Top 10 Things Tally Users Must Know

Every Tally user should aim to know Tally inside out. This allows for maximum utilization of the software and ensures high work efficiency. Tally has an amazing set of shortcuts that every user must know to excel in Tally. In this blog, we will focus on the 10 things every Tally user must know.

1. Basic Navigation and Interface:

Understand the layout of the Tally interface, including the Gateway of Tally, menus, and sub-menus. Familiarize yourself with the shortcut keys for efficient navigation. TallyPrime has made the user interface very simple. You can navigate throughout the software by using the Search bar (Go To). Type report names, vouchers, or any ledger, and you will find it.

2. Company Creation and Configuration:

To create a new company in TallyPrime, Go to the gateway of Tally> select "Create Company". Enter the company details, including name, address, state, country, and contact information. Set up the financial year details, taxation, accounting periods security options, and base currency information. Once completed, press Ctrl+A to save the company.

3. Ledger Creation and Management

Know how to create and manage a new ledger including setting up groups, sub-groups, and managing ledger balances in TallyPrime. Navigate to Gateway of Tally> Create> Ledger to create a new single ledger. Fill up the details such as Ledger name, Mailing Details, Banking Details, and Tax Registration Details. Press Ctrl+A to save. That is how a new ledger will be created.

4. Voucher Types and Entry

To record various types of business transactions such as (sales, payments, receipts, contra, journal entries, and more, it is essential to have a sound knowledge of Tally and how to enter transactions accurately in different vouchers. To enter a transaction, Go to Gateway of Tally> Vouchers> press F5 for a payment entry, or select another voucher type from the right panel in TallyPrime, and then create the entry.

5. Inventory Management

Understanding how to manage inventory, including creating stock groups, stock items, units of measure, and recording inventory transactions, Inventory management is crucial for retail shops, e-commerce businesses, manufacturing units and etc. Set up stocks by navigating to Gateway of Tally> Create> Stock Item, then fill in the details and save. This process creates a new stock item.

6. GST and Taxation:

To configure and manage Goods and Services Tax (GST) in Tally, including setting up tax ledgers, recording GST transactions, and generating GST reports start by enabling the feature in F11 configurations. Add GST details when creating voucher entries. Various GST reports such as GSTR-1, GSTR-2, GSTR-3B, GSTR-4, and GST Annual Computation are available. Access these reports via Gateway of Tally> Display> Statutory Reports> GST.

7. Banking Features:

Utilize Tally's banking features such as bank reconciliation, cheque printing, and management of multiple bank accounts. Banking reports can be accessed by navigating to Gateway of Tally> Banking.

8. Financial Reporting:

In Tally, you can generate and customize essential financial reports such as the Balance Sheet, Profit & Loss Account, Cash Flow Statement, and other statutory reports. Additional commonly accessed reports include Trial Balance, Cash/Bank Books, Ledger Accounts, Day Book, Receivables and Payables, and Stock Summary. To access these reports Navigate to Gateway of Tally> Display or use the search function (Go To) to access and customize these reports as needed.

9. Backup and Data Security

Safeguard your Tally data by implementing backup and security protocols. Familiarize yourself with the process of performing regular backups and restoring data as needed. To know about this process, consider using Tally Smart Backup++ for automated backups, ensuring your data is always protected and easily recoverable.

10. Troubleshooting and Support:

Familiarize yourself with common troubleshooting steps and how to seek help from Tally Support. Knowing where to find documentation, forums, and updates is crucial. Tally has an inbuilt Support Center that you can access to raise a support ticket. Additionally, you can seek support from Tally partner Antraweb Technologies, which has a professional expert support team providing services for these issues.

Understanding these key aspects will help users maximize the efficiency and accuracy of their accounting processes using Tally. Tally offers essential features that streamline operations, but their are additional tools that can further enhance its capabilities.

Beyond Tally, their are other features as well available such as, Automatic backup, GST reminders, Digitally signed invoices, Multiple file attachments in vouchers and etc. To see the full potential of Tally with additional add - on modules consider reaching out to Antraweb Technologies.

Click on the link to know more about → Antraweb Technologies Tally Services and Schedule a Demo with us.

Their expertise and support can provide invaluable insights and guidance on leveraging these features to maximize efficiency and drive growth in your Tally usage.

Riyaz Tamboli is a Director at Antraweb Technologies Pvt. Ltd., a leading provider of Tally ERP solutions built on the Tally platform.