Professional Documents
Culture Documents
• Accounting Masters: Create and manage accounts for various financial elements
like cash, inventory, and receivables.
• Inventory Management: Track stock levels, manage purchases and sales, and
generate inventory reports.
• Banking and Reconciliation: Automate bank transactions, streamline
reconciliation processes, and maintain accurate bank records.
• Statutory Compliance: Ensure compliance with tax regulations and generate
reports required by tax authorities.
• Reporting and Analysis: Generate comprehensive financial reports, analyze data,
and gain insights into business performance.
• Auditing: Provides audit trails and reporting tools to facilitate the auditing
process.
F11 and F12 keys often provide access to additional features and configurations
within Tally. The specific features accessible through these keys may vary
depending on the software version.
Accounts, Vouchers, and Other Essential Concepts in
Tally ERP 9:
Accounts and Vouchers
• Account Groups: These organize individual ledger accounts into categories based
on their nature (assets, liabilities, income, expenses). They help structure your
Chart of Accounts and generate reports.
• Pre-defined Groups: Tally 9 comes with pre-defined account groups like Cash-in-
hand, Sundry Debtors, and Capital Account. You can use these directly or
create custom groups.
• Creating Single & Multiple Groups: Define new account groups to suit your
specific business needs. You can create single groups or nested groups with sub-
groups for further organization.
• Creating Primary Account Groups: These are the top-level groups in your
account structure. They represent broad categories like Assets, Liabilities,
Income, and Expenses.
• Ledger Accounts: These are the fundamental building blocks of your accounting
system. Each ledger represents a specific financial element like cash at hand,
accounts receivable, or salaries payable.
• Creation of Ledger Accounts (Single & Multiple): Define individual ledger
accounts within your chosen account groups. You can create single accounts or
multiple accounts for different categories within a group.
• Displaying, Altering, and Deleting Account Groups and Ledgers: Tally allows you
to view existing account groups and ledgers, modify their details as needed, and
delete them if necessary (use caution when deleting).
• Accounting Vouchers: These are documents used to record various financial
transactions in your accounting system. Tally offers pre-defined vouchers for
common transactions like purchases, sales, receipts, and payments.
• Pre-defined Vouchers in Tally: Utilize the pre-defined vouchers for faster
transaction recording. These vouchers often have pre-defined fields relevant to
specific transaction types.
• Entering Transactions in Accounting Vouchers: Manually enter details of financial
transactions into the appropriate voucher format in Tally.
• Altering and Deleting a Voucher Entry: You can edit existing voucher entries if
needed or delete them altogether (ensure accuracy before deletion).
Account Books
These virtual books within Tally hold your financial data and are generated
from recorded transactions:
• Bank Reconciliation Statement: Reconcile your bank account by comparing your
bank statement with your accounting records in Tally. This ensures accuracy
between your internal records and the bank's records.
• Trial Balance: This report summarizes the total debit and credit balances of all
ledger accounts in your Chart of Accounts at a specific point in time. It helps
identify potential errors where debits and credits don't balance.
Financial Statements
These reports provide valuable insights into your business's financial health:
• Profit and Loss Account (P&L): Summarizes your business's income and
expenses over a specific period, showing your net profit or loss.
Cost Management
Tally offers functionalities to manage and analyze costs:
• Cost Categories: Define categories to classify your business expenses, like raw
materials, labor, or utilities.
• Cost Centers: Set up cost centers to track expenses incurred by specific
departments or projects within your business.
• Creating, Displaying, Altering, and Deleting Cost Categories and Cost Centers:
Manage your cost management structure by creating, viewing, modifying, and
deleting cost categories and cost centers as needed.
Budgets
Tally allows you to create financial plans for future periods:
• Budget Creation: Develop budgets for income and expenses for a specific period
to guide your financial decisions.
• Budget Alteration and Deletion: Modify existing budgets or delete them if
necessary.
• F11 Features: This key often leads to functionalities like account groups, ledger
creation, and voucher types. In the context of inventory, you might access
features for defining stock groups and units of measurement here (functionality
may vary slightly based on your Tally version).
• F12 Configuration: This key might lead to settings related to company
information, printing preferences, and potentially inventory configurations
depending on your Tally version. Consult your Tally documentation for specific
details.
Inventory Organization
Tally uses a hierarchical structure to organize your inventory:
• Stock Categories: These are broad classifications for your inventory items. For
example, you might have categories like "Electronics," "Clothing," or "Office
Supplies."
• Stock Groups: These act as sub-categories within a Stock Category. For instance,
within the "Electronics" category, you could have groups like "Laptops,"
"Tablets," and "Smartphones."
Inventory Items
• Creating Single/Multiple Stock Items: Define individual inventory items within
your chosen stock groups. You can create single items or multiple items for
different variations of a product.
• Creating Stock Items: Provide details about each inventory item, including its
name, description, stock group association, unit of measurement, purchase price,
and other relevant information.
Inventory Reports
Tally offers various reports to analyze your inventory:
• Stock Summary: This report provides an overview of your overall inventory
levels, categorized by stock group or item. It can help you identify potential
stockouts or overstocked items.
Additional Inventory Reports (These may vary depending on your Tally version):
• Stock Valuation Report: Shows the value of your inventory at a specific point in
time.
• Item Ledger: Tracks the purchase and sales history of individual inventory items.
• Re-order Level Report: Helps determine the minimum stock level you need to
maintain for each item to avoid stockouts.
Computing GST
GST is calculated on the taxable value of a supply. The applicable GST rate
(e.g., 5%, 18%) is multiplied by the taxable value to determine the GST amount
payable.
Ledgers and Vouchers for GST
• Ledger Creation: Create separate ledger accounts for:
• CGST Payable
• SGST Payable (if applicable)
• IGST Payable (if applicable)
• Input CGST Credit
• Input SGST Credit (if applicable)
• Input IGST Credit
• Output CGST
• Output SGST (if applicable)
• Output IGST (if applicable)
• GST Vouchers: Use voucher formats designed for recording GST transactions.
These vouchers might capture details like the HSN/SAC code, GST rate, taxable
value, and calculated CGST, SGST, and IGST amounts.
GST Reports
Generate reports for various GST purposes:
• GST Return: Periodic reports filed with tax authorities summarizing taxable
supplies, input tax credit availed, and GST liability.
• GSTR Reports: Electronic reports mandated under GST, with specific formats
for different types of information (may vary depending on the GST regime).
• Sales Report by GST Rate: Analyzes sales based on the applied GST rate.
• Purchase Report by GST Rate: Analyzes purchases based on the input tax credit
availed.