04.27 10:45 AM
Tally ERP9
Alright, lets get you up and running with Tally in just about 10 minutes This guide
walks you through creating your company and setting up the essential basics.
First things first, you'll land on the Tally welcome screen. Clicking the T icon
brings you to the company creation window. Now, the state you select is crucial
because this determines the statutory forms Tally loads for you think VAT, GST, or
whatever's applicable in your region.
In the video, Rohit demonstrates creating a company using Accounts, Accounts with
Inventory because he needs to manage both accounting and invoicing. It's a great
option if you're selling products.
Configuration - The F 11 Key is Your Friend
Once you've started the company creation process, you'll want to configure some
settings. Rohit uses the F 11 key to access these. Heres what he sets up:
Inventory Features: Enabled Yes - Essential if you stock items.
Purchases Invoice Mode: Enabled Yes - Allows you to record purchase invoices from
your suppliers.
Next to statutory details F 3 key, we handle value-added tax VAT:
Enable VAT: Yes.
AL of Add Details: This is where you enter details as per your requirements -
typically the dealer information.
TIN Number: Enter your Tax Identification Number here.
Ledger Creation - The Foundation of Your Accounts
Now comes ledger creation which is the fabric of your company. A ledger is
essentially where you track all your financial transactions sales, purchases, taxes
and so on. Lets look at some key ledgers Rohit sets up, demonstrating common ones:
Sales Account: Assigned under Sales Account, marked as Applicable Yes, and assigned
a Class.
Sales 5 Account: Again, Applicable Yes, with a specific class selected remember to
pick the class that suits your needs Rohit emphasizes being selective here.
Purchase Accounts: Create accounts to track all your purchases.
Duties and Taxes Ledgers - Output VAT 135: Crucially, these are categorized under
Duties and Taxes Output VAT. As Rohit points out, output VAT 135 V is generally not
rounded up.
Input VAT W: The counterpart to Output VAT, used to record VAT you pay on
purchases.
Input VAT 5 W 5: Another variation's under input vat.
A Quick Correction - It Happens
Even experienced users make mistakes In the video, Rohit creates Output V 13
instead of Output V 135. He correctly demonstrates how to rectify this by using
Alter to modify the incorrect ledger and save the changes. This is a great reminder
dont be afraid to fix errors
Item Setup - Connecting Products to Your Ledgers F 12 Key
Finally, lets set up items, as they may impact how your sales and purchases are
accounted for. Use F 12 to create an item:
Tax Rate 135: Select this to associate the item with the Output VAT 135 ledger.
Specified Default Ledger: Instruct Tally how to account for the item. You'll pick
Tally ERP9
Alright, lets get you up and running with Tally in just about 10 minutes This guide
walks you through creating your company and setting up the essential basics.
First things first, you'll land on the Tally welcome screen. Clicking the T icon
brings you to the company creation window. Now, the state you select is crucial
because this determines the statutory forms Tally loads for you think VAT, GST, or
whatever's applicable in your region.
In the video, Rohit demonstrates creating a company using Accounts, Accounts with
Inventory because he needs to manage both accounting and invoicing. It's a great
option if you're selling products.
Configuration - The F 11 Key is Your Friend
Once you've started the company creation process, you'll want to configure some
settings. Rohit uses the F 11 key to access these. Heres what he sets up:
Inventory Features: Enabled Yes - Essential if you stock items.
Purchases Invoice Mode: Enabled Yes - Allows you to record purchase invoices from
your suppliers.
Next to statutory details F 3 key, we handle value-added tax VAT:
Enable VAT: Yes.
AL of Add Details: This is where you enter details as per your requirements -
typically the dealer information.
TIN Number: Enter your Tax Identification Number here.
Ledger Creation - The Foundation of Your Accounts
Now comes ledger creation which is the fabric of your company. A ledger is
essentially where you track all your financial transactions sales, purchases, taxes
and so on. Lets look at some key ledgers Rohit sets up, demonstrating common ones:
Sales Account: Assigned under Sales Account, marked as Applicable Yes, and assigned
a Class.
Sales 5 Account: Again, Applicable Yes, with a specific class selected remember to
pick the class that suits your needs Rohit emphasizes being selective here.
Purchase Accounts: Create accounts to track all your purchases.
Duties and Taxes Ledgers - Output VAT 135: Crucially, these are categorized under
Duties and Taxes Output VAT. As Rohit points out, output VAT 135 V is generally not
rounded up.
Input VAT W: The counterpart to Output VAT, used to record VAT you pay on
purchases.
Input VAT 5 W 5: Another variation's under input vat.
A Quick Correction - It Happens
Even experienced users make mistakes In the video, Rohit creates Output V 13
instead of Output V 135. He correctly demonstrates how to rectify this by using
Alter to modify the incorrect ledger and save the changes. This is a great reminder
dont be afraid to fix errors
Item Setup - Connecting Products to Your Ledgers F 12 Key
Finally, lets set up items, as they may impact how your sales and purchases are
accounted for. Use F 12 to create an item:
Tax Rate 135: Select this to associate the item with the Output VAT 135 ledger.
Specified Default Ledger: Instruct Tally how to account for the item. You'll pick
