How to use tally

Tally is a very popular accounting software used by many companies around the world. It is known for its ease of use and ability to efficiently manage company finances.

Tally was developed by the Indian company Tally Solutions Pvt Ltd and is available in different versions, including Tally.ERP 9, TallyPrime, and Tally.Server 9.

What can you do with Tally?

Tally can be used for a wide range of accounting activities, including:

• Budget management
• Invoice management
• Inventory management
• Payroll management
• Tax management

In addition, Tally also offers advanced features such as customized report generation and integration with other business applications.

Why should you use Tally?

Tally offers numerous advantages over other accounting software:

• User-friendliness: Tally is known for its intuitive and easy-to-use user interface.
• Efficiency: Tally helps manage company finances more efficiently, reducing work times and increasing productivity.
• Customization: Tally offers the ability to customize reports and functionalities based on specific company needs.
• Integration: Tally can be easily integrated with other business applications, making it easier to manage company finances globally.

In summary, Tally is a powerful and versatile accounting software that can help efficiently manage company finances. With its intuitive user interface and numerous advanced features, Tally is a popular choice for many companies around the world.

Tally Configuration

Before you start using Tally, you need to configure it correctly. Here's how:

1. Installing Tally

First, download the latest version of Tally from the official website and install it on your computer following the provided instructions.

2. Creating the Company

After installing Tally, you need to create a new company. To do so, follow these steps:

• Open Tally and select "Create Company" from the main screen.
• Enter your company name and required details.
• Select your preferred language and default currency for your company.
• Click "Create" to create your new company.

3. Configuring Settings

After creating your company, it's important to configure some settings to customize Tally according to your needs. Here's how:

• Click "F11: Features" from the main screen of Tally.
• In the features window, select options you want to enable or disable based on your needs.
• Click on "Save" to save your changes.

4. Adding Bank Account Details

If you want to use Tally to manage your bank accounts, you need to add your bank account details. Here's how:

• Click on "F12: Configuration" from the main screen of Tally.
• In the configuration window, select "Bank Accounts" and enter the required details.
• Click on "Save" to save your changes.

By following these steps, you will be able to properly configure Tally and use it efficiently for managing your business.

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Creating a New Account in Tally

To use Tally, you need to create a new account. Follow these steps to do so:

1. Open Tally: Launch the Tally software on your computer.
2. Create a New Company: On the main screen, select "Create a New Company" and follow the instructions provided to enter your company information.
3. Create a New Account: Once you have created your company, select "Accounts" from the main menu and then choose "New Account". Enter the name of the account and select the type of account (e.g., cash or bank) from the drop-down menu.
4. Enter Account Details: After choosing the account type, you will need to enter additional information such as the account address and other relevant information. Make sure to enter all the correct information.
5. Choose Account Group: Now you need to choose which group this account belongs to. For example, if it is a bank account, it may belong to the "Banks" group. If you are unsure which group to choose, consult a finance expert or accountant.
6. Save Your New Account: Once you have entered all the relevant information, select "Save" to save your new account.

Creating a new account in Tally is easy and quick. Make sure to enter all the correct information to avoid future issues.

Managing Transactions in Tally

One of the main functions of Tally is transaction management. With Tally, you can easily record all your business transactions and efficiently monitor them.

How to Record a Transaction

To record a new transaction in Tally, follow these simple steps:

• Open the Tally software and select the appropriate module for your business activity.
• Click on the "New Transaction" button or press the keyboard shortcut "F4".
• Enter transaction details such as date, amount, description, etc.
• Click on "Save" to record the transaction in your ledger.

How to View Existing Transactions

To view existing transactions in Tally, follow these steps:

• Open the Tally software and select the appropriate module for your business activity.
• Click on the "Transactions" tab in the left sidebar.
• Find the transaction you want to view using the available search filters.
• Click on the transaction to open its complete details.

How to modify an existing transaction

To modify an existing transaction in Tally, follow these steps:

• Open the Tally software and select the appropriate module for your business activity.
• Click on the "Transactions" tab in the left sidebar.
• Find the transaction you want to modify using the available search filters.
• Click on the transaction to open its complete details and then click on the "Edit" button.
• Make necessary changes to the transaction and click "Save".

How to delete an existing transaction

To delete an existing transaction in Tally, follow these steps:

• Open the Tally software and select the appropriate module for your business activity.
• Click on the "Transactions" tab in the left sidebar.
• Find the transaction you want to delete using the available search filters.
• Click on the transaction to open its complete details and then click on the "Delete" button.
• Confirm deletion of transaction when prompted by software.

By following these simple steps, you can easily manage all your business transactions in Tally. Always remember to record each transaction accurately to maintain an accurate and reliable ledger.

Generating reports and analyzing data in Tally

Once you have entered all the data into your Tally accounting, you can generate a wide range of reports to analyze your finances. These reports can provide you with detailed information on how you are managing your money, where you are spending the most, and where you can reduce expenses.

How to generate a report in Tally

To generate a report in Tally, follow these simple steps:

1. Click on the "Display" tab in the top left corner of the Tally main screen.
2. Select "Reports" from the dropdown menu.
3. Select the type of report you want to generate from the list of available reports. For example, if you want to see the company balance sheet, select "Balance Sheet".
4. Enter the start and end date for the period for which you want to generate the report.
5. Click on "Show" button to view the report.

How to interpret a report in Tally

Once you have generated a report in Tally, you need to be able to interpret it correctly to derive its benefits. Here are some helpful tips:

• Analyze numbers: Look closely at the numbers in the report and try to understand what they mean. For example, if you are looking at a report on your sales, check out the total sales figure to see how much you have earned in total.

In general, using reports in Tally will help you make informed decisions about your business. Make sure to dedicate time to analyzing the data and understanding the reports to get the most benefit out of them.