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Pricing-

 Pricing refers to give selling price to a particular item at different level and at different rates of discount.

For price level you have to open the feature as follows:

 Press F11 → Go to Inventory Features→ Insert ‘Yes’ to Use Multiple Price Level.

After inserting ‘Yes’ it will demand for the Price level. So, you have to create the different price level according to requirement. For example- Factory Price Level, Wholesale Price Level, Retail Price Level and so on.

                                          

Creation of Price Level-

For creation of price level we have to Go to Inventory info→ Price list→ Create (Group wise/Category- wise)

Now you can create price level according to different categories and groups.

Note-But Before Creation of price level we have to create units.

This feature is used to set out the standard rate of selling for a particular item. We can also create discount percentage for a particular quantity.

 Alert: – Price level will not applicable on purchase/purchase order voucher.

It will applicable only on Sales/Sales Vouchers.

 After creation of unit you can create the price levels as follows:

 Now the Master Field in Tally almost has been completed.

 

Accounts Info –

Select Account Info from Gateway of Tally to get Account Info Menu, which contains options for all Accounts Masters.

                                 

Accounts Groups Creation-

At Accounts Info Menu, select Groups to get Account Groups Menu.

                                     

Creation of Groups:

At menu, select create under Single Group to get Account Group Creation screen.

Group Name-

At Name field, enter unique Account Group Name.

Parent Group-

At Under field, select the Parent Group from List of Groups. 

 

Display of Account Group-

Select Accounts Info→ Groups→ Display and select the Account Group Name.

Alteration/ Deletion of Groups-

Select Account Info→ Groups→ Alter for Alteration/ Select Delete (Alt + D) for Deletion.

Account Ledger Creation-

At Accounts Info Menu, select Ledgers to get Account Ledger Menu.

We will get same menu as Accounts Group Menu.

Creation of Ledgers:-

At menu, select create under Single Ledgers to get Account Ledgers Creation screen.

 

Display of Account Ledgers-

Select Accounts Info→ Ledgers→ Display and select the Account Ledger Name.

Alteration/ Deletion of Ledgers-

Select Account Info→ Ledgers→ Alter for Alteration/ Select Delete (Alt + D) for Deletion.

 

Account Ledger Opening Balance-

At Opening Balance field, enter Ledger Opening Balance as at the Books Beginning From date. If the Financial Year and Books Beginning dates are same, you may not need to enter Opening Balance for Revenue Accounts because Opening Balance for such account is normally Zero.

Note:  You can also use multiple legers info to create different ledgers under single group.

Company Creation-

Company creation is the first step towards the any accounting software.

To create company click Create Company at Company Info menu to get Company Creation screen.

 

After it we will get the Company Creation screen.

                                     

Directory-

In company creation screen the main and major part is Directory, because it describe the path of the location where our data will be saved. To keep company data in any other place, press <backspace> to move cursor to Directory field and enter a valid path where you wish to keep data files for the company.

                                                Company Creation Screen

                                    

Financial Year Starting Date-

At the Financial year from field, enter the Beginning date of Financial Year. If you follow April-March Financial Year, enter 1^st April of the Beginning Year. In fact, you may enter any date at Financial Year From (like 24-10-17) and tally would close the books exactly 12 months from the date you enter here. Later on, you may cut or extend the financial period according to your need through Current Period. Do not change date after voucher entry.

Books Beginning Date-

Enter the Books Beginning Date at the field. Normally, the Books Beginning Date is same as Financial Year Starting Date, so Tally proposes the Financial Year starting date at Books Beginning From field. You should change the date when you start books from mid period. The Books Beginning From date must be within 12 months from the date entered at Financial Year From.

After it Tally asks for your confirmation to save the Company Profile as entered. You can also press Ctrl+A to save quickly.

Alteration / Deletion of Company-

Press Alt+F3 for Company Info button at Gateway to get company Info menu, select Alter from Company Info menu and select the company from the list of selected companies.

      

The Company Alteration screen showing the same information entered in the Company Creation screen is displayed except the Directory field.

                                                    

At the Company Alteration screen, you may carry out necessary alteration or fill up any blank field left earlier. Press Ctrl + A to save the modified information.

Alert-

After voucher entry, DO NOT change the Financial Year From Date as it may render previous data unusable.

Deletion of Company-

To Delete a Company, press ALT + D at company Alteration screen. A confirmation ‘Delete? Yes or No’ appears. Type ‘Y’ or Yes to confirm Deletion. The data files of company will be deleted.

                                 

Alert-

You CAN NOT get back a Deleted Company. Therefore you should take Backup before Deletion of A Company.

 

 

Education & License Mode of Tally-

Tally is in two different versions one is Education Mode and another is Licensed Mode. The beginners can learn the software using the education mode without purchasing the Serial Number.

Education Mode-

Licensed Mode-

This version is used by regular users or experts to maintain their accounts. For using it firstly user have to purchase a Serial Number.

Configuration of License

Tally provides the feature of configuration of license. It is used when the user purchased more than one serial number.

For configuration of license use following path;

 

Go to F12→ Licensing→ Configure Existing License

 

Above path is used to configuring the existing license. On this path you can also update and surrender you license or also can renew the TSS.

 

Go to F12 (Configure) → Licensing→ Update License/ Surrender License/ Renew TSS

Accounting Principles-

Now these days, with the extension of scope of accounting it is necessary that the accounting statements should be prepared according to some standard language and set rules. These rules are usually called ‘Generally accepted Accounting principles’. These principles are generally accepted by accountants all over the world as general guidelines for preparing the accounting statements. Following are some basic principles of accounting;-

• Business Entity Principle-

                                         In accounting, a business or an organization and its owners are treated as two separately identifiable parties. This is known as business entity principle.

• Money Measurement Principle-

                                                     It underlines the fact that in accounting only those transactions and events are recorded which are capable of being expressed in terms of money.

• Accounting Period Principle-

                                               It relate to the accounting guideline that allows the accountant to divide up the complex, ongoing activities of a business into periods of a year, quarter, month, week etc.

• Principle of Full Disclosure-

                                             This principle requires that all significant information relating to the business or economic affairs of the enterprise should be completely disclosed.

• Principle of Materiality-

                                        It is the principle in accounting that trivial matters are to be disregarded, and all important matters are to be disclosed. Items that are large enough to matter are material items.

• Principle of Conservatism-

                                             It is also known as principle of prudence. This is an accounting principle that requires an accountant to record liabilities and expenses as soon as they occur, but revenues only when they are assured or realized.

• Historical Cost Principle-

                                         This principle requires that assets will be recorded at the cash amount or its equivalent at which it was acquired.

• Matching Principle-

                                The matching principle states that all expenses must be matched in the same accounting period as the revenues they helped to earn. In practice, matching is a combination of accrual accounting and the revenue recognition concept.

• Dual Aspect Principle-

                                    According to this principle, every business transaction is recorded as having a dual aspect. In other words, every transaction affects at least two accounts. If one account id debited, any other account must be credited.