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