Tally ERP9

Guide Soft

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Tally Vedio Material Links

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OPTIONAL VOUCHER

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This is another non-accounting voucher. However, it differs from the Memo voucher in that it is not a separate voucher type. You mark an existing voucher, (e.g., a payment voucher or a receipt voucher) as ‘Optional’. Press CTRL+L or click on the button. This button toggles with ‘Regular’. By marking it ‘Optional’ the voucher does not get posted anywhere but remains in the have the optional voucher. View them from the Day book as well.

UNCONVENTIONAL VOUCHERS

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Memo voucher:-

This is non-accounting voucher and the entries made using it will not affect your accounts. That is, Tally does not post these entries to ledgers but stores them in a separate “memo Register”. You can alter and convert a memo voucher into a regular voucher when you decide to bring the entry into your books. View all optional vouchers through Displayà Exception Reports à Optional Vouchers. View them from the day book as well.

Some uses for Memo vouchers:

Making suspense payments

For example, the company gives an employee cash to buy office supplies, the exact nature and cost of which are unknown. You could enter a voucher for the petty cash advance, a voucher to record the actual expenditure details when they are known, and another voucher to record the return of surplus cash. However, a simpler way is to enter a Memo voucher when the cash is advanced, and then turn it into a Payment voucher for the actual amount spent, when known.

Vouchers not verified at the time of entry.

It sometimes happens that you do not understand the details of a voucher you are entering. Enter it as a memo voucher and amend it when you get the details.

Items given on approval

You will normally only enter completed sales into the books. Suppose items are given “on approval”. You can track them with a Memo voucher and convert it into a proper sales voucher, or delete the Memo voucher, depending on the outcome.

Reminder service

You can enter a memo voucher for a transaction that will take place in the future and get Tally to remind you about it one day prior to the date. For example, insurance premiums due, taxes due,

BUDGET

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In Tally budgets can be set for various income and expenses accounts and variance reports can be generated in the following manner.

1. Enter “Yes” at maintain budgets and control columns in the company features of tally.

2. Select budgets from Account Info

3. Select create and enter the name of the budget Eg. Traveling expenses or advertisement expenses.

4. Enter the period, which may be monthly budgets or quarterly or yearly budgets.

CLOSING AND OPENING OF BOOKS FOR THE NEW FINANCIAL YEAR

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When the current financial year comes to an end and the new financial year starts the user should set up fresh set of books for the new financial year in the following manner.

Changing the period by clicking or Alt+F2 key to the new financial year Eg.1.4.09 to 31.3.10 the system automatically does the following tasks.

1. Starts a fresh set of books

2. Carry forwards accounts balances for asset and liabilities account

3. Carry forward items stock.

The user need not create ledger a/c. stock items, or anything setup while closing the various features of Tally like cost centers multi currency. Multiple godowns etc. He can straight away the record the transactions using voucher entries. The user can jump from one accounting year to another simply by changing the period.

Group company accounts and consolidation of reports

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In tally group company accounts can be created with member companies under it for consolidation of various reports like trading A/c, P&L A/c Balance Sheet, Stock reports etc.

Group companies may be formed with existing companies and also by creating new companies in the following manner.

1. Create a company keep open its books of accounts and create another company in this manner all the member companies should be created.

2. Even group companies may be formed with existing companies. In this case open the member companies books simultaneously.

3. The user can operate the accounts of member companies i.e. create ledger accounts, stock items, record transactions independently just like any other individual company.

4. The Member company reports will show the results as usual.

Procedure to create a Group company:.

1. Keep open the member companies.

2. Press Alt+F3 keys at the gateway of tally

3. Select create group company option from the company info menu.

4. Enter the name of the group company. It’s income tax and sales tax numbers

5. At the members column, select the member companies whose reports are to be consolidated.

BANK RECONCILIATION STATEMENT

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In Tally BRS can be prepared in the following manner.

1. Open the bank ledger account by selecting the following options.

Gateway of tally àDisplay à Account Books à Cash or bank books.

1. Select the bank account which is to be reconciled. The bank statement or pass book should be kept ready such period for which reconciliation is to be made. Eg.1.4.09 to 30.6.09 .

2. Click reconcile button. Now the new “bank date” column will be added to the bank statement.

3. Verify whether each entry is appearing in the bank statement or not. If it appears enter the date as per bank statement if it does not appear, skip the bank date column.

4. For such transactions which are accounted by bank and not accounted by the user company, such as bank charges, locker rent, insurance, interest etc. Make appropriate entries in voucher entry before starting the reconciliation.

After the above process, the balance as per the bank column in tally should be equal to the actual closing balance as per bank statement.

When reconciliation is made for the next accounting period repeat the above process now entries not reconciled in the previous period will be displayed along with entries recorded in the current period.

MAINTAN BILL WISE DETAILS

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This feature in Tally maintains details of all pending credit bills of customers and suppliers. The various details are.

a) Original date of each bill b) due date of each bill c) adjusted amount against each bill d) pending amount of each bill e) no. of overdue days.

At the time of raising the invoice terms and conditions of sale and payment will be settled with the customer. When there are pending bills from a customer and when he makes payment this amount should be adjusted against the pending bills according to the terms and conditions settled with the customer.

Procedure:-

1. Active this feature from the accounting features of tally

2. While recording a purchase or sale or receipt or payment transaction, after selecting the party account and entering the amount “Bill wise details screen” will be displayed here the following information should be entered.

A. Advance:- Select this method of adjustment when the customer pays advance before delivery of goods.

B. New Reference :- Select this method of adjustment in case of a fresh sale or purchase transaction without advance.

C. Against reference: Select this method of adjustment when the customer pays any amount and when there are pending credit bills. Now a list of pending bills from this customer will be displayed select the bill to be adjusted and enter the amount of adjustment.

D. On Account: Select this method of adjustment when details of pending bills are not available and there is outstanding balance in a customers A/c.

3. Enter the number of credit days the system will calculate the due date.

4. Enter the amount.

This feature can also be used for maintaining details of pending purchase bills of the suppliers.

Generating details of pending bills:-

Gateway of tally à Display à Statements of accounts out standing à Receivables / Payables.

Age wise report of pending bills showing number of days as column headings may also be generated by clicking age wise button and entering the no days to appear as column headings.

For Eg. 0-30 days, 31-60 days, 61-90 days,90-120 days, more than 120 days.

The above report is useful for sending periodical statements to the customers showing the details of pending bills with suitable warnings.

DEBIT NOTE AND CREDIT NOTE

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These two voucher types should be activated from the accounting features of tally. All the entries recorded in the account books should be supported by some documentary evidence like invoices, bills, vouchers, receipts etc. for some entries there may not be any documentary proof. In such cases Debit Note and Credit Note should be used to record them. They are prepared in duplicating on pre printed forms. One copy is sent to the customer for his records and the other copy retained for our recorded.

Credit Note:- This voucher type is used to record following typed of transactions.

Sales returns settled in cash or book adjustments.
When discount or incentives are given to the customers.
To adjust any excess rates charged in previous invoices
To record any debit notes received from the suppliers

Debit Note:- This voucher type is used to record following types of transactions.

a. To Record purchases returns

b. When discount or incentives are received from the vendors.

c. To adjust any excess rates charged in previous invoices.

d. To record any credit notes received from the suppliers.

STOCK JOURNAL: Manufacturing Units

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STOCK JOURNAL: Manufacturing Units

This voucher type is used to record issues of raw materials to the production department. Production of finished goods, theft or pilferage of raw materials or finished goods, return of unutilized raw materials from the production department to the store or godown.

1. Issue of raw material from godown or stores is recorded under source column.

2. The production of finished goods is recording under destination column. The issues and productions are recorded by entering the following details.

a) Name of the item. b) Quantity c) Rate d) Amount.

3. The rate of raw material issued will be the average purchase cost which will be automatically entered by the system.

4. The quantity of finished goods will be based on actual physical counting or wieghment at the end of each shift. The cost of finished goods will be based on the cost sheets maintained in the production department either manually or buy using some other application software. This can also be calculated in tally by altering the “Stock journal” voucher type to “Manufacturing journal”. The selling rate can also be calculated by adding the profit margin.

5. The theft of raw material or finished goods are recorded under source column.

6. The return of raw material from the production process to the store or godown are recorded under under destination column.

7. The transfer of materials from one godown to another will be recorded under both sides i.e source and destination in two separate vouchers.

All the entries recorded in the stock journal will be reflected in the stock summary, trading A/c, balance sheet etc.

Sales (F8)

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Sales (F8) :- This voucher type is used to record cash sales or credit sales or with in state sales or outside state sales. When the user selects sales A/c against the credit symbol the system automatically displays inventory allocations screen (inventory voucher) where the user should enter the following stock details.

1. Name of the items 2. Godown address (when multiple godowns are maintain). 3. Quantity. 4. Rate. 5. Amount.

The system updates the stock records basing on these values. A sales transaction can also be recorded as an invoice which can be printed in any number of copies.

6. Purchases (F9) :- This voucher type is used to record cash purchases or credit purchases or with in state purchases or out of state purchases. In this voucher type when the user selects purchase account against the debit symbol, the system automatically displays inventory allocations screen where all the stock details are to be entered.

Journal (F7)

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4. Journal (F7) :- This voucher type is used to record transactions in which the following two conditions are satisfied.

1. In such transaction cash or bank A/c should not be involved.

2. In such transactions there should be no movement of stock.

In this voucher type all the ledger accounts created in accounts info will be displayed both at the debit and credit columns. So if any transaction could not be recorded in other voucher types it can recorded in journal. Exception: Sales returns should not be recorded on journal.

Display of Ledger Accounts

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Gateway of tally à Display à Accounts Books à Ledgers.

Select the accounts and press enter key. Now month wise total debits and credits with closing balances will be displayed. To generate ledger A/c for a particular period click period tab and enter the opening and closing dates.

Display of Day Book

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Display of Day Book:-

Gateway of tallyà Display à Day Book.

To generate day book for a particular period click period tab and enter the period. For display additional details like narrations, inventory details select from the configuration of tally (F12).

Receipt (F6)

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3. Receipt (F6) :- This voucher type is used to record cash receipts through any type of bank instruments like cheques, DD’s TT’s LCS etc. The receipts may be from customers or borrowing of loans or sale of any asset or any other incomes like interest or dividends.

In this voucher type either cash or bank A/c should be debited other wise the system will display an error message.

Exception:- Cash sales should not be recorded using this voucher type.

Post – dated cheque receipts may be recorded giving the maturity date of cheque and clicking post-dated button. On the maturity date after presenting the cheque with the bank for collection change the status of the transaction to “Current” position and save it.

Payments (F5)

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. Payments (F5):- This voucher type is used to record cash payments or payments made through any type of bank instruments like Cheques, Demand Drafts, Telegraphic Transfers, letter of credits, bankers cheques etc. The payment may be made to the suppliers against outstanding balance or to buy any assets or to meet any expenses like salaries or rent or to repay any loans etc.

In this voucher type either cash or bank A/c Should be credited otherwise the system will display as error message. Exception: Cash purchases should not be recorded using this voucher type.

Post-dated cheque payments may also be recorded by clickng post-dated button and giving a future date which is the maturity date of cheque. On the maturity date the status of these transactions should be changed from post-dated to “current”. Only by this action the accounts involved in the transaction will be posted.

Contra (F4)

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1. Contra (F4):- This voucher type is used to record the following types of transactions. A. Deposits of cash into bank accounts.

B. Withdrawals of cash from bank accounts for business use.

C. Transfer of funds from one bank A/c to another bank A/c.

D. Transfer of cash form cash A/c to Petty Cash A/c.

VOUCHER ENTRY

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The various business transactions like purchases, sales, receipts, payments, other stock adjustments are recorded using voucher entry feature from the gateway of tally. Once transactions are recorded the system automatically makes ledger postings, updates various final reports like Trail Balance, Trading A/c, P&L a/c and Balance sheet and other stock reports behind the screen. Before recording the transactions all the ledger accounts and stock items should be created by the user.

Voucher Types:- Depending on the nature of transaction different voucher types should be used to record them.

F4: Contra

F5: Payment

F6: Receipt

F7; Journal

F8: Sales

F9: Purchase

F8: Credit Note

F9: Debit Note

F10: Rev.jrnl

F10: Memos

Entering stock details while recording purchase and sales

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At the time of recording purchases and sales transactions, when the user selects purchases or sales account from the list of ledger accounts the system automatically displays inventory allocations screen where the user should enter the following stock details.

1. Name of the item 2. Godown address (When there are multiple godowns) 3. Quantity. 4. Rate. 5. Amount. System will take these values and updates the stock records.

Display of Stock Position:-

Gateway of tally à Stock Summary.

Now group wise summary will be displayed. For item wise summary select that group and press enter, monthly purchases and sales analysis will be displayed. For purchase and sales transactions of a particular item, select that month and press enter key.

Creation of Stock Items

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Now the actual stock items should be created by selecting the following.

Gateway of tally -->Inventory Info --> Stock items --> Single or Multiple Groups--> Create.

Enter the name of the item and select its groups and the unit of measurement. Enter the opening balance if any, the stock item creation screen may be configured (F12key) to enter additional details like part numbers, description, alternate units, standard rates, costing and market valuation methods. i.e. LIFO or FIFO or average cost etc.

Creation of Stock Groups

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When the user maintains different varieties of items. Then stock groups may be created to classify between different varieties. Eg. An electronic goods dealer may create groups like1. Electrical 2. Electronics. The following option will display the stock group screen.

Gateway of tally--> Inventory Info --> Stock Groups--> Single or Multiple Groups--> Create.

These groups may be create as primary groups or sub-groups.

Creation of units of measurements

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Units of measurement at the units in which stock item is measured ex. Kgs., Tons, Nos, sets, reems etc., A unit may be created in the following manner.

Gateway of tally-->Inventory Info--> Units of measurement--> Crate.

Enter the symbol of the unit eg. Kgs tons etc.,

Compound units like 1 ton of 1000kgs may also be created enter the formal name and the number of decimal places if any. Alternative units like bags, boxes, cases etc. May also be created when the packaging unit changes from the base unit.

Creation of Stock Items

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To maintain inventory in tally the user should Create all stock items in which the company makes purchases and sales transactions before recording purchase and sales or other material adjustments. Ex. An electronic goods dealer should create items like washing machines. Vacuum cleaners etc. a stock item may be created in the following three steps.

Creation of ledger accounts while recording transactions

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Creation of ledger accounts while recording transactions:- At the time of voucher entry if the user encounters a new account which in the list of ledger then such A/c may be created by Pressing ALT+C key simultaneously. These keys will bring up the ledger creation screen directly.