Enter in your company name as it appears on your banking records. Enter your company address, statutory compliance, telephone number, and email Turn on “Auto Backup” to ensure that a copy of all your work is saved in case something happens to the original. Choose your currency. If you are using Tally to just manage your accounts, select “Accounts info” in the Maintain menu. If you are using Tally for inventory management as well, select “Accounts with inventory”. Enter the start of your financial year and the start date for the books.
When creating accounts for other parties, under Sales or Purchase (revenue), they must be listed as Sundry Debtors, Sundry Creditors or Branch/Divisions. Place the party in the group that they closest relate to. For example, A party that you sell more to than you buy from would be a Sundry Debtors account.
Contra Voucher (F4) - Contra vouchers are for when money is deposited or withdrawn for the bank, or transferred between two accounts in the same company. Payment Voucher (F5) - This voucher is for payments made by the business. Receipt Voucher (F6) - This voucher is for any income made by the company (sales, rent, interest, etc. ) Journal Voucher (F7) - Transactions that don’t relate to sales, purchases, cash, or other income. Mostly used for adjustments and opening and closing balances. Sales Voucher/Invoice (F8) - This voucher is for all sales made by the company. Purchase Voucher (F9) - This is for the purchase of assets by the company.
If you are entering products being purchased or sold, Tally will automatically calculate totals based on the quantity you select. [1] X Research source
