PRESENTATION IS PRESENTED TO YOU BY

:
NRO0196694 ROLL NO. 91 EVENING BATCH MOHMED JAVED

ACKNOWDGEMENT
TO ALL MY TEACHERS
SUMINDER KAUR MAM JASWANT SIR

1. 2. 3. 4. 5. 6. 7. 8.

Creating a company Voucher entry Ledger books Groups Financial Statements Tally Audit Security Weakness

Basic Accounting Principles  The Revenue Principle  The Historical Cost Principle  The Matching Principle  The Full Disclosure Principle  The Verifiable Objective Principle  The Dual Aspect Principle Account Debit Credit Personal The receiver The giver Real What comes in What goes out Nominal Expenses & losses Income & profits .

TALLY Tally is a versatile accounting package and is also based on a windowing interface .

Installing & starting the package There are certain hardware requirements like minimum disk space. Operating Systems as MS Windows 95/98/00/XP or latest Vista. .

 5.4: Windows based accounts with inventory.1: 7.5: Dos based .4 with online finalization .3: 5.auditing & import& export feature.  8. accounts only.3 with VAT TDS & Service Tax.2: 6.Versions of Tally  4. .  6.1 with payroll system.  9 : 8.2 with FBT & Excise Duty.  7. multi language & extra formatting feature.

SHORT KEYS TO OBTAIN Calculator Bar To exit calculator Filling details of company KEY Ctrl +N Ctrl +M Alt +F1 Company’s information Single line in button bar Configuration Hot keys Alt +F3 Alt +E F12 The letter in Red colour. .

INDEX .  Create company is to create a new one (Ctrl+C). to select an existing company from the list (F1).  Quit is to exit from Tally (Ctrl+Q).Creating a company  Selecting company.  Backup is meant to take a back up of the stored data into a backup device.  Restore is to extract information from the backup device to the data directory.

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address E-Mail address Mandatory Optional Description Fill the company’s name Mailing name can be different from that of the company’s name Email address can be specified for utilizing eservices from tally Optional Income / sales tax Optional number Currency symbol Mandatory On basis of country .Screen after selecting Create company Field Name Mailing name.

Field Maintain (Accounts Mandatory only /Inventory only /Both) Financial year Mandatory Books beginning from Mandatory Tally vault password Description Choose as per requirement of the company Password is required to view company’s name Password is required to view company’s Input as per requirement Security control Base currency information Optional Mandatory .

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Voucher Entry Voucher is a document for recording all financial transaction  Specify the name of the Voucher & choose its type.  Numbering could be automatic or manual or none. INDEX .  One can specify the prefix and suffix details for the voucher types.  Tally will prompt for a narration entry at the bottom of voucher entry screen if opted for common narration.  Tally’s overdue/age-wise analysis will consider the effective date only and not the voucher date.  The intension of using classes for payment. receipt and contra voucher is to enable data input in Single entry.

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.  Maintain bill-wise detail: If you opted to maintain balances on a bill-by-bill basis a sub screen will ask you bill-wise detail.  Effective date for reconciliation: To be given for INDEX accounts falling under Bank Accounts Group.  Under: Specify the group under which the ledger is to be created .  Currency of ledger: Maintain foreign currency accounts only if you require its balance in that currency.LEDGER  Name: Specify the name of the ledger here.

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After selecting and clicking Stock items .

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GROUPS Capital Nature  LIABLITIES Capital Account Current liabilities Loans  ASSETS Fixed assets Current assets Investments Miscellaneous Expenses Revenue Nature Sales Account Purchase Account Direct Income Indirect Income Direct Expenses Indirect Expenses Index .

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Alt+P/ Print button in menu bar facilities printing one account at a time.  One can have a printed version by help of print button in menu bar. There are 2 types of print configuration option is available. . Multi-accounting printing menu option provides multiple accounts to be printed at a time.DAY BOOKS  Day book gives the balance for each day for the voucher type selected.  Posting of entries is automatically achieved through Tally.

 Balance Sheet: It represents assets and liability of the company. There are some function keys provided in the left side of screen. Display trial balance by Display -> trial balance option. .  Profit & Loss: If you click ‘Net Profit’ Tally will show the profit & loss statement. One can configure the settings by press F12.  Closing and reopening: Automatically done by Tally by keeping track of the data entered. The balances in the ledger accounts are taken in to create the opening balance for the Index new year.FINANCIAL STATEMENTS  Trial Balance: A consolidation of ledger balances.

Trial Balance .

Profit & Loss Account .

BALANCE SHEET .

RATIO ANALYSIS .

Cash flow .

.  ALTER: One can select or deselect members through the Alter Mode. We create group company by pressing Alt+F3. Any change will come to effect only on shutting the group company and reloading it.Group company Accounts of different companies belonging to same management are required to be consolidated  CREATE: A group company can be created only for companies already have been loaded.The members of the group company to be selected from popup list.

a change in name of the ledger.  Changes made after the authorized person accepts them are not available in the audit list. Index .TALLY AUDIT  Provides the capability to the auditor to track changes in the accounts following his previous review.  Only material changes are considered.  Tally tracks all changes made to vouchers that are more than 30 days old.  Changes are tracked – in transaction & ledger masters. An additional time is given to rectify the error.  User designated as auditor can view audit list and act upon it. change in opening balance.

.Importing Data Import of data from one company to another created within Tally is done easily. Its required for the purpose of the importing all masters and vouchers from an existing company to anew company. Tally supports importing data from other programs as excel.

Summaries and report can be exported between excel and Tally. . Raw data may be exported for input of another company. A separate button is on the button bar.Exporting Data Tally can export the raw data as well any report.

 Unencrypted files: Tally encrypts & stores tally data at the data directory. . Decryption is possible only through logging on to Tally.  Easy exit to operating systems.  Inability to add/rename fields.  Inadequate controls on automatic entries.Other features of TALLY  Backup Provisions.  Inflexibility of documents formats.

There is however an option to create other security types based on predefined types.SECURITY REVIEW  Auditor has access to all information including audit trails.  Owner has full access and right to all parts of Tally accept audit trails. Index .  Data entry is restricted rights.

On selecting the option following menu will come On click Screen appears .

• No warning on duplicate entries. Index 2 Audit Trails • Authorization signature • Log of data modification • Missing and duplicated serial number. .If list of companies are worked at the same time setting vault passwords for even some of them can be cumbersome. • Non-provision for freezing entered data.Weaknesses in Accounting Packages 1 Passwords controls Caution has to be exercised while opting for Tally vault password .

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