Tally
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Methods of Accounting Single Entry System The Single entry system is an incomplete method of book-keeping. Under the system the cash book and personal ledgers only maintained. Double Entry System The Double entry accounting is a system of recording transactions in a manner that maintains the equality of the accounting equation. This accounting technique records each transaction as a debit and a credit, where every debit has a corresponding credit and vice versa.
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tally
Transcript of Tally
Methods of Accounting
Single Entry System The Single entry system is an incomplete method
of book-keeping. Under the system the cash book and personal ledgers only maintained.
Double Entry System The Double entry accounting is a system of
recording transactions in a manner that maintains the equality of the accounting equation. This accounting technique records each transaction as a debit and a credit, where every debit has a corresponding credit and vice versa.
Accounting Software's
There are many accounting software's available in Indian Market.
Introduction to Tally Tally Solutions Pvt. Ltd. (formerly Peutronics Pvt. Ltd.)
commenced operations in 1986. Tally Solutions Pvt Ltd is a Bangalore-based financial accounting software company that currently sells into more than 100 countries beyond its native India, including the United Kingdom, Bangladesh and the Middle East.
Tally's software is mainly used for vouchers, financial statements, and taxation in many industries, and has specialised packages for retail businesses. More advanced capabilities are found in its ERP package.
Tally Software is developed with a core proprietary engine with a SDK Wrapper. Most of Tally's Interaction Forms and Reports are developed using Tally Definition Language TDL. Customization of Tally Application can be done using this TDL SDK.
Features of Tally
A leading accounting package: The first version of Tally was released in 1988 and, through continuous development, is now recognised as one of the leading accounting packages across the world, with over a quarter million customers. Tallys market share is more than 90%.
No accounting codes Complete business solution Integrated/ Non-integrated accounting and
inventory Flexible and easy to use Speed
Tally Editions
Groups Groups are collection of Ledgers of the same nature. Account Groups are maintained to determine the
hierarchy of Ledger Accounts which is helpful in determining and presenting meaningful and compliant reports.
Groups There are 28 pre-defined Groups in Tally.ERP 9, out of which 15 are Primary Groups and 13 are
Sub-Groups.
15 Primary Groups 13 Sub Groups
Branch / Divisions Bank Accounts
Capital Account Bank OD A/c
Current Assets Cash-in-hand
Current Liabilities Deposits (Asset)
Direct Expenses Duties & Taxes
Direct Incomes Loans & Advances (Asset)
Fixed Assets Provisions
Indirect Expenses Reserves & Surplus
Indirect Incomes Secured Loans
Investments Stock-in-hand
Loans (Liability) Sundry Creditors
Misc. Expenses (ASSET) Sundry Debtors
Purchase Accounts Unsecured Loans
Sales Accounts
Suspense A/c
Pre-defined Ledgers
There are two pre-defined ledgers available in Tally.ERP 9, they are:
CASH This Ledger is created under the Group Cash-
in-hand. Profit & Loss Account
This Ledger is created under the Group Primary.
Accounting Vouchers By default in Tally.ERP 9, there are 18 different pre-defined
Voucher types. Contra Payment Receipt Journal Sales Credit Note Purchases Debit Note Sales Order Purchase Order Delivery Note Stock Journal
Payment Voucher
The payment voucher is for all payments you make through cash or Bank. These payments can be towards expenses, purchases, to trade creditors, etc.
Particulars Debit Credit
Dr Name of Supplier
Cr Cash or Bank A/c
Amount
Amount
Receipt Voucher
The receipt voucher in Tally is for all receipts into the Cash/Bank account. The voucher is similar to the payment voucher except that you debit cash or bank A/cs and credit the ledger from which you receive.
Particulars Debit Credit
Cr Name of Customer
Dr Cash or Bank A/c Amount
Amount
Contra Voucher
The contra voucher is for Fund transfers between cash and Bank accounts only. Cash A/c to Bank A/c
Bank A/c to Cash A/c One Bank A/c to Another Bank A/c
Particulars Debit Credit
Dr Cash or Bank A/c
Cr Cash or Bank A/c
Amount
Amount
Purchase Voucher
Purchase invoice is a bill issued by the supplier for the purchases made by the
Particulars Debit Credit
Dr Name of the Supplier
Cr Purchase A/c
Amount
Amount
Sales Voucher
Particulars Debit Credit
Cr Name of the Customer
Dr Sales A/c Amount
Amount
Journal Voucher
Particulars Debit Credit
Cr Name of the Customer
Dr Sales A/c Amount
Amount
