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Tally Seminar Presentation For Patan
Tally Seminar Presentation For Patan
The financial statements that summarize a large company's operations, financial position
and cash flows over a particular period are a concise summary of hundreds of thousands of
financial transactions it may have entered into
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eatures of Accounting
Recording
Accounting is the art of recording of transactions. Only business relative transactions are
recorded in which money is mentioned. All transactions are recorded in detail. Both journal and
subsidiary books are used for this.
Classifying
Accounting’s main feature is also classifying all business transactions. Accounting makes group
of all similar accounting entries in one place. For example all receipt and payment will be shown
in cash book. So, all transactions are collected under one common head.
Summarizing
Summarizing is the art of showing business results in summarize form. After this, it can use for
all the interested parties. This feature tells about to financial statement. One is Trading and profit
and loss account and other is Balance Sheet.
Interpreting
By interpreting, we can know whether the position of profitability is good or bad. By knowing 2
this, we can estimate business’s performance.
ACCOUNTING
STANDARDS
1. Disclosure of accounting policies 2. Valuation Of Inventories
5. Net Profit or loss for the period, Prior period items and Changes in
6. Depreciation accounting.
accounting Policies.
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22. Accounting for Investment in associates in Consolidated Financial
Statement.
21. Accounting For Taxes on Income
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Accounting cycle is a sequence of accounting procedure which is used to record, classify
and summarize the business transactions.
Source
Document
Balance Journal
sheet
Trail Ledger
balance
Source document
A source document refers to include any document that is received and
issued against any business transactions.
Fundamentals of Tally.ERP 9
Introduction
Tally.ERP 9 is the world's fastest and most powerful concurrent Multi-lingual business Accounting and
Inventory Management software. Tally.ERP 9, designed exclusively to meet the needs of small and medium
businesses, is a fully integrated, affordable and highly reliable software. Tally.ERP 9 is easy to buy, quick to
install, and easy to learn and use. Tally.ERP 9 is designed to automate and integrate all your business
operations.
No accounting codes: Unlike other computerised accounting packages which require numeric codes,
Tally.ERP 9 pioneered the ‘no accounting codes’ concept.
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Tally.ERP 9 users have the freedom to allocate meaningful names in plain English to their data items in the
system.
Complete business solution: Tally.ERP 9 provides a comprehensive solution to the accounting and
inventory needs of a business. It also has various tools to extract, interpret and present data.
Integrated/ Non-integrated accounting and inventory: With Tally.ERP 9, the user is able to choose
between accounting and accounting with inventory.
Flexible and easy to use: Tally.ERP 9 is very flexible. Tally.ERP 9 users need not change the way their
business is run to adapt to the package.
Speed : Tally.ERP 9 provides the capability to generate instant and accurate reports, which assists the
management to take timely and correct decisions for the overall productivity and growth of the company.
Power : Tally.ERP 9 allows the user to maintain multiple companies and with unlimited levels of
classification and grouping capabilities. It also allows drill downfacility from report level to transaction level.
Flexibility : Tally.ERP 9 provides flexiblity to generate instant reports for any given period (month/year) or at
any point of time besides providing the facility to toggle between Accounting & Inventory reports of the same
company or between companies.
Concurrent multi-lingual capability : Tally.ERP 9 offers you the exclusive capability of maintaining
your accounts in any Indian language, viewing them in another language and printing them in yet another Indian
language.
Real time processing : Immediate posting & updation of books of accounts as soon as the transactions
are entered, thereby facilitating instant statements & Reports. It also faciliaties real-time multi-user environment.
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Versatility: Tally.ERP 9 is suitable for a range of organisations, from small grocery stores to large
corporations with international locations and operations.
Multi-platform availability: Tally.ERP 9 is available on Windows 95, 98, ME, 2000 and NT. It runs on a
single PC or on a network.
Online Help : The Tally.ERP 9 Online Help (Alt+H) provides instant assistance on basic and advanced
features or any other relevant topics of Tally.ERP 9.
Tally.NET : is an enabling framework which establishes a connection through which the remote user can
access the Client's data without copying / transferring the data.
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Remote Access : Tally.ERP 9 provides remote capabilities to access the data from any-where and any time.
Support Centre : allows a user to directly post his support queries on the functional and technical aspects
of the Product.
Technology Advantages
Simple and rapid installation: The user can install the program files on any drive if the hard disk has
partitions. The user can also specify the name and directory location of the program files. Tally.ERP 9 uses
minimum hard disk space in the local drive. Its installation on the local disk takes just a few seconds.
Internal backup/ restore: Tally.ERP 9 has an in-built, user-friendly ‘backup and restore’ option. It helps
the user to take a backup of one or more companies or all companies, in a single directory, in the local hard
disk, or in any external media.
Data security: Tally.ERP 9’s data integrity checks ensure that there are no external changes to the data.
Tally.ERP 9 also uses a binary encoding format of storage to prevent devious grouping of information.
Tally audit: The Tally.ERP 9 audit feature provides the user with administrator rights and the capability
to check the entries made by the authorised users and alter these entries, if necessary.
TallyVault: Tally.ERP 9 offers a data encryption option called TallyVault. Without the valid TallyVault
password, the data cannot be accessed. Tally.ERP 9 follows the DES (Data Encryption Standard) encryption
method to safeguard the data.
Multi-directory for company management: The user can create multiple directories to store
data. The data stored in these directories can be accessed directly in Tally.ERP 9, by specifying the path.
Import/ Export of data: Any transaction can be exported and imported to other software after
suitably altering the current structures to accept the Tally.ERP 9 data structure. Data can also be imported to
Tally.ERP 9 by writing a TDL program. The data which is to be exported from Tally.ERP 9 can be in XML, HTML
or ASCII format.
Direct web browser access: While working on Tally.ERP 9, the user can directly log on to the Tally
website, provided he/ she has access to the Internet. The website lists details of all the facilities offered by
Tally.ERP 9.
Ability to preview and publish reports and documents on the Internet: Companies which
want to publish reports and price lists on their website can do so directly from Tally.ERP 9.
‡ E-mail Facility: Tally.ERP 9 facilitates the mailing of any Tally.ERP 9 report or document.
Multilingual capability: Tally is the world's first accounting and inventory software with multilingual
capability . It provide us to maintain accounting records in 12 different languages in india.
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• Composite Dealers
Dealers with an annual gross turnover not exceeding a prescribed limit (e.g. Rs. 50 lakh can opt for a
composition scheme with a payment of tax at a small percentage of gross turnover. Dealers are not
entitled to input tax credit and required to submit vat returns in a separate format.
TDS
TDS(TAX DEDUCTED AT SOURCE)
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Introduction
TDS means Tax Deducted at Source. The concept of TDS was introduced in the Income Tax Act, 1961, with the
objective of deducting the tax on an income, at the source of income. It is one of the methods of collecting
Income Tax, which ensures regular flow of income to the Government.
TDS Process
• A seller (Deductee) provides services to the buyer (Deducator).
• The buyer deducts the Tax at the time of payment of advances or while accounting the Bills received.
• The buyer deposits the deducted amount to the designated branches of the authorized bank.
• The buyer files annual returns electronically to the Income Tax department.
Tally.ERP 9’s TDS Feature enables you to handle all the functional, accounting and statutory requirements of
your business in an accurate and simplified manner. The TDS functionality in Tally.ERP 9 has the following
features:
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What is Payroll
The term Payroll refers to a series of accounting transactions involved in the process of paying
employees for the services rendered after taking all the statutory and non-statutory deductions into
account, in conformance with the terms of employment, company policy and the law of the land i.e.,
payment of payroll taxes, insurance premiums, employee benefits and other deductions.
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It provides auto-fill facility to expedite the Attendance, Payroll & Employer Contributions processes.
It facilitates an accurate computation and deduction of ESI, EPF, Professional Tax, Gratuity etc.
It helps in the generation of Statutory Forms & Challans for EPF & ESI, as prescribed.
It allows to drill-down to voucher level for any kind of alteration.
It facilitates computation of arrears pertaining to prior period(s).
It helps in tracking employee loan details.
P ayroll Process
The Payroll feature in Tally.ERP 9 requires minimal effort for accurate payroll processing. It takes five
easy steps to process payroll & generate Pay Slip in Tally.ERP 9.
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Essentially, Payroll involves the calculation of amounts due for an employee on the following basis:
Employee Masters
Payroll Masters
Pay Heads
Salary
SERVICE TAX
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Introduction
Service Tax is a destination based consumption tax in the form of Value Added Tax. Service Tax is an indirect tax
imposed on specified services (taxable services) provided by a service provider (Company, Individual, Firm etc.).
Service Tax was first brought into force with effect from 1 July 1994. All service providers in India, except those
in the state of Jammu and Kashmir, are required to pay a Service Tax in India.
The liability of tax is on the service provider (in some cases service receiver), i.e. person who is providing the
service is liable to pay tax to the Government.
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Registration
As per section 69 of the Finance Act 1994, every person liable for paying Service Tax has to register as set out
in the rules.
According to Rule 4 of the Service Tax Rules, 1994, the following deals with the manner and time for
registration.
• Application for registration to the concerned superintendent in form ST -1 within 30 days from the date
on which Service Tax is levied or 30 days from the commencement of business providing a taxable service.
• Assessee providing Service from more than one Premises or Office has to make separate applications for
each of such premises or offices.
• In case of transfer of business from a Registered Assessee to a new person, the Transferee has to obtain
a fresh Registration Certificate.
• Service Provider having multiple offices other than from where the services are provided and wants to
distribute the input services and CENVAT credit thereon to another location which is liable for payment of
Service Tax, a separate Registration (in the manner as that of service provider) will be required for each
such office.
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Tally.ERP 9’s simple yet powerful Service Tax feature enables you to record transactions related to Service
Tax with ease. The Service Tax functionality in Tally.ERP9 has the following features:
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Global enterprises started by Vinod Kumar to start his new business. He wants to implement Tally.ERP 9
to record the financial transactions in Global Enterprises. Record the following transactions in Tally.ERP 9:
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On 1-4-2010, Vinod Kumar started Global Enterprises by bringing capital of Rs. 15,00,000 by Cheque
and deposited the same amount into National bank by opening a new account.
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On 3-4-2010, Mr. Vinod Kumar withdrew Rs. 50,000 Cheque for shop expenditure from National
bank. (Cheque no. 123451).
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On 5-4-2010, Mr. Vinod Kumar purchased furniture and fixtures worth Rs. 1,50,000 for the
shop by Cheque. (Cheque no. 123452).
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On 6-4-2010, Mr. Vinod Kumar rented a business at Rs. 3,500 per month. He paid a security
deposit of Rs. 25,000 by Cheque. (Cheque no. 123453).
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On 10-4-2010, Mr. Vinod Kumar issued a Cheque to purchase following assets. (Cheque no.
123454).
Assets Cost(Rs.) Rate of
Depreciation
Cell phone 5,500 15%
Computer 25,000 60%
Electrical fitting 5,000 10%
Motor vehicle 40,000 15%
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Enable payroll for Global Enterprises in Tally.ERP 9 with the following payroll statutory details:
Provident fund
Company code KN/BN/78910/0801
Company account group code KN/BN/78910/0801
Company security code KN/BN/78910/009
Employee state insurance
Company code ESI012584
ESI branch code Magrath road
Standard working Days 26 Days
Go to Gateway of tally > press F11 > Statutory & Taxation > Enable following:
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• On 12-4-2010, Mr. Vinod Kumar hired the following people.
Employee Name Designation Department Date of joining
Rahul Bhatt Sales exc. Sales 5-4-2010
Jairam Sengupta Salesman Sales 2-4-2010
Shishir Mathur Accountant Accounts 5-4-2010
Ajith V Nair Clerk Accounts 2-4-2010
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• On 20-4-2010, Mr. Vinod Kumar purchased the following items from A2Z traders on credit.
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• Create Stock item:
item Under Units
High capacity stabilizers Primary Nos
• Entering Transaction
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• On 21-4-2010, Mr. Vinod Kumar purchased the following items from A2Z traders on credit
• Entering Transaction
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• On 22-4-2010, Mr. Vinod Kumar paid carriage inward expenses of Rs.500 in cash on purchases made on
20-4-2010 and 21-4-2010.
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• On 27-4-2010, Mr. Vinod Kumar transferred Rs.10,000 to patty cash from cash to meet the day to
day expenses.
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• On 28-4-2010, Mr. Vinod Kumar withdrew Rs.5,000 in cash for personal use.
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• On 30-4-2010, the attendance record of Global Enterprises displayed the following details:
Go to Gateway of tally > payroll vouchers > ctrl+F5 for attendance voucher
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On 30-4-2010, Global Enterprises processes payroll for all the employees and entitled the
following employees for variablepay. The salarieswere paid in cash.
Go to Gateway of tally > payroll vouchers > ctrl+F4 for payroll voucher > press Alt+A (payroll auto
fill)
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On 30-4-2010, M/s Global Enterprises processed provident fund contribution for the month of April
2010.
Go to Gateway of tally > payroll vouchers > ctrl+F4 for payroll voucher > press Alt+A (payroll auto fill)
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On 30-4-2010, Global enterprises processed PF admin expenses for the month of April 2010.
Go to Gateway of tally > Accounting vouchers > press F7 > press Alt+A (other charges auto fill)
• Entering Transaction
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On 30-4-2010, Global Enterprises made the payment in respect of EPF, EDLI Admin expenses, EDLI
contribution and PF Admin charges for the month of April 2010.
Go to Gateway of tally > Accounting vouchers > press F5 > press Alt+A (other charges auto fill)
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On 30-4-2010, Global Enterprises processed employer ESI contribution for the month of April 2010.
Go to Gateway of tally > payroll vouchers > ctrl+F4 for payroll voucher > press Alt+A (payroll auto fill)
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On 30-4-2010, Global Enterprises processed the payment of ESI for the month of April 2010.
Go to Gateway of tally > Accounting vouchers > press F5 > press Alt+A (other charges auto fill)
Press Enter to Accept and Prefill the Employer’s ESI contribution amount for the eligible employees:
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On 30-4-2010, M/s Global Enterprises made payment of professional tax for the month of April 2010.
Go to Gateway of tally > Accounting vouchers > press F5 > press Alt+A (other charges auto fill)
Press Enter to Accept and Prefill the Professional tax amount in the payment voucher:
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On 02-5-2010, Mr. Vinod Kumar paid Rs.2500 in cash for stationary, printing invoices and vouchers to
cannon traders.
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On 06-5-2010, Mr. Vinod Kumar paid Rs.3500 by Cheque towards shop rent for April 2010. (Cheque
no. 123456).
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On 10-5-2010, Mr. Vinod Kumar sold the following items for cash. The details are as follow:
• Entering Transaction
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On 28-5-2010, Mr. Vinod Kumar withdrew Rs.4,000 in cash for personal use.
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On 29-5-2010, the company decided to provide maintenance service for submersible pumps. Services
were outsourced to prime tech services Ltd. For witch an invoice of Rs.7,721/- (inclusive of service charge
Rs.7,000, service tax @ 10% Rs.700 and education cess @ 2% on service tax Rs.14 and sec education cess
@ 1% Rs.7 on service tax) was received.
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On 30-5-2010, paid Rs.7721/- by Cheque to prime tech services Ltd, towards bill Dated 29-5-2010.
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On 30-5-2010, raised an invoice on M/s Avantech associates for maintenance services for
Rs.44,120/- (inclusive of service charges of Rs.40,000 service tax @10% - Rs.4000, 2% cess – Rs.80
and 1% cess – Rs.40).
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On 31-5-2010, received a cheque of Rs.44,120/- from M/s Avantech associates towards the bill dates
30-5-2010.
•
Ledger Create following Ledgers: Under
M/s Avantech associates Sundry Debtors
National Bank Bank A/C
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On 31-5-2010, the service tax input credit isadjusted against output service tax and service tax paid
to the Government.
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On 31-5-2010, received an invoice for Rs.21,000 from Ramesh Kumar an service engineer for providing
technical service in maintenance work.
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On 31-5-2010, paid to Ramesh Kumar towards his invoice after deducting TDS Rs.2,100 from
amount payable to him.
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On 31-5-2010, Rs.2,100 paid to Government Treasury towards TDS on fees for professional or
technical services.
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• On 31-5-2010, the attendance record of Global Enterprises displayed the following details:
Go to Gateway of tally > payroll vouchers > ctrl+F5 for attendance voucher
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On 31-5-2010, Global Enterprises processes payroll for all the employees and entitled the
following employees for variablepay. The salarieswere paid in cash.
Go to Gateway of tally > payroll vouchers > ctrl+F4 for payroll voucher > press Alt+A (payroll auto
fill)
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On 31-5-2010, M/s Global Enterprises processed provident fund contribution for the month of May
2010.
Go to Gateway of tally > payroll vouchers > ctrl+F4 for payroll voucher > press Alt+A (payroll auto fill)
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On 31-5-2010, Global enterprises processed PF admin expenses for the month of May 2010.
Go to Gateway of tally > Accounting vouchers > press F7 > press Alt+A (other charges auto fill)
• Entering Transaction
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On 31-5-2010, Global Enterprises made the payment in respect of EPF, EDLI Admin expenses, EDLI
contribution and PF Admin charges for the month of May 2010.
Go to Gateway of tally > Accounting vouchers > press F5 > press Alt+A (other charges auto fill)
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On 31-5-2010, Global Enterprises processed employer ESI contribution for the month of May 2010.
Go to Gateway of tally > payroll vouchers > ctrl+F4 for payroll voucher > press Alt+A (payroll auto fill)
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On 31-5-2010, Global Enterprises processed the payment of ESI for the month of May 2010.
Go to Gateway of tally > Accounting vouchers > press F5 > press Alt+A (other charges auto fill)
Press Enter to Accept and Prefill the Employer’s ESI contribution amount for the eligible employees:
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CONCLUSION
In this project I have done case study on Global Enterprises and I have passed all the
transactions from the financial year 1-4-2010 to 31-3-2011 on the tally software with the
guidance of our teacher Miss Vaishali Joshi. She encourages and motivates us during this project.
In this project I have done all the statutory & taxation configuration and setting of VAT, Payroll,
TDS, Service tax. During payroll transactions I create employees and their departments, then
attendance of all the employees, then create all the pay heads.
In this project I have define how to create a company, manage payroll, how to
maintain salary, how to deduct taxes from salary, how to manage sales and purchase
transactions, apply vat on purchase and sale, apply service tax on different services, journal
transactions, calculate tax deducted at source, then create payroll reports and attach annexure
reports with the project.
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Bibliography
The study material to complete this project is takes from the books
provided us by the NIIT.
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