What is Tally Prime & What Is Accounting?

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.

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What Is Accounting?

Accounting is a systematic recording day to day business transaction is called as accounting.

There are three types of accounting.

   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

  1.      Cash transaction
  2.      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.

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