Tally Prime Fundamentals | Tally Prime Course

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.

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. Download TallyPrime Software Free

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.

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.