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 ? Fundamental
Definition of Accounting
Accounting is a systematic recording day to day business transaction is called as accounting.
Accounting is the process of identifying, recording, classifying and reporting information on financial transactions in a systematic manner for the purpose of providing financial information for decision making.
Types of Accounts
There are basically three types of Accounts maintained for transactions
- Personal Account
- Real Account
- Nominal Account
Personal Account: Any individual person or any firms or any company or a bank is considered in a Personal account.
For example:-
- Rajesh Singh
- Muna Enterprise
- Wipro Pvt Ltd
- PNB Bank
- Capital etc.
Real Account: Account of any physical things. The cash account or goods account are examples of Real account.
For example:-
- Cash
- Land
- Building
- Furniture
- Computer etc.
Nominal Account: Account of any invisible things that means that things are in terms of cash are examples of Nominal account.
For example:-
- Discount
- Commission
- Salary
- wages
- Freight etc.
Rules of Accounting
Accounting : It is an art of recording,
classifying and summarizing in significant manner and in terms of money,
transactions and events which are of financial character and interpreting the
results thereof.
Business
Transaction : A business
transaction is “The movement of money and money’s worth form one person to
another”. Or exchange of values between two parties is also known as “Business
Transaction”.
Purchase : A purchase means goods purchased by a
businessman from suppliers.
Sales : Sales is goods sold by a businessman
to his customers.
Purchase Return
or Rejection in or Outward Invoice : Purchase return means the return of the full or a part of
goods purchased by the businessman to his suppliers.
Sales Return or
Rejection out or Inward Invoice : Sales return means the return of the full or a part of
the goods sold by the customer to the businessman.
Assets : Assets are the things and properties
possessed by a businessman not for resale but for the use in the business.
Liabilities : All the amounts payable by a business
concern to outsiders are called liabilities.
Capital : Capital is the amount invested for
starting a business by a person.
Debtors : Debtor is the person who owes amounts
to the businessman.
Creditor : Creditor is the person to whom
amounts are owed by the businessman.
Debit : The receiving aspect of a transaction
is called debit or Dr.
Credit : The giving aspect of a transaction is
called credit or Cr.
Drawings : Drawings are the amounts withdrawn
(taken back) by the businessman from his business for his personal, private and
domestic purpose. Drawings may be made in the form cash, goods and assets of
the business.
Receipts : It is a document issued by the
receiver of cash to the giver of cash acknowledging the cash received voucher.
Account : Account is a summarized record of all
the transactions relating to every person, every thing or property and every
type of service.
Ledger : The book of final entry where
accounts lie.
Journal entries
: A daily record
of transaction.
Trail Balance
: It is a statement
of all the ledger account balances prepared at the end of particular period to
verify the accuracy of the entries made in books of accounts.
Profit : Excess of credit side over debit
side.
Profit and loss
account : It is prepared
to ascertain actual profit or loss of the business.
Balance Sheet
: To ascertain
the financial position of the business. It is a statement of assets and
liabilities.
Current asset : It is converted into cash with in
a year. Ex. Bills receivable
Direct expenses
: These are
the expenses which are directly related to manufacturing of goods. Ex. Wages,
factory rent, heating, lighting etc
Indirect
expense : These are the
expenses which are indirectly related to manufacturing of goods. Ex. Salary, rent,
stationery, advertisement, printing
Depreciation : Decrease the value of the asset.
Sundry
debtors : The person
who is the receiver or customer
Sundry
creditors : The
person who gives or supplier.
Expenses
Outstanding or Unpaid expenses or Expenses due : Expenditure incurred during
current year but the amount on which is not yet paid. (Added to the expenditure
on the debit side and entered on the liability side.)
Income received
in advance or Income received but not earned
Income received
during the current year but not earned or a part of which relates to the next
year. (Deducted form the concerned income on the credit side and entered on the
liability side)
Prepaid advance
or Expenses or Prepaid expenses
Expenditure
paid during current year but not incurred or a part of which relates to the
next year is called expenditure prepaid. (Deducted form the concerned
expenditure on the debit side and entered on the assets side)
Income
outstanding or income earned but not received or Income accrued
Income outstanding
means income earned during the current year but the amount on which is not yet
received (added to the concerned income on the credit side and entered on the
asset side)
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 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.
Tally Prime is
accounting software, used in business to record, summarize and maintain
business transactions. Tally was developed in 1984 by Shyam Sunder Goenka in
Bangalore.
Download Tally
Prime from click here
Install in your PC / Laptop
For Training
purpose: Most of the computer training Institute use Educational Mode:
Note: Tally
Prime- educational mode work without a license, where you can input data only
on the first, second, and last days of the month.
Procedure for creating company in Tally
Double click on
Tally icon on desktop. Alt+F3 Company info-Create company.
Accounts Only
: To maintain
only the financial accounts of the company. Inventory (stock) management is not
involved in it.
Account with
Inventory : This is
the default option, which allows maintaining both the financial account of the
company as well as the inventory of the company.
Select Company
: We can
choose the company which is already created. Shortcut key - F1.
Shut Company : It is used to close the company which
is opened. Shortcut key - Alt+F1. Alter : It is used to make alterations in the
company creation like name, date, maintain etc. Quit : Exits from Tally.
1. Click on
quit button.
2. Esc, Esc, Esc and enter.
3. Ctrl+Q
Start Tally
Software
Open Tally >
W: Work in Educational Mode
Create Company In Tally
F3:Company>
Create Company
Company Name :
Super Market
Fill up :
Address, State and other optional details.
Accept
Company Created
Successfully,
(Enable features as per your business need)
Accounting
Maintain
Account : Yes
Enable bill
wise entry : Yes
Inventory : No
Enable Goods
and Service Tax (GST) : No TDS : No
Accept
Shut Company
F3 >Company
> Shut Company
Alter Company
F3 > Select
Company > Super Market> Alter Company
Change your address
or any other data
Accept
Delete Company
Go To> F3
(Company)> Alter Company > Alt + D Company Super Traders has been deleted
Again Create
A Company D-Mart
(Follow the
steps mentioned in Create Company)
What is ledger in tally prime?
What Is Group in tally prime?
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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.
PRE-DEFINED GROUP
GATEWAY OF
TALLY > CHART OF ACCOUNT > LIST OF MASTERS >GROUPS
There are 28
predefined groups in Tally
15 groups are
Primary Groups and the remaining 13 groups are Sub-Groups
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1. Branch /
Divisions (P) |
|
15. Direct
Expense (P) |
|
2. Capital
Account (P) |
16. Direct
Incomes (P) |
|
|
3. Reserves
& Surplus |
17. Fixed
Assets (P) |
|
|
4. Current
Assets (P) |
18. Indirect
Expenses (P) |
|
|
5. Bank
Accounts |
19. Indirect
Incomes (P) |
|
|
6.
Cash-in-Hand |
20.
Investments (P) |
|
|
7. Deposits
(Asset) |
21. Loans
(Liability) (P) |
|
|
8. Loans
& Advances (Asset) |
22. Bank OD
A/c |
|
|
9.
Stock-in-Hand |
23. Secured
Loans |
|
|
10. Sundry
Debtors |
24. Unsecured
Loans |
|
|
11. Current
Liabilities (P) |
25. Misc.
Expenses (Asset) (P) |
|
|
12. Duties
& Taxes |
26. Purchase
Accounts(P) |
|
|
13.
Provisions |
27. Sales
Accounts (P) |
|
|
14. Sundry
Creditors |
28. Suspense
A/c (P) |
|
Voucher
Create New
Company : Super Voucher
All entries
which you made in these given accounting vouchers are effect on your current
accounting of your business.
F4: Contra
Cash deposited
into bank and cash withdrawn from bank entries.
F5: Payment
Cash and cheque
payment including cash and bank purchase entries.
F6: Receipt
Cash and cheque
received including cash and bank sales entries.
F7: Journal
All non-cash
transactions entries.
F8: Sales
Only credit
sales entries.
F9: Purchases
Only credit
purchase entries.
Alter + F7:
Stock Journal
Stock transferred and production entries.
Tally Ledgers Under Group List | Download Complete List.
Group Purchase Accounts
All
types of Purchase Accounts like
Purchase
Local 12 %
Purchase
Interstate 12%
Purchase
Local 0%
Purchase
Interstate 0%
Purchase
(Composition)
Purchase
Exempt (Unregistered Dealer)
Purchase
Local (Exempt Registered)
Purchase
Taxable (Unregistered Dealer)
Purchase
Nil Rated (Unregistered Dealer)
Purchase
Reverse Charge
Purchase
Import Taxable 12%
Purchase
Import Exempt
Purchase
Import Nil Rated
Purchase
(Own Branch)
Purchase
Return
Group Sales Account
All
types of Sales Accounts like
Sales
Local 12 % (Registered)
Sales
Interstate 12%
Sales
Local Nil Rated
Sales
Interstate Nil Rated
Salers
Export With Bond
Salers
Export Taxable
Export
(0%)
Sales
Local (Exempt Registered)
Sale
To Consumer (Taxable 12%)
Sale
To Consumer (0%)
Sale
To Consumer (Exempt)
Sales
(Own Branch)
Sale
Return
Group Duties and Taxes
All
types of Taxes like
INPUT
CGST SGST IGST CESS
OUTPUT
GST SGST IGST CESS
Excise
Duty Payable etc
Service
Tax Payable
TDS
Payables
Input
Vat Accounts
Output
Vat Accounts
Cenvat
Accounts
Sale
tax
Income
Tax
VAT
Payable
Group Direct Expenses OR
Expenses(Direct)
All
expenses which appear in Trading Account (except purchases) like
Labor
Power
Electricity
Expense (Factory)
Loading
Unloading Expense
Warehousing
Expenses
Custom
Clearing Charges
Carriage
Freight
& Cartage
Import
duty
Wages
Coal
& Fuel
Coal,
Gas & Water of Factory
Consumed
Material
Export
Duty
Wages
on Production
Delivery
Charges(In Purchase Bill
Group Bank Account
All
Bank Current Account
All
Bank FD Account
(Personal
Savings Account and FD not recorded)
Group Deposit Account
All
types of deposits like
Security
Deposit
Electricity
Deposit
Rent
Deposit
Group Capital A/c
All
types of Capital Account like
Share
Capital
Partner
Capital Account
Partner
Current Account
Proprietor
Account
Drawings
Life
insurance
Equity
Capital A/c
Partners
Capital A/c
Group Current Assets
Prepaid
Maintenance Expense
Prepaid
Expense
Prepaid
Rent
Prepaid
Insurance Charges
Interest
Receivables
Bill
receivable
Accrued
income
Mutual
Fund
CGST
SGST IGST Credit
Group Current Liabilities
Bill
drawn
Bill
Payable
CGST
SGST IGST Payable
Group Sundry Creditor
Any
Party from Whom Goods Purchased
Party
from Whom any Bill of Expense Received
Group Loans and Advances
(Assets)
Any
Party to whom we gave loan
like
Loan Given to Friends Relatives/Related Companies
Any
Party to whom we gave Advance
like
Advance to Supplier
Group Loans Liabilities
Any
Party from whom we take loan.
We
can also put group Secured loan or Unsecured loan
Debenture
A/c
Loans
From Bank
Loans
From Outside Party
Loans
From Aravind (Friend)
Group Fixed Assets
All
Fixed Assets on which Depreciation charged like
Furniture
Machine
Plant
and Machinery
Mobile
Computers
Furniture
and Fittings
Car
Scooter
Laptops
Office
lighting
Land
& Building
Good
will
Factory
lighting
Air
Conditioner
Accumulated
depreciation
Group Bank OCC
Cash
Credit Limit (CC)
taken
from bank
Group Bank OD
Overdraft
Limit (OD)
taken
from bank
Group Branch/Divisions
Any
Branch whose Separate Accounting Done
(If branch
account maintained by head office only, then this account not required)
Delhi
Branch
Branch
in division
Group Cash in Hand
Impress
Account
(Cash
kept with Employee)
Petty
Cash
Group Investments
All
types of Investments like
Investment
in Shares
Investment
in Bonds
Investment
in Property/Plot etc.
Long
term investment
Short
Term Investment
Group Stock-in-hand
Stock
Closing
Stock
Consignment
Stock
Opening
Stock
Group Misc. Expense (ASSET)
Preliminary
Expenses
NOT
yet written off
Group Suspense A/c
Suspense
Account
Any
payment or receipt from party whose name not known
Suspense
Group Secured Loan
Loans
for whom Security Given
like
loan from bank/ Financial Institution
Group Unsecured Loan
Loans
taken for whom no Security given
Like
Short term loan from directors
or
loan from friends /relatives
Group Reserve & Surplus
Any
type of reserve like
General
Reserve
Capital
Reserve
Capital
Reserve A/c
Investment
Allowance Reserve A/c
Share
Premium A/c
Group Provisions
All
Provisions except Provisions for bad debts
Provision
for Tax
Provision
for Expense
Provision
for Sinking Fund
All
types of Payables like Salary Payable, Audit fees Payable,
Group Sundry Debtors
Any
Party to Whom Sales Made
Provision
for Bad Debts
Group Retained Earring
General
Reserve
Share
Premium
Any
other Reserve
Group Direct Incomes OR
Income(Direct)
Any Income from main
service like
Freight
Charges Income
Delivery
Charges Income
Transportation
Charges Income
Professional
Charges Income
Consultancy
Charges Income
Maintenance
Service Income
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