COURSE NAME : Advanced tally with GST

SKILL OFFERING ID : 2242

GROUP NUMBER : 1

PROJECT TITLE : Choosing a small business,setting up new company and

Exploring the user interface
PROJECT SUBMITTED TO : University / Naan
Mudhalvan YEAR : 2023 – 2024
COLLEGE NAME : ST. THOMAS COLLEGE OF ARTS AND SCIENCE
COLLEGE CODE : 1473
SEMESTER : 6th Semester
GROUP MEMBERS : Student Name / NM ID
ASHWANTH V -UNM1473312115604
ALLAN SAM JOSHUA- UNM1473312115597
AMSAN AKASH – UNM1473312115600
ARAVIND .K – UNM1473312115601
ARAVIND.R –UNM1473312115602

GUIDED BY : Ms.M.Shanthi

SPOC NAME :d r . k . k r i p a
 PROJECT

Choose a small business scenario and describe the

process of setting up a new company in Tally ERP9.
Include steps for installing the license server, creating a
data path, and managing company data. Discuss the
significance of the Gateway of Tally and explore the
user interface:
 Introduction To Tally

o Tally is an ERP accounting software. It provides business

solutions, GST software, and in-built features which makes it
popular among enterprises around the world.

o It is very different from manual accounting where there are

high chances of human error. When you are using the Tally
software, you just have to input all your data and tell the
software how you want the data to be processed, and the
software does all the calculations for you. This data can then
be backed up for future use and will be available to check at
the click of a button.

o Today, Tally software is part of small, medium, and large

enterprises alike. Tally ERP 9 was released in the year
2009, and it is one of the most used accounting software.
Tally has recently released a new version of Tally ERP 9
software in the year 2020. This software is called Tally
Prime and it offers more advanced features.
 Small Business Scenario:

Let's consider a small retail business named "FashionTrend" that sells clothing
and accessories. The business wants to set up its accounting and financial
operations using Tally ERP9.

1. Setting up a New Company in Tally ERP9

 Installing the License Server:

Step 1: Before setting up the company in Tally ERP9, you need to install the
license server.

 Download the Tally ERP9 software from the official website.

 Run the Tally ERP9 installer and follow the on-screen instructions to install the
software.

 During the installation process, choose "Server" when asked about the type of
installation to set up the license server.
2. Creating a Data Path:

Step 2: After installing the license server, you need to create a data path
where the company data will be stored.

 Open the Tally ERP9 software.

 In the Startup screen, select "Create Company".

 Choose "Single" from the list of options and press "Enter".

 You will be prompted to specify the directory path. Here, you can create a
new folder or select an existing folder where you want to store the company
data. For example, C:\Tally\Data\FashionTrend.

 Press "Enter" to confirm the data path.

3. Managing Company Data:

Step 3: Once the data path is created, you can proceed to set up the company
Data.

 Enter the company name, for example, "FashionTrend".

 Enter the address, financial year details, and other required information.

 Press "Enter" to save the company details.

  Significance of the Gateway of Tally

The Gateway of Tally is the main interface of Tally ERP9 where you can access all
the functionalities and features of the software. It serves as the central hub from
where you can manage, view, and access various modules and reports.

Exploring the User Interface:

 Upon opening the Gateway of Tally, you will see several options and menus:

1. Info Panel: This panel displays information about the current company,
including the name, address, and financial year details.

2. Accounts Info: This menu allows you to create and manage ledgers, groups,
and other account-related information.

3. Inventory Info: This menu is used to manage stock items, stock groups, and
units of measure for inventory management.

4. Transactions: This menu includes options to record various transactions such

as sales, purchases, receipts, and payments.

5. Reports: This menu provides access to various reports like balance sheet,
profit and loss statement, stock summary, and more.

6. Masters: This menu is used for creating and managing various masters like
cost centers, employees, and budgets.

7. Utilities: This menu includes utilities like backup, restore, data

synchronization, and more.
 Review-1

Steps to Install Tally Prime 4.0 in Your System

Step 1: Downloading Tally Prime 4.0

 Visit the official Tally Solutions website.

 Download the Tally Prime 4.0 installer.
 Step 2: Installing Tally Prime 4.0

 Run the downloaded Tally Prime 4.0 installer.

 Follow the on-screen instructions to complete the installation.
 Step 3: Installing the License Server

 During the installation process, select "Server" when prompted about the type
of installation to set up the license server.
 Review-2

Creating a New Company in Tally Prime with All Details

Step 4: Creating a Data Path

 After installing the license server, open Tally Prime 4.0.

 On the Startup screen, select "Create Company".
 Choose "Single" from the options and press "Enter".
 Specify the directory path where you want to store the company data, for
example, C:\Tally\Data\FashionTrend.
 Press "Enter" to confirm the data path.

Step 5: Managing Company Data

 Enter the company details like name, address, financial year details, etc.
 Press "Enter" to save the company details.
 Review-3

Brief about Tally Prime Features Option, Configuration Option, and Gateway of
Tally Screen Options
 Tally Prime Features Option:

Tally Prime offers various features that facilitate accounting and financial
management:

 Accounts Info: Manage ledgers, groups, and other account-related

information.
 Inventory Info: Handle stock items, stock groups, and units of measure for
inventory management.
 Transactions: Record sales, purchases, receipts, payments, and more.
 Reports: Access balance sheet, profit and loss statement, stock summary, and
other reports.
 Masters: Create and manage cost centers, employees, budgets, and more.
 Utilities: Perform backup, restore, data synchronization, and other utilities.

Configuration Option:
 Tally Prime provides configuration options to customize and set up the software
according to your business needs, including:

 Company Configuration: Set up company details, financial year, taxation

details, etc.
 Tally Configuration: Configure Tally features, appearance, and other settings.
 Data Configuration: Manage data path, backup, and restore options.

Gateway of Tally Screen Options:

The Gateway of Tally is the main interface of Tally Prime where you can access all
the functionalities and features:

1. Info Panel: Displays information about the current company.

2. Accounts Info: Create and manage ledgers, groups, etc.

3. Inventory Info: Manage stock items, stock groups, etc.

4. Transactions: Record various transactions like sales, purchases, etc.

5. Reports: Access various reports like balance sheet, profit and loss, etc.

6. Masters: Create and manage cost centers, employees, etc.

7. Utilities: Perform backup, restore, data synchronization, etc.

Conclusion:
Setting up a new company in Tally Prime 4.0 involves downloading and installing the
software, setting up the license server, creating a data path, and managing
company data. The Gateway of Tally serves as the central interface where you can
access all the functionalities and features of Tally Prime. With its user-friendly
interface and comprehensive features, Tally Prime 4.0 is an ideal solution for small
businesses to manage their accounting and financial operations efficiently.