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Tuesday, September 4, 2012

introduction of Tally 9


Down Ribbon: Session - 1

Introduction Tally 9

In these days computerized accounting has become a necessity for every business. Computerized accounting is a best way to maintain the accounts in easy and accurate mode. With the help of computerized accounting, you can easily maintain all accounting books like cash book, bank book, and sale registered, purchased registered etc.
Tally is one of the most simple and complete business solutions available in the world. Anybody who has a basic knowledge of accounts can use Tally. It is easy to learn, configure and use Tally. Tally is not only a computerized accounting package but it is Accounts on computers.

Advance Features:-

Ø  Simple Accounting
Ø  Basic Financial Management   
Ø  Advanced Inventory Management
Ø  Technology Advantages
Ø  Multilingual
Ø  Vat/Service Tax/ E-TDS/Dealer Excise/FBT

Tally Gold and Tally Silver

when we run Tally for the very first time the activation form dialog box get displayed in both single and multi user licensing system.

Activation Form

Serial                                                                                   :  742152870
Key                                                                                      :  54645Ai455
E-Mail                                                                                 :   rohit@yahoo.co.in


Tally Gold for multi user :-

If your company runs on a local area network (LAN) and require that Tally be installed on all the computers connected to the network then you need to activate multi-user license i.e. Tally Gold. In this process, one computer is designated as the License Server and all others as License clients.

Tally Gold for single user :-

Single user licensing allows the deployment of Tally on a single computer with an option of activating it online or offline. You can also choose to use the same Tally license on another computer, by surrendering the license activated on a computer and reactivating it on the other. An offline user takes the request file generated by Tally, to a computer, which has internet connectivity, and activates the license.
Manual vs. Computerized Accounting

Manual Accounting:-

In manual you first create ledgers, carry forward previous year’s closing balance as opening balance for the current year. Next year, when you create a new books, again you create all the ledgers and enter opening balance. In manual you are required to pass journal entries to transfer closing balance of all nominal account to prepare profit and loss account. Whenever you need to know balance of any ledger, you are required total amount in both debit and credit columns of the ledger and compute the difference to derive the closing balance for the ledger as on that date.

Computerized Accounting:-

When you opt for computerized accounting first time, you have to create all the ledgers and enter opening balance and classify at this stage. Therefore, you enter all transactions through voucher entry. That’s all you have to do and everything else (like posting to ledger, preparation of trial balance, final accounts etc.) is done by the Tally itself.

Tally 8.1 vs. Tally 9

Tally 8.1
(A) New features added in Tally 8.1
Ø  Multilingual Support
Ø  Language Directory
Ø  Phonetic keyboards
Ø  Print language
Ø  Restoration of Tally 7.2 ver Data
Ø  Display Colours
Ø  Data Export
Ø  Fringe Benefit Tax
Ø  VAT Composition
Ø  Excise for Dealers

(B) Enhanced Features in Tally 8.1
Ø  Tally_resp.slk file
Ø  Tally Data files
Ø  Loading Icon
Ø  Close Button
Ø  Copying Text From Tally to Windows
Ø  E-Mail Authentication
Ø  Multi-accounting Allocation
Ø  Cost Centre Class in Stock Journal
Ø  Migration
Ø  Migrating Currencies
Ø  Forex Gain/Loss


(C) Problems Fixed in Tally 8.1
Ø  LIFO and FIFO valuation method
Ø  Valuation Method
Ø  Average Cost
Ø Ratio Analysis
Tally 9

(A) New Features added in tally 9

Ø  Tally Payroll
Ø  Multilingual Support
Ø  Statutory and Taxation

(B) Enhanced features in Tally 9

Ø  Statutory Compliance for
Ø  TCP migrated to Tally 8.1 in Tally 9
Ø  Budgets in Tally9
Ø  Display of TDS Bifurcations
Ø  Display of Bank Reconciliation Date in Form 16A
Ø  Printed Price list
Ø  Cost Centre with Scenario
Ø  Stock item with different Rates in invoice
Ø  Negative Quantity Warning
Ø  Exclusion of Groups for Payment and Receipt Vouchers
Ø  Report Title in Multi-Account Printing
Ø  Display of Credit Days
Ø  Altering Single Groups in Multi Group Alteration Mode
Ø  Altering a Forex Purchase Transaction
Ø  Display of Surcharge in Credit Note
Ø  Period-wise VAT forms
Ø  Order of Ledgers in Purchase Invoice
Ø  Invoice against the Sales Orders with Additional Ledgers
Ø  Purchase Vouchers
Ø  Staggered Delivery
Ø  Interest on Loans to Sundry Debtors/Creditors
Ø  Period in TR-6 Challan
Ø  Setting Off Excise Duty Credit against Service Tax Payable
Ø  Display of Date of Deposit/Payment in Form 16A
Ø  Inclusion of New ST3 Form
Ø  Printing Cheques in foreign currency
Ø  Import of Statutory Masters
Ø  Display of VAT Computation Report
Ø  Display of VAT Return report
Ø  Export of E-TDS report



Down Ribbon: Session - 2

Accounting

Accounting: - Accounting refers to the actual process of preparing and presenting the accounts. In order words, it is the art of putting the academic knowledge of accountancy into practice. It covers the following activities:
ü  Identifying the transactions and events
ü  Measuring the identified transactions and events in a common measuring unit
ü  Recording the identified and measured transactions and events in Journal
ü  Classifying the recorded transactions and events in ledger
ü  Summarizing the classified transactions and events in the forms of Income Statements and Position Statement
ü  Analyzing the summarized results
ü  Interpreting the analysed results
ü  Communicating the interpreted information to the interested parties.

Accountancy: - Accountancy refers to a systematic knowledge of accounting. It explains ‘why to do’ and ‘how to do’ of various aspects of accounting. It tells us why and how to prepare the books of accounts and how to summarize the accounting information and communicate it to the interested parties.

Book-keeping: - Book-keeping is a part of accounting and is concerned with record keeping or maintenance of books of accounting which is often routine and clerical in nature. It only covers the following four activities:
ü  Identifying the transactions and events
ü  Measuring the identified transactions and events in a common measuring unit
ü  Recording the identified and measured transactions and events in Proper Books of Accounts
ü  Classifying the recorded transactions and events in ledger.

Double Entry System: - Double entry system of book-keeping has emerged in the process of evolution of various accounting techniques. According to it, every transaction has two-fold aspects-debit and credit and both the aspects are to be recorded in the books of accounts. For example, purchase of furniture either the cash balance will be reduced or a liability to the supplier will arise.

Advantages of double Entry system: -
This system the under mentioned advantages:
Ø  By the use of this system the accuracy of the accounting work can be established, through the device of the trial balance.
Ø  The profit earned or loss suffered during a period can be ascertained together with details.
Ø  The financial position of the firm or the institution concerned can be ascertained at the end of each period, through preparation of the balance sheet.
Ø  The system permits accounts to be kept in as much details as necessary and, therefore affords significant information for the purposes of control etc.
Ø  Result of one year may be compared with those of previous years and reasons for the change may be ascertained.
It is because advantages that the system has been used extensively in all countries.
Golden Rules of Accounting

All transactions are recorded on the basis of the Double entry System Golden rules of debit and credit are given below:

1.      Personal Account         2. Real Account                  3. Nominal Account
Debit the receiver            Debit what comes in              Debit all expenses and losses
Credit the giver               Credit what goes out              Credit all incomes and gains
                                                  Golden Rules of Accounts


 
                                                     


 


  
       Personal Accounts                                                               Nominal Accounts
                                                                                               
                                                        Real Accounts
                                                                                                    

               Classification of Accounts: -

1.      Personal Account: - Personal Account relate to persons, debtors or creditors. Example would be; the account of Ram & Co., a credit customer or the account of Jhaveri & Co., a supplier of goods. The capital account is the account of the proprietor and, therefore, it is also personal but adjustments on account of profit and losses are made in it. This account is further classified into three categories:

Ø  Nature personal accounts: It relates to transactions of human beings like Ram, Rita, etc.

Ø  Artificial (legal) Personal Account: - For business purpose, business entities are treated to have separate entity. They are recognized as persons in the eyes of law for dealing with other persons. For example: Government, Companies (private or limited), Clubs, Co-operative societies etc.

Ø  Representative Personal Account: - These are not on the name of any person or organization but are presented as personal accounts. For example: outstanding liabilities account or prepaid account, capital account, drawing account.
  
2.      Real Accounts: - Accounts which relate to assets of the firm but not debt. For example, accounts regarding land, building, investment, fixed deposits etc., are real accounts, Cash in hand and the bank accounts are also real.

3.      Nominal Accounts: - Accounts which relate to expenses, losses, gains, revenue, etc., like salary account, interest paid account, commission received account. The net result of all the nominal accounts is reflected as profit or loss which is transferred to the capital account. Nominal accounts are therefore, temporary.
Down Ribbon: Session - 3

Starting Tally

Gateway of Tally:-

You begin working from the Gateway of Tally screen, the control centre of Tally. So, we first make you familiar with the various components and aspects of Gateway of Tally.
The Gateway of Tally screen contains 7 major areas:-

Ø  Product Info.
Ø  Horizontal Button Bar
Ø  Current Work
Ø  Tally Menu
Ø  Vertical Button Bar
Ø  Tally Calculator/ Command Line
Ø  Current Screen Bar

Horizontal Button Bar                    Product Info                               Vertical Button Bar                                                                                                        
                    
                    
                     Tally Calculator/ Command Line   Tally Menu                   
Current Work                                                                                   Current Screen Bar 



Product Info. :-

v  Product Name           :           Software Name & Version (like- Tally 9)

v  Copyright Notice       :           Copyright Notice (like- © tally Solutions FZ-LLC)

v  Web Link                   :           On-Line Link to tally website (tallysolutions.com)

v  Tally Logo                  :           The Tally Logo at the center

v  User Version              :           Shows the User Version (like- Tally Gold Multi User)

v  User Serial Number  :           Shows the Registration Serial Number (or –
-          EDUCATIONAL when unregistered)
Horizontal Button Bar :-

It contains 2 sets of buttons with hotkey for:-

  1. Report Management

Ø  Print               :           To print a Report

Ø  Export            :           To export reports in specified format

Ø  E-mail             :           To email a report

Ø  Upload            :           To upload a report on a website

  1. Indic Language

Ø  Language       :           To set up default Language for display

Ø  Keyboard       :           To set up default Language for data input

Current Work:-

Ø  Current Period          :           Shows the current period (beginning to end
                                                Financial Year) selected through Alt+F2
Ø  Current Date             :           Shows the current date set through F2

Ø  Active Company        :           Shows the status of last selected company (the
                                                      company you are currently working with)

Ø  Selected Company     :           Shows the status of all the Companies selected
                                                      (list of the company selected)




Tally Menu:-

At right part of the Gateway of Tally screen, the gateway of Tally Menu appears showing the list of Menu Options. Select a menu item to involve a task. You may have to drill down several levels of Menu till you reach the menu option to invoke the desired task.

Vertical Button Bar:-

At rightmost part of the Gateway, the Button Bar shows several buttons (the buttons vary according to current screen in work area) with Function Key / hotkey, to provide quick and directly access to various options & tasks. Depending on various options set, some buttons may be inactive (the inactive buttons are dimmed).


Tally Calculator/ Command Line:-

While working with Tally, press Ctrl + N to active Calculator / command line area (or click on the Calculator handle) to invoke the Calculator to make an arithmetical calculation and also paste the result in any numerical input field.

To paste the result of an arithmetic calculation at Numeric input field (like Amount in Voucher), press Alt + C at the numeric input field to invoke Auto Value Calculator. Enter the Arithmetic expression and press enter. The result is pasted in the input field.

Current Screen Bar :-

At the bottom, you get the Current Screen Bar showing the following details about the current screen being displayed.

Ø  Current Screen Path     :       It shows the complete path (form Gateway) of the
      current screen  (e.g. - Gateway of Tally->Balance Sheet  
                                                            -> Group Summary)

Ø  Current Software          :       Sows the Version, Release and the selected language                     (e.g.-9 Release-1 (English)     

Ø  Current System Date    :       Shows the current system day & date (like- Fri 10th
                                                Jun,2010)

Ø  Current System Time   :       Shows the current system time in HH:MM:SS format
                                                (like 18:00:31)







Down Ribbon: Session - 4

Company Creation

In Tally, the term Company represents any entity for which an independent set of Accounts is maintained it may be a Company, partnership Firm, H.U.F, Individual, NGO, or even a Branch Office for which a set of Account is maintained.

Gateway of Tally → Company info. → Create Company


Fill the information to create the Company :-

  1. Data Directory :-

It is the location where the company stored on the hard disk. To change the location press backspace key and type the full path of the location, if the folder in which you want to store the data is not exist Tally will create the folder itself.

  1. Name :-
Type the name of the company you want to create. This name will be displayed in all internal reports. Name should be unique.

  1. Mailing Name :- 

Type the company name you want to print in all the external reports like invoice etc. It can be different from the company name and need not to be unique.

  1. Address :-

Type the complete address of the company. Address will also print in all external reports.
  1. State :-

Select the state from pull down list.

  1. Pin-Code :-

Type the pin code of the company address.

  1. Telephone No. :-

Enter the Telephone number of Company.

  1. E-mail Address :-

Type the E-mail Address of the company. Tally will pick this address for Internet utilities itself.

  1. Currency Symbol :-

Type the symbol of currency you want to use (e.g.- Rs. For the Indian currency)

  1. Maintain :-

Select Accounts only to maintain only accounts, mean you cannot maintain the stock simultaneously. Select Accounts with Inventory here you can maintain accounts s well as stock simultaneously.

  1. Financial Year From :-

Enter the date of beginning of the financial year i.e. 1st April and the year from which you are starting your accounts on Tally. You can select any other date also Tally would close your accounts on the date exactly completing twelve months from the date you have defined. However you can see the reports of a particular period by selecting the period from Current Period Option.

  1. Books Beginning From :-

This is the starting date from which you want to maintain your accounts. Tally will not accept any voucher entry of before this date.




  1. Tally Vault Password :-

Tally Vault Password will make the name of the company in encrypted form. Extra care should be taken to given the Tally Vault Password as if you forget the password you will loose your data.

  1. Use Security Control :-

Press Y if you want to protect your company through password.

  1. Name of Administrator :-

Define the user name.

  1. Password :-
Give the password you want to retain it will be in encrypted form.


  1. Repeat :-
Retype the password you have to given in the last field.
[Tally will ask for both of the above whenever you want to start work with the company. These are case sensitive. If you will forget your password then you cannot work with that company unless until you enter the right password and username. ]

  1. Tally Audit Features :-

This will enable you to track the changes in data of your company press Y to activate this feature.
Press N to continue without any security measure.
Press enter or Y to accept the data. Your new company will be created.

Base Currency Information

Tally sets proper Base Currency Information (for Indian rupees) and you do not need to change any information. When you work in other Country then you need to change the information.

Base Currency Symbol                                             :           Rs. / $
Formal Name                                                             :           Indian Rupees / Dollar
Number of Decimal Places                                       :           2
In Symbol SUFFIXED to Amounts?                      :           No
Symbol for Decimal Portion                                     :           praise / cent
Show Amounts in Millions?                                     :           No / Yes (its depend the
                                                                                                company)
Put a SPACE between Amount and Symbol?       :           Yes
Decimal Places for Printing Amounts in Words    :           2

Saving the Company Profile                                                            :           Yes

Company Information Menu :-

Select Company         :    To Select or load a company
Shut Company          :    To shut a company
Create Company       :    To Create a company
Alter                           :    To Alter a company
Change tally Vault    :    To secure the data by providing a Tally Vault password.
Back up                      :     If you want to take data of Tally to some other storage device. (i.e. - floppy, Compact disk etc.)
Restore                       :   When you want to get data of Tally from some other computers.

Buttons

Buttons
Particulars
F1
Select Company
Alt +F1
Shut Company
F2
Date
Alt +F2
Change Period
F11
Company Features
F12
Company Configurations

Backup:-

Backup means keeping a copy of data at another place for safety. You may take backup on the Floppy Disk, CD or Hard disk, Pendrive.


Select Backup from Company Info Menu: -

Source                                    :           Give complete path of the current data directory.
Destination                             :           Here give the full path at which location you want
                                                            backup of your Data.
Name of company                 :           Here select the companies to be backed up. After
                                                            selecting required companies select end of list and
                                                            accept the screen.
                          
Gateway of Tally → Alt+F3→Backup



Restore:-

Restore literally means ‘to bring back’. Similar to backing up of data, Tally allows restoring of data from any medium into any other storage medium.

Select restore from Company Info Menu:-

Destination                 : Here the full path at which location you want to restore your data
Source                        : Give the full path at which location backup files has been stored.
Name of Company    : Select the company you want to restore.

After selection of requires companies select end of list and accept the screen.







Gateway of Tally → Alt+F3→Restore

Alteration:-
To alter the profile of the company select at Gate way of Tally –Alt+F3
Select company (if more than one company selected). Make necessary changes you required accept data directory, as it will be invisible at Company Alteration Screen. Press Ctrl+A to save the changes.

Deletion:-
At company Alteration Screen Press Alt+ D to delete the company it will ask for the confirmation are you Press Y to delete the company.
Gateway of Tally → Alt+F3→Alter
     

continue with next .....

2 comments

anonymous December 11, 2012 at 1:28 AM

What does 9 mean in tally9?

Sulochana Mishra December 23, 2012 at 4:38 AM

ys Tally9..

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