How do I use Tally. ERP 9?
Tally is nothing but accounting in digital format. In maintaining accounts in manual books, we write accounting entries as debit and credit. In Tally, we create entries the same way. So how do we do it, Tally, then?
The entire thing could be pictured as the installation of any machinery in the workplace.
Process 1: Installation (When buying a machine, we first install it for use).
Tally software can be purchased and downloaded from the Tally website. We can download a 30-day trial version if we are not sure if we want to use it yet. Tally 9 is for Windows only. We can also use Tally in Educational Mode, which allows you to learn how to use the software without having to purchase a license. Some features are restricted in this mode.
Process 2: Navigation: (After installation is complete, we use the machine’s hardware or software support to use it.)
Tally. ERP 9 is designed to be navigated using the keyboard. While we can click any option we want, everything in Tally has a keyboard shortcut. The shortcut, as we say, is usually the key displayed next to each available option. Learning how to get around with the keyboard will increase efficiency.
Process 3: Create a company. (After we get some idea about the machine, we set the program for it to work.)
To use Tally, we will first need to create a company in the program. Even when we are not using Tally professionally, we still need to create a company using the following steps:
Step 1: In the opening menu, select "Create Company."
Step 2: Enter Company details:
Enter the company name as it appears on banking records.
Enter the company address, statutory compliance, telephone number, and email.
Step 3: Turn on "Auto Backup" to ensure that a copy of all your work is saved in case something happens to the original.
Step 4: Choose your currency.
Step 5: If you are using Tally to just manage your accounts, then select "Accounts only" in the Maintain menu, and If you are using Tally for inventory management as well, select "Accounts with inventory".
Step 6: Enter the start of your financial year and the start date for the book.
Process 4: Usage: (Now that we are going to use the machine, it becomes important to first learn about the machine's usage.)
Operations How to Use Tally. ERP 9 in Detail
Creating Ledgers
Understanding what ledgers are for: Ledgers in Tally record all the transactions for that account. One will need to create a ledger for each account that they do business with. Two ledgers are included in Tally by default: "Cash" and "Profit and Loss Account". We can create as many other ledgers as we need. How to?
Step 1: Open the Create Ledger window by following the given directions: Gateway of Tally > Account’s Info > Ledger > Create
Step 2: Select the group. Here we will be required to select which group the ledger will be assigned to. Choosing the right group is important, as it will affect how numbers and sales are totaled later.
Step 3: Give the ledger a name. Enter a name for your ledger to know what it contains without having to open it.
Step 4: Enter an opening balance (if any). For example, If you were creating a ledger for your bank account, this would be the amount currently in it. If you are starting a ledger for the amount owed to a Vendor, the amount you owe would be the starting balance.
Creating Vouchers
Understand the purpose of vouchers: It is a document that contains the details of a financial transaction. These are used for all aspects of a business, from sales to deposits. Tally. ERP 9 comes with several of the most popular types of vouchers pre-configured for usage. How do I create different vouchers? Step 1: Open the voucher screen using the following direction: Gateway to Tally > Accounting Vouchers
Step 2: In this step, we can choose the voucher we want to create. Here is the list:
F4: Contra: For recording money deposited into or withdrawn from the bank, or for recording any sum transferred between two accounts in the same company.
F5: Payment This voucher is used for payments made by the business.
F6: Receipts For recording any income earned by the company (sales, rent, interest, etc.) and for recording the proceeds received from various debtors.
F7: Journal For recording all adjustments or due entries such as prepaid expenses, accrued income, etc., For recording the purchase of assets and recording Input tax reversal entries, reverse-charge entries under GST
F8: Sales This is used for recording all the sales made by the company.
F9: Purchase This is used for recording all the inventories purchased by the company in the course of business.
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