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TallyEssential Level 1

This book from the house of Tally, India’s leading business management software solution company, is a comprehensive book for Tally Essential Level 1 certification program. The content is created on our new product ‘TallyPrime’. The new product TallyPrime is a revolutionary product which has been created with the objectives of Simplify the Simplest, Greater Flexibility, New Look and Feel and our book also describe the same. It provides step-by-step instructions starting from download and installation, company creation, maintaining chart of accounts, recording business transactions and generation of financial reports, banking solutions and securing business data. The book is enriched with numerous real business scenarios, charts, screenshots, observations, solved illustrations and practice scenarios to help the learner experience the simplicity and the power of technology of working on TallyPrime. Upon solving these live business scenarios, the learner will be able to understand the intricacies of business operations and would be equipped to handle such transactions in the daily work environment with ease. This book is highly recommended for learners who aspire to build a successful career in Finance and Accounts or as an entrepreneur.

Features

Author Tally Education Pvt. Ltd.
Language English
Binding Paperback
Publisher Sahaj Enterprises
ISBN
Year of Publishing 2021
Pages 336
Dimensions

Table of Contents

  • 1.1 Introduction2
    • 1.1.1 Meaning of Accounting 3
  • 1.2Terminologies used in Accounting.4
  • 1.3Concepts of Accounting5
  • 1.4Double Entry System of Accounting7
    • 1.4.1Uses of Debit and Credit7
    • 1.4.2Rules of Debit and Credit.7
  • 1.5Rules of Debit and Credit.8
  • 1.6Recording of Business Transactions12
    • 1.6.1Recording of Business Transactions12
  • 1.7Trial Balance15
  • 1.8Financial Statements16
    • 1.8.1Trading Account16
    • 1.8.2Profit & Loss Account18
    • 1.8.3Balance Sheet20
  • 1.9Subsidiary Books & Control Accounts23
    • 1.9.1Cash Book2323
      • 1.9.1.1Single Column Cash Book23
      • 1.9.1.2Double Column Cash Book24
      • 1.9.1.3Three Column Cash Book24
    • 1.9.2Petty Cash Book25
    • 1.9.3Purchase (Journal) Book25
    • 1.9.4Purchases Return (Journal) Book25
    • 1.9.5Sales (Journal) Book25
    • 1.9.6Sales Return (Journal) Book25
    • 1.9.7 Journal Proper26
    • 1.9.8Control Accounts26
  • 1.10Control Accounts26
    • 1.10.1Control Accounts26
    • 1.10.2Preparation of Depreciation Schedule28
  • 1.11Computerised Accounting28
    • 1.11.1Advantages of computerised accounting29
    • 1.11.2Advantages of computerised accounting29
  • Key Takeaways29
  • Practice Exercises30
  • 2.1 Introduction34
  • 2.2 Features of TallyPrime34
  • 2.3 Downloading and Installation of TallyPrime34
  • 2.4 Types of Licenses in TallyPrime40
  • 2.5 Activate New License41
  • 2.6Reactivate License in TallyPrime42
  • 2.7Use License from Network in a Multiuser Environment44
  • 2.8Working TallyPrime in Educational Mode44
  • 2.9Company Creation and Setting up Company Features in TallyPrime45
  • 2.10Getting Started with TallyPrime52
    • 2.10.1Navigating from Anywhere to Anywhere in TallyPrime52
      • 2.10.1.1 Top Menu52
      • 2.10.1.2 Right Buttons54
      • 2.10.1.3 Keyboard Shortcuts in TallyPrime57
      • 2.10.1.4 Go To59
      • 2.10.1.5 Switch To61
  • 2.11 F12 Configuration in TallyPrime63
  • 2.12 Alter Company Details63
  • 2.13 Shut the Company63
  • Key Takeaways64
  • Practice Exercises65
  • 3.1 Introduction68
  • 3.2 Chart of Accounts68
  • 3.3 Creation of Masters in TallyPrime72
  • 3.3.1 Accounting Masters75
    • 3.3.1.1 Group Creation75
    • 3.3.1.2 Ledger Creation77
  • 3.3.2 Inventory Masters81
    • 3.3.2.1 Creation of Stock Group81
    • 3.3.2.2 Creation of Stock Category84
    • 3.3.2.3 Creation of Unit of Measure87
    • 3.3.2.4 Creation of Stock Item90
    • 3.3.2.5 Creation of Godown93
  • 3.4 Alteration of Masters in TallyPrime95
  • 3.5 Deletion of Masters in TallyPrime97
  • 3.6 Multi-Masters Creation and Display of Chart of Accounts98
    • 3.6.1 Multi Groups Creation98
    • 3.6.2 Multi Ledgers Creation100
    • 3.6.3 Multi Stock Groups Creation105
    • 3.6.4 Multi Stock Items Creation106
  • Key Takeaways109
  • Shortcut Keys110
  • Practice Exercises110
  • 4.1 Introduction114
  • 4.2 Recording Transactions in Tally114
  • 4.3 Recording Accounting Vouchers in TallyPrime114
    • 4.3.1 Receipt Voucher (F6)118
    • 4.3.2 Contra Voucher (F4)123
    • 4.3.3 Payment Voucher (F5)128
    • 4.3.4 Purchase Voucher (F9)133
    • 4.3.5 Sales Voucher (F8)146
    • 4.3.6 Debit Note Voucher (Alt + F5)156
    • 4.3.7 Credit Note Voucher (Alt + F6)164
    • 4.3.8Journal Voucher (F7)171
      • 4.3.8.1 Recording for Provisions182
  • Key Takeaways183
  • Shortcut Keys184
  • Practice Exercises184
  • 5.1 Introduction188
  • 5.2 Banking Payments188
  • 5.3 Cheque Printing188
    • 5.3.1 Single Cheque Printing34
    • 5.3.2 Multi Cheque Printing196
  • 5.4 Deposit Slip188
    • 5.4.1 Cheque Deposit Slip200
    • 5.4.2 Cash Deposit Slip203
  • 5.5 Payment Advice209
  • 5.6 Bank Reconciliation212
    • 5.6.1 Manual Bank Reconciliation213
    • 5.6.2 Auto Bank Reconciliation216
  • Key Takeaways229
  • Shortcut Keys230
  • Practice Exercises230
  • 6.1 Introduction234
  • 6.2 Final Accounts Reports in Tally234
    • 6.2.1 Trial Balance234
    • 6.2.2 Profit and Loss Account237
    • 6.2.3 Balance Sheet240
      • 6.2.3.1 View working capital figures from Balance Sheet243
    • 6.2.4 Cash Flow & Fund Flow Analysis Report244
      • 6.2.4.1 Cash Flow Analysis Report244
      • 6.2.4.2 Funds Flow Analysis Report246
    • 6.2.5 Receipts and Payments248
  • 6.3 MIS Reports in Tally250
    • 6.3.1 Stock Summary Analysis250
    • 6.3.1.1 Stock Summary250
      • 6.3.1.1.1 Item-wise Profitability Analysis252
    • 6.3.2 DayBook257
    • 6.3.3 Cash and Bank Book260
    • 6.3.4Purchase Register262
    • 6.3.5Sales Register265
    • 6.3.6Journal Register267
  • 6.4Bird’s eye view/Drill down display from anywhere to anywhere268
  • Key Takeaways269
  • Shortcut Keys269
  • Practice Exercises.270
  • 7.1 Introduction272
  • 7.2 Security Control272
  • 7.3 Activation of Security Control273
  • 7.4 Creation of Security Levels (User Roles)276
  • 7.5 Creation of Users And Passwords for Company283
  • 7.6Accessing the company using Security Levels285
    • 7.6.1 Change User285
    • 7.6.2 Login to the company using the Security Level - Data Entry 1 and check the user roles287
    • 7.6.3 Login to the company using the Security Level - Data Entry 2 and check the user roles290
    • 7.6.4 Login to the company using the Security Level - Accountant and check the user roles293
  • 7.7 Auto Login296
  • 7.8 TallyVault298
  • Key Takeaways302
  • Shortcut Keys302
  • Practice Exercises302
  • 8.1 Introduction306
  • 8.2 Backup of Company Data306
  • 8.3Restoring of Company Data312
  • 8.4Company Data Repair315
  • 8.5Migration of Tally.ERP 9 Company Data to TallyPrime317
  • Key Takeaways321
  • Shortcut Keys321
  • Practice Exercises321
  • Key Answers for Practice Exercises322