Tally
has the latest taxation structure integrated in it. These integrated features
in Tally will make it simple to manage myriad issues that will arise due to the
complexities of taxation in your day to day activities. Licensing has been
simplified for single-users and multi-users.
1-New
Features
2-Company
Information
The
very first time you start Tally, you would require to ‘create’ a company.
‘Create Company’ simply means giving basic information about the company whose
books of accounts Tally is to maintain for you. Tally is smart, but it does
need an introduction to your company. The initial screen would appear like
this:
3-Administer
Tally
Tally
Audit provides the capability to the administrator/auditor to track changes in
the accounts following his previous review. Changes of two areas are important
– changes in transactions or vouchers and changes in ledger masters. Only
material changes are considered, i.e., a change in the narration does not
affect the integrity of a transaction, hence it would not be considered as
changed. Any other change in a voucher is material and would be logged. The
name of a ledger account if changed, it is material, hence it would be tracked.
So also a change in the opening balance of a ledger master.
Tally
Audit feature should be enabled while creating the company and authority lists.
Only a user designated as an auditor or the administrator can view the audit
list and act upon it. Tally tracks all changes made to vouchers that are more
than 30 days old. Hence, changes to vouchers that are less than 30 days old are
not reported. This is to allow adequate time to correct mistakes. A change
includes insertion of new transactions or accounts.
You
are not required to make any additional input of data. The authorized user
simply needs to display TallyAudit lists and may print out the lists. If he is
satisfied with the authenticity of the changes, he accepts the changes either
selectively or all of them (by clicking on the relevant button). Once the
changes are accepted, they are removed from the audit list and would not be
available again. If, however, a change is repeated, it is reflected in the
audit list.
4-Accounting
Information
Accounts
Information contains the masters as listed in the Accounts Info menu . Each
master has to have the following functions, besides others and are consistent
in all Masters menus throughout Tally:
Create
This
enables creation of new masters. Once a master has been created, any
modification to it must be done through the Alter mode.
Display
Use
this mode to view Master information. Changes are not permitted.
Alter
Use
this mode to view and change master information. You cannot create a new
master. We shall begin discussion on Accounts Information with how to build
Groups and then follow with other accounts masters.
5-Inventory
Information
The
different inventory information that you would provide to Tally by way of
masters are:
Gateway
of Tally: Inventory Info
Stock
Items
Like
Ledgers, Stock items are the primary inventory entity. You will use stock items
while recording their receipts and issues. This is lowest level of information
about your inventory. Each item that is required to be accounted for, needs to
be created. In fact, you will create a stock ledger account for each item and
Tally calls this account ‘Stock Item’.
Stock
Groups
Stock
items can be grouped together under Stock Groups to reflect their
classification based on some commonality. Grouping would enable easy location
and reporting of stock items in statements. Hence, items of a particular brand
can be grouped together so that you can extract stock of all items of that
brand. For example, create Stock Groups like Sony, Maxell, Verbatim. Your stock
items could then be Sony 3.5″ disks, Maxell 3.5″ disks, Sony tapes, Maxell
tapes, etc. Classify the Sony products under the Stock Group Sony. Now you have
ready details of all Sony products suitably classified. You may even group items
as Raw materials and Finished Goods.
You
can create sub-groups of Stock Groups for deeper analysis.
Stock
Categories
The
concept is similar to Cost Categories. You may wish to refer to the Chapter on
Cost Categories to grasp the similarity/differences.
This
option will come up in the menu only if you have opted for stock categories in
Comp. Features.
Stock
Categories offers parallel classification of items. You may create Stock
Categories like Floppy Disks and Floppy Drives. In the above example in Stock
Groups, you would know how many Sony 3.5″ floppies are in stock and separately,
the stocks of Maxell floppies. You would also know from the Sony stock group
the stock of all Sony items. However, should you require information like total
stock of floppy disks or alternative items that could be used, these would be
best available through Stock Categories. If you classify both Sony 3.5″
diskettes and Maxell 3.5″ diskettes under the Stock Category Floppy Disks, you
know your total stock of floppy disks. Since the items are substitutes of each
other, if one is out of stock, you can offer the other of the
6-Voucher
Entry
You
should set the configuration for voucher entry so that only those features that
you require appear when entering vouchers.
A
voucher is the basic recording document. To input any data into Tally, you must
use a voucher. Inputting data through the voucher entry mode may be called
creating a voucher or voucher entry. You may create a voucher on-line on Tally
and print it for hard copy and authentication.
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