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What exactly is Tally? What is ERP 9?
ERP 9 is one of the most widely used accounting programs in India. It is complete enterprise software for small and medium-sized businesses. ERP 9 is an ideal business management solution and GST software that combines function, control, and built-in customizability. Read more about Tally prime course in Ahmedabad.
Tally.ERP 9 allows business owners and their associates to interact more in account-related discussions, and it is a complete product that retains its original simplicity while providing comprehensive business functionalities such as Accounting, Finance, Inventory, Sales, Purchase, Point of Sales, Manufacturing, Costing, Job Costing, Payroll, and Branch Management, as well as compliance capabilities for Excise, TDS, TCS, and now GST! Tally ERP 9 Software is a well-known financial accounting and inventory management system with a powerful computer.
ERP 9 is a great accounting software that can be integrated with other business applications like sales, finance, purchasing, payroll, inventory, and so on.
Tally software keeps detailed records of all business transactions for each account. Tally ERP 9 uses a double-entry accounting system, which eliminates and corrects potential errors.
Because tally ERP 9 supports multiple languages, it is referred to as multilingual tally software. Accounts can be kept in one language, and reports can be viewed in another.
You can create and manage accounts for up to 99,999 businesses. You can automate employee record management by using the payroll feature.
An Introduction to Business Formation
When we first start accounting with Tally, the first thing we need to do is learn how to create a company in Tally ERP 9. If you run multiple businesses, you can set up multiple companies in Tally. ERP 9 software for a single price.
Tally ERP 9 has evolved beyond the concept of accounting software to manage statutory compliance by updating statutory files available on the Tally solution website. Tally can now be operated remotely using Tally.net features, payroll can be processed, and many other features are regularly updated by Tally solutions. GST (GST) compatibility from version Tally is the most recent enhancement. ERP 9’s 6th release
How to Set Up a Company in Tally ERP9
Tally.ERP9 software can be launched by double-clicking the Tally.ERP9 icon. Learn how to start a business. If you don’t, you won’t be able to make masters and record business transactions, among other things.
You can easily create a company in Tally.ERP9 by following the steps below.
- ALT+F3 –> Tally GatewaySelect the “Create Company” option.
You must follow the steps outlined above and enter information about your company, such as its address, contact information, and other details.
- Click on “Create Company.” The screen below will appear after you click on “Create Company.”
- Name: Enter the name of your company here. For example, ABC Company.
- Enter your company’s address here.
- Country: Select a country.
- Enter a state such as Telangana or Karnataka.
- Enter your pin code here.
- Enter your phone number here.
- Enter your mobile phone number here.
- Enter your fax number here.
- Email: Enter your company’s official communication email address here.
- Website: Enter the URL of your company’s website.
- Enter the financial year that begins on, for example, 01.04.2022.
- Books beginning from: In most cases, the financial year begins on the same date as the book begins on the same day. However, if you created a company in Tally.ERP9 on 01.07.2022, the financial year begins on 01.04.2022 and the books begin on 01.07.2022.
Control of Security
This is a very useful feature in Tally because it stops people from getting their hands on company data. Yes, use security controls.
You must remember your username and password.
- Use Tally Audit features: This feature allows chartered accountants to directly audit the company’s books of accounts.
- You will be unable to open your company in Tally if this feature is enabled in educational mode. Everyone is familiar with Tally, which is free for educational purposes and allows you to enter or post any entry on the first and last day of each month.
- Base Currency Symbol: The country’s currency symbol
- The currency’s formal name is the INR.
- If necessary, you can enable this option, which determines whether a currency symbol is required before an amount such as 650.
- Add a space between the amount and the symbol: Yes, this is the same as putting a space between the amount and the currency symbol. 650 words
- If you enable this option, the amount of reports such as the balance sheet and other reports will be displayed in millions. For example, Rs. 1000000 is equal to 1 million.
- Number of decimal places: In India, two decimal places are typically used for paisa purposes, such as Rs. 58.65.
- Following a decimal, a word is used to represent the amount. In Tally, it is set to paisa by default and does not need to be changed.
The number of decimal places for the number in words: This is the number of decimal places for the amount in words.
If you choose a company to record transactions in Tally, the name of that company will appear under the name of the company.
Modify Company Information
- You can change the company information by pressing the shortcut key ALT+F3, as shown in the screenshot below.
- Click on the Change button.
- Companies will change or edit their information when they change their company address, contact number, email, or any other information.
- Tally will allow us to post transactions on various dates; you can change the date by pressing F2 on the voucher screen.
- By pressing ALT+F2, you can change the financial accounting period and which period transactions you want to record.
- To save the information entered in the company creation screen,
- If you have entered all of the details and after verifying that everything appears to be correct, you must accept the screen by pressing Enter and then Enter again to accept and save the details.
- If we have enabled the Tally Vault password, the next screen will ask for the user’s name and password details. Tally ERP 9 will create a company and direct you to the Tally Menu Gateway where you can create masters and enter transactions after you enter these details.