Overview of Tally presentation

OVERVIEW OF TALLY

Content Introduction to Tally and its features Gateway of Tally Procedure for creating new company Creation, Display, Alter of groups, ledgers Procedure to display Trial Balance, P & L A/c,

Balance Sheet Vouchers in Tally (Contra, Payment, Receipt,

Sales, etc.) Procedure to display day book Procedure to alter, Delete Journal Entry

(Voucher Entry) Creation of Purchase, Sales order Creation of Sales Invoice

INTRODUCTION TO TALLY Tally is an accounting package

which is used for maintaining book of accounts electronically.

Tally is user friendly accounting software.

It provides full control over every aspects of business accounting.

S. S. Goenka was the founding chairperson of Tally Solutions Private Limited in 1986. Bharat Goenka is the Co-Founder & Managing Director of Tally Solutions Private Limited. He has been awarded the Lifetime Achievement Award by NASSCOM, and a Lifetime Achievement Award by CellIT, a IT channel magazine.

Bharat Goenka

S.S. Goenka

Features of Tally Tally maintains all the primary books of

accounts, like cashbook and bankbook. Tally maintains all registers like purchase

register, sales register, journal register and ledger register.

Tally maintains all the statement of accounts like trial balance, profit & loss, balance sheet, cash flow & fund flow statement.

Tally maintains “Outstanding Reports.” Tally can provide a report for a particular

date or report for any range of dates.

Continue… Tally can provide the facility of bank

reconciliation. Tally also supports various fonts and

languages like Hindi, Marathi, Tamil, Telugu, Kannada, Punjabi, Gujarati, Bengali and Malayalam.

It is highly secured against data tampering. It has powerful audit facility. Different levels of security like Tally vault and user password security.

It has interactive online help to solve any problem related to Tally.

It has features like inventory control & VAT calculation.

Gateway of TallyThe opening screen of Tally is divided into six sections (Fig 7.1) Title Bar Horizontal Button Bar Bottom pane Gateway of Tally Left portion Right portion Button Panel Calculator

Selecting Company Screen

Procedure for creating a new company First step to create company, click on company Info or press Alt + F3 key.

Select Create company option from company Info. Now you have company creation screen

Directory Name Mailing Name Address Statutory Compliance for State Pin code

Continue… Telephone Number Email Currency Symbol Maintain (Accounts only Or Accounts

with Inventory) Financial Year from Books beginning from Tally vault password (if any) Use Security Control Base Currency Information

Company Info Screen

Creating Company Screen

Procedure for selecting/opening Existing

CompanyPress Alt + F3 for Company Info.Select or Click on Select Company

from Company Info.Select the company from the list of

companies.Press Enter key to select/open the

existing company.

Procedure for shutting/unloading the

CompanyPress Alt + F3 for Company Info.Select or Click on Shut Company


companies.Press Enter key to shut the existing

company.

Procedure for Altering the Existing Company

Press Alt + F3 for Company Info.Select or Click on Alter Company


companies.Modify or make required changes in

the company information.Press Enter key to accept change.

GroupsGroups are classified as per the

profit & loss account and the balance sheet requirement.

Tally provides 28 predefined groups out that 15 are primary groups & 13 are sub (secondary) groups.

In Tally group creation is not required at all because these 28 groups cover all expenditure, incomes, assets & liabilities.

Pre-defined groupsSr. no.

Name of the Group

Purpose of the Group

1. Bank A/c It holds all the bank balances in current a/c and Savings a/c.

2. Bank O/D It covers all bank Overdraft A/c.

3. Branches/ Divisions

It covers all the accounts of company’s branches & Divisions.

4. Capital A/c It holds capital and reserves of the company.

5. Cash in hand It holds balances of cash A/c and petty cash A/c.

6. Current Assets It hold subgroups like cash, bank, deposits etc.

7. Current liabilities It covers outstanding liabilities, statutory liabilities.

8. Deposits It holds all short deposits like telephone deposits.

9. Direct Expenses It holds all the factory expenses like wages, factory rent, etc.

10. Direct Income It holds all incomes related to non-trading company

11. Duties & Taxes It holds the accounts of excise duty, local sales tax.

12. Indirect Expenses It holds all administrative expenses like salary, rent, etc.

Continue…Sr. no.

Name of the Group


13. Fixed Assets It covers all fixed assets like land, building, furniture, etc.

14. Indirect Income It holds the accounts of non-sale indirect incomes.

15. Investments It holds the accounts of overall investment of the company.

16. Loans & Advances

It holds all loans given by the company.

17. Loans (Liability) It holds all loans taken by the company.

18. Misc. Expenses It includes legal cost, accounting and valuation charges.

19. Provisions It covers all provisions like provision for depreciation.

20. Purchase A/c It holds the accounts related to Purchase and Purchase return.

21. Reserves & Surplus

It holds all Reserves like Capital Reserve, General Reserve etc.

22. Sales A/c It holds the accounts related to Sales and Sales return.

23. Secured Loans It holds the accounts of the loan taken by company.

24. Stock in Hand It holds opening stock and closing stock.

Continue…Sr. no.

Name of the Group


25. Sundry Creditors It holds the account of the trade creditors of the company.

26. Sundry Debtors It holds the accounts of the debtors who owe money to the company.

27. Suspense A/c This is mainly for discrepancy in the balance sheet and trial balance like difference in trial balance.

28. Unsecured Loans It holds the accounts of the loan taken by company without any security.

Procedure to display Groups

Gateway of Tally. Select Accounts Info from Gateway

of Tally. Select Groups from Accounts Info. Select Display option from Single

Group or Multiple Group. Press Enter key to display the pre-

defined groups.

LedgerLedgers are the actual heads of

accounts.Ledgers are very important for

voucher entries.By default, Tally creates two

ledger accounts – Profit & Loss and Cash Accounts at the time of creating a new company.

Procedure to Create Ledger

Gateway of Tally. Select Accounts Info. Select Ledgers from Accounts Info. Select Create from Single ledger. Type a Unique name for the ledger.

Duplicate Ledger name is not allowed.

Select Under – list groups which are applicable for particular ledger.

Press Enter key to create the ledger.

Procedure to Display Ledger

Gateway of Tally.Select Accounts Info.Select Ledgers from Accounts

Info.Select Display from Multiple

Ledgers.Select All Items from list.Press Enter key.

Procedure to alter Ledger

Gateway of Tally.Select Accounts Info.Select Ledgers from Accounts Info.Select Alter from Single Ledgers.Select the particular ledger from

list.Modify the information about

ledger.Press Enter key.

Procedure to delete Ledger

Gateway of Tally. Select Accounts Info. Select Ledgers from Accounts Info. Select Alter from Single Ledgers. Select the particular ledger from list

which user want to delete. Press Alt + D. It displays alert box ‘delete?’ Press

Y or Enter from keyboard.

Q. Create following ledgers in tally

Capital A/c, Bank A/c, Drawings A/c, Telephone Expenses A/c, Rent A/c, Bank O/D A/c, Furniture A/c, Investments, Manjeet A/c, Deposit A/c, Purchase A/c, Sales A/c, Salary A/c, Wages A/c, Carriage Inwards A/c, Travelling A/c.

Vouchers in Tally Vouchers are used for recording day

to day transactions. Tally provides several pre-defined

vouchers with different formats, for different types of transactions.

Tally also provides the facility to modify the vouchers as per business need.

Pre – Defined Vouchers1. Contra Voucher: This Voucher is used to

transfer funds from one source to another source. Like fund transfer from one bank/cash account to another bank/cash account. For example cash deposited into bank and cash withdrawn from bank.

Follow the steps to display this voucher on user screen.Gateway of Tally ~ Accounting Vouchers ~ Click on F4: Contra Button on button panel or press F4 function key from keyboard.

Continue… Payment Voucher: This voucher

records all the payments made through bank and cash. It also includes cash purchase transactions.

Following steps are used to display payment voucher in Tally.Gateway of Tally ~ Accounting Vouchers ~ Click on F5: Payment button on button panel or Press F5 function key from keyboard.

Continue… Receipt Voucher: This voucher records

all receipts into bank or cash accounts. It also includes cash sale transactions.

Following steps are used to display receipt voucher in Tally.Gateway of Tally ~ Accounting Vouchers ~ Click on F6: Receipt button on button panel or Press F6 function key from keyboard.

Continue… Sales Voucher: This voucher records

all entries related to sales account. It includes all credit sale transactions.

Following steps are used to display Sales voucher in Tally.Gateway of Tally ~ Accounting Vouchers ~ Click on F8: Sales button on button panel or Press F8 function key from keyboard.

Continue… Purchase Voucher: This voucher

records all entries related to Purchase account. It includes all credit purchase transactions.

Following steps are used to display Purchase voucher in Tally.Gateway of Tally ~ Accounting Vouchers ~ Click on F9: Purchase button on button panel or Press F9 function key from keyboard.

Continue…

Journal Voucher : This voucher is used for rectification/adjustment entries.

Three types of journal vouchers1. Journal2. Credit Note Voucher3. Debit Note Voucher.

Continue…

Journal: This voucher is used for adjustments between any two ledgers

Following steps are used to display journal vouchers in Tally.Gateway of Tally ~ Accounting Vouchers ~ Click on F7: Journal button on button panel or Press F7 function key from keyboard.

Continue…

Debit Note Voucher: This voucher is used to record goods return to the supplier due to damaged condition.

Following steps are used to display Debit Note voucher in Tally.Gateway of Tally ~ Accounting Vouchers ~ Click on F9: Debit Note button on button panel or Press Ctrl+F9 function key from keyboard.

Continue…

Debit Note and Credit Note VoucherActivation of Debit Note and Credit NoteGateway of Tally ~ Accounting Vouchers ~ Click on F11: Features button on button panel or Press F11 function key from keyboard ~ Select Accounting Features from Company Features ~ Click on use Debit Note and Credit Note: Yes ~ Press Enter Key.

Continue…

Credit Note Voucher: This note is useful in case of return of a part of goods by the customer.

Following steps are used to display Credit Note voucher in Tally.Gateway of Tally ~ Accounting Vouchers ~ Click on F8: Credit Note button on button panel or Press Ctrl+F8 function key from keyboard.

ExampleCreating Company

Transactions for April On 1st April 2015 Mr. Sajan Jayaprakash started

Team work Sales & Services by bringing cash of Rs. 1,00,000.

An account was opened in HDFC Bank by depositing Rs. 90,000 Cash on 2nd April 2015.

Mr. Sajan rented an office space for Rs. 5,000 per month. On 4th April 2015 he paid a security Deposit of Rs. 20,000 by cheque.

Mr. Sajan paid Rs. 5,000 by cheque towards Shop Rent for April 2015 on 5th April 2015.

Rs. 4,500 Cash was paid towards Cleaning and Painting of the shop on 6th April 2015.

Office Furniture & Electric fittings (Assets) were purchased by cheque of Rs. 20,000 on 10th April 2015.

Purchased Papers & Other Stationery items for office use by cash worth Rs. 1,000 on 14th April 2015.

Continue Mr. Sajan withdrew Cash of Rs. 35,000 from HDFC Bank on

15th April 2015 for office use. On 16th April 2015 Mr. Sajan took Rs. 1,000 Cash for

Personal use. Purchased Goods in Cash worth Rs. 30,000 on 17th April

2015. Sold Goods worth Rs. 5,000 to Sneha Traders for Cash on

18th April 2015. Sold Goods and received Cheque from Karuna Logistics of

Rs. 10,000 on 21st April 2015. Cheque deposited in bank. Sold Goods worth Rs. 20,000 to Nasir Nitrogen Ltd. on 25th

April 2015 on Credit. Received Rs. 1,000 towards repair of Printer from Laxmi

infotech in Cash on 27th April 2015. On 30th April 2015 Mr. Sajan signed an Annual Contract for

maintaining Hardware of Satish Synthetics for Rs. 12,000.

Printing Purchase Orders, Sales Orders and Invoice

Purchase OrderSales OrderInvoice

Purchase OrderA Purchase order can be easily generated by Tally and same can be sent to the supplier. Purchase order is Non-accounting inventory voucher. Purchase order is the first document in inventory control.Creating a Purchase OrderGateway of Tally ~ Inventory Vouchers ~ Click on F4: Purchase order button on button panel or Press Alt + F4 key from keyboard.

Sales OrderA Sales order can easily generated by Tally. Sales order is also Non-accounting inventory voucher.Creating a Sales OrderGateway of Tally ~ Inventory Vouchers ~ Click on F5: Sales order button on button panel or Press Alt + F5 key from keyboard.

InvoiceInvoice is also known as Sales Invoice. The difference between an Invoice and Voucher is that in invoice the stock is primary important and accounting information is secondary. In Sales invoice allows automatic calculations of taxes and duties on Items.

Gateway of Tally ~ Accounting Vouchers ~ Click on F8 : Sales button on button panel or Press F8 function key from keyboard ~ Now Click on V: As Invoice button on button panel or Press Ctrl + V key from keyboard.

Procedure to Display Trial BalanceGateway of Tally ~ Display ~ Trial Balance Balance SheetGateway of Tally ~ Display ~ Balance Sheet Profit & Loss A/cGateway of Tally ~ Display ~ Profit & Loss A/c

Special Shortcut Key CombinationShortcut Key

Use of Shortcut Key

Alt + F2 To change the system period.Alt + F3 To Activate Company Info Menu.Alt + F4 To select Purchase Order Voucher Type.Alt + F5 To select Sales Order Voucher Type.Alt + D To delete ledger, vouchers, Cost

Centres, etc.Alt + C To Create new ledger in Voucher Entry

Screen.Alt + X To Cancel the Voucher Entry.Alt + 2 To Create Duplicate Voucher Entry.Ctrl + R To Repeat the Narration.

THANK YOU

Overview of Tally presentation

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