Tally Prime

Statistics Report The Statistics report in TallyPrime provides you with a snapshot of all the masters created and the number of vouchers types entered. You can also use this report to drill down to specific transactions.

Create, Alter, and Delete Currencies in TallyPrime (Multi-Currency Accounting) Many Organizations have transactions in more than one currency for which foreign currency accounting is required. Such transactions have to be recorded either in the base (home) currency or in the foreign currency. If the transactions are recorded in home currency, the rate at which the foreign currency is exchanged should be recorded as well. At times you need to record the transaction in the foreign currency itself when you maintain the balance of a particular bank account in foreign currency. You can carry out multi-currency accounting in TallyPrime.

Mark the Modified Vouchers in TallyPrime and Share with Your Clients Many businesses take help from consultants for filing returns or auditing their books. As a consultant, if you modify your clients’ books, you have to ensure that their books reflect the final values. To address this need, you can use the Mark Changed Vouchers feature. This feature helps you to identify the list of changed vouchers, but not the individual changes. The list of marked vouchers includes all the vouchers that are altered, added, or cancelled. Deleted vouchers are not part of this list. This feature is provided with the understanding that your client will not modify the vouchers after the data is shared with you. If your clients update their data after sharing, the changes will be overwritten when the marked vouchers are imported.

Interest Calculation in TallyPrime Interest is a legitimate return on money invested and chargeable in the business world on loans and also on delayed payments. Interest can be calculated on the basis of Simple or Compound Interest. With TallyPrime you can make the required configurations and view the reports on interest calculated based on these configurations. In TallyPrime, calculation of interest will be based on outstanding receivables or payables.

Accounting and Financial Reports in TallyPrime Accounting reports and financial reports in TallyPrime are an overview of the financial results, financial position, and cash flows of a business. In order to assess a business’s performance and financial position, all its transactions have to  be summarised and analysed over a period of time. This is where accounting  reports enter the picture. They help you organise and present raw financial data,  and turn it into useful information. What is the easiest way to do this? With TallyPrime, of course. You can generate accounting reports in TallyPrime. These include Balance Sheet, Profit and Loss A/c, Receivables and Payables, Cash Flow statement, and so on. With these  reports under your belt, you will have an in-depth view of how your business is doing, who your best customers are, the state of your cash flow, eligibility for business financing or loans, and so on.

Financial Controlling Using TallyPrime Financial control is an important aspect for every business. You may want to check the projection of the financial position of the business based on estimated incomes or expenses, without making any changes to the source data. Using TallyPrime, you can create budgets, and use scenario management tool to generate provisional reports for a future period. You can also create cost centres, and allocate the expenses to the respective cost centres. Budget: Using budgets you can plan the flow of funds for a selected period of time, to use funds efficiently. Budgets provides accurate information for evaluation of financial activities, aid in decision making and provide a reference for future planning.   Scenario: Using scenario management tool, you can record provisional vouchers, without affecting the source data. You can forecast the expenses by including these provisional vouchers in your reports.   Cost Centre Allocation: You can maintain yo...

View, Print, Export Opening Balances of all the Ledgers You can view the opening balances of all the ledgers in a single screen, and print or export the details. In this section View opening balance of all ledgers Print opening balances of all ledgers Export opening balances of all ledgers

Manage Multiple Stock Items | Multi Create & Multi Alter Using Chart of Accounts You can create a single stock item or multiple stock items, and configure the details as per your requirement. You can also view, alter or delete these stock items. In this section Create Multiple Stock Items Alter Multiple Stock Items Delete a Stock Item

Create, Alter, Delete Ledger Ledger can be created from different ways such as Master, Transactions and reporting as per the user choice. In this section Single Ledger Creation Ledger Creation from Transaction or reporting Current Liabilities and Current Assets Ledgers Tax Ledger Rounding Method Expenses and Income Ledgers

Create, Alter, Delete Account Groups You can create a single group or multiple groups in TallyPrime and configure the details as per your requirement. You can also view, alter or delete these groups. In this section Create account groups one-by-one View account groups one-by-one Alter a Group Create Multiple Groups in one-go Alter Multiple Groups Delete a Group

Configure Advanced Options for Groups You can configure additional group information such as: Sub-ledger creation of groups Nett debit/credit balances for reporting Used for Calculations Method to allocate purchase invoice In this section Advanced configurations Button options in Group Creation Screen

Charts of Accounts in TallyPrime TallyPrime gives you great flexibility in setting up your chart of accounts. It allows you to group your ledger accounts right at the time of creating your accounts chart. Your reports and statements reflect the desired classification at all times.

Banking Utilities in TallyPrime – Overview The Banking feature in TallyPrime facilitates maintenance of records and processes that are fundamental to effective recording of accounting transactions for timely payments. This feature enables business owners to perform a host of bank-related activities, including payments to parties, bank reconciliation, and cheque management. Using this feature enhances and simplifies the banking experience significantly by saving time, reducing errors, improving productivity, and scaling up traceability. The Banking feature in TallyPrime provides an end-to-end solution to the banking needs for running your company. You can use its e-payments capability to make timely payments to your parties, manage cheques, reconcile bank statements, and others. TallyPrime’s banking feature supports the following major areas of your business operations.

 Reversing Journals Reversing Journals are those vouchers which do not impact your books of accounts. Similar to the optional voucher. Has an “up to” date. To check the impact on account for certain expenses until the actual voucher is passed. The impact of a Reversing Journal can be seen by creating scenarios.

 Accounting Entry in TallyPrime As per the accounting practice of journaling, you can record all transactions using Journal Vouchers in TallyPrime. However, there are specialised accounting voucher types for different types of transactions like payments, receipts, sales, purchase, contra, debit note, credit note and so on to ease data entry. Once you know how to enter a transaction in TallyPrime, you can enter any transaction in a similar way. Voucher types in TallyPrime can be categorised as Journal, Purchase, Sales, Payment, Receipt, Contra, Inventory Vouchers, Order Vouchers and Non-Accounting Vouchers. In this topic, we will understand how to record a transaction in TallyPrime or say, accounting entry in TallyPrime and learn more about the voucher types provided for accounting in TallyPrime. Apart from these 24 voucher types, you can also create your own under these for easy identification. For example, you can create Cash Sales under Sales voucher type so that you can identify...

Payments and Receipts Recording Payment and Receipts transactions in TallyPrime follow a simple pattern. You can record a transaction with the following steps.

Memorandum Vouchers Memorandum Vouchers are those vouchers which do not impact your books of accounts. Used when the actual purpose of an expense is not sure and can be converted to any voucher type. Will not impact the accounts unless converted to a normal voucher type. The impact of a memorandum voucher can be seen by creating scenarios. In this section Making suspense payments Vouchers not verified at the time of entry Items given for approval Memorandum Voucher Register

 Mark Vouchers as Optional Any voucher in Tally can be marked as Optional by pressing Ctrl+L (Optional) during voucher entry or in alteration mode. Masking voucher as Optional will remove the accounting impact of the transactions from the books of account. Any transaction which is recurring in nature like rent, repayment of loan etc. you can pass all such transaction and mark them as optional. Once the actual date such transaction occurs you can regularise the transaction by opening it and pressing Ctrl+L (Regular).

  Accounting with Journal Voucher If you are accounts savvy, you can record the same payment transaction using a journal voucher in TallyPrime.

 Create Voucher Types TallyPrime has 28 Pre-defined Voucher Types for recording transactions, which uses a voucher type for each transaction type. Apart from default voucher types that Tally Provides, you can create new voucher types to serve your custom needs. In this section: Create of Voucher type Alter of Voucher type View the pre-defined voucher types