TRINITY INSTITUTE OF PROFESSIONAL STUDIES Sector – 9, Dwarka Institutional Area, New Delhi-75

Affiliated Institution of G.G.S.IP.U, Delhi

B.COM(HONS.)COMPUTER ACCOUNTING

SOFTWARECode: 888211

TALLY

BY:PRERNA SEHGAL

ASSISTANT PROFESSOR

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

If we select Display > Accounts Books the menu shows the full patch picture. The menu displays primary choices. Menu options are dependent on activation of options. In some cases, you may find some options appearing as grayed indicating that option is not active. The menu is a drill-down, on selecting an option, if a sub-menu exists for the selected option, it would be displayed. If next level sub-menu exists, it would appear below it – showing the entire path at top of the menu. By selecting Quit – last option in each menu (by pressing Esc key in keyboard) you can return to the upper level menu.

GATEWAY OF TALLY MENU

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

To create a company, select Create company option from company info menu that brings company creation screen FIELDS OF COMPANY CREATIONThis company creation screen wants the necessary and optional information about the company. The necessary fields are Name of the company, communication address , State name, Pin code, E-mail address, use Indian vat, vat in, income tax number, local sales tax number, Currency symbol, maintain the company type, financial year from, Book beginning from, Tally vault password, use security control and base currency information. The option field is Directory specification location. The above fields are arranged in group wise information and also discussed sequentially.

CREATION OF COMPANY

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Loading a Company

• In order to load a company using the Select Company option, disable the default loading of a company in Tally.

• On double-clicking the Tally icon, the screen is displayed as shown:You can use the Select Company option in two ways, from the Company Info. Menu OR by using the button F1: Select Cmp (available on the Gateway of Tally screen).

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Contra voucher

Contra Voucher is for entering Fund Transfer transaction where net Inflow and Outflow are equal, i.e., net effect is Zero. Here you can enter transaction between Cash and BankAccounts. • Press “F4” at the Voucher Entry screen to enter Contra

Voucher

• For example:Cash deposited into Bank: Cash Outflow, equal Inflow at Bank Account.

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Receipt voucher

• All inflow of money is recorded through Receipt Voucher. Such receipts may be towards any income or from debtors or Loans/Advances taken or Refund of Loans/Advances given earlier etc. The voucher is similar to payment voucher except that you debit cash or bank A/c’s and credit the Ledger from which you receive.

• Press “F6” at the voucher entry screen to make a Receipt Voucher

• For Example:- Bank interest received from bank.

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Trial balance In Tally

• A Trial Balance is a summary of all ledger balances to check whether the figures are correct and balanced. Considering that the journal entries are error-free and posted correctly to the general ledger, the total of all debit balances should equal the total of all the credit balances.

• In Tally7.2, the matching of the Trial Balance is a foregone conclusion since all voucher entries are in Debit - Credit format and must balance at the entry point.

• To view the Trial BalanceGo to Gateway of Tally > Display>Trial Balance

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Profit and Loss Account in Tally

• Profit and Loss Account or Income Statement is a periodic statement, which shows the net result of business operations for a specified period. All the expenses incurred and incomes earned during the reporting period are recorded in the Profit and Loss account or Income and Expenditure account.

• The profit and loss account in Tally7.2 display the information based on the default primary groups. It is updated instantly with every transaction/ voucher that is entered and saved.

• Go to Gateway of Tally > Profit & Loss A/cClick F1: Detailed, to view the Profit & Loss Account in detailed format.

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Balance Sheet In Tally

• A Balance Sheet is a financial statement that reports a firm's financial position at a specific time. The term balance sheet implies that a report shows the balance between two figures. It shows a balance between the assets and liabilities of a firm and the owner’s funds. The fundamental accounting equation applicable is therefore, Assets = Liabilities + Owner's Equity.

• To view the Balance Sheet: Go to Gateway of Tally > Balance Sheet

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Day Book In Tally• The Day Book lists all transactions made in a particular day and by default displays

the last voucher entry date of a regular voucher. It could also be set up to list all the transactions made over a certain period. Transactions include all financial vouchers, reversing and memorandum journals as well as inventory vouchers.

• In Tally7.2, the Day Book is by default displayed for the current date (as on the last date of voucher entry). However, you may specify the required period, as per your requirements.

• To view the Day Book,• Go to Gateway of Tally > Display > Daybook• Press F2: Period on the button bar or press the key Alt+F2• Specify the required period

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

THANK YOU!