Tally Training Question and Answers

For Better Tally Training following Question and Answers are very useful.

 

Tally important questions and answers

 

Where Tally Software is used?

It is mainly used for Accounts and Inventory Management. By using tally we can perform operations like job costing, maintaining payroll, Tax returns, storing and maintaining inventory items, Calculating interests, trial balance, report generation, etc.,

 

What is meant by ERP in Tally?

ERP stands for Enterprise Resource Planning.  An ERP is able to process all needs of a company like Manufacturing, Services, Finance, Distribution and etc., It integrates all these processes into a single system.

 

What are the features of Tally ERP 9?

It offers Various features like

  • Invoicing
  • Scenario Management
  • Inventory Management
  • Budget Control
  • TDS
  • Cost and Profit Center Managing
  • Cheque Printing
  • Point of Sale
  • E-mail Options
  • Credit Limits
  • Pay Roll Management
  • Tax Audit

What are groups in Tally

Tally groups are a collection of ledgers of similar type. Example all bank accounts comes under bank account groups, all expenses are coming under direct and indirect expenses group.

 

How many groups are there in tally?

In Tally, There are 28 pre-defined groups. These are again divided into primary and subgroups, out of which 15 comes under primary groups and 13 comes under subgroups.

 

Examples for primary groups : Capital Account, Current Assets, Direct Expenses, Direct Incomes, Investments, Indirect Incomes, Loans, Branch/Divisions, Purchase Accounts, Sales Accounts, Suspense A/c, Misc Expenses, Current Liabilities, Fixed Assets, Indirect Expenses.

 

Examples for Sub-groups: Bank Accounts, Cash-in-Hand, Provisions, Bank OD A/c, Deposits, Secured Loans, Sundry Creditors, Sundry Debtors, Duties and Taxes, Unsecured Loans, Stock-in-Hand, Loans and Advances, Reserves & Surplus.

 

What is Trial Balance in Tally?

It is a summary of All ledger balances. It helps in checking the balances are correct or not. The sum of all debit balances and credit balances must be tally if all the accounts are entered correctly.

 

What is a Balance Sheet in Tally?

It is a Financial Statement that gives reports of a firm for a particular period. It mainly shows the balance between Assets and Liabilities.

 

Profit and Loss Accounts in Tally

It exactly gives Profit and Loss of a Company for a particular period. It Mainly gives the performance of a company. By viewing Profit and Loss Accounts, Company can judge its Current  Incomes and Expenditures.

 

What is the difference between inventory and Accounting Vouchers in Tally?

Accounting Vouchers are used to record Financial Transactions whereas Inventory Vouchers are inventory related. Examples of Accounting Vouchers in Tally are Payment, Receipt, Contra, Purchase, Sales, receipts, etc.,

Examples for Inventory Vouchers are a Purchase order, Sales Order, Rejection in, Rejection out, Delivery Note, Receipt Note, etc.,

 

What is a Purchase Order In Tally ERP 

It is a document issued by the buyer to the seller regarding the purchase of items. When the purchase order received by the buyer, the buyer will send those goods to the seller. It tells the availability of goods to the seller.

 

What is  Rejection out in Tally ERP9

The goods which are rejected or returned to the seller are known as Rejection out. If the buyer finds any damage he will reject and sends it to the Seller.

 

What are Accounting Vouchers?

  • Accounting Vouchers consists of Vouchers like Contra, Purchase, Sales, Payment, Receipt, Journal, Credit note, Debit note, Memo and Reversing journal.
  • Contra Voucher: Contra Vouchers is mainly used for Transfer of funds from Bank Account to Cash Account, Cash account to Bank account and Bank Account to Bank Account.
  • Purchase Voucher: Purchase Voucher is used to enter the transactions like purchase goods for business purpose. All goods purchased for business should be recorded under Purchase Voucher except Fixed Assets.
  • Sales Voucher: It is used to Record all sales related transactions. Cash Sales or Credit sales should be recorded under the Sales Voucher.
  • Payment Voucher: It is used to record all payment transactions like payment of Salaries, Rent, expenses. All Payments whether cash payment or bank payment should be recorded under Payment Voucher.
  • Receipt Voucher:  All receiving amount of transactions should be recorded under Receipt Voucher. Received amount through cash or bank must be recorded under Receipt Voucher in Tally Erp 9.
  • Journal Voucher: It is used to adjust the debit and credit amounts. These are also known as adjustment entries.
  • Debit Note Voucher: When goods are sent back to the supplier because of damage then this transaction should be recorded under the Debit Note Voucher.
  • Credit Note Voucher: When Customer returns goods then that kind of transactions should be recorded under the Credit Note Voucher.
  • Memo Voucher: These are like dummy vouchers in Tally ERP 9. Some transactions which are not yet completed should be recorded under Memos, when the real transaction is completed then this voucher can be converted to payment or receipt.  If at all the transaction is not completed then this voucher can be deleted.
  • Reversing Journal: It is automatically reversed after the date of the journal.

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