Tally Prime Learning - Create Company, Ledger, Stock & more)

Tally Prime is today amongst the most important softwares an accountant uses to do all his accounting work.

Here, you will learn step by step procedure of passing various accounting entries in different Vouchers of  Tally Prime to generate Trial Balance, Profit & Loss A/c & Balance Sheet in Tally Prime.

Ledger:- It is created to make an accounting entry. Ledger is Debited or Credited in any Accounting Voucher. Without creating ledger we cannot make any entry in Tally Prime. While creating Ledger, Ledger Group is selected to put it under that Ledger Group.

Ledger Group:- We have to select any ledger Group while creating a new Ledger. We can select from default Groups or we can created a new ledger Group.

Accounting Voucher:- In this Ledgers are debited and credited to make accounting entries.

Create a New Company in Tally Prime

  To create a new company in Tally Prime:

Go to  Gateway of Tally, then Press Alt + K, and select "Create". 

It will take you to "Company Creation" window to fill up your company's information as shown below.

Here, fill your company's Name, Full Address, select State & Country. Also fill Company's Contact Details such as Phone No., Email ID, etc.

In the Right Side, fill Financial Year & Books Beginning Year. (Both will be same year)

Press Enter to save this window. Now your company is Created in Tally Prime.

Learn how company is created in Tally Prime by watching this video on our YouTube Channel. (link below)

https://youtu.be/JhB3WSYT1N0

Creating Ledgers, Ledger Group,  Stock Items, Stock Group & Stock Unit in Tally Prime 

First of all, we have to create Ledgers, Ledger Group,  Stock Items, Stock Group & Stock Unit in Tally Prime to start making accounting entries in accounting vouchers. Without creating these we cannot make any entry in tally prime.

To create Ledgers, Ledger Group,  Stock Items, Stock Group & Stock Unit in Tally Prime:

Go to  Gateway of Tally, Under "MASTERS" select "Create" & press Enter

Then below screen appears:

Now, 

To Create Ledgers & Ledger Group:

Go to "Ledger" & "Group" under "Accounting Masters". 

To Create Stock Item, Stock Group & Stock Unit:

Go to "Stock Item", "Stock Group" & "Stock Unit" under "Inventory Masters" to create these three respectively.

Now, fill up the details in Ledger Creation Group Creation, Stock Item Creation, Stock Group Creation and Stock Unit Creation screen by watching the below videos. (Link Below:)

https://youtu.be/MxmlOtF6hQw

https://youtu.be/JhB3WSYT1N0

After filling the required details, save the creation screen by pressing ENTER key (or Alt+A) for each case and these gets created.

Accounting Vouchers In Tally Prime

Below are the types of Accounting Vouchers:

1. Contra (F4): It is used for transactions between to Cash & Bank A/c.

2. Payment (F5): It is used when payment is made to  Party (Sundry Creditors)

3. Receipt (F6): It is used when payment is made to  Party (Sundry Creditors)

4. Journal (F7): It is used to make journal entries. It is used to make entries which we cannot make in any other Accounting Vouchers.

5. Sales (F8): It is used to record sales.

6. Purchases (F9): It is used to record purchases.

7. Credit Note (Alt+F6): It is used to record Sales Return.

8. Debit Note (Alt+F5): It is used to record Purchases Return

 We will learn how accounting entries are done in all the above Accounting Vouchers in detail.

Stock Query in Tally Prime / Tally ERP 9

To know the purchased and sold prices of any stock in Tally Prime or ERP 9 follow the below mentioned instructions.

From Gateway of Tally, go to "Display", then go to "Statements of Inventory", now go to "Stock Query" and select the stock of which you want to know the purchases and sales prices and press enter.

Shorcut key to go to stock query is: From Gateway of Tally, press: D E T 

We will see here only last 5 purchased and sold prices of any stock. If we want to see more than 5 transactions prices. Then,

Press F12 or click on Configure button. 

We will see at the bottom of the list, Number of last transactions to show: 5

Now go to this and change 5 with any number as you want to show and press enter.

For example if we want to show last 10 transactions then we will replace 5 with 10 and press enter. Then we will see last 10 transaction rates.

Now we have learnt that how we can see stock purchased and sold rates in Stock Query in Tally Prime.

View Party's Account Statement / Ledger A/c in Tally Prime

We should know how to view account statement of our sundry debtor or creditor because we have to receive payment from our sundry debtor and make payment to our sundry creditor. In tally we can easily find transactions and balance amount of any ledger and can send it through email or take printout. 

To view the balance of our sundry debtor, sundry creditor or any other ledger then we have to follow below mentioned instructions:

From Gateway of Tally, go to:

Display----->Account Books--------->Ledger

Or we can type: D A L

And select the required ledger from the list.

To Print the Ledger press Ctrl+P or click on Print and take print out

We can also Email this by exporting the ledger in pdf or any other format and attaching this in email. Or we can leave it saved it in our computer in some specific folder.

To Email the Ledger press Ctrl+E or click on Export and then click on Export or press Enter.

Learn how to print & export ledger in Tally Prime in the below video from our Youtube channel. (Link Below:)

https://youtu.be/D6WIba5ORHI

We can also Rename the file or change file format such as PDF, Excel, JPGE, XML, HTML & ASCII. To do this:

Go to Configure after pressing Ctrl+E.

To change file format:- Type "file" in the search bar and Go to File Format  and select any of the file format such as PDF, Excel, JPGE, XML, HTML & ASCII and press enter.

To change file name:- Go to file name and type the required name and press Enter.

Now press Esc key twice and will will come back at Export screen, now we can see that File Name and File Format have been changed. Now click on Export to export it in the Export Folder of Tally Prime.