tally
December 08, 2018
Tally Notes and Basic Accounting notes
Tally Notes and Basic Accounting notes
Tally -
Tally is a complete business solution for any kind of Business Enterprise. It is a full fledged accounting software.
Tally ERP is an accounting software used to record the financial transactions and events. This is a multi function software which includes inventory management, accounting, payroll preparations, cost centre management, multiple Godowns management, multiple currency function etc. It is simple accounting software which is user friendly and can be configure according to your business requirements.
History of Tally ERP
Tally Solutions Pvt. Ltd., is an Indian multinational company that provides enterprise resource planning software. It is headquartered in Bengaluru, Karnataka India. The company reports that its software is used by more than 1.6 Million customers.
Tally Solutions, then known as Peutronics, was co-founded in 1986 by Shyam Sunder Goenka and his son Bharat Goenka.
The first version of the accounting software was launched as an MS-DOS application.
And a successful version of tally and stable the tally solution in 1988.
In 1999, the company formally changed its name to Tally Solutions.
Tally 4.5:- Its MS-DOS support financial accounting system. It takes care of accounting activities only.
Tally 5.4:- It’s an up grated version to tally 4.5 and it works in windows operating system & Inventory modules and data formats. And also import data.
Tally 6.3:-It’s an extended enterprise system whereby it interacts with other system through ODBC (Open Data Base Connectivity you and e-mail upload your financial records form tally.
Tally 7.2:- It’s an integrated enterprise system VAT, TDS & TCS and Service Tax modules is introduced in this version.
Tally 8.1:- It’s multi language support software. It supports 10 Languages (Includes is introduced in this version).
Tally 9.0:- It’s an improved model over the version 8.1. it supports 13 Languages (Includes Foreign Languages). Payroll, POS modules is introduced in this version.
Tally ERP 9:- It's an improved version of Tally 9, Some of the new features included in ERP is Remote Access, Tally.NET, Control & Support Centre, Excise for Manufacturers and more launched with this version.
| Products | Tally.ERP9, Tally.Server9, Tally.Developer9 and Shoper9 |
|---|
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”.
Accounting cycles-
Purchase: A
purchase means goods or services purchased by a businessman from suppliers.
Sales:
Sales is goods or services sold by a businessman to his customers.
Purchase Return or Rejection out 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 in 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.
Trial 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.
Tally Notes and Basic Accounting notes -
1.Personal Accounts : -
Classification of Accounts:-
The
classification of accounts is given as follows :
1.Personal Accounts : -
Accounts which are
related to individuals, firms, companies, co-operative societies, banks,
financial institutions are known as personal accounts. The personal accounts
may further be classified into three categories :-
(i) Natural Personal Accounts :- Accounts of individuals (natural persons)
such as Akhils' A/c, Rajesh's A/c, Sohan's A/c are natural personal accounts.
(ii) Artificial Personal Accounts :- Accounts of firms, companies, banks,
financial institutions such as Reliance Industries Ltd., Lions Club, M/s Sham
& Sons, Punjab National Bank, National College are artificial personal
accounts.
iii) Representative Personal Accounts : -The accounts
recording transactions relating to limited expenses and incomes are classified
as nominal accounts. But in certain cases (due to the matching concept of
accounting) the amount on a particular date, is payable to the individuals or
recoverable from individuals. Such amount (i) relates to the particular head of
expenditure or income and (ii) represents persons to whom it is payable or from
whom it is recoverable. Such
accounts are classified as representative personal account
e.g., Wages outstanding
account, Pre- paid insurance account etc.
Account which are not personal such as machinery account,
cash account , salary account etc.
There are two types of impersonal account-
- Real account- Real accounts are the accounts related to assets/properties.
There are two
types of Real account:-
(i) Tangible
Real Account- The accounts relating
to tangible assets (which can be touched, purchased and sold) such as building,
plant, machinery, cash, furniture etc. are classified as
Tangible Real
Accounts.
(ii)
Intangible Real Account- The accounts relating to intangible assets (which
do not have physical shape) are the accounts related to intangible assets such
as goodwill, trademarks,
copyrights,
patents etc.
2. Nominal account - The accounts relating to income,
expenses, losses and gains are classified as nominal accounts. For example
Wages Account, Rent Account, Interest
Account, Salary Account, Bad Debts Accounts, Purchases; Account etc. fall in
the category of nominal accounts.
Journal Entry Rules
-Tally Notes and Basic Accounting notes -
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
Tally Notes and Basic Accounting notes -
Tally ERP Ledgers and under group -
By default two (2) ledger created in tally
1. Cash - (cash - in - hand)
2. Profit and loss - (primary)
|
S.No
|
Ledger Name
|
Under : Group
|
|
1
|
Arjun Capital A/c
|
Capital A/c
|
|
2
|
Arjun Drawing A/c
|
Capital A/c
|
|
3
|
Supplier Name( Ex. Manoj)
|
Sundry Creditor
|
|
4
|
Customer Name (Ex. Ramraj)
|
Sundry Debtor
|
|
5
|
Cash A/c
|
Cash in Hand
|
|
6
|
Petty Cash A/c
|
Cash in Hand
|
|
7
|
Furniture A/c
|
Fixed Asset
|
|
8
|
Computer A/c, Plant and Machinery A/c
|
Fixed Asset
|
|
9
|
Land & Building A/c
|
Fixed Asset
|
|
10
|
Purchase A/c
|
Purchase A/c
|
|
11
|
Cash Purchase A/c (*If using
secondary)
|
Purchase A/c
|
|
12
|
Credit Purchase A/c (*If using
secondary)
|
Purchase A/c
|
|
13
|
Purchase-Soap A/c (*If using
secondary)
|
Purchase A/c
|
|
14
|
Purchase Return A/c
|
Purchase A/c
|
|
15
|
Sales A/c
|
Sales A/c
|
|
16
|
Cash Sales A/c (*If using secondary)
|
Sales A/c
|
|
17
|
Credit Sales A/c (*If using
secondary)
|
Sales A/c
|
|
18
|
Sales Soap A/c (*If using secondary)
|
Sales A/c
|
|
19
|
Sales Return A/c
|
Sales A/c
|
|
20
|
Trade Discount on Purchase
|
Purchase A/c
|
|
21
|
Trade Discount on Sales
|
Sales A/c
|
|
22
|
Cash Discount Received
|
Indirect Income
|
|
23
|
Cash Discount to Customer
|
Indirect Expenses
|
|
24
|
Telephone Expenses
|
Indirect Expenses
|
|
25
|
Salary A/c, Advertisement ,Insurance
Premium
|
Indirect Expenses
|
|
26
|
Wages A/c
|
Direct Expenses
|
|
27
|
Fuel Expenses A/c
|
Direct Expenses
|
|
28
|
Power Expenses A/c
|
Direct Expenses
|
|
29
|
Overhead Expenses A/c
|
Direct Expenses
|
|
30
|
Fees Received
|
Direct Incomes
|
|
31
|
Interest Received, Brokerage
received, Rent Received
|
Indirect Incomes
|
|
32
|
Share Capital A/C
|
Capital A/c
|
|
33
|
Equity Capital A/c
|
Capital A/c
|
|
34
|
Partners’ Capital A/c
|
Capital A/c
|
|
35
|
General Reserve A/c
|
Reserves & Surplus
|
|
36
|
Capital Reserve A/c
|
Reserves & Surplus
|
|
37
|
Investment Allowance Reserve A/c
|
Reserves & Surplus
|
|
38
|
Share Premium A/c
|
Reserves & Surplus
|
|
39
|
Indian Bank A/c
|
Bank OD A/c
|
|
40
|
SBI Bank A/c
|
Bank A/c
|
|
41
|
Debenture A/c
|
Secured Loans A/c
|
|
42
|
Loan From Bank
|
Secured Loans A/c
|
|
43
|
Loan From Outside Party
|
Unsecured Loans A/c
|
|
44
|
Loan From Aravind (Friend)
|
Unsecured Loans A/c
|
|
45
|
TCS
|
Duties & Taxes A/c
|
|
46
|
TDS on Contractor
|
Duties & Taxes A/c
|
|
47
|
TDS on Professional services
|
Duties & Taxes A/c
|
|
48
|
TDS on Salary
|
Duties & Taxes A/c
|
|
49
|
TDS on Rent
|
Duties & Taxes A/c
|
|
50
|
Custom Duty A/c
|
Duties & Taxes A/c
|
|
51
|
All Tax A/c
|
Duties & Taxes A/c
|
|
52
|
Provision for Bad Debts
|
Provisions
|
|
53
|
Salary Payable A/c
|
Provisions
|
|
54
|
Rent Payable a/c
|
Current Liabilities
|
|
55
|
Liability of Expenses
|
Current Liabilities
|
|
56
|
Investment in Share
|
Investments
|
|
57
|
Stock in Hand
|
Stock in Hand
|
|
58
|
Stock of Raw Materials
|
Stock in Hand
|
|
59
|
Fixed Deposits
|
Deposits(Asset)
|
|
60
|
Security Deposit A/c
|
Deposits(Asset)
|
|
61
|
Telephone Deposit A/c
|
Deposits(Asset)
|
|
62
|
Deposit in Other Company
|
Deposits(Asset)
|
|
63
|
Loans to Employees
|
Loans and Advances(Assets)
|
|
64
|
Varanasi Branch A/c
|
Branch/divisions
|
|
65
|
Preliminary Expenses A/c
|
Misc. Expenses(Asset)
|
|
66
|
Professional Fees
|
Sales A/c
|
|
67
|
Commission Received
|
Direct Income
|
|
68
|
Delivery Charges(In Purchase Bill)
|
Purchase A/c
|
|
69
|
Depreciation A/c
|
Indirect Expenses
|
|
70
|
Carriage Inwards
|
Direct Expenses
|
|
71
|
Carriage Outwards
|
Indirect Expenses
|
|
72
|
Freight Charges
|
Direct Expenses
|
|
Another Examples
|
||
|
1
|
Share Capital A/c
|
Capital Account
|
|
2
|
Proprietor Capital A/c
|
Capital Account
|
|
3
|
Santa Capital A/c
|
Capital Account
|
|
4
|
General Reserve A/c,
|
Reserves and Surplus (Retained
Earnings)
|
|
5
|
Capital Reserve A/c
|
Reserves and Surplus (Retained
Earnings)
|
|
6
|
Share Premium A/c
|
Reserves and Surplus (Retained
Earnings)
|
|
7
|
Profit and Surplus Reserve A/c
|
Reserves and Surplus (Retained
Earnings)
|
|
8
|
Revaluation Reserve A/c
|
Reserves and Surplus (Retained
Earnings)
|
|
9
|
Bank OD A/c
|
Bank OD Accounts
|
|
10
|
SBI Bank OD A/c
|
Bank OD Accounts
|
|
11
|
SBI Secured Loan A/c
|
Secured Loans
|
|
12
|
Loan from Rishi Finance
|
Secured Loans
|
|
13
|
Loan from Ganesh
|
Unsecured Loans
|
|
14
|
Loan from Jitendra
|
Unsecured Loans
|
|
15
|
Deposit Received From Manoj A/c
|
Unsecured Loans
|
|
16
|
Liabilities for Expenses,
|
Current Liabilities
|
|
17
|
Employee Contribution for ESI
|
Current Liabilities
|
|
18
|
PF A/c
|
Current Liabilities
|
|
19
|
TDS Realized from Contractor
|
Current Liabilities
|
|
20
|
TDS Realized from Employee
|
Current Liabilities
|
|
21
|
CGST A/c
|
Duties and Taxes
|
|
22
|
SGST A/c
|
Duties and Taxes
|
|
23
|
IGSTA/c
|
Duties and Taxes
|
|
24
|
Input CGST @ (%), Input
SGST @ (%), Input IGST @ (%)
|
Duties and Taxes
|
|
25
|
Output CGST @ (%), Output
SGST @ (%), Output IGST @ (%)
|
Duties and Taxes
|
|
26
|
Additional Tax A/c
|
Provisions
|
|
27
|
Leave Encashment A/c
|
Provisions
|
|
28
|
Pension Scheme A/c
|
Provisions
|
|
29
|
Proposed dividends
|
Provisions
|
|
30
|
Manoj Pvt Ltd A/c
|
Sundry Creditors
|
|
31
|
Aditya Pvt Ltd A/c
|
Sundry Creditors
|
|
32
|
Supplier A/c
|
Sundry Creditors
|
|
33
|
Creditor A/c
|
Sundry Creditors
|
|
34
|
Bike A/c ,
|
Fixed Assets
|
|
35
|
Lorry A/c
|
Fixed Assets
|
|
36
|
Office Building A/c,
|
Fixed Assets
|
|
37
|
Computer A/c,
|
Fixed Assets
|
|
38
|
Furniture A/c,
|
Fixed Assets
|
|
39
|
Land A/c
|
Fixed Assets
|
|
40
|
Equity Share A/c
|
Investments
|
|
41
|
Kisan Vikas Pathra A/c
|
Investments
|
|
42
|
Savings Bonds A/c
|
Investments
|
|
43
|
National Saving Certificates (NSCs)
|
Investments
|
|
44
|
Stock of Raw Materials A/c
|
Stock In Hand
|
|
45
|
Stock of Finished Goods A/c
|
Stock In Hand
|
|
46
|
Stock of Pipe A/c
|
Stock In Hand
|
|
47
|
SBI Fixed Deposit A/c
|
Deposits(Assets)
|
|
48
|
Tax Deposit A/c
|
Deposits(Assets)
|
|
49
|
Telephone Deposit A/c
|
Deposits(Assets)
|
|
50
|
Rent Deposit A/C
|
Deposits(Assets)
|
|
51
|
Electricity Deposit A/c
|
Deposits(Assets)
|
|
52
|
Advance to Supplier A/c
|
Loans and Advances (Assets)
|
|
53
|
Advance Salary A/c
|
Loans and Advances (Assets)
|
|
54
|
advance to rama pvt ltd (supplier)
|
Loans and Advances (Assets)
|
|
55
|
Customer A/c
|
Sundry Debtors
|
|
56
|
Royal Traders A/c
|
Sundry Debtors
|
|
57
|
Advance received from Customer
|
Sundry Debtors
|
|
58
|
Cash (Predefine in Tally)
|
Cash in Hand
|
|
59
|
Petty Cash A/c
|
Cash in Hand
|
|
60
|
Cash at Bangalore Branch A/c
|
Cash in Hand
|
|
61
|
State Bank of India A/C
|
Bank Accounts
|
|
62
|
Indian Bank A/C
|
Bank Accounts
|
|
63
|
West Bengal Branch
|
Branch/ Divisions
|
|
64
|
Madurai Branch A/c
|
Branch/ Divisions
|
|
65
|
Preliminary Expenses A/c,
|
Misc. Expenses (Asset)
|
|
66
|
Advance Paid to
Travelling Expenses A/c After received Travelling Allowance bill from concern person , above ledger should be changed to indirect expenses group |
Suspense A/c
|
|
67
|
Sales of Pipe A/c
|
Sales A/c
|
|
68
|
Export Sales A/c
|
Sales A/c
|
|
69
|
Sales @ 10%
|
Sales A/c
|
|
70
|
Sales A/c
|
Sales A/c
|
|
71
|
Sales Return A/c
|
Sales A/c
|
|
For servicing
companies………………..
|
||
|
72
|
Professional Charges A/c
|
Sales A/c or Direct Income
|
|
73
|
Consulting Fees A/c
|
Sales A/c or Direct Income
|
|
74
|
Service Charges A/c
|
Sales A/c or Direct Income
|
|
75
|
Professional Charges A/c
|
Direct Income
|
|
76
|
Rent Received A/c
|
Indirect Income
|
|
77
|
Interest Received A/c
|
Indirect Income
|
|
78
|
Commission Received A/c
|
Indirect Income
|
|
79
|
Purchase A/c
|
Purchase A/c
|
|
80
|
Purchase Return A/c
|
Purchase A/c
|
|
81
|
Cash Purchase A/c
|
Purchase A/c
|
|
82
|
Credit Purchase A/c
|
Purchase A/c
|
|
83
|
Freight Charges A/c (if included in
purchase bill )
|
Purchase A/c
|
|
84
|
Delivery Charges A/c (if included
in purchase bill )
|
Purchase A/c
|
|
85
|
Postage Charges A/c(if included in
purchase bill )
|
Purchase A/c
|
|
86
|
Sales Tax Charges A/c(if included in
purchase bill )
|
Purchase A/c
|
|
87
|
Carriage inwards A/c
|
Direct Expenses
|
|
88
|
Wages A/c
|
Direct Expenses
|
|
89
|
Telephone Charges A/c
|
Indirect Expenses
|
|
90
|
Bank Charges A/c
|
Indirect Expenses
|
|
91
|
Rent Charges A/c
|
Indirect Expenses
|
Any party account name ledger group define-
Payment / Purchase question in name ledger under Tally group - Sundry Creditor
Receipt / Sales question in name ledger under Tally group - Sundry Debtor
For more Ledger and Under Group Head in Tally and Account
Then click on below Button and Download it.
if any problem in open then open in new browser . and screenshot.
For more Ledger and Under Group Head in Tally and Account
Then click on below Button and Download it.
if any problem in open then open in new browser . and screenshot.
-:Download Chart of Accounts click below button:-
Tally.ERP 9 in Voucher uses and shortcut keys -
Accounting Voucher:-
All entries which
you made in the see given accounting vouchers is effect on
your current accounting of your business.
F4: Contra ->Used for cash and bank entries ( Deposited or Withdrawn ) and also fund
transfer from one bank to
another.
F5: Payment->Used for expenditure and
payment to parties’ by cheque or cash.
F6: Receipt->Used for income and received amount from the parties by
cheque and cash. And also started
business entries
F7: Journal->Used for adjustable /non
bank / cash transaction and transferable entries.
F8:
Sales->Used for cash and credit sales entries and income
F9:
Purchases->Used for cash and credit purchased entry
and expenses.
Ctrl+F8: Credit Note->Used for cash and credit
sales returns entries.
Ctrl+F9: Debit Note->Used for cash
and credit purchases return entries.
F10:
Reverse Journal: Used
for rectifying any wrong entries. (Non Accounting Voucher)
Ctrl+F10: Memo
(Memorandum): Used for memorize any entry in tally. (Non-Accounting Voucher)
-Tally Notes and Basic Accounting notes -
Inventory Vouchers:-
These
vouchers are effect on inventory reports
in the business. All entries which you made in these inventory vouchers
are effect on your stock register.
ALT+F4: Purchases Order Voucher r: Used
to give purchases order to party.
ALT+F5:
Sales Order Voucher: Used to receive sales order from customer.
ALT+F9:
Receipt Note Voucher:
Used for recording goods received.
ALT+F8:
Delivery Note: Used for recording
goods delivered to a customer.
ALT+F6:
Rejections Out: Used for
records goods that are rejected and returned to a supplier.
CTRL+F6:
Rejections In: Used to record goods that are rejected
and returned back by
the customer.
ALT+F7:
Stock Journal Voucher: Used
to record stock transfers from one location
to another.
Alt+F10:
Physical Stock: Used for
recording actual stock physically
verified or counted.
Hello, my name is Manoj. I'm a 26 year old self-employed as a Developer from the India. 