• An all-inclusive book to teach the • Quick and Easy Learning in Simple

important concept of TallyPrime Stops with multiple examples.

LEARN

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ACCOUNTS
1. What is Accounts: ................................................................................................................................................ 3
2. Types of Accounts: .............................................................................................................................................. 3
Personal Accounts:......................................................................................................................................... 3
Real Account: ................................................................................................................................................ 4
Nominal Account: ......................................................................................................................................... 5
3. WHAT IS TALLY? ................................................................................................................................................. 6
4. FOUNDER OF TALLY .......................................................................................................................................... 7
5. JOURNEY OF TALLY........................................................................................................................................... 7
6. WHY TALLY PRIME ............................................................................................................................................. 8
7. TALLY PRIME ADVANTAGES: .......................................................................................................................... 8
8. Difference Between Tally ERP 9 and Tally Prime ....................................................................................... 8
9. FEATURES OF TALLY: ....................................................................................................................................... 9
10. VOUCHER ENTRY ............................................................................................................................................... 10
11. LEDGER CREATIONS ......................................................................................................................................... 11
12. FINAL ACCOUNTS .............................................................................................................................................. 12
13. STOCK CREATE ITEMS ..................................................................................................................................... 14
14. ORDER PROCESSING ........................................................................................................................................ 18
15. POINTS OF SALES .............................................................................................................................................. 26

16. TAX ...................................................................................................................................................................... 29

17.GOODS AND SERVICE TAX ............................................................................................................................... 41
18. ZERO VALUES .................................................................................................................................................... 47
19. MULTI CURRENCY .............................................................................................................................................. 49
20. INTEREST CALCULATIONS.............................................................................................................................. 54
21. PRICE LIST ............................................................................................................................................................ 58
22. BUDGET AND CONTROLS ................................................................................................................................ 60
23. BATCHES............................................................................................................................................................... 64
24. JOB COSTING ...................................................................................................................................................... 67

25. PAYROLL .............................................................................................................................................................. 75

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Accounts

1. What is Accounts:
An account is “a record in an accounting system that tracks the financial activities of a
specific asset, liability, equity, revenue, or expense”. These records increase and decrease as
the business events occur throughout the accounting period.

2. Types of Accounts:
There are three types of accounts,
1. Personal Accounts
2. Real Accounts
3. Nominal Accounts

Personal Accounts:
A Personal account is a General ledger account connected to all persons like individuals,
firms and associations. An example of a Personal Account is a Creditor Account.

Types of Personal account:

a. Natural Account – Person’s Accounts
b. Artificial Account – Company Account

Rule:
Debit the Receiver
Credit the Giver
Example:
Priya deposited Rs. 1000 in SBI Bank
Debit SBI Bank A/c 1000
Credit Priya A/c 1000
Priya Withdraw Rs. 1000 from SBI Bank
Debit Priya A/c 1000
Credit A/c 1000

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Real Account:
A Real Account is a general ledger account relating to Assets and Liabilities other than
people accounts. These are accounts that don’t close at year-end and are carried forward. An
example of a Real Account is a Bank Account.

Types of Real Accounts:

Current Asset:
Current assets are expected to be consumed, sold, or converted into cash either in
one year or in the operating cycle, whichever is longer.
They are usually presented in order of liquidity on the
balance sheet and include cash and cash equivalents,
accounts receivables, inventory, prepaid, and other
short-term assets. [Ex. Cash, Stocks, Sundry
Debtors……. etc.]

Fixed Asset:
Fixed assets are the long term tangible
assets that are used by business in generating income.
Fixed assets provide the firm with long term financial
gain as they have a useful life of more than one year. Fixed assets are also known as capital
assets and are denoted by the term Property, Plant and Equipment in the balance sheet. Fixed
assets cannot be easily converted into cash.
[Ex. Land, Buildings, Furniture’s, Equipment’s…. etc.,]

Rule:
Debit what come in
Credit what goes out
Example:
Computer bought for cash Rs. 50000
Debit computer A/c 50000
Credit cash A/c 50000
Computer sales for cash Rs. 50000
Debit cash A/c 50000
Credit Computer A/c 50000

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Nominal Account:
A Nominal account is a General ledger account pertaining to all income, expenses, losses
and gains. An example of a Nominal Account is an Interest Account.

Types of Nominal accounts:

Expenses:
Direct Expenses – Production
Related
Indirect Expenses – Financial
Related
Income:
Direct Income – Direct way to income
for business
Indirect Income – Indirect way to income for building rent or old assets.

Rules:
Debit all expenses and losses
Credit all incomes and gains
Example:
Salary Paid Rs. 1000
Debit Salary A/c 1000
Credit Cash A/c 1000
Rent Received Rs. 5000
Debit Cash A/c 5000
Credit Rent A/c 5000

Capital Account:
Investment by the owner for use in the firm is known as capital.

Revenue:
The business earns by selling its products or providing services to customers.
EX: Sales, Commission, Interest, dividends

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1. JOURNAL ENTRIES
1. Ram invested business Rs. 200000
2. Purchase goods worth Rs. 50000
3. Sold goods to RS. 5000
4. Brought goods from Gwalior mills Rs. 10000
5. Sold to Ms. Vellore silk house Rs. 50000
6. Return Goods from 5000
7. Return goods to Radha Krishnan Rs. 10000
8. Contributed Capital Rs.90000
9. Paid for furniture Rs. 3500
10. Paid into bank Rs. 34000
11. Bought goods from Premier Mills Rs. 5000
12. Sold to Mariappan Rs. 7000
13. Paid for add. 10000
14. Paid for Printing Rs. 200
15. Bought from Benny Mills Rs. 5000
16. Paid for freight of carriage Rs. 200
17. Paid Gwalior Mills by cheque in full settlement of 9850
18. Paid Premier Mills by cheque in full settlement Rs. 4900
19. Cash sales Rs. 2000
20. Received from Mariappan in full settlement Rs. 6850
21. Withdraw cash for Personal use Rs. 1000
22. Paid commission Rs. 500
23. Paid rent by cheque Rs. 3000
24. Paid Salaries Rs. 12000

3. WHAT IS TALLY?
• Windows based accounting software
• Helps to simplify integrate all your business transactions in
easy manner
• Supports all day – to – day processes from recording
invoices to reports.
• The software handles,
i) Accounting Management
ii) Inventory Management
iii) Order Management
iv) Tax Management
v) Payroll

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-Many such requirements of all business

4. FOUNDER OF TALLY
• “MR. BHARAT GOENKA” is the man behind the success of
wonderful accounting software.
• It was known as the first code less package.
• Features that made it easy for most people to use.

5. JOURNEY OF TALLY
YEAR FEATURES
TALLY VERSION
TALLY 3.0 1990 BASICS ACCOUNTING SOFTWARE
TALLY 3.12 1991 It is similar to the before version 3.0
Tally 4 1992 It supports Microsoft dos
Tally 4.5 1994 Very lightweight & perform quickly
Tally5.4 1996 GRAPHIC Interface version
Tally 6.3 2001 Windows based version &
implantation VAT
Tally 7.2 2005 Statutory complaint features, different
VAT values, etc.
Tally 8.1 2006 New features of POS(Points of sale) &
payroll
Tally 9 2006 Payroll, TDS, FBT, E-TDS filling etc.
Tally ERP 9 2009 GST Calculation, Invoice, Payroll
Procedures, Remote access, multiuser
login

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6. WHY TALLY PRIME?

• Complete business management

software for small & medium business.
•Helps banking, payroll & much more get rid of
complexity, and in turn, focus on business
growth.

7. TALLY PRIME ADVANTAGES:

• Tally prime is a whole new users experience

• Easy navigation
• More Comprehensive Reports
• Blazing Fast speed
• Support Multi-Tasking
• Dropdown Menu Support

8. Difference Between Tally ERP 9 and Tally

Prime

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TALLY ERP 9 TALLY PRIME

Tally Run on 32bits & 64 bits Tally Run only 64 bits
Mouse Operation (no) Mouse Operation (yes)

Multi-tasking (no) Multi-tasking (yes)

Short cuts key (yes) Changes Short cuts key (yes)

Gateway of Tally (Yes) Changes Gateway of Tally (Yes)

9. FEATURES OF TALLY :

• The Software allows to manage accounting, inventory within a single software.

• It has been used effectively to meet the daily financial activities of the
enterprise.
• Tally is the most powerful concurrent multi-lingual integrated Business
accounting software.

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• Tally enables its users to work with multiple company’s accounts

simultaneously.
• Business owners can manage multiple functions with multiple user logins.
Remote access can be given for employees who work remotely.
• The user can create deposited slip, print cheque, and maintain cheque register
easily.
• Tally software comes with easy to use interface, thereby making it simple to
operate.
• It supports business to combine there activates for accounting, inventory,
payroll, finance and more.
• GST – ready business management software.

10. VOUCHER ENTRY

Define voucher:
A voucher is a form that includes all of the supporting documents showing the money
owed and any payments to a supplier or vendor for an outstanding payable.

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To cash or To Bank Payment
By Cash Or By Bank Receipt
Cash and Bank Contra
Purchase Purchase
Sales Sales
Purchase Returns Debit note
Sales Return Credit Note
Adjustment entry Journal

11. LEDGER CREATIONS

Define Ledger:
The ledgers in Tally Prime or in the Books of Accounts affect assets, liabilities, income or
expenses. Tally Prime can generate a Profit & Loss A/c and Balance Sheet immediately after a
transaction has been entered. It can also generate a range of comprehensive financial statements
and reports.

Tally Process:
Create the Company
Set the Features
Create the Ledger:
GOT —-----> Create —-------> Accounting master —--> Ledger

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12. FINAL ACCOUNTS

Define Final Accounts:
Final Accounts gives an idea about the profitability and financial position of a business to its
management, owners, and other interested parties. All business transactions are first recorded in
a journal. They are then transferred to a ledger and balanced.

Tally Process:
Create the Company
Set the features
Create the Open items
GOT —---> Create —---> Inventory Master —-> Stock items

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Create the Closing Items:

Create the Ledger:

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13. STOCK CREATE ITEMS

WHAT IS A STOCK ITEM?
Stock item refers to goods that you manufacture or
trade. It’s the primary inventory entity and is the lowest level of information on
your inventory.
You have to create a stock item in tally for each inventory
item that you want to account for. Stock items are goods that you manufacture
or trade (sell & purchase).
STEPS:
1. Company creation
2. Inventory creation
Gateway of tally → Create → Inventory Master
3. Stock group: (variety of item)

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Name: TV
Under: primary

4. Stock category: (Brand)

Name: Samsung
Under: primary

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5. Go down/location
Name: Hosur
Under: primary

6. Units

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Symbol: no’s

7. Stock item:
Name: 32” Flat TV
Under: TV
Category: Samsung
Units: no’s

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8. Reports:
Gateway of Tally → Stock Summary

14. ORDER PROCESSING

Define:
Order processing refers to placing orders with suppliers for purchasing from them or
receiving orders from customers for selling. Order processing is linked to inventory.

Order processing types:

1. Purchase order
2. Sales order
What is the purchase order?
A purchase order is an official document issued by a buyer committing to pay
the seller for the sale of specific products or services to be delivered in the future.

Purchase order

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Gateway of tally → vouchers→ F10 (other voucher) → show inactive→ purchase order
(ctrl+F9)
Party name
Purchase ledger: purchase order (create)
Order no: 001
Name of the item: create

1. Receipt note:
It is used to record receipt of goods or items at stores, for example: the company receives
new stock item from a supplier.
Steps:
Gateway of tally → vouchers → F10 (other voucher) → show inactive→ receipt note
(Alt+F9)

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2. Rejection out:
It records goods that are rejected and returned to a supplier.
Gateway of tally → vouchers → F10 (other vouchers) → show inactive → rejection out
(ctrl+F5)

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3. Purchase:
It is used when you have to purchase some goods from any party and you get an invoice
against cash or purchase from the party.
Gateway of tally → vouchers→ purchase (F9)

4. Payment:
It is used to account all the payments used by the company by way of cash or bank.
Gateway of tally → voucher → payment (F5)

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What is sales order?

A sales order is a document generated by the seller specifying the details
about the product or services ordered by the customer. Along with the product and service details,
sales order consists of price, quantity, terms, and conditions etc.

Steps:
1. Sales order:
Gateway of tally → vouchers → F10 (other voucher) → show inactive→ sales order
(ctrl+F8)
Party name:
Sales ledger: sales order (create)
Order no: 001

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2. Delivery note:
A delivery note is a document sent with a shipment of goods that describes the
goods and the quantities being delivered. A delivery note (also known as a packing list, waybill,
bill of parcel or unpacking note) is crucial in the shipment of goods. It will list the products that are
contained within the package.
Steps:
Gateway of tally → vouchers → F10 (other vouchers) → shoe inactive → delivery note.

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3. Rejection in:
A Rejections In Voucher is used to record goods that are rejected and returned by the
customer. To enter the Rejections In Voucher.
Steps:
Gateway of tally → vouchers → F10 (other vouchers) → show inactive →rejection in

4. Sales:

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By definition, the term "sales" refers to all activities involved in selling a
product or service to a consumer or business. But in practice, it means so much
more.
Steps:
Gateway of tally → vouchers → sales (F8)

5. Receipt:
It is used to account all the revenues received by the company by way of
cash or bank.
Steps:
Gateway of tally → voucher → receipt

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15. POINTS OF SALES

Define POS:
Point of Sale could mean a retail shop, a check-out counter in a shop or any other
location, where a sales transaction takes place. The various POS equipment used in retail
outlets are Cash registers, card readers and barcode scanners.

Steps:
Create the Company
Set the features
Create Stock Items:
GOT ---🡪 Create ---🡪 Stock items

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Create the Voucher Types:

GOT ---🡪 Create ---🡪 Voucher Types

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Create the Voucher:

GOT ---🡪 Voucher -🡪 Sales (f8)

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Reports:
GOT --🡪 Reports ---🡪 Display --🡪 Daybook

16. TAX
DEFINE TAX:
Taxation is the means by which a government or the taxing authority imposes or
levies a tax on its citizens and business entities.
Types of Tax:
1. Define TDS:
TDS - Tax Deducted at Sources
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It is considered as one of the most common ways of deducting tax by the
government from any salaried individual. Other cases of TDS can be seen in the
cases of interest provided on fixed deposits.
Tally Process:
1.Company Creation:
2.Set the features:
Enable TDS – Yes

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3. Create the 3 types of Ledger:

I. Salary ledger

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Create the nature of payment

II. Person’s Name Ledger Creations

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III. TDS Ledger creation:

4. Create the voucher:

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i) GOT ---🡪 Voucher ---🡪 Journal (f7)

ii) Payment (f5):

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Reports:
GOT --🡪 Tds Reports --🡪Tds Outstanding

2. Define TCS:
TCS - Tax Collected at Sources
The TCS or Tax Collected at Source is the tax that is collected from the
buyer by the seller while the purchase of some specific goods category by the
buyer. This TCS rate depends on the category of the items and this tax
collected from the buyer needs to be deposited to the government by the
seller.
Tally Process:
Company Creations
Set the features:

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Create the 3 Types of Ledger:

1.Forest Area

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Nature of payment:

2.Person’s Name:

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3.TCS

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Create the voucher:

Got ---🡪 Voucher ----🡪 Sales(f8)

Receipt voucher (f6)

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Payment (f5)

Reports:
i)Daybook
ii)Display --🡪TCS Reports --🡪TCS Outstanding

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17.GOODS AND SERVICE TAX (2017, JUNE)

(GST)
Define GST:
You can create GST Classifications in Tally Prime in order to record the tax rates and other
details for categories of goods attracting different GST rates. For example, you can create GST
Classifications based on HSN.

Basic Concepts:
GST – Goods and services tax
Goods – Products
Service – Service places
Customer Amt Seller Tax Government
(EX):
100+18 = 118
GST = 18
Seller -----🡪 Sales ----🡪 Tax ----🡪 Output tax
Buyer -----🡪 Purchase ----🡪 Tax ---🡪 Input tax
Then,
Output tax ---🡪 100% tax
Input tax ---🡪 75% tax
Govt.tax ---🡪 25% tax

Local State---🡪 Tamil Nadu [ Chennai – Madurai]

GST

Outside of state ----🡪 [Chennai – Bangalore]

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Create the Company

Set the features
Enable GST features ---🡪 yes

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Create the ledger:

i) Sales:

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ii) Party Name:

iii) Sgst, Igst, Cgst

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Create The Voucher:

GOT ----🡪 Voucher ---🡪 Sales (f8)

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Reports:
GOT ----🡪 Reports ---🡪 Daybook
GOT ----🡪 Reports ---🡪 Display --🡪 GST Reports

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18. ZERO VALUES

Define Zero Values:
Zero valued entries in vouchers are required when, for example: You need to despatch
inventory as free samples or free replacements, etc.
You can make an entry of issue with the required quantity details but enter the value as
zero. This is done so that the entry is reflected only in the inventory books and not in the
Accounting books.

Types of free items:

Same free item
Different free item
Tally Process:
Company Creations
Set the features
Enable use separate actual and billed quantity column - yes
Create the stock items:

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Create the Vouchers: [ Purchase or Sales]

a.) Different free item:

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b.) Same free item:

Report
GOT --🡪 Reports ---🡪 Stock Summary ---🡪 View the reports in the stocks

19. MULTI CURRENCY

Define Multi Currency:
Multi-Currency Accounting in Tally Prime in your business, when you need to do
transactions in more than one currency, you can create multiple currencies in Tally Prime. You will
need to use foreign currencies in your transactions based on the currency in which your customers
want the invoice, the geographical location in which the transaction is carried out, or other such
reasons

Multi-Currency:
Currency Standard
Symbol Short Keys Country
Name rate
Rupees ₹ 1 unit (per) Ctrl + 4 India

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Dollar $ 73.50 Shift + 4 US Dollar
(America)
Pound ₤ 93.50 Alt + 156 US Pound
(England)
Euro € 83.60 Alt + 0128 Europe
Yen ¥ 0.65 Alt + 0165 Japan

Tally Process:
Company Create
Set the features
Create Currency:

Create the Rate of Exchange:

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Create the Voucher:

Check the Balance Sheet:

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Create the ledger & Voucher:

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Again check the balance sheet:

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20. INTEREST CALCULATIONS

[Only for Business People]

Define Interest Calculation:
Interest is calculated on outstanding receivables or payables. Interest is a legitimate return
on money invested and chargeable in the business world on loans and also on delayed payments.

Types of Interest Calculations:

Interest Payable (Purchase Entry)
Interest Receivables (Sales Entry)
Tally Process:
Create the company
Set the features
Activate Interest Calculation ---------🡪 Yes
Create the ledger:
a) Purchase

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Party Name:

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Create the Voucher:

Payment:

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Check the Reports:

GOT ----🡪 Reports ----🡪 Statements of Accounts ---🡪 Interest Calculation

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21. PRICE LIST

Define Prise List:
This is a set of predefined multiple levels where we can set prices for the product and can
select the appropriate price list whenever a sales transaction is passed in Tally.

Tally Process:
Create the Company
Set the features:
Enable multiple price levels —--> Yes
Create the stock items:

Create the Price levels:

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Create the Price list:

Create the Voucher:

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22. BUDGET AND CONTROLS

Define Budgets and Controls:
Budgets in TallyPrime help you to refine goals and use funds efficiently. It provides
accurate information for the evaluation of financial activities, aids in decision making and provides
a reference for future planning. In TallyPrime, you can modify budgets using the alter option. You
can also delete budgets.

Tally Process:
Create the Company
Set the features
Create the Budgets

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Create the Voucher

GOT —------> Voucher
Expenses - Payment
Income - Receipt

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Reports:
Check the Balance Sheet.

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23. BATCHES
Define Batches:
Batches help in better management of stock items with limited shelf life or perishable
goods. In TallyPrime, you can create a batch on the fly by only specifying a batch name. You can
assign manufacturing and expiry dates and allocate the stock items to one or more batches as per
your business need.

Tally Process:
Create the Company
Set the features
Enable Batches —-----> yes
Maintain Expiry dates for Batches —---> yes
Create the Stock items:

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Create the Voucher:

GOT —----> Voucher [Purchase or Sales]

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Reports:
GOT —---> Display —-----> Inventory books —---> Batches

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24. JOB COSTING

Define Job Costing:
Job costing is a form of specific order costing, which applies to a job undertaken according
to customer requirements and specifications. In Tally, you can track the cost and revenue
information like material, labour, and overhead for a specific job, even to the smallest detail.

Define Cost Centre:

You can maintain your incomes and expenses, as per different business units, employees,
projects, departments, and so on, using the Cost Centre capability in TallyPrime. You can have one or
more cost centres or profit centres in your company, as needed, and allocate the breakup of incomes
and expenses to different cost centres or profit centres.

Tally Process:
Create the Company
Set the features
Enable cost centers —-> yes
Enable Job costing —------> yes
Create the Cost Center
GOT —---> Ledger —---> Cost center

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Create the Godown:

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Create the Voucher:

GOT —--->Voucher —---> Journal (f7)

Receipt Voucher (f6):

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Purchase (f9):

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Create the Voucher Type:
GOT —--> Alter —-->Stock Journal

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Create the Transfer:

GOT —--> Voucher —--> other voucher f(10)--------> transfer

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Create the Consumption:

GOT —--> Voucher —--> other voucher f(10)--------
>Consumption

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Again Transfer (Optional)

Payment (f5)

Reports:
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GOT —-> Display —--> Statement of inventory —-> Job costing

analysis

25. PAYROLL
(SALARY DETAILS)
DEFINE PAYROLL:
The payroll feature in Tally Prime is fully integrated with accounting to streamline
payroll processing.

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Organizations can set up and process payroll using simple and complex criteria. A
collection of predefined processes in Tally Prime enable error-free automation of
payroll process.
The payroll feature also provides management related information, statutory forms and
reports in the prescribed formats such as:

● Pay Slip, Payroll Statements, Attendance and Overtime Registers.

● Gratuity, Provident Fund (PF), Employee State Insurance (ESI), National Pension
Scheme (NPS).
The payroll feature in Tally Prime is fully integrated with accounting to streamline
payroll processing.
Organizations can set up and process payroll using simple and complex criteria. A
collection of predefined processes in Tally Prime enable error-free automation of
payroll process.
The payroll feature also provides management related information, statutory forms and
reports in the prescribed formats such as:

● Pay Slip, Payroll Statements, Attendance and Overtime Registers.

● Gratuity, Provident Fund (PF), Employee State Insurance (ESI), National Pension
Scheme (NPS).

PAYROLL PROCESS:
Step 1: company create
Step 2: set as features
enable payroll – yes
Step 3: CREATE PAYROLL CONFIGURATION
By path: GOT – Gateway of tally
GOT---🡪 create ----🡪 payroll master
1. Employee group:
Name: sales dep
Under: primary
Define salary details: no
2. Employee:
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Name: Priya
Under: sales dep
Date of joining: 1.4.2022
Define salary detail: no
3. Units:(simple)
Symbol: Days
Hrs
Month
Units: Compound
Month of 26 days
Days of 8 hrs
4. Attendance:
a. Name: Present
Attendance type: attendance/leave with pay
b. Name: Absent
Attendance type: leave without pay
c. Name: OT
Attendance type: attendance/leave with pay

5. PAY HEAD:
I)Basic Salary:

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ii) DA:

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III) HRA:

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Employee PF Contributions @12%:

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Employee ESI Contributions @1.75%:

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6.DEFINE SALARY
GOT --🡪 ALTER -🡪 DEFINE SALARY

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STEP: 4 PAYROLL VOUCHER CREATIONS

GOT --🡪F10(OTHER VOUCHER) ---🡪 ATTENDANCE

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GOT --🡪F10(OTHER VOUCHER) ---🡪 PAYROLL VOUCHER (CTRL+F4) (AUTOFILL –

CTRL + F)

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