Anda di halaman 1dari 6

Click here to know more about Tally

Tally Solution (India) Pvt. Ltd.


The Tally Financial Accounting Certification is the world’s only certification on
Tally, by the creator of tally software. Making it the benchmark on Tally expertise
for prospective employers all over the world. It is already considered by
numerous prospective employers as a pre – requisites to ascertain the expertise
and skill of Tally professionals. It is rapidly gaining acceptance as a benchmark
for validating expertise on Tally Accounting Software

Basics of Accounting:

• Transaction
• Accounting Principles, Concepts and Conventions
• Double Entry System
• Mode of Accounting
• Financial Statements

Business Organizations:

• Service Organizations
• Trading Organizations
• Manufacturing Organizations
Tally Fundamentals:
• Features of Tally

Basic Accounting Basic Inventory


Complete book-keeping Stock categories
books, registers and statements of account Stock query by stock group, or stock category
General ledgers Multiple godowns
Accounts receivable, payable Stock transfer to godowns and branches
Flexible voucher numbering Multiple stock valuation methods
Flexible classification of account heads Batch-wise/lot-wise. Expiry date handling
Drill down display Alternate units of measure and tail units
Database reporting Tracking through receipt notes/delivery notes
Voucher and check printing additional cost incurred on purchase
Bank reconciliation Customizable sales invoices using price lists
Advanced Accounting Advanced Inventory
Stock items classified as raw materials,
Multiple companies
finished goods
Multi currency bill of material with auto adjustment of stock
Job-working concepts, including
Multiple financial years
subcontracting
Comparison of data additional cost of manufacturing
Memo vouchers Excise/VAT analysis on invoices
Post-dated vouchers Modvat support
User-defined voucher types Recorder levels
Sales and purchase extracts Stock ageing analysis
cash flow statements Batch related stock reports

Processing Transactions in Tally:

* Ledgers and Groups

* Accounting vouchers
* Recording Transactions of Sample Data.

Report Generation:
* Financial Reports

PART VII
ACCOUNTING PRINCIPLES
Generally accepted accounting principles, also called
concepts and standards, are needed to assure accounting
information is reliable, understandable, and comparable.
Official sources for these principles began with the
American Institute of Certified Public Accounts
(AICPA), whose Accounting Principles Board issued 31
formal opinions. AICPA has been replaced by the
Financial Accounting Standards Board (FASB).
Strongly independent and consisting of accounting
professionals from public, governmental, industrial, and
educational sectors, FASB has issued many Statements
of Financial Accounting Standards. A third authority,
the Securities and Exchange Commission (SEC), works
closely with the FASB. Both official standards and
practices generally followed by the profession are
summarized by this Learning Unit.
ACCOUNTING ENTITY CONCEPT An economic unit, which may be a person, business,
government,
organization, or part thereof, is being accounted for.
GOING CONCERN CONCEPT Until reasonable facts indicate otherwise, it is assumed that the
accounting
entity will exist long enough to use assets and fulfill commitments.
Liquidation value may be ignored.
TIME PERIOD CONCEPT To be useful, accounting information must be current and presented
in equal,
understandable time units called accounting periods.
COST PRINCIPLE Income Statement and Balance Sheet accounts must be recorded at cost, as
evidenced by their objective fair market value at time of acquisition. Called
historical costs, these figures, to the dismay of some, are generally not
adjusted to current market value.
REALIZATION PRINCIPLE With accrual accounting, revenue is recorded when earned, and
costs are
recorded when incurred. For a retailing business, point of sale easily
establishes when earned, for manufacturing and construction businesses, the
process is more complicated.
THE MATCHING PRINCIPLE When determining income, expenses must be matched with the revenue
they
generate.
OBJECTIVITY PRINCIPLE To be reliable, accounting information must be objective. Objectivity
requires
unbiased opinions of verifiable events concerning business transactions.
MATERIALITY Accounting principles need not be followed when the effect of this action is
immaterial and would not effect the reader's interpretation of the accounting
information.
FULL DISCLOSURE All relevant material facts must be incorporated into financial statements.
Some information, such as a contingent liability, is easily communicatedwith
a footnote, while other information, such as the effect of inflation, requires
more complex procedures.
CONSISTENCY Accounting methods used to determine income and value balance sheet items
must be consistently applied.
CONSERVATISM Estimates requiring subjective analysis should not overstate revenue and asset
values or understate expenses and liabilities.
STABLE DOLLAR ASSUMPTION Historical costing assumes a stable dollar. Because the
dollar is not stable,
larger corporations, at FASB'srequest, voluntarilyprepare informationon the
effects of inflation on their financial statements.

Tally for Beginners – Tally Fundamentals


COURSE DURATION: 40 Hours. (20 days)
COURS FEES: 3300 (Inclusive All)
OBJECTIVE: The course is designed to give an opportunity to the
undergraduate
student to get acquainted with Tally Accounting Software. This course
caters to the
vocational needs of the students and is concurrent with the syllabus
covered by the
Universities.
COVERAGE: The course covers basics of accountancy which covers
the entire
accounting cycle of the business environment. It is focused on
understanding and
learning of basic accounting terms, accounting principles, concepts
and conventions,
double entry system, modes of accounting and preparation of financial
statements. The
course also covers an introduction to various types of business
organizations,
accounting on computers, Tally fundaments which includes learning of
Tally features
and its functionality. To bring ease in getting functional with Tally,
sample data
processing and its report generation will also be taught to the students
as part of this
course.
COURSE STRUCTURE:
Lessons Topic
1 Basics of Accounting
2 Business Organization
3 Accounting on Computers
4 Tally Fundamentals
5 Processing Transactions in Tally
6 Generating and Printing of Accounting Reports
TABLE OF CONTENTS:
Lesson Topics
1. Basics of Accounting
- Lesson Objectives
- Transaction, Journal Entry, Journal Book, Ledger Book, Trial
Balance, Profit and loss statement, Balance Sheet
- Accounting Principles - Concepts and Conventions
- Double Entry System
- Rules of Accounting
- Mode of Accounting
- Financial Statements
- Manual Accounting
2. Business Organizations
- Introduction
- Service Organizations
3. Accounting on Computers
- Lesson Objectives
- Introduction
- Accounting System
- Benefits of Accounting on Computers
- Comparing with Manual Accounts
- 4. T aFllayc Ftoursn dcoanmtreinbtuatilns g to Change
- Introduction to Tally
- Features of Tally
- Getting Functional with Tally
5. Processing Transactions in Tally
- Lesson Objectives
- Ledgers and Groups
- Accounting Vouchers
- Contra Voucher
- Payment Voucher
- Receipt Voucher
- Journal Voucher
- Sales Invoice
- Duties and Taxes
- Recording Transaction of Sample Data
6. Generating and Printing of Accounting Reports
- Financial Reports in Tally
- Balance Sheet
- Profit and Loss Account
- Account Books
- Group Summary
- Group Vouchers
- Generation of Reports.

3.1. Basic Accounting Concepts


As we saw in the previous chapter, accounting is based on 5 basic account types: Assets,
Liabilities, Equity, Income and Expenses. We will now expand on our understanding of
these account types, and show how they are represented in GnuCash. But first, let's divide
them into 2 groups, the balance sheet accounts and the income and expense accounts.

3.1.1. Balance Sheet Accounts

The three so-called Balance Sheet Accounts are Assets, Liabilities, and Equity.
Balance Sheet Accounts are used to track the changes in value of things you own or owe.
Assets is the group of things that you own. Your assets could include a car, cash, a house,
stocks, or anything else that has convertible value. Convertible value means that
theoretically you could sell the item for cash.

Liabilities is the group of things on which you owe money. Your liabilities could include
a car loan, a student loan, a mortgage, your investment margin account, or anything else
which you must pay back at some time.

Equity is the same as "net worth." It represents what is left over after you subtract your
liabilities from your assets. It can be thought of as the portion of your assets that you own
outright, without any debt.

3.1.2. Income and Expense Accounts

The two Income and Expense Accounts are used to increase or decrease the value of
your accounts. Thus, while the balance sheet accounts simply track the value of the
things you own or owe, income and expense accounts allow you to change the value of
these accounts.

Income is the payment you receive for your time, services you provide, or the use of your
money. When you receive a paycheck, for example, that check is a payment for labor you
provided to an employer. Other examples of income include commissions, tips, dividend
income from stocks, and interest income from bank accounts. Income will always
increase the value of your Assets and thus your Equity.

Expenses refer to money you spend to purchase goods or services provided by someone
else. Examples of expenses are a meal at a restaurant, rent, groceries, gas for your car, or
tickets to see a play. Expenses will always decrease your Equity. If you pay for the
expense immediately, you will decrease your Assets, whereas if you pay for the expense
on credit you increase your Liabilities.