PRATICAL PROJECT REPORT

On

“BASIC ACCOUNTING SOFTWARE (SE) (Lab Based)”

Submitted in partial fulfilment for the requirement of the degree of

BACHELOR OF COMMERCE (Hons)

Under the supervision of Dr.Shikha Gupta

By: Anmol Kumar Singh

(Enrollment No: 01419288822)

Lingaya’s Lalita Devi Institute of Management & Sciences

Affiliated to Guru Gobind Singh Indraprastha University

Dwarka, Delhi-78

(December, 2023)

i
 DECLARATION

I, hereby declare that this project Report, entitled “Tally Prime” is an authentic work
carried out by me. It has not been submitted earlier for award of any degree or
diploma to any institute or university.

Date: Name: Gauri Arora

Place: New Delhi Enrollment No: 35319288822

Countersigned by Faculty In-charge

Dr. Shikha Gupta

(Associate Professor)

Lingaya’s Lalita Devi Institute of Management and Sciences

ii
 ACKNOWLEDGEMENT

It is my pleasure to be indebted to various people who directly or indirectly

contributed in the development of this work and who influenced my thinking
behaviour and acts during the course of study.

I express my sincere gratitude to Dr. Pranav Mishra the worthy Director of Lingaya’s
Lalita Devi Institute of Management and Sciences, for providing me an opportunity of
doing this project under his leadership.

I also extended my sincere indebtedness to Dr.Shikha Gupta, Associate Professor,

LLDIMS, New Delhi who taught us this subject and provided her valuable suggestion
and precious time in accomplishing my project.

I also take an opportunity to express my sincere gratitude to each and every person,
who directly or indirectly helped me throughout the project and without anyone of
them this project would not have been possible.

The immense learning from this project would be indelible forever.

GAURI ARORA

ENROLLMENT NO. 35319288822

iii
 TABLE OF CONTENTS

S.No. Topic Page No.

1. Declaration ii

2. Acknowledgement iii

3. Table of Contents iv

4. Chapter I: Introduction-Tally Prime 1-5

5. Chapter II: Basic Concepts 6-12

6. Chapter III: Major Accounting Entries 13-24

7. Chapter IV: Reconciliations 25-30

8. Chapter V: Reporting 31-34

9. References/ Bibliography 35

iv
 CHAPTER I: INTRODUCTION – TALLY PRIME

1.1 Introduction

Business automation is one of the most prioritised processes when an entrepreneur

decides to enter the market. Not only does automation saves precious time but also
improves business efficiency and operability. The sheer convenience of having all
your business data in one place, readily available, ability to manage
your payables, receivables, getting control over your stock and therefore being able to
strengthen your relationships with customers and suppliers is a great asset to have.
However, most automation tools that exist today come with varying levels of
complexities and create inhibitions in your mind. Often, one chooses to automate out
of compulsion rather than to harness the true value of automation.

Tally has always strived to make every user’s life easy by providing the best solutions
to make business owners more efficient, empowered, and happier, so they can focus
on what matters most for their business. By automating your business with Tally not
only do you have a software which understands you and simplifies your life but is a
joy to use as it absorbs all complexities and allows you to focus on running your
business better.

1.2 What is Tally Prime?

Tally Prime is an advanced business management software developed by Tally

Solutions, designed to facilitate accounting, inventory management, and other
business-related tasks. It is an upgraded version of Tally Prime, offering enhanced
features, user-friendly interface, and improved capabilities to streamline various
business operations.

Introduced as an all-in-one solution for small to large businesses, Tally Prime

provides efficient tools for financial management, invoicing, taxation, banking,
payroll, and more. Its user interface has been revamped to provide a more intuitive
and easy-to-navigate experience, allowing users to access features and perform tasks
more conveniently.

1
1.3 Salient features of Tally Prime

Features of Tally Prime are many. Some of them are discussed below:

1. Improved User Interface: Tally Prime offers a more intuitive and user-
friendly interface, making navigation and access to features simpler for both
new and experienced users.
2. Simplified Access: The software allows for easy and quick access to various
features and reports, enabling efficient management of accounting, inventory,
banking, compliance, and other business operations.
3. Speed and Performance: Tally Prime is designed for enhanced speed and
performance, facilitating faster data entry, report generation, and overall
responsiveness, thereby improving productivity.
4. Multitasking Capabilities: Users can perform multiple tasks simultaneously,
such as generating reports while entering data or accessing other
functionalities, optimizing workflow efficiency.
5. Customizable Reports: It provides a wide range of customizable reports that
offer insights into different aspects of business operations, aiding informed
decision-making.
6. GST Compliance: Tally Prime simplifies GST compliance by assisting in
GST invoicing, returns filing, e-way bill generation, and other related
activities, ensuring businesses adhere to GST regulations.
7. Banking Features: The software enables efficient management of banking
transactions, including reconciliation, cheque printing, funds transfer, and
bank statement analysis, streamlining financial processes.
8. Inventory Management: Businesses can manage inventory effectively,
tracking stock levels, movements, batch-wise details, and enabling stock
valuation methods, optimizing inventory control.
9. Security Controls: Tally Prime offers robust security features, including user-
based access control, allowing businesses to control access to sensitive
information and ensuring data security.

2
 10. Remote Access and Collaboration: Users can access Tally Prime remotely,
facilitating collaboration among team members and accountants, enabling
real-time updates and data sharing.

1.4 Benefits

The benefits of Tally Prime are as follows:

 Tally Prime features an intuitive user interface, making it user-friendly and

easy to navigate for individuals with varying levels of accounting knowledge.
 The software enables faster data entry, report generation, and processing,
leading to increased productivity and time savings for businesses.
 Tally Prime supports comprehensive accounting functionalities, aiding
businesses in maintaining accurate financial records, ledgers, and financial
statements.
 It simplifies Goods and Services Tax (GST) compliance by automating GST
calculations, invoicing, filing returns, and generating error-free GST reports,
ensuring businesses adhere to regulatory requirements.
 Tally Prime helps in effective inventory control by managing stock levels,
tracking inventory movements, and enabling different valuation methods,
leading to optimized inventory management.
 The software streamlines banking operations by facilitating bank
reconciliation, fund transfers, cheque printing, and analysis of bank
statements, improving financial control.
 With customizable and insightful reports, Tally Prime provides businesses
with real-time insights into their financial performance, helping in informed
decision-making.
 Tally Prime offers robust security features, ensuring data integrity and
confidentiality by providing user-level access control and data encryption
options.
 It allows for remote access, enabling collaboration among team members,
accountants, or multiple branches/offices, ensuring real-time data sharing and
updates.

3
  Tally Prime simplifies payroll processing, making salary calculations,
managing employee-related statutory compliance, and generating payslips
more efficient.
 It is scalable and can adapt to the growing needs of businesses, making it
suitable for small, medium, and large enterprises.
 For businesses dealing with international transactions, Tally Prime supports
multi-currency transactions and facilitates currency exchange rate
management.
 Tally Prime's benefits lie in its ability to streamline various business
processes, ensure compliance with statutory requirements, offer valuable
insights through reporting, and enhance overall efficiency and productivity
within an organization.

1.5 Limitations of Tally Prime.

1. Steep Learning Curve: For users who are new to accounting software, Tally
Prime may have a learning curve. Training and familiarity with the software may
be required to use its features effectively.
2. Limited Integration: While Tally Prime supports integration with some third-
party applications and tools, the range of integrations may be limited compared to
some other accounting software. This could be a drawback for businesses that rely
on a variety of software tools.
3. Offline Nature: Tally Prime traditionally has been an offline software, and while
this provides data security, it may limit real-time collaboration and accessibility,
especially for businesses that require online or cloud-based solutions.
4. User Interface: Some users may find the user interface to be somewhat outdated
or less intuitive compared to more modern accounting software. However, user
interface preferences can vary among individuals.
5. Limited Reporting Options: While Tally Prime provides standard accounting
reports, some users may find that it lacks certain advanced reporting features.
Customization options for reports might be limited compared to more specialized
reporting tools.
6. Customization Challenges: Customizing Tally Prime for specific business needs
might be challenging for users who are not familiar with the software's

4
 customization options. Businesses with highly specialized requirements might
find that the software doesn't meet all their needs out of the box.
7. Customization Challenges: Depending on the location and the specific version of
Tally Prime, users may experience variations in the quality of customer support.
Some users have reported challenges in getting timely support or resolution of
issues.
8. Security Concerns: As with any software, there are security considerations.
Users need to ensure that they follow best practices for data security and keep the
software updated to address any security vulnerabilities that may be discovered.

CHAPTER II: BASIC CONCEPTS

2.1 SHORTCUT KEYS IN TALLY PRIME

 Basic Navigation and Operations:

M: To access the Main Menu

R: To access the Reports menu

5
G: To go to a specific voucher type

F1: To select a company

Alt + K: To select a keyboard shortcut

Alt + R: To toggle between Single and Multiple mode

Ctrl + A: To accept a form

Ctrl + B: To browse in reports

Ctrl + F: To select a feature in a form

 Voucher Entry Shortcuts:

F2: To change the date

F4: To toggle between Invoice and Voucher modes

F5: To access Payment voucher

F6: To access Receipt voucher

F7: To access Journal voucher

F8: To access Sales voucher

F9: To access Purchase voucher

F10: To access the Ledger

 Miscellaneous Shortcuts:

Alt + F1: To close Tally

6
Alt + F2: To duplicate a voucher

Alt + F3: To repeat narration

Alt + F4: To delete a voucher

Alt + F5: To zoom in on a report

2.2 CREATION OF COMPANY IN TALLY PRIME

The first step to get started in Tally Prime is to create a company. The creation of
company in Tally involves basic information about company, books and currency
details.

Step 1: The first step to creating a company in Tally Prime is to open the software.
Once you have opened the software, you will see the gateway of Tally Prime.

Step 2: The company creation window displays on the screen as show below image

7
Step 3: On company creation screen, update the following details

Directory: It is a path where the company date will be stored on system. By default,
the tally

Directory will updated as C:\Users\Public\TallyPrime\Data and you can change the

path as per your requirements.

Name: Update the name of company that identifies in Tally Prime.

Mailing Name: The mailing name of company will be automatically updated as per
the given name of company, however the mailing name can be changed as per the
requirements.

Address: Update the complete address details of company

Statutory Compliance for: Choose the country name as India from the given list of
countries.

State: Choose the state from the given list of states.

Pin Code: Update the Pin Code of company, where it is locate

Contact Details

Telephone No: Update Company landline/ Telephone number

8
E-Mail: Update the company e-mail id

Mobile No: Mobile number for contacting

Fax no: Update the Fax number

Website: Update the official website address of company

Books and Financial Year Details

Financial Year From: Update the financial year starting date, all Indian companies
financial year start from 1st April and ends on 31st March. Tally considers the 12
months from the date given for financial year. The financial year will be automatically
displayed on Tally system, if FY starts in middle of year, you can specify the exact
date from here.

Books beginning from: Specify the books beginning date.

Security Control

Tally Vault Password: By enabling Tally vault password, the company data is
secured in an encrypted form. The data is not accessible without the password, if you
lost the password that will be not recovered.

Use Security Control: Enabling securing control helps only authorized users are
allowed to enter/edit/delete the vouchers on Tally.

After updating all the required details of company, choose yes to save the entered
details.

9
2.3 LEDGERS

In Tally Prime, ledgers are the individual accounts where financial transactions are
recorded. They help in organizing and tracking various types of transactions such as
expenses, incomes, assets, liabilities, etc. Here are a few key points about ledgers in
Tally Prime:

1. Types of Ledgers: There are different types of ledgers such as cash, bank,
sales, purchases, expenses, assets, liabilities, etc., which help in classifying
and organizing transactions.
2. Creation and Configuration: To create a ledger, you navigate to ‘Accounts
Info’ > ‘Ledgers’ > ‘Create’. Here, you provide details like the ledger name,
group under which it falls (like bank accounts, expenses, etc.), currency, and
other relevant information.
3. Groups in Ledgers: Ledgers are organized into different groups based on
their nature. Tally Prime provides predefined groups, and you can also create
custom groups to suit your accounting requirements.
4. Accounting Features: Tally Prime allows setting up various accounting
features for ledgers, such as maintaining bill-wise details, enabling interest
calculation, specifying GST/TDS details, and more.

10
 5. Modifying or Deleting Ledgers: Users can easily modify or delete ledgers as
needed. To modify a ledger, go to ‘Accounts Info’ > ‘Ledgers’ > ‘Alter’. To
delete, select the ledger and choose the ‘Delete’ option.
6. Viewing Ledger Reports: Tally Prime generates reports like Trial Balance,
Profit & Loss, Balance Sheet, etc., based on the transactions entered in these
ledgers, providing a clear financial overview.

These ledgers serve as the building blocks of accounting in Tally Prime,

organizing and recording financial data for accurate and efficient management of
business finances.

HOW TO CREATE LEDGERS IN TALLY PRIME?

Step 1: Go to Gateway of Tally.

Step 2: Access ledger creation

 From the Gateway of Tally, Press A on your keyboard.

 Then select ledgers or press L on your keyboard.

11
Step 3: Create a ledger

 Choose 'Create' or press 'Alt + C'.

 Enter the Name of the Ledger (e.g., Rent, Salaries, Sales, etc.).
 Choose the appropriate Group (e.g., Sundry Creditors, Sundry Debtors, etc.).
 Set the required options like 'Maintain balances bill by bill' if needed.
 Input other relevant details like address, contact details, etc., if necessary

12
 CHAPTER III: ACCOUNTING ENTRIES

3.1 QUESTION

Journalise the following transactions also enter the following transactions in the
voucher entry.

1. Commenced business with cash Rs.1,80,000

2. Purchases goods for cash Rs.22,000
3. Sold goods to Ram Rs.12,700
4. Received cash from Ram Rs.12,446
5. Allowed him discount Rs.254

13
14
 3.2 INTEREST CALCULATION

Ques: How do you enable interest calculation in Tally?

Enable Interest Calculation Feature:

1. Open Tally Prime and access the company for which you want to enable
interest calculation.
2. Go to Gateway of Tally > Accounts Info > Ledgers.

15
 3. Select the ledger account for which you want to enable interest calculation
(e.g., a customer or vendor ledger).

Ques: Explain the steps to enable interest calculation or a specific ledger?

Access Ledger Alteration:

1. Open Tally Prime and select the company for which you want to enable
interest calculation.

Go to Gateway of Tally > Accounts Info > Ledgers.

16
2. From the list of ledger accounts, choose the specific ledger (e.g., a customer or
vendor ledger) for which you want to enable interest calculation. Highlight
and select it.
3. In the ledger alteration screen, look for the option "Activate Interest
Calculation" and set it to "Yes."

17
Ques: Where you can set the interest rate for a ledger in Tally?

Access Ledger Alteration:

1. Open Tally Prime and select the company for which you want to enable
interest calculation.

Go to Gateway of Tally > Accounts Info > Ledgers.

2. From the list of ledger accounts, choose the specific ledger (e.g., a customer or
vendor ledger) for which you want to enable interest calculation. Highlight
and select it.

18
3. In the ledger alteration screen, look for the option "Activate Interest
Calculation" and set it to "Yes."
4. Look for the field labelled as "Rate of Interest" or similar terminology in the
ledger alteration screen. Enter the desired interest rate applicable to this
specific.

3.3 BILLS OF MATERIAL (BOM)

Bill of materials (BoM) refers to a structured list of components, raw

materials, and sub-assemblies needed to manufacture a finished product. It
outlines the hierarchical structure of how various items are assembled or
consumed to create the final product.

BoM in Tally Prime helps in managing inventory effectively by tracking the

quantity and cost of each component required for production. It aids in
calculating the total cost of production, maintaining inventory levels, and
streamlining the manufacturing process within the software.

Bills of Material typically refer to a list of raw materials, sub-assemblies, and

components needed to manufacture a finished product. While Tally may not
have a dedicated module for this, you can still manage some aspects of
manufacturing or assembling products using features like Stock Items, Stock
Groups, and Stock Journals in Tally Prime.

19
Here are general steps you might follow:

 Create Stock Items:

Go to Gateway of Tally > Inventory Info > Stock Items.

Create individual Stock Items for each raw material, sub-assembly, or

component

 Create Stock Groups:

Group your Stock Items under appropriate Stock Groups to represent
different levels of assembly.

20
 Stock Journal Entries:
Use Stock Journal entries to record the transfer of materials between stock
locations or from one stock item to another.

 Use Voucher Types:

Tally uses voucher types to record different types of transactions. You
might need to create a customized voucher type for assembly or
manufacturing transactions.

 Create specific ledgers and vouchers for adding materials in stock

inventory
 Use purchase vouchers to record the entry of raw materials

21
 press alt +f7 to select stock journal voucher
After opening the stock jounal voucher window , press ctrl+h and select
use for journal
 To use the billzof material function

Now we can add the stock items in the component (consumption ) side .
Provide Product Name of Finished Goods, BOM name, godown, name &
Quantity of Finished Goods

3.4 IMPORT / EXPORT DATA

In Tally Prime you can export and import the entire data to a newly created
company. You have to export the masters first and then the transactions.
Ensure that F11: Features of the exporting and the importing company are the
same.
 IMPORT
The company features that were enabled while exporting the data should be
enabled in the company in which the data is imported. For example, if you
want to import masters created in ABC Company to a new company - XYZ
Company. The options maintain stock categories and Maintain batch-wise
details must be enabled in ABC Company before exporting the masters. To
import masters into XYZ Company, you need to ensure that both the options
maintain stock categories and Maintain batch-wise details are enabled in XYZ
Company before importing.
1. Go to Gateway of Tally > Import Data >Masters.
2. Enter the name of the .xml file to be imported, if the file is located in the
Tally Prime application folder

22
 3. Select the behaviour to define the method by which the existing masters in
the company will be treated.

Combine Opening Balances: Select this option to import data of different

branches and consolidate the opening balances. You can also select this option
when the opening balances of existing masters are Zero and need to be
overwritten by the balances in the data being imported.
Ignore Duplicates: Select this option to import new masters along with the
existing masters in Tally ignoring the duplicates.
Modify with new data: Select this option to replace the existing balances
with those existing in the data imported and also override the other options
available in list of behaviours available. The Import Masters screen appears as
shown below:

4. Press Enter to import.

Go to Accounts Info or Inventory Info to view all the masters that has been
imported. You can also open the file Tally.imp located in the Tally Prime
installation folder to view the import log.

 EXPORT

You can export masters created in a company, in different formats. You can also
choose the type of masters to export. Masters exported in XML format can be
imported into Tally Prime using the Import masters option.

1. Go to Gateway of Tally > Display > List of Accounts.

2. Click E: Export.

3. Press backspace to configure the export options.

 Select the Language.

23
  Select the Format.
 Enter the Export Location.
 Enter the Output File Name.
 Select the Type of Masters to be exported.
 Set the option Include dependent masters?
5. Enable Export Closing Balances as Opening, if required. The Export Report
screen appears as shown below:

24
 CHAPTER IV: RECONCILIATIONS
A Bank Reconciliation is a process to match all the transactions and bank
balances of an organisation with the accounting records of the organisation
for a particular period. You can perform the reconciliation manually as well
as automatically. You can set the date from when you want to perform the
reconciliation. The unreconciled transactions of the current year appear in the
Opening BRS of the next year, you can remove the Opening BRS if not
required. You can also compare the bank book with the cash book or two or
more banks.

The Bank Reconciliation is one of the prerequisites of auditing and

verification of the correctness of accounts at the year-end. The purpose of
reconciling bank statements is to avoid any missing transactions or any
mismatch in the bank book and in the cash book of your company. The
reason for the mismatch can be cases where a cheque was issued but not
presented, a cheque collected but not deposited or even in cases of the
cheque was dishonoured.

Tally Prime provides you with the flexibility to perform reconciliation

automatically. You need to configure your bank ledger for auto reconciliation
and then import the bank statements in the format of Excel, MT940 or .CSV
files. Once imported the reconciliation is done automatically. It is of
utmost importance to record the transactions with the Instrument number and
date, which is required while performing auto-reconciliation. This avoids the
possibility of mapping the wrong entry while performing the
reconciliation. If the auto-reconciliation option is enabled for your bank
ledger, you can still perform manual reconciliation if needed. In manual
reconciliation, you need to manually enter the bank date against each
transaction.

You can reconcile or delete the unreconciled transactions one by one or in

one go. The transactions that are not recorded in the company books but were
executed by the bank can be recorded by creating vouchers directly from the
Bank Reconciliation Statement.

With Bank Reconciliation, you can:

1. Create vouchers from the Bank Reconciliation screen itself.

2. Provide opening BRS for unreconciled transactions.

4.1 Accessing Bank Reconciliation

25
 1. Go to Gateway of Tally prime> Banking> Bank Reconciliation.

2. Select the required Bank account from the List of Bank and press Enter. The
Bank Reconciliation screen of the selected Bank appears. By default the
details in the Bank Reconciliation screen are sorted based on Bank Date (if
bank date is already specified for the transaction). Or else, such sorting will be
based on the Instrument Date.

Note: By default, the screen displays the period range from date specified in the
Effective Date for Reconciliation in the Bank ledger master till the date of last
entry. The Bank Date has be to be provided based on the Instrument Date and
not on Voucher Date.

5.2 View and configure Bank Reconciliation

After you import the bank statement, the entries are auto-reconciled. You can
see the Bank Date column updated with the bank dates when the transactions
are cleared in the bank. You can also view the reconciliation screen by
including the reconciled transactions or view either debit or credit entries.
From the reconciliation screen of one bank, you can go to another bank
reconciliation screen. Additionally, you can configure the screen and add
other details as per your requirements.
You can customise the Bank Reconciliation Statement to view it as per your
requirements.

26
  F4 (Bank): You can switch to another bank to view the Bank
Reconciliation Statement of that bank.

 Ctrl + B (Basis of Values): You can configure the Bank

Reconciliation Statement with the details as per your business needs.

Type of Voucher Entries: You can view all the vouchers together or
select only debit or credit entries.

Include Reconciled Transactions: Once the transactions are reconciled,

it is removed from the reconciliation list. You can enable this option to
include reconciled transactions.

Include all Un-reconciled transactions till date: Displays the list of

unreconciled transactions till the date when you are performing bank
reconciliation.

Include Un-linked transactions: Displays the list of unlinked

transactions.

 Ctrl + J (Exception Reports): You can view the Optional and Post-
Dated Vouchers from this option.

 Alt + H (Opening BRS): From this option, you can view the Opening
BRS for all the unreconciled transactions after you split the company.

 Alt + S (Set Bank Date): To set a bank date for all the transactions for
reconciliation, press Alt + S. The Set Bank Date sub-screen appears as shown
below:

Instrument Date: On selecting Instrument Date as the Bank Date Type,

the Bank Date field for all the transactions in

27
 the Bank Reconciliation screen is filled with the instrument date entered
for that transaction in the Bank Allocations screen.

New Date: On selecting New Date as the Bank Date Type, a new
field Date appears in the Set Bank Date sub-screen.
Specify the required bank date that is to be filled for all the transactions in
the Bank Reconciliation screen.

Voucher Date: On selecting Voucher Date as the Bank Date Type,

the Bank Date field for all the transactions in the Bank Reconciliation
screen is filled with the Date of Voucher.

Apart from the above-mentioned options, you can further configure your
report from F12 (Configure).

 Show Narrations: Set this option to Yes to display the narration in the
Bank Reconciliation Statement.

 Show Favouring Name/Received From: Set this option to Yes to

display the Payment Favouring/Received From details in the Bank
Reconciliation Statement. The Favouring Name column displays only
those names that are different from the Party/Ledger account names.

 Show Remarks: Set this option to Yes to display the remarks in the
Bank Reconciliation Statement.

 Show Forex details: Set this option to Yes to display the Forex details
in the Bank Reconciliation Statement. The options Show Forex details
appear only in case the multiple currencies feature is enabled for the
company.

28
  Show Difference in Bank Balance: Set this option to Yes to display
the difference of balance as per bank balance and balance as per
imported bank statement.

 Allow Back-dated Reconciliation: Set this option to Yes to allow

reconciling back-dated transactions also.

4.3 Button Options in Bank Reconciliation screen

 F2: Period: Press F2 key or click F2: Period to specify a period for which the
Bank Reconciliation screen is to be displayed.
 S: Set Bank Dates: To set a bank date for all the transactions for
reconciliation, click S: Set Bank Dates button or press Alt + S key.
 Instrument Date: On selecting Instrument Date as the Bank Date Type, the
Bank Date field for all the transactions in the Bank Reconciliation screen is
filled with the instrument date entered for that transaction in the Bank
Allocations screen.
 Specify the required bank date that is to be filled for all the transactions in the
Bank Reconciliation screen.
 Voucher Date: F2 on selecting Voucher Date as the Bank Date Type, the Bank
Date field for all the transactions in the Bank Reconciliation screen is filled
with the Date of Voucher.
 C: Create Voucher: Press Alt + C key or click C: Create Voucher to create a
voucher from the Bank Reconciliation screen itself.
 U: Opening BRS: Click this button to provide opening BRS to the
unreconciled transactions.
 Provide the unreconciled transaction details based on the nature of transactions
(Deposit/Withdrawal).
 Provide the date of the realised transactions (the amount reflecting in the bank
passbook) in the Bank Date field provided.
 Save the Bank Reconciliation screen.

4.4 Tips:

29
 Reconcile your bank statements regularly (e.g., monthly) to maintain accurate
financial records.
 Always cross-verify transactions and entries thoroughly to avoid errors in
reconciliation.
 Keep backup files of your data before performing any reconciliations or major
modifications.

CHAPTER V: REPORTING

30
5.1 FINANCIAL STATEMENTS

 Trial Balance:

Go to the Gateway of Tally > Display More Reports > Trial Balance

Summarise Group wise Closing Trail Balance:-

After Pressing Alt+F1 key,We will get the detailed trail Balance:-

By Pressing F12 ( Configuration), We can select Opening trail Balance Yes Option
and can see the Opening Trail Balance also or Can see the transactions during the year
also.

31
Can see the opening as well as Closing Trail Balance with Transactions During the
year as per below screen:

 Profit and Loss Account:

Gateway of Tally > Reports > Profit and Loss Account

32
 Balance Sheet:

Gateway of Tally > Reports > Balance Sheet

 Day Book:

The Day Book is a report that provides a chronological record of all transactions
entered into the system for a specific period. It serves as a comprehensive journal
that lists every transaction recorded in the company's books on a daily basis.

33
Accessing the Day Book

Gateway of Tally > Display More Reports > Day Book

34
 REFERENCES / BIBLIOGRAPHY

https://tallysolutions.com/learning-hub/#gref
https://finprov.com/tally-erp-9-vs-tally-prime/#:~:text=Tally%20Prime%20offers
%20advanced%20features,the%20latest%20technology%20and%20features.
https://drive.google.com/file/d/1-2QSXN8xRW_Nj9pkpkihHNIh7HyhyHH9/view
https://drive.google.com/u/0/uc?id=1-
2QSXN8xRW_Nj9pkpkihHNIh7HyhyHH9&export=download
https://drive.google.com/file/d/1AaKQ3MwZY64hf-vqXeU0jhin0n6adA3I/view

https://tallysolutions.com/learning-hub/#gref

35