Tag: ledger in tally

Beginner's Guide to Learning Tally; A Process Oriented Walk Through Every new user to Tally can follow these protocols in order to get Tally easily. 1. Know the concept of accounting Prior to pursuing the Tally, it is important to self learn the concepts of accounting such as; • Ledger • Journal Entries • Debit and Credit • Trial Balance • Balance Sheet This information will help in making the understanding of Tally easier. 2. Software which is Tally needs to be installed • Get Tally: Go to the main Tally site and download the required version that is available e.g. Tally Prime. • License: If you are learning, use the free trial version or for all features, license it. • Demo Mode: The students can practice in the modified license free mode, termed as “Educational Mode”. Here is a practical example: 3. Learn Tally Interface Familiarize yourself with the Tally dashboard, including menus like: Gateway of Tally Masters (for creating ledgers and stock items) Vouchers (for data entry like sales, purchases, payments) Reports (Profit & Loss, Balance Sheet, GST reports) Here is a practical application: 4. Create a Company Go to Alt + F3 (Company Info). Select Create Company and enter the required details like company name, financial year, and base currency. This is the first step to start entering data in Tally. Here is a practical application: 5. Master the Basic Features Ledgers and Groups: Learn to create and manage ledgers under the correct groups. For example: Sales Ledger under "Sales Accounts" Purchase Ledger under "Purchase Accounts" Voucher Entry: Understand different types of vouchers, such as: F4 (Contra): For cash/bank transfers F5 (Payment): For recording payments F6 (Receipt): For recording receipts Here is a practical application: 6. Explore Inventory Management Stock Items: Create items to track inventory. Units of Measure: Set units like KG, PCS, or Liters. Stock Groups: Organize similar items. Here is a practical application: 7. Learn GST and Taxation in Tally Enable GST in F11 (Features Configuration). Record GST-compliant invoices for sales and purchases. Generate GST reports for filing returns. Here is a practical application: 8. Generate Reports Use shortcuts like Alt + G (Go To) for: Profit & Loss Statement Balance Sheet Trial Balance Learn how to analyze financial reports for decision-making. Here is a practical application: 9. Practice Regularly Use real-world examples to practice entries. Create mock transactions like sales, purchases, and payments to understand the workflow. 10. Use Online Resources Official Tally Documentation: Refer to Tally Solutions' learning hub. Courses: Enroll in online or offline Tally courses to gain structured guidance. 11. Work on Projects on Real life Projects Start small with simple tasks like managing a personal budget or a small business's accounts. Progress to advanced topics like payroll, GST, and financial analysis. 12. Take Certification