Tally( An accounting software package)

A Project by “Shikha”.!Reg. No.:-

Roll No.:- 21Batch No.:- III

A Brief History

• The late Shri SS.GOENKA, founder of the company Peutronics Pvt. Ltd. set up tally software business in 1986.

• His able monitoring of his son Bharat resulting in the creation of the software that would simplify the process of financial accounting and inventory.

INTRODUCTION

TALLY• The undisputed king of all financial accounting packages

available in India. • Capable of handling all kind of transaction.• For Its use- neither need to learn new accounting methods nor

should change existing style of handling accounts.• The information can be fed as well retrieved at random and all

human errors can be corrected.  • A post transaction system - follows the traditional methods of

accounting, that is, the payment is first made on the basis of existing accounting methods (i.e., against a voucher or a cash bill) and that information is fed into the Tally.

• Covers a wide area - can be used by the owner, financial controller, accountant, manager or an auditor

• Is both accurate and convenient to use even if you are not well versed with the accounting, you can still use and at the same time become known to accounting methods

VERSIONS OF TALLY• 4.5 : DOS based, Accounts only.• 5.4 : Window based accounts with

inventory.• 6.3 : 5.4 with online finalization,

auditing and import & export feature.

• 7.2 : 6.3 with VAT, TDS and service tax.• 8.1 : 7.2 with FBT and excise duty.• 9.0 : 8.1 with Payroll system, multi

language and extra formatting feature.

Other Features of Tally

• Excellent Backup Provisions

• Easy exit to operating system

• Unencrypted files: owner freely carry the data in his person

• Based on solid accounting theories and practices

• Mode of data exchange through extensible markup language (XML)

• An exhaustive list of fields

How to start TALLY

• Create Company

• Master Creation : ledgers and vouchers creation

• Transaction : entry of voucher

• Reports : auto created by tally

• Import : data import from excel to tally

Creating a new company

• Company Information Menu

• The right half of the Gateway of Tally area displays the company info. Menu

• This menu has following three options:· Select Company· Create Company· QuitCreating a New CompanyIn order to create a new company for accounting following screen will appear : 

Fields• Name• Mailing name, address• Email address• Income tax number,

sales tax number local/interstate)

• Currency symbol• Maintain (accounts

only/inventory only/both)

• Financial year • Books beginning from• Tally vault password• Security control• Base currency

information• Accept/reject

Alteration : A created company’s detail can be modified at a later time through

keys Alt+[F3] or choosing the Alter option from gateway of tally. A company has

been successfully created with the above information

Setting up account heads

• you have to setup an accounting chart for the company.Creating Master Accounts You can create master for both accounts and inventory by providing information regarding both accounts and inventory. We will start from creating account masters.

• Account Information In order to work on the master of accounts of a company, first activate the desired company then Gateway of Tally menu appear on the screen

• Select option “Account Info” Then following menu will appear :

Press F11 and select yes for the required options

GROUPS

• Group During manual accounting the accounts (ledger) are grouped upon preparation of Trial Balance to prepare Profit & Loss account and Balance Sheet which reflect the final accounts of the company. In tally the concept remains analogous. Following screen will appears when you select Group option.

Create Single Group

Single group option is useful when you wish to work on one group at a time

Multiple group option : The sub group will automatically adopt the features of their parent group including those specified in advanced mode. if there

is any changes for an individual group to have to

select single group option.

Stock Groups

• Based on common feature, all your stock items can be classified into stock groups.

Stock Item Stock items are the actual items in stock. This is lowest level of information about your inventory. Each item that is required to be accounted for, need to be created. You can then account for the issues and receipts of each item.

Voucher Types This option allows you to create additional voucher types or alter the existing ones. The procedure is exactly identical to the voucher type functions that we discussed in ‘Account Info.’ Menu.

Units of Measure This option is used to specify the various units of measure you use to specify the quantities of stock items.

Ledgers

• Means you can create, display, alter single and multiple account groups.¨ LedgerThe next option after group in Account info menu is Ledger

• In this menu you can create, display and alter single and multiple ledger accounts.

Ledger display

TALLY VOUCHERS

• A voucher is a primary document for recording all financial transactions.

• Recording and analyzing are easy for different types of transactions.

Tally’s Voucher Types• Tally by default provides 18

types of predefined vouchers are unable to fulfil requirements then Tally also gives you a provision to alter these existing types according to you need.

• They pertain to both accounting and inventory.

• Some vouchers can be used differently according to the situation.

• Different vouchers are created for data entry purpose.

• It can be customize as per the requirement.

By using key F12 i.e. configuration setting one can customize the voucher entry

• Voucher Entry in tally is the most visited area by the user and is key to all business information.

• A voucher (also called a journal) is a document containing the details of transaction.

• For every transaction, you enter a voucher in Tally.

• The voucher entry option at the Gateway of Tally enables you to make your day-to-day entries.

• On the left hand side of the screen a menu will display, from which you can change type of voucher.

Tally - Books of AccountsREPORTS

• Profit & loss statement

• Balance sheet

• Cash flow statement

• Fund flow statement

• Ratio analysis

Profit and loss accountBalance sheetCash Flow Statement

Fund Flow StatementRatio Analysis

IMPORTING DATAImport of data from one company to another

created within tally happens seamlessly

Thank You