Podcast
Questions and Answers
Which keyboard shortcut is used to create a new voucher for receipts?
Which keyboard shortcut is used to create a new voucher for receipts?
What is the function of the keyboard shortcut Alt + P?
What is the function of the keyboard shortcut Alt + P?
Which shortcut would you use to change the voucher date?
Which shortcut would you use to change the voucher date?
To display the Trial Balance, which shortcut should be utilized?
To display the Trial Balance, which shortcut should be utilized?
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Which keyboard shortcut provides access to the Balance Sheets while remaining in the Gateway of Tally?
Which keyboard shortcut provides access to the Balance Sheets while remaining in the Gateway of Tally?
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What happens when an invoice is created for a transaction involving a sundry debtor?
What happens when an invoice is created for a transaction involving a sundry debtor?
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Which of the following account types credits items that are gained?
Which of the following account types credits items that are gained?
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Which version of Tally was released in 2006?
Which version of Tally was released in 2006?
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What is the significance of C:\Tally\Data as mentioned in the content?
What is the significance of C:\Tally\Data as mentioned in the content?
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What is the role of a creditor in a transaction?
What is the role of a creditor in a transaction?
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Study Notes
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
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Description
This quiz explores the history of Tally software, key accounting concepts, and practical approaches to creating and managing ledgers. Participants will learn about various types of accounts and how Tally has evolved over the years. Test your knowledge on invoices, vouchers, and essential accounting principles.
