Step by Step Guide to Accounting with Tally 2022
Tally is accounting software which apart from keeping track of our company’s finances helps us to see the financial growth and accordingly, make strategic decisions. Traditionally, this was done manually wherein an accountant used physical copies to maintain a balance sheet and calculate income and expenditure. However, manual accounting along with other contingent calculations proved to be an onerous task. That’s when Tally Solutions Pvt. Ltd, which was developed in 1986, came into the scene. It developed Tally, computerized accounting software and revolutionized the business accounting landscape. Rapidly, it became the go-to accounting software gaining an unparalleled popularity worldwide. This post deals with a step by step guide to accounting with Tally 2022 and also mentions account classes near you.
The first step to use Tally is to download and install the software. Secondly, we need to create a company and load the company. Thirdly, we need to be familiar with the various technical terms and their functions. In Tally.ERP 9, voucher entry section is the place where we can feed the required data to the software. The typical main menu of Tally.ERP 9 software is called the Gateway of Tally.ERP 9. In this programme, Transactions contains Accounting vouchers and Inventory vouchers. Notably, the second option will be activated only if while creating we have opted for Accounts with Inventory. This inventory option can be activate d anytime.
Masters
Masters in TallY.ERP 9 are related to master ledgers without which transactions would not be possible. When a new company is created, by default there will be only two ledgers system created. Therefore, to post any voucher, we must create master ledgers first.
Transactions
Transactions are related to posting of real Accounting vouchers, Inventory vouchers, Orders vouchers, and Payroll Vouchers.
Utilities
Utilities option in TallY.ERP 9 refers to the import of masters/ vouchers from Excel or XML. The Banking menu offers useful options like proper storing, printing and managing data related to banking, cheque printing, deposit slip printing, and searching a cheque number.
Reports
Reports generate the following MIS reports from the system immediately: Accounts Book, Trial Balance, Stock Reports, and Statutory Reports. The best thing is when a voucher or a sheet is posted; Tally.MRP 9 will automatically create a corresponding balance sheet for that.
Display
Display is similar to the Reports but provides more in-depth reports or books of accounts.
There are various types of payment vouchers –
The transaction has to be entered when the money is paid from the bank account of the company or from its cashbox but when a third party makes the payment, Payment voucher will not be used. When we will be paying a company, the cash or bank balance will reduce by that amount and our liabilities will reduce. While using the software, the top left sidebar, it displays the current voucher type one has selected and one can only make only payment entries here. Other types of voucher can be found too like Receipts, Contra, Sales, and Purchase among others.
The Tally ERP 9 Course offered by George Telegraph Institute of Accounts (GTIA) is a course of 3 months with the basic eligibility criterion of 12th pass. Through the course, students learn in detail how to manage and maintain accounts, inventory and payroll at Tally. This is a complete preparation course covering all the topics and options available at Tally. After successful completion, the candidates will be able to do Accounting with every type of Transaction such as Payment, Receipt, Sale, Purchase, Manage banking business with bank reconciliation, Inventory management, Tax administration, Analysis of work performance, Cost centers and cost categories for IIA and internal control, and Pay and pay with employee data.
The world of accounting with Tally is teeming with opportunities and has been in high demand for the past few years. After learning accounting Tally course, one can work across several industries in numerous available positions such as an Accountant, Audit assistant, Bookkeeping, and Faculty. George Telegraph Institute of Accounts (GTIA) is a leading coaching institution near you which provides comprehensive account Tally course and make you job-ready.