Learn Tally Prime Full Course from Scratch - Part 1

 

Tally prime is the latest release of Tally Solution. Tally software starts its journey in 1990. Tally's first version has come in the form of Tally 4.5. It was based on MS-Dos. After this, Tally 5.4 came in 1996 and then Tally 6.3 came in 2001 and then Tally 7.2 came in 2005 which had the latest statutory features. After this, Tally 8.1 came and then came Tally 9 in 2006 which has the TDS, FBT, payroll and E-TDS filling features. After this Tally Solution company has released Tally.ERP 9 in 2009 and tally solution company has updated it with GST. 

In Nov. 2020, Tallyprime has issued by Tally Solution company

So, let's start to learn Tally Prime or Tallyprime from scratch. 

Fresher Level 

Tally Prime has been used for three main purpose 

1. For account purpose 

We can keep all types of accounts in Tally prime.

2. Inventory purpose 

We manage inventory in tally prime 

3. For Taxation Purpose

We can record GST in Tally Prime

In Tally prime, we can keep account only, account with inventory and account with inventory + Taxation (GST ) during company creation. We have 4th option is an account with taxation (GST) If there is no inventory like the service sector. 

If we have not registered GST, we can record only account only or account only with an inventory.

Now, the question arises how to learn this big software

First, learn Fresh Level

Second, learn Normal Level

Third, learn as Advanced Level

1st Step 

Create the Company 

General + inventory + statutory

2n Step

In the second step, we will learn to create masters and Ledger Creation 

Account + inventory + GST 

3rd Step 

In this step, we will learn to pass the voucher entries

4th Step 

In 4th step, we will learn to reconcile, GST Return and TDS

First 3 steps must be learned step by step because if you will unable to create the company, you will unable to create the masters and if you are unable to create the masters, you will unable to pass the voucher entries.

Tally Prime is Accounting Software, but you must learn what is Accounting?

Learn Accounting 

As per Accounting Education

Accounting is the science of recording and classifying the business transactions and events, primarily of a financial character, and the art of making significant summaries, analyses and interpretations of those transactions and events and communicating the results to persons who must make decisions or form judgment.

Learn Transactions 

After understanding accounting, you should know about transactions. Transaction will be on the basis of the type of business. 

We can divide transactions into two parts. One is regular transactions 

like purchase and sales, providing regular services, business expenses, purchase or sale of capital goods, receipts and payments. 

In special transactions, we do the transaction in a specific time not a regular time. Like reconciliation of accounts, the opening of the financial year, the closing of the financial year, final account ( balance sheet), payment of taxes, preparation of the return, taking of loan or investing new capital. 

On the basis of the invoice, we have the following transaction which we record in Tally Prime

1. We have bout 5 Laptops @ 30000 per laptop

2. We have  bought apple mobile 2 @ 100000 per mobile 

total bill is 250000

CGST is 9% 22500

SGST is 9% 22500

3. We have bought LED  TV 6 units @ Rs. 10000 per from great noida - up trader 

LED 2 CM 

2 unit @ 15000

===================

90000

CGST 9% - 

SGST 9% - 

Integrated GST 18% 19200

4. We have bought AC 2 units @ 30000 = 60000

AC Advance 

2 unit @ 50000 = 100000

from Chandigarh trader 

Total 160000

IGST 28% = 44800

Total 204800

We have also sales invoices which help to record the transaction

5. We have sold to Delhi trader 2 Laptop @ 40000 per laptop

total = 80000 

CGST 9% 7200

SGST 9 % 7200

6. TV sale to Delhi trader

5 TV @ 20000 = 100000

IGST 18% = 18000

= 180000

7. Apple mobile sold 

1@ 120000 = 120000

CGST 9% 10800

SGST 9% 10800

Total after GST 141600

8. AC Sold 1 @ 100000 to delhi trader

CGST 14% 14000

SGST 14% 14000

128000

9. Business transactions 

Rent of office 100000

CGST 9% 9000

SGST 9% 9000

Total 118000

Furniture bought 

50000

cgst 9% 4500

SGST 9% 4500

Total 59000

10. We deposited a cheque which was received from ABC of Rs. 100000

deposited cash 200000

11. We have issued the cheque to Our supplier Rs. 50000

12. Pay rent 

Now for transaction, passing, we will create a new company

1st Step Create A new company

First of all create new company 

1. after creating, set its feature inventory and GST yes.

2. After this, we have to fill up the GST Detail include 15 digit GST no. 

3. after this, it will ask GST rate detail. You have to keep it no because it will company level setting which is not good because you may have a different GST rate. So, better is to set it at master level and account level. 

4. Next, it will ask to enable tax liability on advance receipt

it will happen if the previous year turnover was more than 1.5 crore 

So, we will keep it as no.

6. Then it will ask enable GST classification, you have to keep it yes because we have to add rate at group and account level 

7. Then it will ask e way bill is applicable, keep it yes

In end accept this detail  and also accepted these features. 

2nd Set Of Masters 

it is equal to account info create in Tally.ERP 9 but it include also inventory creation 

In master creation, we can create the groups, 

ledger,

 voucher type , 

stock group, 

stock category, 

stock items, 

units and 

location,

 gst classification 

and GST details

pan details