory, banking, taxation, payroll and much.
What Is Accounting?
Accounting is a systematic recording day to day business
transaction is called as accounting.
There are three types
of accounting.
1 1. Personal Accounting
2.
Real Accounting
3.
Nominal Accounting
Rules of Accounting
|
Personal Accounting |
Real Accounting |
Nominal Accounting |
|
Dr
Debit The Receiver |
Dr
Debit What’s Come In |
Dr
Debit All Expenses And Losses |
|
Cr
Credit The Giver |
Cr
Credit What’s Goes Out |
Cr
Credit All Profit And Gains |
What Is Transaction?
Transaction is a between two person or more person exchange
goods or money is transaction
There are two types
of transaction
- Cash transaction
- Credit transaction
What Cash Transaction?
Cash transaction is a exchange for goods and service can be
paid cash is called as cash transaction.
What is credit transaction?
Credit transaction is a exchange for goods and services cannot
be paid cash is called as credit transaction
What is ledger in tally prime?
After creating a company in Tally, the next step is to create
a Groups & Ledgers account. A ledger is an actual account used to
identify business transactions and are used in all accounting vouchers. For
example, purchase, payments, sales, receipts, and others account heads are
ledger accounts.
What Is Group in tally prime?
Account Groups in Tally Prime are collection of
ledgers of the similar nature. Account groups are helpful in maintaining
and determining the hierarchy of Ledger Accounts. Groups are particularly
helpful in creating compliant reports.
Tally Prime has already set 28 pre-defined Groups in
Tally.
