Computerized Accounting and GST Syllabus Notes Part 2
Module: Tally Introduction - Company Management
In this module, we will explore the fundamental aspects of managing companies within the Tally accounting software, including creating, shutting, selecting, altering, and deleting a company. let's delve deeper into the topics related to company management in Tally, along with shortcut keys for each function:
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**1. Create a Company:**
- **Purpose:** Creating a company in Tally is the initial step to organize and manage financial data for a specific business entity.
- **Steps to Create a Company:**
- Shortcut Key: None (This process is typically initiated from the Gateway of Tally.)
- Navigate to "Create Company" under "Company Info" in the Gateway of Tally.
- Fill in company details, including name, address, financial year, and more.
- Define financial and taxation settings.
- Set the company's nature (e.g., Manufacturing, Trading).
- Establish security options like a password if required.
- Confirm the details and save the company.
**2. Shut a Company:**
- **Purpose:** Shutting a company in Tally marks the end of a financial year or discontinuation of a business's operations.
- **Steps to Shut a Company:**
- Shortcut Key: None
- Access the company you want to shut from the Gateway of Tally.
- Navigate to "Shut Company" or "Shut Financial Year."
- Specify the financial year to be closed.
- Confirm the action, and Tally will prompt you to make a backup.
- The company is now shut for the selected financial year.
**3. Select a Company:**
- **Purpose:** Tally allows users to work with multiple companies. Selecting a company is essential to perform accounting activities for a specific entity.
- **Steps to Select a Company:**
- Shortcut Key: `Alt + F3`
- From the Gateway of Tally, press `Alt + F3` or choose "Select Company" option.
- A list of available companies will be displayed.
- Highlight and select the desired company.
- You will now work within the selected company's accounting environment.
**4. Alter a Company:**
- **Purpose:** Altering a company allows you to update company details if they change over time.
- **Steps to Alter a Company:**
- Shortcut Key: None (This process is typically initiated from the Gateway of Tally.)
- Access the Gateway of Tally.
- Go to "Alter Company Info" or "Company Info."
- Select the company you wish to alter.
- Modify the necessary details (e.g., address, financial year, contact information).
- Confirm the changes, and Tally will save the updated information.
**5. Delete a Company:**
- **Purpose:** Deleting a company permanently removes all associated data from Tally and should be done with caution.
- **Steps to Delete a Company:**
- Shortcut Key: None (This process is typically initiated from the Gateway of Tally.)
- Access the Gateway of Tally.
- Go to "Company Info" or a similar menu.
- Select the company to be deleted.
- Choose the "Delete Company" option.
- Confirm the deletion, and Tally will permanently remove all data related to the company.
Importance: Deleting a company is a final action and should only be done for companies that are no longer active or relevant. Ensure you have backed up any essential data before deletion.
Title: Computerized Accounting and GST Syllabus Notes
Module: Accounts and Inventory Information in Tally
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In this module, we will explore fundamental concepts related to accounts and inventory information management in Tally, including ledgers, groups, stock groups, stock items, and units of measure.
**1. Accounts Information:**
**1.1 Ledgers:**
- **Definition:** A ledger in Tally represents individual accounts for various financial transactions. It records details of income, expenses, assets, and liabilities.
- **Purpose:** Ledgers are essential for tracking and categorizing financial transactions, enabling accurate financial reporting and analysis.
- **Examples:** Cash, Bank, Sales, Rent Expense, Accounts Payable, Accounts Receivable.
**1.2 Groups:**
- **Definition:** Groups in Tally are used to categorize ledgers into meaningful classifications. They help organize and present financial data logically.
- **Purpose:** Groups simplify the management of numerous ledgers and enhance the structure of financial statements.
- **Examples:** Under the "Sundry Debtors" group, you can have individual ledgers for various customers.
**2. Inventory Information:**
**2.1 Stock Groups:**
- **Definition:** Stock groups in Tally are used to categorize similar stock items. They provide a hierarchical structure for inventory management.
- **Purpose:** Stock groups help organize and manage inventory efficiently, especially in businesses with diverse product lines.
- **Examples:** Creating stock groups like "Electronics," "Clothing," and "Office Supplies."
**2.2 Stock Items:**
- **Definition:** Stock items represent individual products that a business deals with. They include details like product name, rate, and units of measure.
- **Purpose:** Stock items enable precise tracking of inventory levels, sales, and purchases, aiding in stock control and valuation.
- **Examples:** For a clothing store, stock items could include "T-Shirts," "Jeans," and "Sweaters."
**2.3 Units of Measure:**
- **Definition:** Units of measure in Tally specify how quantities of stock items are measured. They can be in various units like pieces, kilograms, or liters.
- **Purpose:** Units of measure allow flexibility in recording transactions involving different units for the same stock item.
- **Examples:** "Dozen" for measuring shirts, "Kg" for measuring rice.
**3. Accounting Vouchers:**
**3.1 Receipt Vouchers:**
- **Definition:** Receipt vouchers are used to record incoming funds or revenue transactions, such as customer payments.
- **Purpose:** Receipt vouchers ensure accurate tracking of money received and help maintain up-to-date accounts receivable records.
**3.2 Payment Vouchers:**
- **Definition:** Payment vouchers are used to record outgoing funds or expense transactions, like paying suppliers or bills.
- **Purpose:** Payment vouchers ensure accurate tracking of expenses and help manage accounts payable.
**3.3 Purchase Vouchers:**
- **Definition:** Purchase vouchers are used to record purchases of goods or services. They are crucial for inventory management and cost tracking.
- **Purpose:** Purchase vouchers assist in maintaining an accurate record of goods procured and their associated costs.
**3.4 Sales Vouchers:**
- **Definition:** Sales vouchers are used to record sales transactions. They help track revenue and accounts receivable.
- **Purpose:** Sales vouchers ensure accurate recording of sales and facilitate revenue recognition.
**3.5 Contra Vouchers:**
- **Definition:** Contra vouchers are used to record transactions that involve both cash and bank accounts. They are typically used for fund transfers.
- **Purpose:** Contra vouchers help maintain accurate cash and bank account balances.
**3.6 Journal Vouchers:**
- **Definition:** Journal vouchers are used for non-cash transactions and adjustments like depreciation entries.
- **Purpose:** Journal vouchers allow for adjustments and maintain accurate accounting records.
**3.7 Debit Note and Credit Note:**
- **Definition:** Debit notes are used to record increases in accounts receivable, while credit notes are used to record decreases.
- **Purpose:** Debit and credit notes help manage adjustments to customer accounts and maintain accurate sales records.
Understanding these concepts and using them effectively in Tally is crucial for accurate and efficient accounting and inventory management. Properly maintaining ledgers, groups, stock items, and vouchers ensures compliance with accounting standards and facilitates GST compliance and reporting.
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