by Tally Prime is a popular accounting software used by businesses for financial management and accounting purposes. The “Gateway of Tally” is the main screen or the starting point of the Tally software. It serves as a central hub from which you can access various functionalities and modules within the software.
Masters:
The “Masters” section in Tally is where you create and manage master data. Master data refers to the foundational information that remains relatively constant and is used as a reference in various transactions and reports. Common types of master data include:
Ledgers: These represent individual accounts, both income and expense, and are used in accounting transactions.
Groups: Groups are used to categorize and organize ledgers for reporting and analysis.
Stock Items: If your business deals with inventory, you can create and manage stock items to track your inventory.
Parties: Parties represent individuals or organizations with whom you have business transactions, such as customers and suppliers.
Transactions:
The “Transactions” section is where you perform various accounting transactions. These transactions are used to record financial activities and include:
Vouchers: Vouchers are used to record specific financial transactions such as sales invoices, purchase bills, payment receipts, and more.
Invoices: You can create sales invoices, purchase invoices, and other types of invoices to bill customers or record purchases.
Payments and Receipts: Record payments received from customers and payments made to suppliers.
Journal Entries: Make journal entries to record non-standard transactions or adjustments.
Banking:
The “Banking” section is specifically dedicated to managing bank-related transactions and activities. Here, you can:
Record Bank Transactions: Enter details of your bank deposits, withdrawals, and transfers.
Reconcile Bank Statements: Match your bank statement with your Tally records to ensure accuracy.
Cheque Printing: Print cheques directly from Tally.
Bank Reconciliation: Reconcile your bank accounts to ensure that your Tally data matches your bank statements.
Reports:
The “Reports” section allows you to generate a wide range of financial and accounting reports to analyze your business’s performance. Common types of reports include:
Balance Sheet: Shows the financial position of your business at a specific point in time. A balance sheet is a financial statement that
reports a company’s assets, liabilities and
shareholders’ equity
Profit and Loss Statement (Income Statement): Displays your company’s revenue, expenses, and net profit or loss over a period.
