Tally Prime: Company Creation and Modes

Ledger Details

• Ledger details provide a comprehensive record of financial transactions related to a particular account or group of accounts.

Voucher Types

• A Payment Voucher in Tally is used for cash and bank transactions together.

Ledger Management

• The list of created ledgers in Tally can be checked under the List of Ledgers option.

Accounting Terms

• 'Bank o/d' stands for Bank Overdraft.

Ledger Creation

• In the context of ledger creation, an 'Alias' refers to an alternative name given to a ledger.

Grouping of Accounts

• Duties and taxes, except income tax, fall under the Current Liabilities group.

Asset Classification

• Assets intended for sale for long periods are known as Fixed Assets.

Liability Classification

• Current liabilities represent short-term debts or obligations that are expected to be paid within a year.

Sundry Debtors

• A "Sundry Debtor" is also known as a Trade Debtor or Account Receivable.

Provision in Accounting

• The purpose of creating a provision in accounting is to set aside a portion of the company's profits to prepare for a potential liability or expense.

Tally Prime Shortcuts

• The shortcut to open Tally Prime is Ctrl + Alt + T.
• The shortcut to create a new company in Tally Prime is Ctrl + Alt + N.
• The shortcut to open a company in Tally Prime is Ctrl + Alt + O.

Tally Prime Operations

• To close a company in Tally Prime, go to the Company Info screen and click on the Exit button.
• To change the details of a company in Tally Prime, use the Alter option.
• The Education mode should be selected for student work in Tally Prime.