How to work in Tallyprime?

 

How to Work in TallyPrime?

TallyPrime is a powerful business management software widely used for accounting, inventory management, payroll, tax compliance (including GST), and other business operations. Designed with simplicity and efficiency in mind, it helps small to medium enterprises (SMEs) handle their financial records smoothly. Here’s a step-by-step overview on how to work in TallyPrime:

1. Installation and Company Creation

To begin working in TallyPrime, the software must be installed on your system. Once installed and opened, the first step is to create a company. This involves entering details such as the company name, address, financial year, currency, and statutory features like GST. After saving this information, the company is ready to use.

2. Navigating the Interface

TallyPrime features a user-friendly interface with a vertical menu on the left and detailed options on the screen. Important sections include:

• Gateway of Tally: The main dashboard

• Masters: For creating ledgers and stock items

• Transactions: For recording vouchers

• Utilities: For features like interest calculation and reports

• Reports: Financial, inventory, and statutory reports

You can use shortcut keys like Alt+G for “Go To” to jump to any screen quickly.

3. Creating Ledgers and Groups

To record transactions, you must create ledgers under appropriate groups. For example:

• Sales ledger under “Sales Accounts”

• Cash ledger under “Cash-in-Hand”

• Sundry Debtors/Creditors under their respective groups

TallyPrime provides predefined groups, but you can also create custom ones if needed.

4. Voucher Entry

TallyPrime uses vouchers to record various transactions:

• Payment Voucher (F5): For outgoing payments

• Receipt Voucher (F6): For incoming funds

• Sales Voucher (F8): For sales transactions

• Purchase Voucher (F9): For purchase entries

• Journal Voucher (F7): For adjustments

For example, if a customer pays in cash, use a receipt voucher, choose the customer ledger, and record the amount.

5. Inventory Management

For businesses dealing in goods, stock groups, stock items, units of measurement, and godowns need to be created. Then, inventory transactions like sales and purchases can be recorded along with quantity and rate.

6. GST and Taxation

TallyPrime supports GST-compliant invoicing and returns. To use this, enable GST under “Statutory & Taxation” while creating or editing a company. Then, configure GST details in each ledger and stock item. GST is automatically calculated in vouchers based on the rate set.

7. Payroll Management

TallyPrime also supports payroll. Create employee masters, define salary structures, and process payroll through Payroll Vouchers. You can also generate payslips and statutory reports like PF and ESI.

8. Reporting and Analysis

TallyPrime offers powerful financial reports such as:

• Balance Sheet

• Profit & Loss Account

• Trial Balance

• GST Returns

• Inventory Summary

Reports can be filtered, compared over periods, and exported in various formats.