Tally basic

1. Tally Overview, Details of Creation of Company

2. LEARNING OBJECTIVES
 Set up Phase (Contd..)
 Create Company
 Learn Masters creation
 Create Groups
 Create Ledger Accounts

3. SETUP OF COMPANY

4. SETUP PHASE
Create
Company
Define
Security
Controls
Create
Groups
Create
Ledger
Accounts
Create
Voucher
Types

5. CREATE COMPANY - WHY
Basis of Tally Architecture
Company is the identification of the
business
One place to record and consolidate
all the business transactions
On consolidation, Reporting is made
feasible

6. COMPONENTS OF COMPANY CREATION
Name of the company – The Legally registered
name of the Organisation
Address – Permanent address where the business
is located
Statutory Compliance includes providing details of – Country
Currency
State
Pin code
Telephone
Mobile
Email

7. CURRENCY
Currency Symbol
Name of the currency
Number of Decimal Places
Symbol for Decimal Portion
Amounts to be shown in Millions –
International or Indian System of
Currency Representation
Once the country where the business operates is selected, the default
currency of the country in which the business operates are updated
The following are the
requirements for
currency field

8. FISCAL YEAR VS BOOK YEAR
Fiscal Year – An accounting period
followed by the company for computation
of its profit and tax
Fiscal year may correspond to calendar
year (January – December) or financial
year ( April – March)
Book Year – Is the period from which the
company has begun its first transaction or
the date of incorporation of the company
Book year may be a part of the fiscal year
or the complete fiscal year in the first year
of incorporation of the company

9. GOODS AND SERVICES
 ‘Goods’ are things which can be touched and are either
manufactured or purchased for selling them and making profits.
Fast Moving
Consumer
Goods
Heavy
Industrial
Goods
Infrastructure Machinery

10. GOODS AND SERVICES
 ‘Services’ are provided by “people” in exchange for money.
 Services are intangible i.e you cannot touch them
Doctor
Banker
Photographer Teacher

11. ACCOUNTS – WITH / WITHOUT INVENTORY
• Inventory are nothing but goods maintained by the
organisation.
• Companies involved in manufacturing and trading deal
with goods and hence will have to use Accounts with
inventory
• This will facilitate in the automatic calculation of the
closing and opening stocks of inventory in Tally
• Companies providing services will opt for Accounts
without Inventory

12. COMPANY CREATION – VIDEO

13. HANDS ON PRACTICE
• You will work in
teams of 2
• Each team will
get one
company details
to work on
• Round 1 –
Create
Company
• Round 2 – Alter
Company
• Delete company
is just for
understanding…
• The company
created WILL
NOT BE
DELETED!!!!