Online Gurukul - हमारा उद्देश्य शिक्षित पूरा देश

Tally Prime Trending

Tally Prime is an accounting software developed by Tally Solutions Pvt. Ltd. It is used for financial accounting, inventory management, and other related tasks. Tally Prime is the successor to the popular Tally.ERP 9 software and was launched in 2020. Tally Prime has a number of features that make it a useful tool for businesses of all sizes. It is easy to use and requires no prior accounting knowledge. The software is designed to handle all aspects of a company's financial operations, including invoicing, inventory management, financial reporting, and payroll. Some of the key features of Tally Prime include: Easy to use interface: Tally Prime has a simple and user-friendly interface that allows users to navigate the software easily. Inventory management: Tally Prime has an inventory management system that allows users to manage their stock levels, track orders, and monitor stock movement. Financial reporting: Tally Prime has a comprehensive financial reporting system that allows users to generate various financial reports such as profit and loss statements, balance sheets, and cash flow statements. Invoicing: Tally Prime allows users to create invoices and bills quickly and easily. Payroll management: Tally Prime has a payroll management system that allows businesses to manage their employee salaries, deductions, and other related tasks. Multi-language support: Tally Prime supports multiple languages, making it accessible to businesses in different regions. Overall, Tally Prime is a powerful tool for businesses looking to streamline their financial operations and improve their accounting processes.

Price ₹ 999.00
₹ 499.00

Buy Now Add To Cart

Course Demo


Course Timeline:
To create a company in TallyPrime, follow these steps: Open TallyPrime and go to the Gateway of Tally. Select "Create Company" from the "Create" menu or press "Alt + F3". Fill in the required company details such as the name, address, country, currency, financial year, etc. Choose the appropriate options for the statutory and taxation features based on your country and industry requirements. Enter the administrator email ID and password for the company. Once you have filled in all the required details, press "Enter" to create the company. Your company will be created, and you can start using TallyPrime to manage your business transactions.
Here are some Tally Prime shortcut keys: To create a new company: Alt + F3 To quit Tally Prime: Alt + F4 To open a company: Alt + F1 To view the cash or bank ledger: Alt + G To view the balance sheet: Alt + F1 To view the profit and loss statement: Alt + F2 To create a voucher: Ctrl + F8 To view the daybook: Alt + F2 To view the stock summary: Alt + F7 To view the payroll reports: Alt + P To view the cost centres: Alt + C To view the trial balance: Alt + F4 To view the balance sheet and profit and loss together: Alt + F5 To view the stock item details: Alt + F8 To view the tax details: Alt + T
In TallyPrime, there are five main groups that organize the accounts, which are: Masters Group: This group contains all the masters like ledgers, stock items, groups, units of measure, godowns, etc. Transactions Group: All the transaction-related entries like sales, purchase, receipt, payment, journal, and contra vouchers are included in this group. Reports Group: All the reports related to the financial statements, ledgers, stock items, vouchers, payroll, and other details are included in this group. Utilities Group: This group includes features like backup and restore, import and export of data, export reports, and many more. Configuration Group: This group includes all the features that are required to configure TallyPrime according to the user's preferences, such as security controls, user rights, features, and many more.
In Tally Prime, there are 28 predefined groups that can be used to classify ledger accounts. These groups are organized into five categories: Primary: This includes groups like Capital, Reserves and Surplus, Current Liabilities, and Fixed Assets. Sub-Groups: These are further sub-classifications of the Primary groups. For example, Current Assets are a sub-group of Primary group 2. Revenue: This includes groups related to revenue, such as Sales, Purchase, and Direct Income. Cost of Sales: This category includes groups related to the cost of goods sold, such as Cost of Goods Sold and Indirect Expenses. Indirect Expenses: This category includes groups that don't fall under any of the above categories, such as Bank Accounts, Duties and Taxes, and Interest Paid. The 28 predefined groups in Tally Prime are: Capital Account Current Assets Fixed Assets Investments Current Liabilities Long-term Liabilities Purchase Accounts Sales Accounts Direct Income Indirect Income Direct Expenses Indirect Expenses Duties and Taxes Bank Accounts Cash-in-Hand Loans and Advances (Assets) Loans (Liabilities) Provisions Suspense Account Stock-in-Hand Cost of Goods Sold Manufacturing Accounts Payroll Miscellaneous Expenses Capital Work-in-Progress Reserves and Surplus Secured Loans Unsecured Loans
To create a new ledger in Tally Prime, you can follow the below steps: Go to Gateway of Tally and click on "Accounting Vouchers" or press "F2". Select "Accounts Info" from the right-hand side panel. Select "Ledgers" from the Accounts Info screen. Click on "Create" (Alt + C) on the Ledgers screen. Fill in the details like the Name of the Ledger, Under which group it belongs, etc. Select the appropriate option for "Inventory Values are affected" based on the ledger. Set Yes/No for "Is GST Applicable?" depending on the need. Enter other details like Mailing Details, Contact Details, etc. Press Enter to save the ledger creation. You have now successfully created a new ledger in Tally Prime.
To pass voucher MPH (i.e., Memorandum Payment Voucher) in Tally Prime, you can follow the steps below: Go to Gateway of Tally and click on the ‘Accounting Vouchers’ option. Select the F6 (Payment) voucher type. In the Payment voucher, enter the required details like the voucher date, the name of the party, the amount to be paid, and the bank account details. Press Alt+M to enable the ‘Memorandum’ mode. Once the ‘Memorandum’ mode is enabled, enter the required details in the voucher and save the voucher. By passing the voucher in memorandum mode, the transaction will not affect the accounts, and the voucher will be used for reference purposes only. Regenerate response
Inventory creation in Tally is a process of setting up the stock items that a business deals with. To create inventory in Tally Prime, follow these steps: Go to Gateway of Tally Select Inventory Info Choose Stock Items Select Create Enter the Name of the Stock Item. Enter the Group Name of the Stock Item. Enter the Units of Measure for the Stock Item. Enter the Rate of the Stock Item. Enter the Tax Rate applicable to the Stock Item. Save the details. Once you have created the stock items, you can use them to record transactions related to the purchase and sale of inventory. You can also use Tally to track the stock levels of each item in real-time, so you always know how much inventory is available.
In Tally Prime, you can record purchase and sales transactions by creating purchase and sales vouchers respectively. Here are the steps to create purchase and sales vouchers: Creating a Purchase Voucher: Go to Gateway of Tally > Accounting Vouchers > F9: Purchase. In the Purchase Voucher creation screen, select the supplier's name from the list of ledgers or create a new ledger by pressing Alt+C. Select the purchase ledger and enter the amount. Enter the stock items and their quantities, rates, and amounts. Enter any additional expenses such as freight or tax. Press Ctrl+A to save the voucher. Creating a Sales Voucher: Go to Gateway of Tally > Accounting Vouchers > F8: Sales. In the Sales Voucher creation screen, select the customer's name from the list of ledgers or create a new ledger by pressing Alt+C. Select the sales ledger and enter the amount. Enter the stock items and their quantities, rates, and amounts. Enter any additional expenses such as freight or tax. Press Ctrl+A to save the voucher. Note: You can also create purchase and sales vouchers for inventory items in Tally Prime. In that case, select the inventory item instead of the stock item and enter the quantity, rate, and amount.
In Tally Prime, the purchase and sales B2B (business-to-business) transactions are recorded as follows: Purchase B2B Transactions: a. Create a Purchase Voucher by navigating through Gateway of Tally > Vouchers > press F9 or click on ‘Purchase Voucher’ from the right side panel of the screen. b. Enter the supplier's name in the 'Party A/c Name' field, and select the required purchase ledger under 'Particulars.' c. In the 'Stock Item' field, select the purchased item. d. Enter the quantity and rate of the item, the tax rate, and the amount. e. Save and exit the voucher. Sales B2B Transactions: a. Create a Sales Voucher by navigating through Gateway of Tally > Vouchers > press F8 or click on ‘Sales Voucher’ from the right side panel of the screen. b. Enter the customer's name in the 'Party A/c Name' field, and select the required sales ledger under 'Particulars.' c. In the 'Stock Item' field, select the item sold. d. Enter the quantity and rate of the item, the tax rate, and the amount. e. Save and exit the voucher. In B2B transactions, the buyer and the seller are both registered businesses, and a GST tax invoice is generated on the sale of goods or services. The seller charges GST on the sale, which is later claimed as Input Tax Credit (ITC) by the buyer. The buyer can use the ITC to offset the GST liability on its own sales.
Purchasing from an unregistered dealer refers to buying goods or services from a seller who is not registered for tax purposes. This can have legal and financial consequences, as unregistered dealers may not comply with tax laws and regulations, and the quality or authenticity of the goods or services they provide may be questionable. In many countries, businesses are required to register for tax purposes and obtain a tax identification number (TIN) before they can legally sell goods or services. By buying from an unregistered dealer, you may be encouraging or participating in tax evasion, which is illegal and can result in penalties or fines. In addition, unregistered dealers may not have the same standards of quality control as registered businesses. This means that the goods or services you receive may not meet your expectations or could even be counterfeit or dangerous. To avoid these risks, it's important to check the registration status of a dealer before making a purchase. You can ask the seller for their TIN or check their business registration with the relevant government agency. It's also a good idea to research the reputation of the dealer and read reviews from other customers before making a purchase.
To make a purchase return entry in Tally Prime, you can follow these steps: Open Tally Prime and select the company in which you want to make the purchase return entry. Click on the "Accounting Vouchers" option on the Gateway of Tally. Select "Ctrl + F9" for Purchase Return Voucher or go to the "Voucher Type" panel on the right-hand side of the screen and select "Purchase Return" from the list. Enter the voucher date, supplier details, and purchase invoice details in the respective fields. Enter the details of the items being returned, including the quantity, rate, and amount. You can select the items from the stock item list by pressing "Alt + C". If applicable, enter the tax details and additional expenses in the voucher. Verify the voucher details and save the voucher. Once you have saved the voucher, the amount of the return will be reflected in the supplier's account and the inventory of the returned items will be updated accordingly. Note: The exact steps for making a purchase return entry in Tally Prime may vary slightly depending on your specific configuration and version of the software.
To make a sale return entry in Tally Prime, you can follow these steps: Open Tally Prime and select the company in which you want to make the sale return entry. Click on the "Accounting Vouchers" option on the Gateway of Tally. Select "Ctrl + F8" for Sale Return Voucher or go to the "Voucher Type" panel on the right-hand side of the screen and select "Sales Return" from the list. Enter the voucher date, customer details, and sale invoice details in the respective fields. Enter the details of the items being returned, including the quantity, rate, and amount. You can select the items from the stock item list by pressing "Alt + C". If applicable, enter the tax details and additional expenses in the voucher. Verify the voucher details and save the voucher. Once you have saved the voucher, the amount of the return will be reflected in the customer's account and the inventory of the returned items will be updated accordingly. Note: The exact steps for making a sale return entry in Tally Prime may vary slightly depending on your specific configuration and version of the software.
In Tally, you can record a sales interest entry using the following steps: Go to Gateway of Tally and click on "Accounting Vouchers" or use the shortcut key "F8". Select "Sales Voucher" from the voucher types or use the shortcut key "F6". Enter the date of the sales transaction in the "Date" field. Select the name of the customer from the "Party's A/c Name" list. Enter the details of the sales transaction, such as the sales ledger, the amount, and any applicable taxes. In the "Ledger Name" column, select the "Sales Interest Received" ledger or create a new ledger by pressing "Alt+C". Enter the amount of the interest received in the "Amount" column. Complete the sales voucher and save it. By following these steps, you can record the sales interest entry in Tally. This will ensure that the sales interest received is properly accounted for in your books of accounts. Note that the exact steps may vary slightly depending on the version of Tally you are using.
To add a logo to your sales invoice in Tally Prime, you can follow these steps: First, you need to have your logo image saved on your computer in a supported file format such as PNG, JPEG or BMP. Open Tally Prime and go to the "Gateway of Tally". Click on "Accounting Vouchers" and select "Sales Voucher" or use the shortcut key "F8". Press "F12" or click on "Configuration" at the bottom of the screen. In the "Configuration" screen, select "Printing" and then "Header" from the options on the left-hand side. In the "Header" section, check the box next to "Print Company Logo?". Click on "Browse" and select the location where your logo is saved. Then select the logo file and click "Open". Adjust the settings for the logo such as the height and width as per your requirement. Click on "Yes" to accept the changes and return to the sales voucher screen. Complete the sales voucher and save it. Once you have added the logo to the sales invoice in Tally Prime, it will be printed on all your sales invoices going forward. Note: The steps may vary slightly depending on your version of Tally Prime.
To set up the printing of sales invoices in Tally Prime, you can follow these steps: Open Tally Prime and go to the "Gateway of Tally". Click on "Accounting Vouchers" and select "Sales Voucher" or use the shortcut key "F8". Press "F12" or click on "Configuration" at the bottom of the screen. In the "Configuration" screen, select "Printing" from the options on the left-hand side. In the "Printing" section, select "Sales Invoice" from the list of vouchers. Select the printer you want to use for printing sales invoices in the "Select Printer" field. Choose the appropriate paper size for your sales invoice. Set the orientation to "Portrait" or "Landscape" based on your preference. Select the number of copies you want to print for each sales invoice. Adjust the left and top margins based on the paper size and printer settings. Preview the invoice format by clicking on the "Preview" button and make any necessary adjustments. Click on "Yes" to accept the changes and save the printing configuration. Once you have set up the printing of sales invoices in Tally Prime, you can print invoices by going to the "Display" menu, selecting "Statement of Accounts", and choosing "Outstanding" or "All Items" as per your requirement. Then select the invoice you want to print and click on "Print". Note: The exact steps for setting up the printing of sales invoices in Tally Prime may vary slightly depending on the version of the software you are using.
GSTR-1, GSTR-2, and GSTR-3B are the three types of GST returns that businesses in India are required to file under the Goods and Services Tax (GST) regime. In Tally, you can easily generate these GST returns by following these steps: GSTR-1: This is a monthly or quarterly return that contains details of all outward supplies made by a business. To generate GSTR-1 in Tally, go to "Gateway of Tally" > "Display" > "Statutory Reports" > "GST" > "GSTR-1". GSTR-2: This is a monthly or quarterly return that contains details of all inward supplies received by a business. To generate GSTR-2 in Tally, go to "Gateway of Tally" > "Display" > "Statutory Reports" > "GST" > "GSTR-2". GSTR-3B: This is a monthly return that contains a summary of all outward and inward supplies made by a business, as well as the input tax credit claimed and the tax liability. To generate GSTR-3B in Tally, go to "Gateway of Tally" > "Display" > "Statutory Reports" > "GST" > "GSTR-3B". To generate these returns in Tally, you must first ensure that you have correctly configured your company and GST details in Tally. Once you have entered all the necessary information, you can generate these returns with just a few clicks. Note: The exact steps for generating these GST returns in Tally may vary depending on the version of the software you are using.
In Tally Prime, you can generate various inventory reports to help you keep track of the stock levels, movement, and valuation of your inventory. Here are the steps to generate an inventory report: Go to the "Gateway of Tally" and select "Inventory Info." Click on "Stock Summary" to view the stock summary report. This report provides a summary of stock items, their opening balance, and transactions during a specified period. Select "Movement Analysis" to view the inventory movement report. This report shows the details of all inward and outward transactions of stock items. Click on "Stock Item Vouchers" to view a detailed list of all transactions for a specific stock item. This report shows all purchase, sales, and inventory transfer transactions of a particular stock item. Select "Stock Item Statistics" to view a report on the statistical information of a specific stock item. This report provides information such as average consumption rate, lead time, reorder level, and more. Click on "Negative Stock Report" to view a report on stock items that have gone into negative stock levels. This report provides information on stock items, their current stock level, and transactions that caused the negative stock level. Select "Stock Ageing Analysis" to view the report on the ageing of inventory items. This report shows the age of inventory items in days and helps in identifying slow-moving and obsolete inventory items. Once you select the desired report, you can customize it by specifying the period, stock item or group, and other required details. These inventory reports help in analyzing stock levels and maintaining adequate inventory levels.
In Tally Prime, the "Advance Text" feature allows you to create and save templates for frequently used texts or notes that you can use in various vouchers or reports. This feature saves time and effort, especially when you need to use the same text repeatedly in multiple vouchers or reports. Here are the steps to use the "Advance Text" feature in Tally Prime: Go to the "Gateway of Tally" and select the voucher type in which you want to use the Advance Text. In the voucher creation screen, press "Alt + W" or click on "Advance Text" button at the bottom of the screen. In the "Advance Text" screen, you can create new text or select an existing text from the list of saved texts. To create new text, click on "New" and enter the desired text in the "Text" field. You can also give a name to the text in the "Name" field to identify it easily. To use an existing text, select the text from the list of saved texts and click on "Use". Once you have selected or created the text, it will be inserted into the voucher in the respective field. You can also use the "Advance Text" feature in reports. When you generate a report in Tally Prime, you can use the "Advance Text" feature to add notes or comments to the report. The "Advance Text" feature in Tally Prime is a handy tool that saves time and reduces errors that may arise from repeatedly typing the same text.
"Advance Receipt" is a type of voucher used in Tally Prime to record any advance payments received from customers or clients. This voucher helps in keeping track of the advance received and its utilization. Here are the steps to create an Advance Receipt voucher in Tally Prime: Go to the "Gateway of Tally" and select the company for which you want to create an Advance Receipt voucher. Select "Accounting Vouchers" and then select "F6: Receipt" from the list of voucher types. In the "Receipt" voucher screen, select "Advance Receipt" as the type of receipt. Enter the name of the party from whom you have received the advance payment. Enter the amount of the advance payment and select the relevant ledger account under "Particulars". Enter the narration for the voucher, which can be used to give a brief description of the transaction. Press "Enter" to save the voucher. Once you have created the Advance Receipt voucher, you can view it in the "Display" menu under "Daybook" or "Ledger". The Advance Receipt voucher helps in maintaining accurate records of advance payments received from customers, which can be useful in accounting and financial analysis. Note: It is essential to ensure that the advance received is correctly allocated and adjusted against future invoices or bills. The advance payment cannot be recognized as income until it is utilized or adjusted against the bill. Therefore, it is important to keep track of the advance payment and its utilization to ensure accurate accounting and financial reporting.
In Tally Prime, "Cost Categories" and "Cost Centers" are used to classify expenses and income into different categories and centers, respectively. This helps in tracking and analyzing expenses and income, making it easier to manage finances and make informed business decisions. "Cost Categories" are used to classify expenses and income into broad categories, such as rent, salaries, advertising, and so on. You can create different cost categories in Tally Prime based on your business requirements. For example, if you run a restaurant business, you can create cost categories such as food expenses, labor expenses, rent, and maintenance expenses. Once you have created cost categories, you can assign them to ledger accounts to track expenses. "Cost Centers" are used to classify expenses and income based on their location, department, or function within a business. You can create different cost centers in Tally Prime based on your business requirements. For example, if you have multiple departments in your business, you can create cost centers such as sales, marketing, production, and so on. Once you have created cost centers, you can assign them to ledger accounts to track expenses. Here are the steps to create Cost Categories and Cost Centers in Tally Prime: Go to the "Gateway of Tally" and select "Accounts Info." Select "Cost Categories" to create a new cost category or modify an existing one. To create a new cost category, select "Create" and enter the name of the cost category. To modify an existing cost category, select the category from the list of cost categories and make the required changes. Similarly, select "Cost Centers" to create a new cost center or modify an existing one. To create a new cost center, select "Create" and enter the name of the cost center. To modify an existing cost center, select the center from the list of cost centers and make the required changes. Once you have created cost categories and cost centers, you can assign them to ledger accounts or transactions. This will help in tracking expenses and income based on different categories and centers, making it easier to manage finances and make informed business decisions.
Discount calculation is an essential aspect of accounting, particularly in sales transactions. In Tally Prime, you can use various methods to calculate discounts on sales transactions, such as percentage-based discounts, fixed amount discounts, and volume-based discounts. To calculate percentage-based discounts in Tally Prime, follow these steps: Create a sales voucher or select an existing one. Enter the sales details such as the product name, quantity, rate, and amount. Press the "Discount" button to apply the discount. Enter the discount percentage or amount, as required. Tally Prime will automatically calculate the discounted amount and display the net amount payable. To calculate fixed amount discounts in Tally Prime, follow these steps: Create a sales voucher or select an existing one. Enter the sales details such as the product name, quantity, rate, and amount. Press the "Discount" button to apply the discount. Enter the fixed discount amount, as required. Tally Prime will automatically calculate the discounted amount and display the net amount payable. To calculate volume-based discounts in Tally Prime, follow these steps: Create a sales voucher or select an existing one. Enter the sales details such as the product name, quantity, rate, and amount. Press the "Discount" button to apply the discount. Select the volume-based discount option. Enter the details of the discount scheme, such as the minimum quantity required to be eligible for the discount, the discount percentage or amount, and the maximum discount amount. Tally Prime will automatically calculate the discounted amount based on the details of the discount scheme and display the net amount payable. In addition to these methods, you can also use Tally Prime to calculate discounts on specific products, customers, or groups of customers based on their transaction history or other criteria. The flexibility and versatility of Tally Prime make it a powerful tool for managing discounts and other aspects of accounting and financial management.
n accounting, provisional entries refer to adjustments made to accounts at the end of a financial period to estimate or account for potential losses or expenses that have not yet been confirmed or fully realized. These entries are recorded provisionally because they are based on estimates and assumptions rather than actual transactions. For example, a business may record a provision for bad debts at the end of a financial period to estimate the amount of accounts receivable that may not be collected. This is done to ensure that the financial statements reflect a more accurate representation of the company's financial position and performance. In Tally Prime, you can make provisional entries by creating journal vouchers. To create a journal voucher in Tally Prime, follow these steps: Go to the Gateway of Tally and select "Accounting Vouchers." Select "F7 Journal" to create a new journal voucher. Enter the details of the transaction, including the accounts to be debited and credited, the amounts, and any additional details. Save the journal voucher. It's important to note that provisional entries are usually adjusted or reversed once the actual amounts are known or realized. This helps to ensure that the financial statements are accurate and reflect the actual financial position and performance of the business.
Depreciation is an accounting term that refers to the gradual decrease in the value of an asset over time due to wear and tear, obsolescence, or other factors. Depreciation is an important concept in accounting because it affects the value of a company's assets and its financial statements. In Tally Prime, you can calculate and record depreciation using the fixed asset module. To calculate depreciation in Tally Prime, follow these steps: Go to the Gateway of Tally and select "Fixed Assets." Click on "Create" to add a new asset. Enter the details of the asset, including its name, purchase date, purchase value, and other relevant information. Select the appropriate method of depreciation (e.g., straight line, reducing balance) and enter the necessary details, such as the rate of depreciation and the useful life of the asset. Save the asset record. Once the asset record is saved, Tally Prime will automatically calculate the depreciation for that asset and update the depreciation schedule accordingly. You can view the depreciation schedule for all of your fixed assets by going to the Fixed Assets module and selecting "Reports." From there, you can generate reports that show the depreciation for each asset, as well as the total depreciation for all assets. It's important to note that the method of depreciation used may vary depending on the company's accounting policies and the nature of the asset being depreciated. It's also important to consult with a qualified accountant or financial professional to ensure that depreciation is being calculated and recorded correctly in accordance with applicable accounting standards.
In Tally Prime, you can generate reports for the balance sheet, profit and loss statement, and trial balance. These reports provide important information about a company's financial position and performance, and can help in making informed decisions about business operations. To generate a balance sheet report in Tally Prime, follow these steps: Go to the Gateway of Tally and select "Balance Sheet" under "Reports." Select the appropriate financial year for the report and the format of the report (e.g., vertical or horizontal). Click "Enter" to generate the report. The balance sheet report will show the assets, liabilities, and equity of the company as of a particular date, such as the end of the financial year. This report helps in understanding the financial health of the company. To generate a profit and loss statement report in Tally Prime, follow these steps: Go to the Gateway of Tally and select "Profit & Loss Account" under "Reports." Select the appropriate financial year for the report and the format of the report (e.g., vertical or horizontal). Click "Enter" to generate the report. The profit and loss statement report shows the company's revenue, expenses, and net profit or loss for a particular period, such as the financial year. This report helps in understanding the profitability of the company. To generate a trial balance report in Tally Prime, follow these steps: Go to the Gateway of Tally and select "Trial Balance" under "Reports." Select the appropriate financial year for the report and the format of the report (e.g., vertical or horizontal). Click "Enter" to generate the report. The trial balance report shows the balances of all the ledger accounts in the company, and helps in identifying any errors or discrepancies in the accounting records. It's important to review these reports regularly to ensure that the company's financial records are accurate and up-to-date.
A purchase order is a commercial document issued by a buyer to a seller, indicating the types, quantities, and agreed prices for products or services that the buyer intends to purchase. It is a legally binding contract between the buyer and the seller, which specifies the terms and conditions of the transaction, including the delivery date, payment terms, and any other special requirements. The purchase order serves as a formal request to the seller to provide the goods or services, and once accepted by the seller, it becomes a legally binding agreement between the two parties. The purchase order is an essential document for both the buyer and the seller, as it ensures that the transaction is conducted in a transparent and organized manner. The purchase order typically includes details such as the buyer and seller's contact information, the description of the product or service, the quantity required, the unit price, and the total cost. The document may also include terms and conditions regarding warranties, returns, and cancellations, as well as any other relevant information. Overall, the purchase order is a crucial document in any business transaction, as it helps to ensure that the buyer and seller are on the same page regarding the terms and conditions of the sale, and helps to avoid any misunderstandings or disputes that may arise later on.
Sales order processing refers to the set of activities that a company performs to manage the sales order cycle, from the receipt of an order to the delivery of the product or service to the customer. It includes various tasks such as order entry, order confirmation, order processing, invoicing, and order tracking. The sales order processing system typically involves multiple departments, including sales, order management, inventory, shipping, and billing. The process begins with the receipt of a customer order, which is entered into the system by the sales team. The order is then reviewed for accuracy and availability of inventory. If the order is confirmed, it is processed for shipping, and the customer is provided with an estimated delivery date. The shipping department then prepares the product or service for delivery, and the billing department prepares an invoice for the customer. Once the product or service is delivered, the customer is billed, and payment is collected. The order processing system also includes tracking of orders and inventory levels, as well as management of returns and cancellations. In today's digital era, companies often use software applications for sales order processing, which can automate and streamline the process. These systems can help to reduce errors, improve efficiency, and provide real-time visibility into the sales order cycle, which can help companies to make better-informed business decisions.
Manufacturing Journal: A manufacturing journal is a record that documents the cost of goods produced by a manufacturing company. It is used to track the various costs involved in the production of goods, including raw materials, labor, and overhead expenses. The journal provides a detailed account of the production process, including information on the quantities of materials used, the labor hours worked, and the costs associated with each step of the production process. The manufacturing journal is an important tool for management, as it helps to track production costs and identify areas where costs can be reduced. It also helps to determine the profitability of different products and can be used to make decisions about pricing and production levels. Stock Journal: A stock journal is a record that documents the movement of inventory in a company. It provides a detailed account of the quantity and value of the stock on hand, as well as any changes in the stock due to purchases, sales, or other transactions. The stock journal is used to track the inventory levels of a company, which is important for managing production and sales. It helps to ensure that the company has enough inventory on hand to meet customer demand and avoids stockouts that can result in lost sales. It also helps to identify slow-moving or obsolete inventory, which can be sold or liquidated to free up space and cash. Overall, both the manufacturing journal and stock journal are important tools for managing a company's operations. They provide valuable information about the costs of production and the levels of inventory, which can help to improve efficiency, reduce costs, and increase profitability.
Job work refers to a manufacturing process where a principal manufacturer outsources a part of the manufacturing process to another manufacturer or job worker. The job worker processes the raw materials or semi-finished goods supplied by the principal manufacturer and performs the required operations to convert them into finished goods as per the principal manufacturer's specifications. The job work process typically involves the transfer of goods from the principal manufacturer to the job worker, who performs the necessary operations, and then returns the finished goods or partially finished goods to the principal manufacturer. The job worker charges a fee for the services provided, which includes the cost of processing, labor, and overhead expenses. Job work is commonly used in industries such as textiles, automotive, and electronics, where specialized manufacturing processes are required. It can help to reduce the principal manufacturer's production costs and lead time, as they can focus on their core operations while outsourcing the specialized manufacturing process to a job worker who specializes in that particular process. The job work process is governed by the Job Work provisions under the Goods and Services Tax (GST) regime in India, which provides for the tax treatment of goods sent for job work, and the return of such goods to the principal manufacturer. The GST law provides for the exemption of tax on goods sent for job work and provides for input tax credit on the goods sent for job work. Overall, job work is an important concept in the manufacturing industry, which allows for efficient production and outsourcing of specialized processes, thereby increasing productivity and reducing costs.
"Job work out" is a term used in accounting and manufacturing to refer to the process of sending partially finished or raw materials to a subcontractor or job worker to complete the remaining production process. The term "job work out" is usually used in the context of materials or goods that have already been processed or manufactured to some extent, but require additional work to complete the final product. The job work out process involves the transfer of partially finished goods from the principal manufacturer to the job worker, who then completes the necessary manufacturing or processing steps. Once the job work is complete, the finished goods are sent back to the principal manufacturer for inspection and quality control, before being either sold or used in further production. Job work out is commonly used in manufacturing industries where specialized skills or equipment are required for certain parts of the manufacturing process. Outsourcing some of the production process to job workers or subcontractors can help to reduce the production time and costs for the principal manufacturer, as they can focus on their core activities. The accounting treatment of job work out depends on the specific circumstances and accounting practices of the company. In general, the cost of job work out is treated as an expense in the income statement and added to the cost of goods sold. The inventory of partially finished goods sent for job work is recorded in the balance sheet as work in progress. Overall, job work out is an important concept in manufacturing and accounting, as it allows companies to outsource specialized processes, thereby increasing efficiency and reducing costs.
Payroll refers to the process of calculating and disbursing salaries and wages to employees. It involves a set of activities such as collecting employee time and attendance data, calculating the amount of pay due, deducting taxes and other contributions, and issuing paychecks or direct deposits. The payroll process is essential for businesses of all sizes and types, as it ensures that employees are paid accurately and on time. It also involves compliance with labor laws and tax regulations, which can vary depending on the jurisdiction. The payroll process typically involves the following steps: Collecting employee time and attendance data Calculating gross pay based on hours worked or salaries earned Deducting taxes, social security contributions, and other deductions from gross pay Issuing paychecks or making direct deposits Recording payroll transactions in accounting and financial systems Payroll is a critical aspect of human resources management, as it impacts employee satisfaction and motivation. Accurate and timely payment of salaries and wages is essential for employee retention and performance. There are various methods for managing payroll, including in-house processing, outsourcing to third-party payroll service providers, or using cloud-based payroll software. The choice of method depends on the size and complexity of the business, as well as the level of expertise and resources available for managing payroll. Overall, payroll is a critical function in any organization, and it requires careful attention to detail, compliance with regulations, and effective management to ensure the smooth operation of the business.
Actual billed quantity refers to the actual amount of goods or services that a customer has been invoiced for by a seller. This quantity is based on the goods or services actually delivered or consumed, as opposed to the amount that was initially ordered or requested. For example, if a customer orders 100 units of a product but only receives 80 units due to a stock shortage, the actual billed quantity will be 80 units. In this case, the seller would only invoice the customer for the 80 units that were delivered, rather than the original order of 100 units. The actual billed quantity is an important concept in sales and billing, as it ensures that customers are only charged for the goods or services that they have received. This helps to avoid disputes or discrepancies in billing, which can damage customer relationships and lead to financial losses for the seller. In some cases, the actual billed quantity may be less than the initially ordered quantity due to various factors such as stock shortages, delivery issues, or changes in customer requirements. In other cases, the actual billed quantity may be greater than the initially ordered quantity due to additional services provided or unexpected consumption of materials. Overall, actual billed quantity is an important aspect of sales and billing, as it ensures accuracy and transparency in transactions between buyers and sellers. It helps to build trust and confidence between the parties, which is essential for long-term business relationships.
A price list is a document that contains the prices of goods or services that a seller offers to customers. It provides a standard pricing reference for both the seller and the buyer, and typically includes the name of the product or service, its description, and its price. A price level, on the other hand, is a set of predetermined prices that are applied to a particular customer or group of customers. Price levels are often used in situations where different customers are charged different prices based on factors such as volume, frequency, or loyalty. Price levels can be used to offer discounts or promotions to specific customers or customer groups, or to create customized pricing structures based on individual customer needs and preferences. For example, a retailer may offer a discount on bulk purchases to wholesale customers, while maintaining a higher price level for retail customers. Price lists and price levels are often managed through an accounting or sales software system, which can track and manage different pricing structures for different customers or products. This allows businesses to streamline their pricing processes, ensure accuracy and consistency, and adjust prices based on changing market conditions. In summary, a price list is a standard document that contains the prices of goods or services, while a price level is a customized pricing structure that is applied to specific customers or customer groups. Both price lists and price levels are important tools for businesses to manage their pricing strategies and maintain profitability.
Export and import transactions refer to the movement of goods or services across international borders. Export transactions involve selling goods or services to customers in other countries, while import transactions involve purchasing goods or services from suppliers in other countries. Export transactions typically involve a range of activities, such as: Identifying potential overseas markets and customers Obtaining necessary licenses and permits Complying with export regulations and customs requirements Negotiating pricing and payment terms Preparing the goods for shipment Arranging for transportation and logistics Completing export documentation Managing payment and foreign exchange risks Import transactions, on the other hand, typically involve activities such as: Identifying overseas suppliers and products Obtaining necessary licenses and permits Complying with import regulations and customs requirements Negotiating pricing and payment terms Arranging for transportation and logistics Completing import documentation Managing payment and foreign exchange risks Export and import transactions can be complex and require a high level of expertise and knowledge to ensure compliance with regulations, minimize risks, and maximize profitability. International trade is governed by a range of laws and regulations, including export controls, trade agreements, customs procedures, and import tariffs. As such, businesses involved in export and import transactions often rely on the expertise of customs brokers, freight forwarders, and other professionals to manage the various aspects of international trade. They also use specialized software and technologies to streamline and automate the various processes involved in export and import transactions, such as documentation, compliance, and logistics management. Overall, export and import transactions are essential for businesses to expand their markets, source materials and products, and increase their competitiveness in the global marketplace.
Company password setup refers to the process of creating and managing passwords for accessing a company's computer systems, software applications, and online accounts. Passwords are a critical element of cybersecurity, as they help protect sensitive business information from unauthorized access or theft. Here are some best practices for setting up and managing company passwords: Strong passwords: Passwords should be strong and complex, with a mix of upper and lowercase letters, numbers, and special characters. Avoid using easily guessable words or personal information. Unique passwords: Use a unique password for each account or system to prevent unauthorized access if one password is compromised. Password manager: Use a password manager tool to generate and store strong passwords securely. Regular password changes: Regularly change passwords, at least every 90 days, to reduce the risk of unauthorized access. Two-factor authentication: Consider using two-factor authentication for added security, which requires a second form of verification in addition to a password. Employee education: Provide training and education to employees on best practices for password management and cybersecurity awareness. Restrict access: Limit access to sensitive systems and accounts to only authorized employees. Password policies: Develop and enforce a password policy that outlines password requirements, restrictions, and consequences for non-compliance. Setting up and managing company passwords is an essential aspect of cybersecurity, and it requires ongoing attention and vigilance to protect sensitive business information. By following best practices and implementing password management tools and policies, businesses can reduce the risk of cyber threats and improve their overall security posture. Company password setup refers to the process of creating and managing passwords for accessing a company's computer systems, software applications, and online accounts. Passwords are a critical element of cybersecurity, as they help protect sensitive business information from unauthorized access or theft. Here are some best practices for setting up and managing company passwords: Strong passwords: Passwords should be strong and complex, with a mix of upper and lowercase letters, numbers, and special characters. Avoid using easily guessable words or personal information. Unique passwords: Use a unique password for each account or system to prevent unauthorized access if one password is compromised. Password manager: Use a password manager tool to generate and store strong passwords securely. Regular password changes: Regularly change passwords, at least every 90 days, to reduce the risk of unauthorized access. Two-factor authentication: Consider using two-factor authentication for added security, which requires a second form of verification in addition to a password. Employee education: Provide training and education to employees on best practices for password management and cybersecurity awareness. Restrict access: Limit access to sensitive systems and accounts to only authorized employees. Password policies: Develop and enforce a password policy that outlines password requirements, restrictions, and consequences for non-compliance. Setting up and managing company passwords is an essential aspect of cybersecurity, and it requires ongoing attention and vigilance to protect sensitive business information. By following best practices and implementing password management tools and policies, businesses can reduce the risk of cyber threats and improve their overall security posture.
Backup and restore in Tally refers to the process of creating and restoring backups of Tally data. Tally is a popular accounting and inventory management software used by businesses to manage their financial transactions and records. Backing up Tally data is essential to prevent data loss due to hardware failures, software errors, or other issues. Here are the steps to backup and restore data in Tally: Backup: Open Tally and log in to the company for which you want to create a backup. Click on the "Alt+B" key or go to the "File" menu and select "Backup." Choose the destination where you want to save the backup file and enter a filename. Select the data you want to backup, such as company data, masters, or vouchers. Click "Enter" to create the backup file. Restore: Open Tally and log in to the company for which you want to restore the data. Click on the "Alt+R" key or go to the "File" menu and select "Restore." Choose the backup file you want to restore and click "Enter." Select the data you want to restore and click "Enter." Wait for the restore process to complete. After the restore process is complete, verify that the data has been restored correctly. Tally also offers an automatic backup feature that can be configured to backup data at regular intervals. This helps to ensure that the most recent data is always available in case of data loss. In summary, backup and restore in Tally are essential processes to prevent data loss and ensure the availability of critical financial data. By regularly creating and restoring backups, businesses can protect their financial records and ensure business continuity.
A bill of materials (BOM) is a document that lists all the raw materials, parts, and subassemblies required to manufacture a product. The BOM includes details such as the item name, part number, quantity, and unit of measure for each component. It is an essential document for manufacturing operations as it provides a comprehensive list of all the materials and resources required to build a product. The BOM is used in different stages of the production process, including: Planning: The BOM is used to estimate the cost of production, plan the production schedule, and determine the required resources and materials. Procurement: The BOM is used to order raw materials, parts, and subassemblies from suppliers. Production: The BOM is used to guide the assembly process and ensure that all the required components are available and used in the correct sequence. Inventory management: The BOM is used to manage inventory levels by tracking the consumption of raw materials and components during production. There are different types of BOMs, including: Engineering BOM: This lists all the components required to manufacture a product, including their detailed specifications and engineering drawings. Manufacturing BOM: This lists the components required for production, but without the detailed specifications and engineering drawings. Sales BOM: This lists the components required for the product as it is sold, including optional or add-on components. The BOM is a critical document in the manufacturing process, and it is essential to keep it updated and accurate to ensure the production of quality products on time and within budget.
Batch-wise details in Tally refer to the ability to track and manage inventory based on batches or lots. Batches are groups of products produced or received at the same time, and they are identified by a unique batch or lot number. Managing inventory by batches is useful for businesses that need to track the quality and expiry dates of their products. Tally ERP 9 provides batch-wise details for inventory items, which can be enabled in the inventory master. Here are the steps to enable batch-wise details in Tally: Go to Gateway of Tally and open the inventory master. Select the item for which you want to enable batch-wise details. Press F12 to configure the inventory master settings. In the inventory master configuration screen, set "Maintain batch-wise details" to "Yes." Save the changes and exit the inventory master. Once batch-wise details are enabled for an item, you can use the following features in Tally: Creating purchase and sales vouchers with batch details. Tracking inventory levels by batch and viewing the batch-wise stock status report. Managing inventory aging and expiry by monitoring the batch-wise manufacturing and expiry dates. Generating batch-wise profitability reports to analyze the profitability of products by batch. Batch-wise details in Tally help businesses manage inventory more efficiently and effectively by providing greater control over the tracking and management of inventory based on batches or lots.
A Bank Registration Statement is a document required by banks from new customers in order to open a new account or to verify their information for an existing account. The registration statement typically includes personal and contact information of the customer, such as name, address, date of birth, identification number, phone number, and email address. In addition to personal information, the bank registration statement may also include the type of account being opened or maintained, the intended use of the account, and any other pertinent details. The statement serves as an agreement between the bank and the customer, outlining the terms and conditions of the account and the responsibilities of each party. The bank registration statement is an important document for both the bank and the customer. For the bank, it serves as a record of the customer's identity and contact information, as well as their acceptance of the bank's terms and conditions. For the customer, it provides a record of the account opening process and any agreed-upon terms and conditions. In many cases, the bank registration statement is completed electronically through an online application process. This allows for quicker processing of the application and reduces the need for physical paperwork. In other cases, a paper-based registration statement may be required, which the customer will need to complete and sign and return to the bank. Overall, the bank registration statement is an essential part of the account opening process and helps to ensure the security and integrity of the banking relationship between the customer and the bank.
A payroll report is a document that summarizes the payroll transactions and activities of a company over a specified period. The report provides detailed information on the wages, salaries, bonuses, taxes, and other deductions paid to employees. The payroll report is usually prepared by the payroll department or outsourced to a payroll service provider. A payroll report typically includes the following information: Employee Information: Name, address, identification number, job title, and pay rate. Earnings: Gross pay, hours worked, overtime, and any other bonuses or incentives. Deductions: Federal and state taxes, Social Security and Medicare taxes, insurance premiums, retirement contributions, and any other voluntary deductions. Net Pay: The total amount paid to the employee after deductions. Payroll Tax Information: The employer's tax liability, tax deposits, and any outstanding taxes. Other Information: Vacation and sick leave accruals, paid time off, and any other relevant information. The payroll report is essential for a company's financial management and helps to ensure that the payroll is accurate and in compliance with federal and state laws. The report is also used to provide information for tax reporting and auditing purposes. Payroll reports can be generated in various formats, including electronic reports, paper reports, or customized reports tailored to the specific needs of the company. The frequency of the payroll report can also vary, from monthly reports to quarterly or annual reports. Overall, a payroll report is a critical document for companies and serves as a record of employee compensation and payroll-related expenses.
Point of Sale (POS) in Tally is a feature that allows businesses to manage their sales transactions efficiently and accurately. Tally ERP 9 has a built-in POS module that is designed to handle the sales process in retail stores, supermarkets, and other businesses that require quick and accurate sales processing. Here are some of the features of the Tally POS module: Quick and Easy Billing: The POS module in Tally allows businesses to generate bills quickly and easily, without the need for complex data entry. Barcode Integration: The POS module supports the use of barcode scanners, making it easier to scan and process products. Cash Management: The POS module can track cash transactions and reconcile them with the daily sales report. Discounts and Offers: The POS module allows businesses to set up and manage discounts and offers on products, such as seasonal sales or customer loyalty programs. Multi-Payment Options: The POS module supports multiple payment options, including cash, credit cards, and digital wallets. Customer Management: The POS module allows businesses to manage customer information, such as contact details and purchase history, which can help in improving customer service and loyalty. Real-Time Inventory Management: The POS module provides real-time inventory management, which enables businesses to keep track of the stock levels and avoid stockouts. The Tally POS module is designed to streamline the sales process and improve the efficiency of sales transactions. By providing a user-friendly interface and integration with other Tally modules, the POS module can help businesses save time and reduce errors in their sales operations.
Budgeting in Tally refers to the process of setting financial targets and tracking actual performance against those targets. The Budget feature in Tally ERP 9 allows businesses to prepare and manage budgets for different periods, such as monthly, quarterly, or annually. Here are the key features of Tally's Budget module: Multiple Budgets: Tally allows businesses to create multiple budgets for different periods, such as monthly, quarterly, or annually, and compare actual performance against these budgets. Forecasting: The Budget module in Tally allows businesses to forecast future financial performance by setting up different scenarios, such as best-case and worst-case scenarios, to help in making informed decisions. Variance Analysis: Tally's Budget module provides variance analysis reports, which help businesses to identify the differences between the actual performance and the budgeted amounts and take corrective actions. Integration: The Budget module in Tally can be integrated with other modules, such as sales, purchase, and inventory, to provide a complete picture of the financial performance of the business. What-If Analysis: The Budget module allows businesses to perform what-if analysis, which involves changing the assumptions and parameters to see the impact on the budgeted amounts. User-Friendly Interface: Tally's Budget module is user-friendly, making it easy for businesses to create and manage budgets even without extensive accounting knowledge. By using Tally's Budget module, businesses can effectively manage their finances by setting financial targets, tracking actual performance against those targets, and making informed decisions based on the results of the analysis. This can help businesses to achieve their financial goals and objectives, and ensure long-term success.
Bill-wise details in Tally refers to the process of maintaining records of transactions based on specific bills or invoices. The Bill-wise details feature in Tally ERP 9 allows businesses to keep track of individual invoices and payments against those invoices. Here are the key features of Tally's Bill-wise details module: Accounting for Receivables and Payables: Tally's Bill-wise details feature allows businesses to maintain records of outstanding payments from customers and outstanding payments to suppliers. Real-Time Reports: Tally provides real-time reports on the status of outstanding payments, which helps businesses to manage their cash flow effectively. Aging Analysis: Tally's Bill-wise details module provides aging analysis reports, which help businesses to identify the bills or invoices that are overdue for payment or collections. Payment Adjustments: Tally's Bill-wise details feature allows businesses to adjust payments against specific invoices or bills, which helps to maintain accurate accounting records. Multiple Modes of Payment: Tally's Bill-wise details module supports multiple modes of payment, including cash, cheques, and electronic transfers, which makes it easy to track payments made through different channels. Automatic Allocation of Payments: Tally's Bill-wise details module automatically allocates payments against the oldest outstanding bills or invoices, which ensures that the business maintains an accurate record of outstanding payments. By using Tally's Bill-wise details module, businesses can maintain accurate records of their accounts receivable and accounts payable, which helps to manage their cash flow effectively. The module provides real-time reports, aging analysis, and multiple payment options, making it easy for businesses to maintain accurate accounting records and streamline their payment processing.

Course Reviews:

Average Rating 0
0 Ratings
Details
5 Stars 0
4 Stars 0
3 Stars 0
2 Stars 0
1 Stars 0

No reviews yet.

Also available in Bundles

Bundle Details

Tally Prime

Accounts & Tally 9 Students 1 Course
Trending
Bundle Details

Skill Development Courses (16+ Courses)

Personality Development 4 Students 16 Courses

Price ₹ 999.00
₹ 499.00

Buy Now Add To Cart
10 Enrolled

Recent News.

26 Sep 2024

Safeguarding the Digital World: The Necessity of Learning Cybersecurity with Online Gurukul

13 Aug 2024

Mastering Financial Literacy: The Necessity of Learning Investments, SEBI Regulations, and SIPs with Online Gurukul

View All News

Featured Course.

Trending

Communication Skills

Personality Development 115
Your experience on this site will be improved by allowing cookies.