Tally Prime Full Course Notes 1

Introduction to Tally Prime

Tally Prime is an advanced accounting Tally Prime Full Course Notes software that offers a range of features to help manage accounts, finance, inventory, sales, purchases, and more. It is designed to be user-friendly, making it suitable for businesses of all sizes. Tally Prime Full Course Notes

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1. Installation and Setup

• System Requirements:
• OS: Windows 7 or later
• Processor: Minimum 1 GHz
• RAM: Minimum 512 MB
• Disk Space: Minimum 150 MB
• Installation Steps:

1. Download the installer from the official Tally Solutions website.
2. Run the installer and follow the on-screen instructions.
3. Complete the installation and launch Tally Prime.

• Company Creation:

1. Open Tally Prime.
2. Navigate to the “Company Info” menu.
3. Select “Create Company” and fill in the required details like company name, address, financial year, etc.

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2. Basic Accounting in Tally Prime

• Chart of Accounts:
• Groups: Categorize ledger accounts (e.g., Sundry Debtors, Sundry Creditors, Cash-in-Hand).
• Ledgers: Actual accounts for transactions (e.g., Bank Account, Sales Account).
• Voucher Entry:
• Types of Vouchers:
  • Contra: For cash/bank transfers.
  • Payment: For recording payments.
  • Receipt: For recording receipts.
  • Sales: For sales transactions.
  • Purchase: For purchase transactions.
• Creating Vouchers:

1. Go to “Gateway of Tally” > “Accounting Vouchers”.
2. Select the type of voucher.
3. Enter the details such as date, ledger accounts, amounts, etc.
4. Save the voucher.

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3. Inventory Management in Tally Prime

• Stock Groups: Classify items (e.g., Raw Materials, Finished Goods).
• Stock Categories: Further classification within groups.
• Stock Items: Individual items to be tracked.
• Creating Stock Items:

1. Go to “Gateway of Tally” > “Inventory Info” > “Stock Items”.
2. Select “Create” and enter details like name, unit of measure, opening balance, etc.

• Inventory Vouchers:
• Stock Journal: For internal stock transfers.
• Delivery Note: For recording goods dispatched.
• Receipt Note: For goods received.

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4. GST in Tally Prime

• Enabling GST:

1. Go to “Gateway of Tally” > “F11: Features” > “Statutory & Taxation”.
2. Set “Enable Goods and Services Tax (GST)” to “Yes”.
3. Enter GST details like registration type, GSTIN, etc.

• GST Vouchers:
• Sales Invoice: Record sales with GST.
• Purchase Invoice: Record purchases with GST.
• Payment Voucher: For GST payments.
• Receipt Voucher: For GST receipts.

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5. Payroll in Tally Prime

• Employee Creation:

1. Go to “Gateway of Tally” > “Payroll Info” > “Employees”.
2. Select “Create” and enter employee details.

• Payroll Processing:
• Attendance Vouchers: Record attendance.
• Payroll Vouchers: Process payroll.
• Salary Disbursement: Record salary payments.

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6. Banking in Tally Prime

• Bank Reconciliation:

1. Go to “Gateway of Tally” > “Banking” > “Bank Reconciliation”.
2. Select the bank account and match the transactions with the bank statement.

• Cheque Management:
• Create, print, and track cheques.
• Record post-dated cheques.

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7. Reports in Tally Prime

• Financial Reports:
• Profit & Loss Account: Shows company’s profitability.
• Balance Sheet: Displays financial position.
• Cash Flow Statement: Tracks cash inflows and outflows.
• Inventory Reports:
• Stock Summary: Overview of stock positions.
• Movement Analysis: Details of stock movement.
• GST Reports:
• GSTR-1: Sales return.
• GSTR-2: Purchase return.
• GSTR-3B: Monthly summary return.

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8. Advanced Features in Tally Prime

• Cost Centers and Cost Categories: Track expenses and incomes for specific departments or projects.
• Budgets and Controls: Set financial goals and monitor performance.
• Multi-Currency: Manage transactions in different currencies.
• Tally Audit: Audit feature for tracking changes and ensuring data integrity.

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9. Backup and Restore in Tally Prime

• Taking Backup:

1. Go to “Gateway of Tally” > “F3: Cmp Info” > “Backup”.
2. Select the company and the location for the backup.

• Restoring Backup:

1. Go to “Gateway of Tally” > “F3: Cmp Info” > “Restore”.
2. Select the backup file and restore the data.

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10. Customizing Tally Prime

• Tally.NET Features: Remote access, synchronization, and data sharing.
• Security Control:
• User Management: Create and manage user roles and permissions.
• Data Security: Set up passwords and control data access.
• Tally Extensions: Add-ons to extend functionality.

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Conclusion

Tally Prime is a comprehensive tool for managing various business operations, from basic accounting to advanced financial management and reporting. Understanding its features and functionalities can significantly streamline business processes and enhance productivity. Tally Prime Full Course NotesTally Prime Full Course NotesTally Prime Full Course NotesTally Prime Full Course NotesTally Prime Full Course NotesTally Prime Full Course NotesTally Prime Full Course NotesTally Prime Full Course NotesTally Prime Full Course NotesTally Prime Full Course NotesTally Prime Full Course NotesTally Prime Full Course NotesTally Prime Full Course Notes

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These notes cover essential aspects of Tally Prime, from installation to advanced features, providing a thorough understanding for effective use in business management.