Tribhuvan University

Damak Multiple Campus

Faculty of Humanities
Bachelor in Computer Application

Report of Partial Fulfillment of

ACCOUNT
Assignment Report-2080
Submitted by
Neha Bhagat
BCA Second Semester
Submitted to:
Prem Sangraula
Dept. of BCA
Damak Multiple campus ,
Damak-09, Jhapa

DEC,2023
 Damak Multiple Campus
Department of Humanities

CERTIFICATE OF AUTHENTICATION

This is to verify that Ms. Neha Bhagat student of Bachelor’s in

Computer Application (BCA) first year/second semester, has
submitted Practical Lab Report for his partial fulfillment of subject
ACCOUNT practical exam-2080. Her roll number is:18

………………………….
…………..……………
Subject Teacher External
Prem Sangraula
 ABSTRACT

Tally is a powerful and user-friendly accounting software solution designed to

streamline financial management for businesses of all sizes. From recording essential
transactions to generating insightful reports, Tally empowers users to take control of
their finances and make informed decisions. In this report, we learn and understand
how to use some of the basics of Tally and how to enter Journal entry, display the
Balance sheet, Profit and Loss Account as well as Ratio analysis. It is our pleasure
and duty to submit the report of Tally. It comes under the syllabus of BCA 2 nd
Semester program affiliated to Tribhuvan University. The main goal of this lab report
is to make students understand about practical knowledge and concept of Tally,
about how to enter the given Journal entry. This is the main point of view of this
report.
 ACKNOWLEGDEMENT

I would like to extend my sincere gratitude to our teacher Prem Sangraula sir for
giving me the information, abilities, and assistance required to complete this
assignment. His direction and counsel were really helpful to me as I developed and
improved my study questions and technique. Additionally, I am appreciative of his
critical criticism and comments, which allowed me to raise the caliber of my work. I
also appreciate the Damak Multiple Campus for giving me the tools I needed to
complete this project. The university library and computer lab were both crucial to
the project's success. I appreciate the assistance and counsel that the college
personnel gave me when I needed it. Without the help of my teacher and the
organization, this project would not have been possible, thus I appreciate their help.
The college has offered us opportunities and experiences that has advanced my
academic careers.

Thank you all for your contributions.

 Table of Contents

What is Tally?....................................................................1
Why Tally ?.......................................................................2
Journal with Tally................................................................3
Steps taken to create journal entries in Tally:....................3
Conclusion and Findings.................................................14
 TALLY
What is Tally?
Tally is popular accounting software that is widely used by businesses
and organizations of all sizes. It is designed to help users manage their
financial transactions, generate financial statements and reports, and
comply with tax and regulatory requirements. Tally is known for its
user-friendly interface, comprehensive features, customization
options, data security, scalability, and cost-effectiveness. The
software is based on the principles of double-entry accounting, which
means that every transaction affects at least two accounts, with one
account debited and another account credited. Overall, Tally is a
powerful and reliable accounting solution that can help businesses and
organizations streamline their financial processes and make better
business decisions.

Some other popular Accounting software:

1. QuickBooks

2. Xero

3. Wave

4. FreshBooks

5. Zoho Books

6. Sage Intacct

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 Why Tally?

There are several reasons why Tally is a preferred choice for

accounting:

1. User-friendly interface: Tally has a simple and intuitive interface

that makes it easy for users to navigate and use the software, even if
they have little or no experience with accounting.

2. Comprehensive features: Tally offers a range of features that are

essential for accounting, such as financial statements, invoicing,
inventory management, payroll, and tax compliance.

3. Customization: Tally can be customized to meet the specific needs

of a business or organization, with features that can be added or
removed as required. 4. Data security: Tally has strong security
features to protect sensitive financial information, with user-level
access control, data encryption, and backup and restore capabilities.

5. Scalability: Tally can be used by businesses of all sizes, from

small startups to large enterprises, and can handle large amounts of
data and transactions.

6. Cost-effective: Tally is an affordable software solution, with

different pricing plans to suit different budgets and needs.

2
 Journal with Tally

Q1. Create a journal of the following with tally.

a. Business started with cash Rs. 20,000.
b. Goods purchase for cash Rs. 10,000.
c. Furniture purchase on cash Rs. 5,000.
d. Cash paid to supplier Rs. 3,000.
Before creating journal with Tally, you need to first create a company
name and then start off with creating Ledgers for the given
transactions and then start off with the journal.

Steps taken to create journal entries in Tally:

1. Create Ledger Accounts: Before creating journal entries, you
need to create a company name and ledger accounts for all the
accounts that you will use in your transactions. This can be done
by going to the 'Accounts Info' menu, selecting 'Ledgers', and
then selecting 'Create'.

3
 Fig: Company creation

Fig: Company Name Created.

Fig: Selecting Accounts Info.

4
Fig: Ledger Selection for Creating Ledger.

Fig: Selecting Create to create Ledger

5
Now after selecting create to create Ledger, enter the name of the
ledger account, select the appropriate group (e.g. Bank Account,
Expenses, Revenue, etc.), and enter any other relevant details.

Fig: Creating Ledger for Cash.

Fig: Creating Ledger for Capital.

6
 Fig: Creating Ledger for Furniture.

In this way, you can create the needed Ledgers for your transactions.

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2. Open Journal Voucher: Once the ledger accounts are created,
you can open a new Journal Voucher by going to the 'Gateway
of Tally' screen and selecting 'Accounting Vouchers'. Then,
select 'F7: Journal' to open a new Journal Voucher.

Fig: Selecting Accounting Vouchers.

Fig: Opening the Journal.

8
3. Enter Details: In the Journal Voucher screen, you need to enter
the details of the transaction, including the date, narration, and
the ledger accounts that will be debited and credited. For
example, if you received a payment of $1000 for services
rendered, you would debit the Bank Account and credit the
Revenue Account.

Fig: Business started with cash Journal.

9
 Fig: Goods purchase for cash Journal.

Fig: Furniture purchase on cash Journal.

10
Fig: Cash paid to supplier Journal.

11
After the Journal is entered you need to get back to the Gateway of
Tally Menu in order to see the Balance sheet, Profit & Loss Account
and Ratio Analysis.

Fig: Gateway of Tally Menu and Selecting Balance sheet

12
 Fig: The Balance Sheet.

Fig: Profit & Loss Account.

Fig: Ratio Analysis.

13
 Conclusion and Findings
1. Tally is powerful accounting software that allows businesses to
manage their financial transactions effectively and efficiently.
2. To create journal entries in Tally, you need to first create ledger
accounts for all the necessary transactions.
3. After creating ledger accounts, you can then create journal
entries by selecting the appropriate ledger accounts and entering
the debit and credit amounts.
4. Once the journal entries are completed, you can view the
financial statements such as the balance sheet and profit and loss
account, as well as financial ratio to analyze the financial health
of the business.

The importance of journal entries in Tally for accounting purpose

cannot be overstated. Journal entries are the backbone of any
accounting system and provide a complete record of all financial
transactions. They help to ensure accuracy in financial reporting
and provide a clear audit trial for accountants, auditors, and tax
authorities.

Tally’s ability to automate journal entries and financial reporting

makes it an invaluable tool for business of all sizes. With Tally,
businesses can easily manage their finances, track their expenses,
and analyze their financial performance. This enables them to
make informed decisions, minimize risks, and maximize profits.

In conclusion, journal entries in Tally are a critical aspect of

accounting and financial management. By using Tally, businesses
can streamline their financial operations, improve financial
reporting, and make better-informed decisions.

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