Tally Prime Master

The Tally Prime Master Course provides practical knowledge and hands-on experience that makes students ready to manage business accounting and financial operations effectively using the software. Whether you are a beginner or someone looking to upgrade your accounting skills, this course can help you become proficient in Tally Prime.

1. Introduction to Tally Prime

• Overview of Tally Prime: Introduction to the software and its interface.
• Installation and Setup: How to install and configure Tally Prime.
• Company Creation: How to create and manage a company in Tally Prime.
• Tally Prime Basics: Understanding the navigation of Tally Prime, menus, and features.

2. Tally Prime Gateway of Tally

• Different Sections of Gateway: Master, Transactions, Reports, and Utilities.
• Working with Company Data: How to create, alter, and delete company data.
• Security Control: Setting up user roles and passwords.

3. Account Creation and Voucher Entry

• Creating Ledgers: Creating different types of ledgers (Assets, Liabilities, Income, and Expenses).
• Voucher Entry: Recording transactions such as purchases, sales, payments, receipts, and journal entries.
• Voucher Types: Understanding and using different voucher types in Tally.
• Different Types of Vouchers:
  • Payment Voucher
  • Receipt Voucher
  • Contra Voucher
  • Journal Voucher
  • Purchase and Sales Vouchers
  • Debit and Credit Note Vouchers
  • Manufacturing Voucher (if applicable)

4. Inventory Management

• Inventory Basics: Setting up stock items and stock groups.
• Stock Categories: Categorizing your stock and creating stock groups.
• Stock Items and Units of Measure: Creating different stock items with units of measurement (e.g., pieces, kilograms, etc.).
• Purchase and Sales of Stock Items: Recording stock-related transactions.
• Godown/Location Management: Managing inventory locations or warehouses.
• Stock Tracking: How to track stock movement, stock valuation methods (FIFO, LIFO, etc.).

5. Accounting Features in Tally Prime

• Group Creation: Creating and managing various account groups like Assets, Liabilities, Incomes, and Expenses.
• Bill-wise Details: Setting up bill-wise details for tracking outstanding bills.
• Cost Centres and Cost Categories: Using cost centres and cost categories for better financial management.
• GST Setup and Management: How to configure GST in Tally Prime and generate GST-compliant invoices, returns, and reports.
• Payroll and Employee Management: Setting up and managing payroll, employee salaries, and statutory calculations (like PF, ESI).
• Banking and Reconciliation: Managing bank accounts, bank payments/receipts, and bank reconciliation.

6. GST (Goods and Services Tax)

• Understanding GST: Overview of GST and its structure.
• GST Configuration: Setting up GST taxes (CGST, SGST, IGST).
• Creating GST-Related Transactions: Recording purchases, sales, and services with GST.
• GST Reports: Generating and filing GST returns (GSTR-1, GSTR-3B, GSTR-9).
• GST Reconciliation: How to reconcile GST liabilities with returns and payments.

7. Advanced Accounting

• Credit and Debit Notes: How to create and manage credit/debit notes.
• Multiple Currency Handling: Managing multi-currency transactions and conversions.
• Reversing Journals: How to reverse journal entries in Tally Prime.
• Interest Calculation: Managing interest on overdue payments or receivables.
• Banking Transactions: Integrating banking with Tally, including handling EFT and NEFT.

8. Financial Reports

• Profit and Loss Statement: Generating and interpreting Profit & Loss Statements.
• Balance Sheet: Creating and analyzing Balance Sheets.
• Trial Balance: Understanding trial balance and adjustments.
• Cash Flow and Fund Flow Statements: Generating and analyzing Cash Flow and Fund Flow reports.
• Taxation Reports: Generating tax-related reports like TDS, GST returns, etc.

9. Tally Prime Customization

• Customizing Reports: How to modify and customize reports in Tally Prime.
• Backup and Restore: Backing up and restoring company data in Tally Prime.
• Importing and Exporting Data: Importing/exporting data from and to other formats (Excel, CSV).
• Tally Prime Shortcuts: Mastering the use of Tally shortcuts for faster operations.

10. Data Security & User Management

• Security Controls: Setting user permissions and access levels.
• Password Protection: How to secure company data with passwords.
• Audit and Internal Controls: Using Tally's audit features for internal control.

11. Reports and Data Analysis

• Financial Statements: How to generate Income Statements, Profit & Loss Statements, and Balance Sheets.
• Daybook, Ledger, and Trial Balance Reports: Analyzing daily transactions, ledger accounts, and the trial balance.
• Tally Reporting: Generating various reports such as Stock Summary, Bank Reconciliation, and others for analysis.

12. Advanced Features and Integrations

• Tally Prime Integration: How Tally Prime integrates with third-party applications (e.g., e-commerce platforms, POS).
• Automation: Automating reports, voucher entries, and backups in Tally Prime.

13. Tally Prime Finalization and Project Work

• Year-End Closing: Steps for year-end closing and finalizing accounts.
• Audit and Review: Using Tally's audit tools to review and finalize the books of accounts.
• Capstone Project: Applying everything learned in a final project to simulate real-world scenarios like handling a company’s entire accounting process.

Certification: After completing the course, students are usually awarded a certificate recognizing their proficiency in Tally Prime.