Mastering Tally PRIME: Training, Certification & Job

By Asok K Nadhani

This is a novel book, marriage of print and digital Media. The reader will get additional materials of digital contents in Blog, Image, Audio & Video, through numerous QR Code, apart from the contents in Printed Book. So, reader gets vast additional contents than what can be provided in limited space of such small and slim book.

In this book, the author have provided practical aspects of implementation of Accounting System in organisation, supplemented by Video Tutorials, problems faced and work around solution, laying stress on planning and execution, rather than just keyboard operations.

This book provides links to on-line FREE training materials & practical assignments, and Project work with Cash Rewards. The readers get practical industry experience as well as Cash rewards for small project work done while learning.

It is hoped this little book will meet the expectations of everyone in the training & employment chain; Fresh Candidates seeking to enter into the accounting profession, through gainful job opportunities with shining career prospects; Training Centers to grow their business; and Employers to get suitable industry ready candidates.

• Language: English
• Publisher: BPB Online LLP
• Release date: Apr 8, 2022
• ISBN: 9789355512772

Book preview

Mastering

TallyPRIME

Asok K Nadhani

www.bpbonline.com

Copyright © 2022 BPB Online

All rights reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, without the prior written permission of the publisher, except in the case of brief quotations embedded in critical articles or reviews.

Every effort has been made in the preparation of this book to ensure the accuracy of the information presented. However, the information contained in this book is sold without warranty, either express or implied. Neither the author, nor BPB Online or its dealers and distributors, will be held liable for any damages caused or alleged to have been caused directly or indirectly by this book.

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First published: May 2022

Published by BPB Online

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ISBN 978-93-5551-272-7

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Preface

This is a novel book, marriage of print and digital Media. The reader will get additional materials of digital contents in Blog, Image, Audio & Video, through numerous QR Code, apart from the contents in Printed Book. So, reader get vast additional contents than what can be provided in limited space of such small and slim book.

At computer training centres, Students merely learn operational functions. Not much focus is given on practical aspects of planning and implementation of Accounting System. The employer expects complete Accounts implementation expertise from Employees. The students coming out of Training centres often fail to impress at the time of Interview, or subsequently at the job, for their lack of knowledge on practical aspects. The employer has to train them again. So, employers mostly prefer experienced person over fresh trained candidates. So, candidates often continue to search for Job for long time, in spite of training.

In this book, I have provided practical aspects of implementation of Accounting System in organisation, supplemented by Video Tutorials, about problems faced and work around solution, laying stress on planning and execution, rather than just keyboard operations.

The Author runs on-line Accounting Consultancy firm for implementation of Accounts systems. To meet the growing demands of entry level Accounts personnel, the firm offers internship providing on-line FREE training materials & practical assignments, and Project work with Cash Rewards. The students get practical industry experience as well as Cash rewards for small project work done during Internship, boosting their morale and self-confidence. The associated training centers boost their business providing ready employment opportunities to the trainees. Employers get better skilled candidates. Candidates get opportunity of more rewarding career.

I hope this little book will meet the expectations of everyone in the training & employment chain; Fresh Candidates seeking to enter into the accounting profession, through gainful job opportunities with shining career prospects; Training Centers to grow their business; and Employers to get suitable industry ready candidates.

Kindly submit your views through the link dvidya.com/contact-us, to come up with improved contents and resources in coming days.

Asok K Nadhani

List of Contents

Tally PRIME Snapshot

ROADMAP FOR LEARNING

BASIC ACCOUNTS WITH TALLY

Part – 1 : Basic Financial Accounts

01-01 Company Creation

01-02 Gateway of Tally

01-03 Accounts Masters

01-04 Accounts Vouchers

01-05 Accounts Reports

01-06 Cash Bank Book

01-07 Journal Book

01-08 Ledger Book

01-09 Trial Balance

01-10 P L Statement

01-11 Balance Sheet

01-12 Data Maintenance

Part – 2 : Basic Inventory Accounts

02-01 Inventory Masters

02-02 Invoicing

02-03 Inventory Reports

02-04 Point of Sales

Part – 3 : Basic Tax Accounts

03-01 GST Masters

03-02 GST Invoicing

03-03 GST Reports

03-04 Tax Deducted at Source

Part – 4 : Basic Payroll Accounts

04-01 Payroll Masters

04-02 Payroll Vouchers

04-03 Payroll Reports

Part – 5 : Advanced Accounts with Tally

05-01 Advanced Financial Accounts

05-02 Advanced Inventory Accounts

05-03 Advanced Tax Accounts

05-04 Advanced Payroll Accounts

ROADMAP FOR EARNING

Practical Assignments

Job Interview Questions

Work from Home Jobs

Tally Prime Installation

Tally Prime Shortcut Keys

Table of Contents

Part-1: Basic Financial Accounting

01-01 Company Creation

1 Data Migration from Tally ERP 9 to Tally Prime

1.1 Old (ERP9) Company selection in Tally PRIME

1.2 Old Company Data Migration in Tally PRIME

2 Company in Tally

2.1 Multiple Tally Companies for One Legal Company

3 New Company Creation

3.1 Company Creation - Quick Entry

3.2 Saving the created Company

4 Company Selection

4.1 Switching between selected Companies

5 Company Modification (Company Alteration)

6 Company Deletion

7 Shutting of Company

8 Company Features Set Up

01-02 Gateway of Tally

1 Gateway of Tally (GoT)

2 Components of Gateway of Tally

3 Components of Top Bar Menu

4 Gateway of Tally - Main Area

5 Current Period & Date Setting

6 Tally Calculator

7 Closing & Exiting Tally

01-03 Accounts Masters

1 Account Masters

2 Reserved Accounts Masters

3 Reserved Accounts Characteristics

3.1 Reserved Account Groups of Liabilities

3.2 Reserved Account Groups of Assets

3.3 Account Groups of Profit & Loss Account

4 Account Masters Creation

5 Accounts Group

6 Account Ledger

6.1 Creation of new Account Group during Account Ledger Entry

6.2 Reserved Ledger Opening Balance Entry

7 Alteration / Deletion of Account Master

8 Chart of Accounts

9 Some Common Ledger Accounts Creation

01-04 Accounts Vouchers

1 Accounts Vouchers

1.1 Accounts Voucher Types

2 Accounts Voucher Entry

3 Contra Voucher

4 Payment Voucher

5 Receipt Voucher

6 Journal Voucher

7 Sales Voucher

8 Purchase Voucher

9 Debit / Credit Note voucher

9.1 Debit Note Voucher Entry Rules

9.2 Credit Note Voucher Entry Rules

10 Components of Voucher Entry Screen

10.1 New Ledger Accounts creation during voucher entry

10.2 Voucher Data Saving

12 Voucher Alteration Deletion & Cancellation

13 Dormant Vouchers

14 Single / Invoice Mode Voucher Entry

01-05 Accounts Reports

1 Accounts Reports Menu

2 Reports Printing

3 Current Report Printing

4 Current Report Printing Configuration

01-06 Cash / Bank Book

1 Cash / Bank Book Display

1.1 Cash / Bank Books Menu

1.2 Cash / Bank Book Display

2 Cash / Bank Book Format and Contents

3 Cash Bank Book Printing

01-07 Journal Books

1 Journal Books

2 Journal Register

2.1 Journal Register Printing

3 Sales Register

3.1 Sales Register Printing

4 Purchase Register

4.1 Purchase Register Printing

6 Debit Note Register

6.1 Debit Note Register Printing

7 Credit Note Register

7.1 Credit Note Register Printing

01-08 Ledger Book

1 Ledger Book

2 Ledger Book Display

3 Ledger Book Printing

3.1 Confirmation of Accounts Printing

01-09 Trial Balance

1 Trial Balance

2 Trial Balance Display

3 Trial Balance Extended Format

4 Trial Balance Printing

01-10 Profit and Loss Statement

1 Profit & Loss Account

2 Stock Ledger Account

3 Closing Stock Value Entry

4 Profit & Loss Statement

5 Profit & Loss Statement Display

6 Profit & Loss Statement Printing

01-11 Balance Sheet

1 Balance Sheet

2 Balance Sheet Display

3 Balance Sheet Printing in Tally PRIME

4 Ratio Analysis in Tally PRIME

5 Balance Sheet - Key Points

01-12 Data Maintenance

1 Data Maintenance

2 Data Backup

3 Tally Data Restoration

4 Data Re-writing (Data Repair)

Part-2: Basic Inventory Accounts

02-01 Inventory Masters

1 Inventory System

2 Inventory System Activation

3 Inventory Masters Menu

4 Unit of Measure (UoM)

5 Stock Group

6 Stock Item

6.1 Chart of Stock Items

7 Alteration / Deletion of Inventory Masters

02-02 Invoicing

1 Inventory linking in Ledger Accounts

2 Party Ledger Accounts set up for Invoicing

3 Inventory Details Entry in Accounts Voucher

4 Invoicing

4.1 Sales Invoice Entry

4.2 Purchase Invoice entry

5 Stock Journal Voucher

6 Invoice Printing

02-03 Inventory Reports

1 Accounts Reports with Inventory Details

1.1 Inventory Details in Account Books

2 Stock Journal Register

3 Stock Item Ledger

4 Stock Group Summary

5 Stock Summary

02-04 Point of Sales

1 PoS Voucher Type

2 PoS Invoice Entry

3 PoS Invoice Printing

4 PoS Register

Part-3: Basic Tax Accounts

03-01 GST Masters

Goods & Service Tax (GST)

1 GST Activation for Company

1.1 GST Details set up in Company Features

2 Unit Quantity Code (UQC) set up in Unit of Measure (UoM)

3 Stock Item GST Set Up

3.1 Stock Item GST Details Entry

4 Sales / Purchase Ledger Account GST set up in Tally PRIME

5 GST Ledger Accounts Creation in Tally PRIME

5.1 GST Ledger Account details Entry in Tally PRIME

6 Party Ledger Accounts GST set up

03-02 GST Invoicing

1 Invoice Configuration Set Up for GST

GST Sales Invoice Entry

GST Purchase Invoice Entry

03-03 GST Reports

GST Reports

1 GST Reports Menu

2 GSTR-1

3 GSTR-2

4 GSTR-3B

5 GST Annual Computation

03-04 Tax Deducted at Source (TDS)

1 Tax Deducted at Source (TDS)

2 TDS Activation for the Company in Tally PRIME

3 TDS Nature of Payment Master

4 TDS Ledger Account

5 TDS Deductee Ledger Account

6 TDS Deductible Expense Ledger Account

7 TDS Deduction Journal Voucher

8 TDS Deposit to Government

9 TDS Deposit Challan Printing

10 TDS Reports

TDS Challan Reconciliation

Part-4: Basic Payroll Accounts

04-01 Payroll Masters

1 Payroll Features set up

2 Employee Group Creation

3 Attendance / Production Heads

4 Pay Head Creation

5 Employee Master Creation

04-02 Payroll Voucher

1 Payroll Voucher

2 Payroll Voucher creation

3 Payroll Voucher Manual Entry

3.1 Payroll Voucher Manual Entry details

4 Attendance Voucher

4.1 Attendance Voucher Entry

5 Payroll Voucher Auto Computation

04-03 Payroll Reports

1 Payroll Reports Menu

2 Pay Slip

3 Pay Sheet

4 Pay Advice

5 Payroll Statement

6 Payroll Register

Part-5: Advanced Features

05-00 Advanced Features

Tally ERP9 / Tally PRIME – Advanced Features

Financial Accounts & Financial Management – Advanced Features

Materials Accounts & Inventory Management – Advanced Features

Tax Accounts – Advanced Features

Payroll Accounts

05-01 Advanced Financial Accounts

05-02 Advanced Inventory Accounts

Advanced Inventory

05-03 Advanced Tax Accounts

Goods & Service Tax (GST)

Tax Deducted at Source (TDS)

05-04 Advanced Payroll Accounts

Payroll System Set Up

Pay Vouchers

Payroll Reports

Payroll Statutory Deductions

Attendance & Leave

Production & Overtime

06-00 Practical Assignments

07-00 Job Interview Questions

08-00 Work from Home Jobs

09-01 Tally Prime Installation

Tally PRIME Download, Installation & Loading

01 Tally Prime Download

02 Tally Prime Installation

03 Working in Educational Mode

09-02 Tally PRIME Shortcut Keys

1. Hidden Key working across Tally Prime

2. Keys located in Top menu Tabs

3. Keys working at specific places

4. Keys in Masters and Vouchers

5. Keys in Vouchers

6. Keys in Vouchers and Reports

7. Keys in Reports

8. Keys in Masters, Vouchers and Reports

01-01

Company Creation

If you have maintained Accounts in previous version of Tally, i.e Tally ERP 9, and now like to work with new version of Tally PRIME, then first you have to migrate Tally ERP 9 data to Tally PRIME. If you are creating Company in Tally PRIME, then Data Migration is not relevant and you may skip next paragraph and directly create a new Company in Tally PRIME as explained later.

1 DATA MIGRATION FROM TALLY ERP 9 TO TALLY PRIME

When you load Tally PRIME, the list of Companies in default directory will appear. To open ERP9 company from another Path, select Specify Path (if the Company Data Path is known), or select ‘Select from Drive’ (Company Data Path is not known) and select the Data Path. The Company Name in selected Data Path will appear.

You will find a note "Migration Required’ against the ERP 9 Company Name, indicating that data of these Company are still in ERP9 Format. Such old Tally ERP 9 data cannot be opened directly by Tally Prime. On selection of such Company Data in Tally PRIME, the Migration options will appear. The steps of Opening Old Tally ERP 9 data in Tally PRIME and migration to Tally Prime are explained next.

1.1 Old (ERP9) Company selection in Tally PRIME

At Top Main Menu Bar, at K:Company Menu. select the ERP 9 Company (showing Migration Required) from default data directory. Select Company from the list.

All the existing Companies in the selected Data Path would be displayed. Now select