Start Tally Erp9 Lesson 1 Introduction

  

Module 1: Introduction to Tally ERP9

This module provides an introduction to Tally ERP9, a widely used accounting software that helps businesses manage their finances, accounting, inventory, payroll, taxation, and more. By the end of this module, learners will have a clear understanding of what Tally ERP9 is, why it is crucial for businesses, how to install and set it up, and how to create and manage companies within the software.

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1. Overview of Tally ERP9

What is Tally ERP9?

Tally ERP9 is comprehensive business management software designed for small and medium enterprises. It offers solutions for accounting, inventory management, tax management, payroll, and more. Tally ERP9 is well-known for its simplicity, allowing businesses to manage their operations with ease while maintaining accuracy in financial records.

Key Features of Tally ERP9:

• Accounting Management: Handle day-to-day financial operations, including general ledgers, accounts receivable/payable, and journal entries.

• Inventory Management: Track stock, sales orders, and purchase orders.

• GST Compliance: Automatically calculate and generate GST reports.

• Payroll Management: Manage employee records, salary payments, and tax deductions.

• Multi-Currency Support: Useful for businesses dealing with international transactions.

Importance of Tally ERP9 for Businesses

Tally ERP9 is essential for businesses due to its scalability, ease of use, and ability to integrate various business operations into one system. It allows business owners and accountants to track their financial health in real-time, ensure compliance with taxation laws, and generate reports that assist in decision-making.

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2. Installation and Setup of Tally ERP9

System Requirements:

Before installing Tally ERP9, ensure your system meets the following requirements:

• Operating System: Windows 7 or higher (32-bit or 64-bit)

• RAM: Minimum 1GB (Recommended: 2GB or more)

• Hard Disk: Minimum 50MB of free space

• Processor: Pentium IV or higher

Steps to Install Tally ERP9:

1. Download Tally ERP9:

• Visit the official Tally website and download the latest version of Tally ERP9.

2. Run the Installer:

• Double-click the downloaded file to run the installer.

• Select your preferred language and click "Next."

3. Choose Installation Location:

• The default installation path is "C:\Program Files\Tally ERP9." You can change the path if needed.

4. Complete Installation:

• Click "Install" and wait for the installation to complete.

• Once done, click "Finish" to exit the installer.

Activation and Licensing:

After installation, you will need to activate the software with a valid license. Tally ERP9 offers different licensing options (Single User, Multi-User, Educational Mode). For business use, a Single or Multi-User license is recommended. Follow the steps in the software to activate your license with your unique product key.

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3. Navigating the Tally ERP9 Interface

Basic Layout of Tally ERP9:

• Gateway of Tally: This is the main screen after logging in. It acts as the dashboard where you can access various functionalities such as accounting, inventory, and payroll.

• Menu Bar: Located at the top of the screen, it contains options like "Company Info," "Accounts Info," "Inventory Info," etc., allowing you to manage different aspects of your business.

• Buttons Bar: Situated on the right-hand side of the screen, this bar has quick access buttons like “Print,” “Export,” “Quit,” “Help,” etc.

• Information Panel: Located at the bottom of the screen, it provides quick information on the company currently logged in, date, and active financial year.

Key Functionalities:

• F1 – Select Company: Used to switch between multiple companies.

• F2 – Date: Change the date for entries.

• F11 – Features: Configure accounting, inventory, and statutory features.

• Alt + C – Create: Create ledgers, stock items, or other data.

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4. Creating a Company in Tally ERP9

Step-by-Step Guide:

1. Open Tally ERP9:

• On launching the software, you'll see the Gateway of Tally.

2. Create a New Company:

• Press Alt + F3 or select Create Company from the Company Info menu.

3. Enter Company Details:

• Name: Enter the name of the company.

• Mailing Name & Address: This will appear in invoices and reports.

• Country: Choose the country where the business operates.

• State: Select the state for tax compliance.

• Pin Code: Input the business's postal code.

• Phone Number, Email, Website: Add business contact details.

4. Financial Year Start Date:

• Enter the financial year start date. For example, if your fiscal year starts on April 1st, enter 01-04-2024.

5. Books Beginning Date:

• Typically the same as the financial year start date unless the company is already running.

6. Currency Symbol:

• This field is auto-filled based on the country selection. You can change it if required.

7. Base Currency Information:

• Confirm or modify the base currency if your business deals with multiple currencies.

8. Enable Features:

• Enable GST, VAT, payroll, or other business features as needed by selecting “Yes” under relevant sections.

9. Save the Company:

• Press Enter until you reach the last field, then select Yes to save the company details.

Exercise:

1. Install Tally ERP9 on Your System:

• Perform the installation steps on your personal computer or a virtual machine.

• Navigate through the interface to familiarize yourself with the layout.

2. Create a Demo Company:

• Use the steps above to create a demo company, entering fictitious details.

• Set the financial year to the current year and ensure GST is enabled for practice purposes.

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Practical and Lab Work

Lab Exercise 1: Installation and Setup

• Objective: Install Tally ERP9 and set it up for first-time use.

• Instructions:

1. Download and install Tally ERP9 on your system.

2. Explore the licensing options and activate the educational mode (if no license is available).

3. Familiarize yourself with the interface by navigating through different menus and options.

Lab Exercise 2: Creating and Managing a Company

• Objective: Create a company and configure settings in Tally ERP9.

• Instructions:

1. Follow the steps provided to create a new company.

2. Enter fictional details for your company (e.g., ABC Corp) and set the financial year.

3. Enable GST and configure basic tax settings for practice.

4. Save the company and navigate through the company settings to view and manage data.

Exercise: Self-Assessment Questions

1. What are the key features of Tally ERP9, and how can they benefit a business?

2. Describe the step-by-step process of installing Tally ERP9.

3. What are the various components of the Tally ERP9 interface, and what is their purpose?

4. Explain the process of creating a company in Tally ERP9, and list the essential details needed during company creation.

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Conclusion

By the end of this module, learners should be able to understand the basics of Tally ERP9, its importance in business operations, and how to install and set up the software. Additionally, they will have practical experience creating a company within the software, configuring key settings, and navigating the Tally interface.