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TRAINING, MATERIAL, &, TALLY MODEL, COMPANY
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INDEX, SR NO., , PARTICULARS, , PAGE NO., , 1, , Basic Principles of Accounting, , 2–4, , 2, , Golden Rules of Accounting, , 5–5, , 3, , First Screen, , 6–6, , 4, , Select Company, , 7–7, , 5, , Choose Company, , 8–8, , 6, , Gateway of Tally, , 9–9, , 7, , Change in Accounting Period, , 10 – 10, , 8, , Alter/Create New Company, , 11 – 11, , 9, , Recording of Opening Balances, , 12 – 15, , 10, , Making Accounting Entries, , 16 – 16, , 11, , Select the Proper Key As per Requirement, , 17 – 17, , 12, , F6 – Receipt Entries, , 18 – 19, , 13, , F4 – Contra Entries, , 20 – 21, , 14, , F5 – Payment Entries, , 22 – 23, , 15, , Banks Monthly Extracts, , 24 – 24, , 16, , Banking Detailed Transactions, , 25 – 25, , 17, , Preparing Bank Reconciliation Statements, , 26 – 26, , 18, , Printing Option, , 27 – 28, , 19, , Trail Balance View, , 29 – 33, , 20, , Profit & Loss A/c View, , 34 – 34, , 21, , Balance Sheet view, , 35 – 35, , 22, , Shortcut Keys in Tally, , 36 - 38, , 1
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Basic Principles of Accounting : Guidelines on Basic Accounting Principles and Concepts, GAAP (Generally Accepted Accounting Principles) is the framework,, rules and guidelines of the financial accounting profession with a, purpose of standardizing the accounting concepts, principles and, procedures., Here are the basic accounting principles and concepts under this, framework :, 1. Business Entity, A business is considered a separate entity from the owner(s) and, should be treated separately. Any personal transactions of its owner, should not be recorded in the business accounting book, vice versa., Unless the owner’s personal transaction involves adding and/or, withdrawing resources from the business., 2. Going Concern, It assumes that an entity will continue to operate indefinitely. In this, basis, assets are recorded based on their original cost and not on, market value. Assets are assumed to be used for an indefinite period of, time and not intended to be sold immediately., 3. Monetary Unit, The business financial transactions recorded and reported should be, in monetary unit, such as INR,US Dollar, Canadian Dollar, Euro, etc., Thus, any non-financial or non-monetary information that cannot be, measured in a monetary unit are not recorded in the accounting, books, but instead, a memorandum will be used., , 2
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4. Historical Cost, All business resources acquired should be valued and recorded based, on the actual cash equivalent or original cost of acquisition, not the, prevailing market value or future value. Exception to the rule is when, the business is in the process of closure and liquidation., , 5. Matching Concept, This principle requires that revenue recorded, in a given accounting, period, should have an equivalent expense recorded, in order to show, the true profit of the business., 6. Accounting Period, This, principle, entails, a, business, to, complete, the, whole accounting process of a business over a specific operating time, period. It may be monthly, quarterly or annually. For annual, accounting period, it may follow a Calendar or Fiscal Year., 7. Conservatism, This principle states that given two options in the valuation, of business transactions, the amount recorded should be the lower, rather than the higher value., , 8. Consistency, This principle ensures consistency in the accounting procedures used, by the business entity from one accounting period to the next. It, allows fair comparison of financial information between two, accounting periods., , 3
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9. Materiality, Ideally, business transactions that may affect the decision of a user of, financial information are considered important or material, thus, must, be reported properly. This principle allows errors or violations of, accounting valuation involving immaterial and small amount of, recorded business transaction., , 10. Objectivity, This principle requires recorded business transactions should have, some form of impartial supporting evidence or documentation. Also, it, entails that bookkeeping and financial recording should be performed, with independence, that’s free of bias and prejudice., , 4
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Golden Rules of Accounting :-, , A] Real Accounts:1)Debit what comes in., 2)Credit what goes out., , B] Personal Accounts :1)Debit the reciver., 2)Credit the giver., , C] Nominal Accounts :1)Debit all expenses & Losses., 2)Credit all Incomes & Revenue., , 5
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FIRST SCREEN :Tally ERP Icon., , Please double Click on Tally ERP9 Icon or select, and press enter on Tally ERP9 Icon to start the, Tally ERP Program
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SELECT COMPANY:Main Screen, , Enter on Select or Press “S” to open the desired, company.
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CHOOSE COMPANY :-, , Choose the Relevant company from the list and, press enter.
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GATEWAY OF TALLY :-, , At this screen, it can be seen as to which company, is open, period of operation, current date and the, date of last entry.
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CHANGE ACCOUNTING PERIOD :-, , Press “Alt-F2” to change the period for which, accounting is to be done.
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ALTER COMPANY/ CREATE NEW COMPANY :-, , After pressing “Alt-F3”, the company info screen is, displayed, in which options for Altering company, master data, backup etc are seen (Alter).
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RECORDING OF OPENING BALANCES :PATH : At Gateway of Tally, Accounts Info, Ledger, Alter, Cash in Hand., , The opening Balances of all Balance Sheet items, can be recorded by selecting the ledgers.
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ENTER THE OPENING BALANCE AMOUNT :-, , The Opening Balance as on 01-04-2013 can be, feeded for all ledgers and it should be ensured that, there is no difference in opening Balance in Tally.
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PATH : Accounts info, Ledger, Alter, DCC BANK
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ENTERING THE OPENING BALANCE AMOUNT :-, , The Closing balance as on 31.03.2013 as per, audited statement of accounts can be recorded as, opening balance as on 01.04.2013.
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FOR MAKING ACCOUNTING ENTRIES :Select Accounting Vouchers
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SELECT THE PROPER KEY AS PER REQUIREMENT :i) F4 – Contra : For any Deposit/Withdrawal of Cash from, Bank. (Only Cash/Bank A/c are Debited / Credited in, Contra entries.), , ii) F5 – Payment: For any Payment made weather cash, /Cheque entry should be passed through Payment entry., (Only Cash/Bank A/c are Credited in Payment entry.), , iii) F6 – Receipt: For any Receipt weather in cash, /Cheque entry should be passed through Receipt entry., (Only Cash/Bank A/c are Debited in receipt entry.), , iv) F7 – Journal : Other than Cash/Bank any entry can be, passed through Journal entry. (Transactions where No, Cash/Bank A/c are affected should be passed through, Journal e.g. Year end Provisions entries)., , v) F8 & F9 – Sales & Purchase Entries: For Trading, Activities i.e Purchase & Sales of Goods, Entries should, be passed through this keys., , 17
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SELECT F6 KEY FOR RECEIPT ENTRY : MAIN MARKET FEES RECEIPT., , For recording of any transactions, Rules of Accounting should, be followed. E.g. At the time of recording Market receipt, (Income) Nominal Accounts rules i.e. Credit the Incomes and, Revenues.( Please refer above screen)., Summary of Transactions Should be mentioned in Narration, Part., In the above entry, please provide the details of Cheque, Number, Name of the Bank, Branch etc which will, facilitate Bank Reconciliation.
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SUB MARKET FEES RECEIPT., , In the above entry , please provide the details of, Cheque Number, Name of the Bank, Branch etc, which will facilitate Bank Reconciliation.
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SELECT F4 KEY FOR CONTRA ENTRY : Contra entry :, Amount withdrawn from the Bank.
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Contra entry :, Amounts Deposit into the Bank.
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SELECT F5 KEY FOR PAYMENT ENTRY : Payment Entry :
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Payment Entry :
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BANKS MONTHLY EXTRACT :-, , We can see the Total monthly Inflow and outflow, (Dr.& Cr.) of a particular ledger and also can see the, Monthly closing balance of the said ledger.
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BANKING DETAILED TRANSACTIONS :-, , After Entering Ledger Monthly Extract, We can get, the detailed day wise Transactions.
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PREPARING BANK RECONCIALTION STATEMENTS :-, , For Preparing Bank Reconciliation , Press F5 Key and, enter the Actual clearance date of cheque (Bank, Date). From that we can get the difference and detail, of amount which is not reflected in Bank account for, current period.
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PRINTING OPTION :-, , For Print of any page press Alt+P key and select the, required detail: (Please see the above Right side, screen). E.g., - For Print Preview, - For Title Editing, - For No.of copies, , - Alt + I, - Alt + T, - Alt + C etc.
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BANK RECONCIALATION STATEMENTS :-, , Bank Reconciliation can be prepared on the basis, of Bank date and Date on which entries are, recorded in tally. With the help of this BRS can be, obtained on Real Time basis.
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TRAIL BALANCE :PATH- Gateway of Tally Display Trail Balance
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After Pressing Alt+F1 key, We will get the detailed, trail Balance :-
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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.
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Can see the opening as well as Closing Trail Balance, with Transactions During the year as per below, screen :
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PROFIT & LOSS A/C IN TALLY :PATH- Gateway of Tally Display Profit & Loss A/c
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BALANCE SHEET IN TALLY :PATH- Gateway of Tally Display Balance Sheet
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SHORTCUT KEYS IN TALLY :Windows, , Functionality, , Availability, , To select a company, , At all masters menu screen, , To select Accounts Button, and inventory Buttons, , At the Accounting / Inventory vouchers, creation and alteration screen, , F2, , To change the menu period, , To change the menu period, , F3, , To select the company, , To change the menu period, , F4, , To, select, voucher, , F5, , To select, voucher, , F6, , To, select, voucher, , the, , Receipt At Accounting / Inventory Voucher creation, and alteration screen, , F7, , To select, voucher, , the, , Journal At Accounting / Inventory Voucher creation, and alteration screen, , F8, , To select the Sales voucher, , (CTRL+F8), , To select the Credit Note At Accounting / Inventory Voucher creation, voucher, and alteration screen, , F9, , To select, voucher, , (CTRL + F9), , To select the Debit Note At Accounting / Inventory Voucher creation, voucher, and alteration screen, , F10, , To select the Reversing At Accounting / Inventory Voucher creation, Journal voucher, and alteration screen, , F1, , the, , the, , the, , Contra At Accounting / Inventory Voucher creation, and alteration screen, Payment At Accounting / Inventory Voucher creation, and alteration screen, , Purchase, , At Accounting / Inventory Voucher creation, and alteration screen, , At Accounting / Inventory Voucher creation, and alteration screen, , 36
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F10, , To select the Memorandum At Accounting / Inventory Voucher creation, voucher, and alteration screen, , F11, , To select the Functions and, At almost all screens in TALLY, Features screen, , F12, , To select, screen, , ALT + 2, , To Duplicate a voucher, , At List of Vouchers – creates a voucher, similar to the one where you positioned the, cursor and used this key combination, , ALT + A, , To Add a voucher, , At List of Vouchers – adds a voucher after, the one where you positioned the cursor and, used this key combination., , ALT + C, , the, , Configure, , To create a master at a, voucher screen (if it has not, been already assigned a, different function, as in, reports like Balance Sheet,, where it adds a new column, to the report), , At almost all screens in TALLY, , At voucher entry and alteration screens, at a, field where you have to select a master from, a list. If the necessary account has not been, created already, use this key combination to, create the master without quitting from the, voucher screen., , To delete a voucher, To delete a master, ALT + D, , ALT + C, , At Voucher and Master (Single) alteration, screens. Masters can be deleted subject to, (if it has not been already conditions, as explained in the manual., assigned, a, different, function,, as, explained, above), , To create a master at a, voucher screen (if it has not, been already assigned a, different function, as in, reports like Balance Sheet,, where it adds a new column, to the report), , At voucher entry and alteration screens, at a, field where you have to select a master from, a list. If the necessary account has not been, created already, use this key combination to, create the master without quitting from the, voucher screen., , 37
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To delete a voucher, To delete a master, ALT + D, , At Voucher and Master (Single) alteration, screens. Masters can be deleted subject to, (if it has not been already conditions, as explained in the manual., assigned, a, different, function,, as, explained, above), , ALT + E, , To export the report in, ASCII, SDF, HTML OR XML At all reports screens in TALLY, format, , ALT + I, , To insert a voucher, , At List of Vouchers – inserts a voucher before, the one where you positioned the cursor and, used this key combination., , ALT + R, , To remove a line in a report, , At all reports screens in TALLY, , ALT + S, , To bring back a line you, At all reports screens in TALLY, removed using ALT + R, , ALT + X, , To cancel a voucher in Day, At all voucher screens in TALLY, Book/List of Vouchers, , CTRL + A, , To accept a form – wherever, At almost all screens in TALLY, except where, you, use, this, key, a specific detail has to be given before, combination, that screen or, accepting., report gets accepted as it is., , 38
