Tally Prime
Tally Prime is an accounting software used by businesses to manage accounts, inventory, payroll, GST, and financial reports.
Basic Concepts of Accounting
- Account: A record of financial transactions
- Debit: Left side of an account — increases assets/expenses
- Credit: Right side of an account — increases liabilities/income
- Ledger: Book of all accounts
- Journal Entry: Recording a transaction with debit & credit
- Trial Balance: Summary of all ledger balances
- Balance Sheet: Financial position (Assets = Liabilities + Capital)
Tally Prime — Getting Started
- Create Company: Press Alt+K → Create Company
- Gateway of Tally: Main screen with all options
- Masters: Company, Ledgers, Groups, Stock Items
- Transactions: Vouchers (Payment, Receipt, Journal, Sales, Purchase)
Predefined Groups
- Capital Account, Current Assets, Current Liabilities
- Fixed Assets, Bank Accounts, Sundry Debtors, Sundry Creditors
- Direct Income, Indirect Income, Direct Expenses, Indirect Expenses
Voucher Types
VoucherShortcutUse
PaymentF5Cash/Cheque payment
ReceiptF6Cash received
JournalF7Adjustment entries
SalesF8Recording sales
PurchaseF9Recording purchases
GST in Tally
- Enable GST: F11 → Enable Goods and Services Tax
- GST Rates: CGST + SGST (within state) or IGST (interstate)
- File GSTR-1, GSTR-3B reports from Tally