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| Tally ERP 9 |
Accounting: It is an art of recording, classifying and summarizing in significant manner and in terms of money, transactions and events which are of financial character and interpreting the results thereof.
Business transaction:
A business transaction is The movement of money and money’s worth form one person to another. Or exchange of values between two parties is also known as “Business Transaction”.
Purchase: A purchase means goods purchased by a businessman from suppliers.
Sales: Sales is goods sold by a businessman to his customers.
Purchase Return or Rejection in or Outward Invoice:
Purchase return means the return of the full or a part of goods purchased by the businessman to his suppliers.
Sales Return or Rejection out or Inward Invoice:
Sales return means the return of the full or a part of the goods sold by the customer to the businessman.
Assets: Assets are the things and properties possessed by a businessman not for resale but for the use in the business.
Capital: Capital is the amount invested for starting a business by a person.
Liabilities: All the amounts payable by a business concern to outsiders are called liabilities.
Debtors: Debtor is the person who owes amounts to the businessman.
Creditor: Creditor is the person to whom amounts are owed by the businessman.
Debit: The receiving aspect of a transaction is called debit or Dr.
Credit: The giving aspect of a transaction is called credit or Cr.
Account: Account is a summarized record of all the transactions
relating to every person, every thing or property and every type of
service.
Ledger: The book of final entry where accounts lie.
Journal entries: A daily record of transaction.
Drawings: Drawings (taken back) are the amounts withdrawn by the businessman from his business for his personal, private and domestic purpose. Drawings may be made in the form cash, goods and assets of the business.
Receipts: It is a document issued by the receiver of cash to the giver of cash acknowledging the cash received voucher.
Trail Balance: It is a statement of all the ledger account balances prepared at the end of particular period to verify the accuracy of the entries made in books of accounts.
Profit: Excess of credit side over debit side.
Profit and loss account:
It is prepared to ascertain actual profit or loss of the business.
Balance Sheet:To ascertain the financial position of the business. It is a statement of assets and liabilities.
Types of accounts
Personal Account: Personal accounts are the accounts of persons, firms, concerns and institutions which the businessmen deal.
Principles: Debit the receiver. Credit the giver
Real Account: These are the accounts of things, materials, assets & properties. It has physical existence which can be seen & touch.
Ex. Cash, Sale, Purchase, Furniture, Investment etc.
Principles:
Debit what comes in
Credit what goes out
Nominal account: Nominal account is the account of services received (expenses and Losses) and services given (income and gain). Ex. Salary, Rent, Wages, Stationery etc.
Principles: Debit all expense/losses. Credit all income/ gains
Make Money Online
Tally ERP 9
Tally is a complete business solution for any kind of Business Enterprise. It is a full fledged accounting software.
Methods of creating company in Tally
Double click on Tally icon on desktop. Alt+F3 Company info-Create company.
Accounts Only: To maintain only the financial accounts of the company. Inventory (stock) management is not involved in it.
Account with Inventory: This is the default option, which allows maintaining both the financial account of the company as well as the inventory of the company.
Select Company: We can choose the company which is already created.
Shut Company: It is used to close the company which is opened. Shortcut key - Alt+F1.
Alter: It is used to make alterations in the company creation like name, date, maintain etc.
Quit:Exits from Tally.
1. Click on quit button.
2. Esc, Esc, Esc and enter.
3. Ctrl+Q
Short Cut Keys
Alt+F3
Company information menu
Enter
To accept information typed into a field.
To accept a voucher or master.
To get a report with further details of an item in a report.
Esc
To remove what has been typed into a field. To exit a screen. To indicate you do not want to accept a voucher or master.
Ctrl+A
To accept a form wherever you use the key combination the screen or report will be accepted as it is on this screen.
Ctrl+Q
It quits the screen without making any changed to it.
Alt+C
To create a master at a voucher screen. When working within an amount field presses Alt+C to act as a calculator.
Alt+D
To delete a voucher.
To delete a master.
Ctrl+Enter
To alter a master while making an entry or viewing report.
F2 : Date
Alt+F2 : Change period
Alt+F1 : To see detail
F11 : Features company
F12 : Configuration options are applicable to all the companies in a data directory.
Ctrl+N: Calculator screen.
Ctrl+V: Voucher mode (Cr. Dr)
Invoice Mode
(Name of item, Rate, Quantity, and Amount)
Gateway of Tally-Accounts info-Group
Bank Account Bank
Bank Od (over draft) account Branch/division
Capital account Cash in hand
Current asset Current liability
Deposit Direct expenses
Direct income Indirect expense
Indirect income Duties and tax
Fixed asset Investment
Loans and advance Loan (liability)
Miscellaneous expenses Provisions
Retained earning Reserves and surplus
Purchase account Sales account
Secured loan Stock in hand
Sundry debtor’s Sundry creditors
Suspense Unsecured account
Meaning:
Current asset:
It is converted into cash with in a year. Ex. Bills receivable
Direct expenses:
These are the expenses which are directly related to manufacturing of goods. Ex. Wages, factory rent, heating, lighting etc
Indirect expense:
These are the expenses which are indirectly related to manufacturing of goods.Ex. Salary, rent, stationery, advertisement, printing
Depreciation: Decrease the value of the asset.
Sundry debtors: The person who is the receiver or customer
Sundry creditors: The person who gives or supplier.
Expenses Outstanding or Unpaid expenses or Expenses due:
Expenditure incurred during current year but the amount on which is not yet paid. (Added to the expenditure on the debit side and entered on the liability side.)
Income received in advance or Income received but not earned Income received during the current year but not earned or a part of which relates to the next year. (Deducted form the concerned income on the credit side and entered on the liability side)
Expenditure incurred during current year but the amount on which is not yet paid. (Added to the expenditure on the debit side and entered on the liability side.)
Income received in advance or Income received but not earned Income received during the current year but not earned or a part of which relates to the next year. (Deducted form the concerned income on the credit side and entered on the liability side)
Prepaid advance or Expenses or Prepaid expenses:
Expenditure paid during current year but not incurred or a part of which relates to the next year is called expenditure prepaid. (Deducted form the concerned expenditure on the debit side and entered on the assets side)
Income outstanding or income earned but not received or Income accrued Income outstanding means income earned during the current year but the amount on which is not yet received (added to the concerned income on the credit side and entered on the asset side).
Income outstanding or income earned but not received or Income accrued Income outstanding means income earned during the current year but the amount on which is not yet received (added to the concerned income on the credit side and entered on the asset side).
Gateway of Tally Accounts info Ledger Create
 |
Alt+F3 Company Creation
Gateway of tally-Accounting voucher
F4 Contra:
Records funds transfer between cash and bank accounts. Deposit into bank or Opened bank account.
Dr. Bank
Withdraw form bank
Cr. Bank
Dr. Cash
F5 : Payment:
Record all bank and cash payments.
Dr. Paid or Give
Cr. Cash/bank (in case cheque)
F6 : Receipt: Records all receipts into bank or cash accounts.
Received or Borrow or Take Cr.
Dr. Cash/bank (in case cheque)
F7 : Journal:
Records adjustments between ledger accounts.
F8 : Sales:
Records all sales.
Dr.
Cash/party (in-case of credit-party)
Cr. Sales
F9 : Purchase: Records all purchase.
Cr. Cash/party (in-case of credit-party)
Dr. Purchase
Journalize Transactions
2. Deposit into bank Rs. 10,000
3. Bought office furniture Rs.5,000
4. Soled goods for cash Rs.3,500
5. Purchased goods form Mr Amit on credit Rs.4,000
6. Soled goods to Mr Yogi on credit Rs.5,000
7. Received cash form Mr. Yogi on account Rs.4,000
8. Paid cash to Mr Amit Rs. 2,000
9. Received commission Rs. 100
10. Received interest on bank deposit Rs. 100
11. Paid into bank Rs. 2,000
12. Paid for advertisement Rs.1000
13. Purchased goods for cash Rs. 500
14. Sold goods for cash Rs. 2,500
15. Paid salary Rs. 1000
To view-
Gateway of tally-Accounts info-Ledger-Multiple ledger Alter-All items (for ledger)
Gateway of tally-Display-Day book-Alt+F1 (to see detail) (Accounting Voucher)
Inventory Information
Alt+F3 Company creation-Maintain-Accounts with inventory
Gateway of Tally-Inventory information-Unit of measure
Gateway of tally –Inventory information-Godown
Gateway of tally-Inventory information-Stock group
Gateway of tally – Inventory information-Stock item
To View
Gateway of tally-Display-Day book-Alt+F2 (change period) Alt+F1 (to see detail)
orGateway of tally-Stock summary
1.On 1-4-06 Raman commenced business with cash of Rs. 25,00,000. He further introduced Land and Building costing Rs. 30,000, Plant and Machinery costing Rs. 25,000 and furniture and fixture costing Rs. 36,000.
2. On 3-12-18 Purchased Vehicle and Patents Rs. 20,000 and Rs. 15,000.
3. On 5-12-18 He deposited Rs. 1, 00,000 into Dena Bank.
4. On 6-12-18 Purchased from Cadbury Company
500 5 Stars @ Rs. 5
1000 Cadbury @ Rs. 5
100 Kit kat @ Rs. 4
200 Dairy milk @ Rs. 7
5. On 10-12-18 Purchased from Khushbu Medical
500 Vicks@ Rs. 20
500 Paracetamol@ Rs. 15
6. On 13-12-18 Sold to Neel
200 Vicks @ Rs. 20.50
100 Paracetamol @ Rs. 15.50
200 Adhensive tape roll @ Rs. 15.25
100 Band Aid box @ Rs. 252
200 Boric Acid powder @ Rs.14
7. On 15-4-06 Sold to Navit
500 Cadbury @ Rs. 6
200 5 Star @ Rs.5.25
50 Kit Kat @ Rs. 6
8. On 16-12-18 Paid to Cadbury company Rs.
9. On 18-12-18 Received from Neel
10. On 20-12-18 Paid to Khushbu Medical Rs.
11. On 25-12-18 Received from Navit Rs.
12. On 26-12-18 Purchase from Aanchal Cloth
T-Shirts:
Lee-25Pc-Rs.200
Nike-30Pc-Rs.300
Shirts:
Peter England-35Pc-400
Read & Tailor-30Pc-450
Jeans Pants
Tiger-20Pc-500
Ruff and Tuff-30Pc-350
Pants
Arrow-40Pc-200
Ex-Calibar-20Pc-250
13. Paid Postage Rs. 500 by cheque
14. Received commission Rs. 15,000
15. Paid wages Rs. 2,500
Procedure for Inventory Problem
Gateway of Tally-Inventory Info-Unit of Measure-Create-
Symbol- Nos. Pcs.
Formal Name-Number. Pieces.
Gateway of Tally-Inventory Info-Stock Group-Create
Chocolate, Medicines, Cotton Pants, Jeans Pants, Formal Shirts, T-Shirts
Gateway of Tally
Inventory Info Stock Item Create
ChocolateKitkat
5 Stars
Cadbury
Dairy milk
Medicines
Moov
D’Clod
Adhensive tape rolls
Band Aid box
Boric Acid powder
T-Shirts
Lee
Nike
Shirts
Perter England
Read & Tailor
Jeans Pants
Tiger
Ruff and Tuff
Pants
Arrow
Ex-Calibar
Neel & Company
1. Started business with cash Rs. 2,000, Bank Rs. 20,000.
2. Issued cheque for goods purchased Rs. 1,000.
3. Bought goods for cash Rs.8,000.
4. Bought furniture from Anil for cash Rs.100.
5. Bought goods from harish Rs. 1,500.
6. Bought goods from chandan on credit Rs. 5,800.
7. Returned damaged goods to Chandan Rs.800.
8. Bought goods from Naveen and paid by cheque immediately Rs.400.
9. Sold goods to Guptha Rs. 1,000.10. Received a cheque from Guptha Rs.1,000 for goods sold.
11. Paid commission Rs.2,000.
12. Paid wages by cheque Rs.4,000.
13. Draw cheque for personal use Rs.4,000.
14. Draw cash for personal use from bank Rs.3,000.
15. Receive a cheque from Manju Rs.2,800.
16. Borrow loan from Anands Rs.1,000.
17. Paid Anands Loan with interest Rs.1,000.
Ledger Group
Capital Capital account
Bank Bank account
Purchase Purchase account
Anil Sundry Creditor
Chandan Sundry Creditor
Harish Sundry Creditor
Purchase return Purchase account
Naveen Sundry Creditor
Sales Sales account
Guptha Sundry debetor
Commission Indirect expenses
Wages Direct expenses
Drawings Capital account
Manju Sundry Creditor
Anand Sundry Creditor
Navit & Company
1. Started business with cash Rs.12,000,furniture Rs.5,000 and machinery Rs.6,000.
2. Bought goods from Ajay on credit Rs. 5,000 and for cash Rs.6,000.
3. Sold goods to Raju on credit Rs.6,000 and for cash Rs.4,000.
4. Bought goods from Anil Subject to trade discount of 3% of Rs.3,000.
5. Sold goods to Rausan subject to trade discount of 5% of Rs.4,000.
6. Paid salary Rs.1,000, printing Rs.150 and wages rs.100.7.Received rent Rs.500, commission Rs.400.
8. Received a cheque from Gopal Rs.1,000.
Ledger Group
Capital Capital account
Furniture Fixed asset
Machinery Fixed asset
Purchase Purchase account
Ajay Sundry Creditor
Sales Sales account
Raju Sundry debtor
Anil Sundry creditor
Rausan Sundry debtor
Salary Indirect expenses
Printing Indirect expenses
Wages Direct expenses
Rent Indirect expenses
Commission Indirect expenses
Gopal Sundry creditor
Trade discount Indirect expenses
Memorandum Book
Particulars
1. Commenced business with cash Rs. 12,000.
2. Purchased goods for cash Rs.4,000.
3. Opened a bank account with Rs.3,000.
4. Purchased stationary Rs.1,50.
5. Purchased furniture Rs.2,000.
6. Sold goods to Aanchal Rs.4,000.
7. Purchased goods from Bindu Rs.4,000.
8. Sold goods for cash Rs.2,000.
9. Paid for postage Rs.25.
10. Took loan from Chandani Rs.1,200.
11. Paid rent Rs.400.
12. Withdraw from bank Rs.600.
13. Received from Aanchal on account Rs.500.
14. Paid commission by cheque Rs.300.
Ledger Group
Capital Capital account
Purchase Purchase account
Bank Bank account
Purchase Purchase account
Stationary Indirect expenses
Furniture Fixed asset
Sales Sales account
Aanchal Sundry debtor
Bindu Sundry Creditor
Potage Indirect expenses
Chandani Sundry Creditor
Rent Indirect expenses
Commission Indirect expenses
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How to use Tally ERP-9 with basic accounting
Reviewed by Neel Kamal
on
December 28, 2018
Rating:
Reviewed by Neel Kamal
on
December 28, 2018
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