Accounting with Tally Overview

History of Tally

• Tally was founded in 1990.
• Tally 3.0 provided basic accounting functions.
• Several releases followed, from Tally 6.3 (2001) to Tally 9.0 (2006).
• Tally ERP 9 was released in 2009.
• Tally Prime was released in 2020.

Key Accounting Concepts

• Nominal Accounts: Track income, expenses, gains, and losses.
• Personal Accounts: Used for individuals or entities providing or receiving payments.
• Real Accounts: Track assets and liabilities.

Tally Folders

• The default folder for saving data is "C:\Tally\Data" or "C:\Users\Public\Tally ERP9\Data".

Creating and Managing Ledgers

• New ledgers are created using "Accounting Info".
• Existing ledgers can be seen, altered, or deleted through "Accounting Info".
• Ledgers can be created or modified within the voucher screen.

Invoices, Vouchers, and Entries

• Direct Expenses are pre-production costs.
• Contra Vouchers allow for recording transactions with both debit and credit entries.
• Reversing, memo, and optional voucher entries don't impact the account balance.

Creating Companies and Security

• Companies can be created with passwords for security control.
• A password is required to access a company's data.

Features and Functionality

• F11 can be used to activate features like Debit and Credit Notes, Cost Categories, and Godowns.
• F12 enables Standard Rate settings.
• Cash ledgers and profit & loss accounts are automatically generated when creating a new company.

Goods Services Tax (GST)

• Tally supports different GST calculations.
• SGST is State Goods Service Tax.
• CGST is Central Goods Service Tax
• IGST is Integrated Goods Service Tax.

Setting Users and Controlling Access

• Different user types can be created with specific passwords.
• The initial company created in Tally has the code 10000.
• Fixed assets are items purchased for business use and held for an extended period.

Keyboard Shortcuts for Tally

• Alt+C: Auto Value Calculator
• Ctrl+A: Accept or Save
• Ctrl+N: Calculator
• Alt+P: Print
• Alt+F1: Shutdown the Company
• F2: Change voucher date
• Alt+F2: Change company date period
• Alt+F3: Bring company information
• F4: Contra Voucher
• F5: Payment Voucher
• F6: Receipt Voucher
• F7: Journal Voucher
• F8: Sales Voucher
• F9: Purchase Voucher
• Ctrl+F8: Credit Note Voucher
• Ctrl+F9: Debit Note Voucher
• Ctrl+F10: Memorandum Voucher
• ALC: Account Info.Ledger Alter
• ALA: Account Info.Ledger Create
• ALD: Account Info.Ledger Display
• B: Balance Sheets
• P: Profit & Loss A/c
• DD: Display Day Book
• DT: Display Trial Balance
• DSCC: Display Cost Centers