Tally Interview Questions & Answers [GUIDE TO CRACK]
Last updated on 10th Jun 2020, Blog, Interview Questions
Tally is to add up, like keeping the score of a game. The word tally has to do with counting. It comes from the Latin word for “stick” because people used to keep a tally by marking a stick. Tally can be the total, or the act of adding it all up. If you count the bikers riding by, your count is a tally.
1. What Is Tally?
It’s a powerful software on Accounting, In Chittagong we are the only sole dealer of Tally accounting software.
Tally is a method of communicating camera usage to the camera operator or subjects (called “talent”). Most professional-level cameras have a special TALLY light in the viewfinder and in front of the camera viewfinder that is activated when the camera is “taken” on the program bus of the video switcher.
2. Why Did Tally Solutions Retire Tally 7.2?
Tally 7.2 is already two generations behind in technology. Tally 8.1 was released almost 19 months ago, and Tally 9, almost 12 months ago. The current release is Tally 9 Release 2.1. Apart from being outdated and built on obsolete technology, most tools used for its development are no longer available or supported. This results in an inability to keep repairing and/or upgrading the product to meet the needs of continuously changing hardware and software environments.
3. Is Tally Available? Can I Load Tally?
No – It is not available and also cannot be loaded.
4. Can I Upgrade Tally 6.3 Data To Tally 8.1?
Yes, you can upgrade Tally 6.3 data to 8.1. Tally Migration Tool will detect 6.3, if you select ‘Migrate Data’. Specify the path of Tally 6.3 data.
5. What Is The Difference Between The Standard Tally Driver And The Tally Text Driver?
Standard drivers are capable of printing: graphics , True Type fonts as graphics and printer-resident fonts . Text drivers print only printer-resident fonts .
6. What Is Rally Tally?
Rally tally is your place to find, publish, and coordinate civic events.
7. What Is A Contract/Independent Worker Tally Sheet?
An information sheet that shows the payment activity on a particular contract.
8. How can you copy text from Tally?
You can use the shortcut Ctrl+Alt+C to copy text and shortcut Ctrl+Alt+V to paste text.
9. How Do You Tally The Results?
We use the time-tested method of creating a grid of the array on a sheet of paper and using highlighters in different colors. This was the basis for redesigning TARP2 into units of 25 (5×5) so a unit could easily be visualized with a 4x objective and did not require spot counting to determine exact location. We mark spots as absent, unreadable, and based on whatever grading schema we are using (positive versus negative [0 to 4+]). Scoring is rapid and provides a permanent record that is easy to track.
10. What Area Does Tally Rags Service?
We are currently serving the Charlotte, Mint Hill, Matthews, Indian Trail, Ballantyne and Waxhaw area.
11. How Do You Tally Votes?
On each individual project page users can vote on whether in their estimation the project is critical or not. On the project page we show the results, including the number of votes cast and the percentage of votes on each side. We further rank all projects based on the vote ratio they’ve received. For example, 10 votes in favor and 15 against will give a project a vote ratio score of -5.
12. Why Do I Need Tally?
Tally provides an easy method of showing the cameraperson and/or talent when a particular camera is “live. ” Even single-camera productions can use tally to inform the cameraperson that their camera is in use, so they don’t accidentally move, re-focus, or do anything which might disrupt the shot. In multi-camera productions, TALLY allows the talent/guest to know which camera is “live,” so they can address that particular camera.
13. When Will These Levies On The Bank Tally Appear As Stopped?
Drag comparison holds back the loot garnishment, a levy command your bank invoice will individually happen once. Purport, the attached pack of funds that gets deposited credit to your account will solely be yours again.
14. What Are The Return Policies For Tally’s?
Items may be returned for a full refund if they are deemed to be dysfunctional (do not operate the right way when you get them) or you did not receive the right size (such as with rings, etc.) when you receive them. You will have to pay for the shipping costs of the return.
15. Where Do I Track The Errors That Occur While Migrating Data From Tally 7.2 To Tally 8.1?
If any errors occur during the migration process, it gets logged into a file called ‘migration.err’, which Tally generates automatically. This file exists in the Tally application folder.
16. How Do I Migrate Tcp From Tally 7.2 To Tally 8.1?
To migrate the TCP files to Tally 8.1:
- Go to Start > Programs > Tally 8.1 > TallymigrateData. (You can also double click on tally72migrate.exe file in the Tally application folder)
- Two splash screens, Tally Data Migration Tool and Tally 8.1 will appear.
- select ‘Migrate TCP’ from the Migration Tool Menu.
- Once selected, the tool starts to process the Tally 7.2 TCP and also generates another TCP, which is compatible with Tally 8.1.
17. How Do I Migrate Group Company Data From Tally 7.2 To Tally 8.1?
To migrate Group companies:
- Migrate each member company individually from Tally 7.2 to Tally 8.1.
- On successful migration, re-create the Group company in Tally 8.1.
18. Why Become A Tally Graduate?
A Tally Graduate certification enables you to become a seasoned accounting professional in the shortest possible time. And, since Tally is currently used across diverse segments like MNCs, government and local businesses, job opportunities with the best companies in the country are immensely enhanced.
19. What Is An Authorized Tally Academy?
It is an institute recognized by Tally Solutions, the creators of Tally. This institute imparts Tally training with course material provided by and faculty trained by Tally. An authorized Tally Academy offers you intensive and holistic training on Tally, from highly trained instructors, complete with comprehensive printed course material and a Tally Graduate CD containing a fully functional, date-restricted latest version of Tally.
20. Who Created Rally Tally?
Will Riley, a graduate student in the Digital Media program at Georgia Tech, created a rally tally to encourage and facilitate civic participation in community life.
21. Why Do A Certification On Tally?
The Tally Certification is a simple and effective way to demonstrate mastery of Tally Helps employers identify and hire. Contributes to your professional image, profile, credibility, and career opportunities.
22. What Is The Total Point Tally For The Prospectus?
The total possible points are 156.
23. What Is a Tally Data Migration Tool And How Does It Help?
The Tally Data Migration Tool helps in migrating the data from Tally 7.2 to Tally 8.2. This works with the Tally 8.1 exe and allows you to migrate company data (Masters, Vouchers and Reports). This tool also allows the migration of TCP (Tally Compliant Product) files.
24. Why Are Customer Signatures And Phone Numbers Required On Tally Sheets?
SARCAN Recycling, like any other private enterprise in Saskatchewan, must provide documentation of its business activities to the government. Customer signatures and phone numbers on our tally sheets prove that we have provided refunds in the event that SARCAN is subject to a financial audit.
25. How Can I Access My Goal Tally?
Participants can access their daily total goal tally via in Contact or any FNB branch.
26. What Is Tally 8.1 Silver/single User Licensing?
Tally 8.1 Silver/Single-user Licensing allows installation of Tally on a SINGLE computer, with an option of activating it Online or Offline. You can use the same Tally 8.1 Silver/Single user license on another computer, by surrendering the license activated on the first computer and reactivating it on the other. An Offline user can take the request file generated by Tally 8.1, to a computer with Internet connectivity and activate the license.
27. What does ERP in Tally ERP stand for?
- ERP stands for enterprise resource planning. Tally can also be defined as an enterprise resource planning software.
- ERP systems or software are used to track business resources like capital and production capacities as well as commitments like purchase orders and payroll. Since Tally manages such functions for retail or other enterprises, it is called Tally ERP.
28. What is Tally primarily used for?
Tally serves a lot of purposes for the financial management of a business. Its main functions include basic accounting, costing, administering payroll, budgeting, and calculating interest.
Tally also helps with functions like filing tax returns, preparing balance sheets and profit/loss statements, calculating GST, fund flow statements, etc. It can synchronize and manage data like this across multiple locations.
29. What does Tally ERP 9 do?
- Tally ERP 9 is an accounting software following in the tradition of previous versions of Tally.
- It manages financial functions for businesses and other organizations. It maintains ledgers, invoices, budgets and includes other salient features.
30. How would you compare Tally ERP 9 with Tally 7.2?
Tally ERP 9 is a newer version of the program, which has succeeded Tally 7.2.
Both programs perform the essential functions of managing finances, including accounting, reporting, and inventory. However, Tally ERP 9 has added features like payroll management, TDS calculation, and GST which makes it a better fit for current accountants.
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31. What are some of the new features which Tally ERP 9 comes with?
Tally ERP 9 has a couple of new useful features for tax and easier management of data.
It enables tax audit functions, entering GST in invoices, facilitates TDS functions, VAT, XBRL, payroll and salary, and excise for manufacturers. It also makes work easier by notifying users of credit limits, assigning a unique ID to number and sequence vouchers, and including the choices to print bank details, emailing reports to beneficiaries, and even connecting remotely.
32. What is a group in Tally ERP 9?
A group in Tally is a collection of ledgers of the same kind.
For instance, a group may include common operating costs like bills for electricity, phones, travel, etc, incurred by a business. Tally has 28 groups by default, 15 of which are called primary groups, while the rest are subgroups.
33. What are the types of ledgers which Tally ERP 9 lets you make?
Tally allows one to generate multiple types of ledgers, namely the ones for sales/purchase, income and expense, party ledger, tax ledger, bank account, and current liabilities.
34. Mention the predefined ledgers which are available in Tally ERP 9.
The tally includes predefined ledgers for cash and profit/loss statements. Cash ledgers can be created under the group for cash-in-hand, and profit and loss ledgers can be created under the primary group.
35. Which types of vouchers can you create on Tally?
Tally ERP 9 lets one create many vouchers namely contra voucher, payment, receipt, journal, sales and invoice, credit note, debit note, purchase, reversing journals and memo.
36. What is reversing journals for?
Reversing journals is a specific entry in Tally which is reversed automatically after the date of issue.
37. What is a contra voucher and what is the Tally shortcut for it?
A contra voucher is one that details the transfer of funds from a bank account to a cash account and/or vice versa.
38. What are the steps followed for enabling payroll on Tally 9?
Activating payroll is a one-time setup in Tally 9. First, we choose the Features option from the Gateway of Tally screen.
Under Company Features, we choose “Accounting Features” or press F1. From Accounting Features, we choose Yes for “Maintain Payroll”. Click on Accept to save these changes, and then payroll is activated. It can be then seen on the Masters’ menu.
39. What are the shortcuts for repeating narration on a voucher and recalling the last narration for the first ledger in a voucher?
The shortcut to repeat the narration on a voucher is Ctrl + R, while the shortcut for recalling the Last narration saved for the first ledger in the voucher is Alt + R.
40. How do you create multiple ledgers in Tally ERP 9?
For creating multiple ledgers, we start from Accounts Info on the Gateway of Tally and choose Ledgers.
Then we locate Multiple Ledgers and click on Create. On the Multi Ledger Creation screen, enter details for Under Group and update information like the name of ledgers. Press Enter, Accept Yes, and multiple ledgers are created.
41. Do you know the shortcuts for voucher creation and alteration screen?
Yes, the shortcut for creating a voucher is Alt + C and for altering any master item on a voucher, it is Ctrl + Enter.
42. Briefly explain Trial balance.
Trial balance summarizes all the ledger balances and checks if the mathematical accuracy and information are correct.
It verifies whether journal entries are posted on the general ledger in the right way. The total debit balance should be equal to the total credit balance in the trial balance.
43. What is the purpose of a statement of inventory?
A statement of inventory is used to view information on inventory based on godowns.
It tracks details of items in inventory, carries stock, and checks budget variations as compared to forecasts, plans, statistics, etc. Inventory in Tally ERP 9 also displays, modifies and prints reports like Tally accounting.
44. What is profit and loss A/c in Tally accounting and how can you view the statement?
Profit and Loss A/c is a periodic statement in Tally that shows the net result of business operations for a specific time.
- It records all the expenses incurred and income earned during the reporting period.
- The Profit and Loss A/c in Tally ERP 9 shows the information on the default primary groups.
- It is updated with every voucher or transaction which is entered and saved. The Profit and Loss A/c statement in Tally can be viewed from the Profit and Loss A/c window.
- If we click on F1: Detailed to view the Profit and Loss A/c option, we can view a detailed statement.
45. When do we use income and expense statements instead of profit and loss and how do you choose that option on Tally?
For organizations that do not trade goods or services, an income and expenditure statement is more suitable since their books of accounts mainly record only their income sources and expenditure over time.
NGOs, trusts and other non-profit institutions use this feature generally. In Tally, one can easily toggle between Income and Expenditure Statement and Profit and Loss A/c by pressing F11 and setting “Use Income and Expenses A/c instead of Profit and Loss A/c” to Yes. It changes the report menu accordingly.
46. How do you activate GST in Tally ERP 9?
The GST feature can be found under Statutory and Taxation in Tally 9.
On the screen for Company Operation Alteration, enable GST and choose set/alter GST details.At this point, update all the necessary details like name of the state, registration type, the GSTIN which will be printed on invoices, date applicable from, periodicity, e-way bill applicability, the tax liability on receipts, GST rate and classifications.
Once you have set all the parameters according to the needs of the business, accept the changes to save them.After GST is activated, all GST features will be automatically available for general ledgers, stock items and transactions in Tally.
47. What is the use of Tally vault?
Tally Vault is a security feature used to protect company details by encrypting data.
It uses a password secured by an algorithm, so when you select the company from the menu, the details show up as asterisks (*****). The data is decrypted only with a valid password. Thus, those details cannot be easily accessed and confidentiality can be maintained.
48. What would one need to connect remotely to Tally ERP 9?
Tally ERP 9 allows remote connectivity which can be established if there are a working internet connection and a licensed version of Tally ERP 9 with a Tally.NET subscription on both the customer end and at the remote location.
Besides this, a valid User ID and password are required so remote users can be validated and they can access the program from their remote location.
49. How confident are you about your Tally accounting skills?
Can be asked to test not just how well you know the program but how self-confident you are as a professional.
While answering this, mention how you learned Tally – whether through a Tally online course, a classroom course or on your own using other resources, how experienced you are in using the program, and any examples or positive testimonials from your previous jobs/employers. Take care to display your skill and knowledge of the program instead of just boasting about your abilities.
50. How will you add to our business as an accountant?
For this answer, mention your strengths as an accountant, especially about Tally accounting.
Convince the interviewer/employer of your skills with the program, understanding of their business, and of all the services you bring to the table as a Tally professional hired by the business. Whether it is an individual businessman or a large-scale operation, you should be able to put across clearly how your Tally accounting skills will benefit them.
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51. Do you think online Tally courses enable quicker learning?
- With everything getting digitized, learning is now online too.
- While many advocate that the traditional methods of learning are unbeatable, a wide percentage of youngsters believe in constantly updating their skills through online learning.
- Interviewers ask this to assess your drive to grow constantly. Use this opportunity to talk about all the online courses you have taken up to enhance your skills. You can also talk about internships and experiences that helped you hone your skill-set.
52. What are the applications of tally?
Tally is a total Enterprise Resource Planning system with a great grasp of accounting features. Even though it has numerous more center features that a business requires its hold yet in accounting is genuinely exemplary. Consequently, it is known more to account as opposed to some other of its features.
- Performing all essential accounting capacities
- Estimating work costing
- Storing points of interest and managing stock items
- Managing finance
- Filing a tax return, profits, and loss, creating a balance sheet, VAT frames, income report, and much more
- Maintaining budget situations
- Calculating interest on the amount
- Managing information over various areas and synchronize it
53. Specify what features are accessible in Tally ERP 9 for Accounting?
Tally ERP 9 offers the various advantages for any associations:
- Outstanding Management for better Finance Management
- Cost/Profit Centers Management for better record maintenance.
- Creating Invoices of all dealers
- Budget/Scenario supervision
- Other features like Printing of checks, and much more.
54. Say what the two pre-characterized ledgers are available in Tally ERP 9?
In Tally ERP 9, there are two sorts of pre-characterized ledgers:
- Cash:This Ledger is made under the Group Cash in hand. You can enter the opening balance as on the date of books starting from. You can also modify the name and even erase the Ledger.
- Profit and Loss Account: This Ledger is made under the Group Primary. Earlier year’s Profit or Loss is entered as the starting balance for this record. The balance entered here is dealt with as the opening profit/loss and appeared in a critical Balance Sheet as opening equalization of Profit and Loss account in the Liabilities side.
55. Clarify what trial balance is and how you check trial balance in Tally ERP9?
The trial balance is a statement, which contains the different ledger balances on a specific date:
This statement is created to check the rightness of ledger posting and balancing of records. If the total of the debit accounts is equivalent to the credit accounts. It is suggested that posting and balancing of accounts are right. In trial balance, the aggregate of all debt accounts ought to be equivalent to the aggregate of all the credit balances.
56. Clarify the default configuration of Tally ERP 9 accommodated Balance Sheet?
Balancing sheet in Tally ERP 9 shows two distinct segments with Liabilities and Assets. The asset report additionally shows the closing balances of all the essential groups and capital records along the net profit for the predetermined period as required by the association.
57. What is the utilization of a statement of Inventory in Tally ERP 9?
The utilization of a statement of inventory is to see the data of Inventory, which is based on godowns. Following every single detail of things in the stock, alongside carrying on the stock and checking the spending varieties v/s forecasts, plans, insights, and so on. Stock in Tally ERP 9 works similarly as its accounting part that concerns showing, modifying and printing of reports.
58. Clarify the features you can use to change over information to encrypted shape in Tally ERP 9?
To convert information in encrypted form to Tally ERP 9, we can utilize the function of Tally Vault. To utilize Tally Vault, we ought to go to the entryway of Tally and key in F3, at that point we can choose the organization for which we need to encrypt the information. Information will be encrypted to just those systems having a legitimate passcode, and people can see that encrypted information.
59. How can text be copied from tally?
We can utilize the shortcut method by pressing Ctrl+Alt+C on the keyboard to copy content and shortcut Ctrl+Alt+V to paste the copied content.
60. Specify what are the useful enhancements or features included into Tally ERP 9?
Here are some of the features included in tally ERP9:
- Credit Limits: The Credit Limit control set for a party ledger won’t be applicable on the sales order. An alert message or warning will pop up on the credit limit, and the client can still redeem the voucher.
- CST: Even in the easiest format the CST form details entered in the invoice will get printed
- Excise for Manufacturers: All analysis identified with purchasers and suppliers can be shown in the voucher also day by day stock can be kept up as per date wise, multi-items kinds and Tariff wise
- Service Tax: Under account vouchers, the taxable sum, taxable percentage, and notification number will appear in the service tax details. Auto adjustment of service tax which is payable should be possible against service tax input credit.
- Accounting Voucher: another kind of numbering feature is added to the voucher, it guarantees that the voucher is numbered consecutively.
61. Explain the main Difference between The Standard Tally Driver And The Tally Text Driver?
Standard drivers are designed and capable for printing: graphics, True Type fonts as illustrations and printer-resident fonts. Text drivers print just printer-resident styles.
62. What is a delivery note?
A record that goes with a product shipment and records details about the goods delivered. A delivery note clarifies what the content of a package is. If few products that were requested are not encased (because of the absence of stock, inaccessibility, and due to any other reason.), they will also be noted down on the delivery note.
63. For what reason utilize tally ERP Software in accounting?
Tally ERP 9 is a product that holds its unique simplicity yet offers complete business functionalities, for example, Finance, Inventory, Accounting, Sales, Purchase, Manufacturing, Point of Sales, Costing, Payroll and Branch Management alongside abilities like Statutory Processes.
64. What do you mean by ledger?
Collection of all accounts are known as ledger; it is adapted after completing the journal section. A ledger is an accounting book that encourages the transfer of all journal entries in an ordered grouping to individual records.
65. Where sales tax appears in the balance sheet.
Sales Tax is one of the liabilities for the business. Consequently, it will appear on the liability side of the balance sheet yet before inserting sales tax in liability we need to have a look where sales tax appears in the trial balancing sheet.
66. What are the assets in business?
Anything which we force and have control right and in future that will return us some financial advantage is known as Assets.
67. Specify the alternate way to recover the last line which is deleted in Tally ERP 9 is?
To get back, the last line, which is deleted or removed is to use the Ctrl+U on the keyboard. This will get back our last deleted lines.
68. What is the alternate route to filter the information which is based on the financial value almost from all report screens in Tally ERP 9?
To filter the data based on the financial value in Tally ERP 9, you can utilize the shortcut by pressing Alt+F12 on the keyboard.
69. What do you mean by bank reconciliation statement?
It is a statement, which is prepared when the passbook balance has a difference from the cash book balance.
70. What do you mean by depreciation and what are its types?
Depreciation is that the value of an asset which decreases when it is being used. Following are the types of depreciation:
- Straight Line Method
- Recorded Value Method
71. What is bookkeeping?
It is for the most linked with a recording of financial information identifying with the business tasks hugely and deliberately.
72. What does compound journal entry mean?
It is just like the same as other accounting entry where there is more than one debt, more than one credit, or more than one of the two debits and credits. It is a combination of several basic journal entries.
73. What do you mean by miscellaneous assets?
Miscellaneous Assets are those assets, which are not covered under the analysis of fixed resources according to accounting standard misc assets which do not appear in the profit and loss account such as preliminary expenses, development expenses, and expenses used on raising of shares and debentures.
74. Why is the balance sheet prepared?
A balance sheet gives a depiction of a business’ health at a point in time. It is a synopsis of what the business owns (resources) and owes (liabilities). Balance sheets are normally arranged at the end of an accounting period, for example, month-end, quarter-end, or year-end.
75. What does working capitals mean?
It is a financial metric that figures the assets accessible to the organization to fund its everyday activities. It is ordinarily calculated by deducting current liabilities from current assets.
76. Explain what is Tally and where it can be used?
Tally is a software for accounts and inventory management, which is used for performing many functions like:
- Performing all basic accounting functions
- Estimating job costing
- Storing details and managing inventory items
- Managing payroll
- Filing tax return, managing profit, and loss statement, preparing a balance sheet, VAT forms, trial balance, cash-flow report, etc.
- Maintaining budget scenarios
- Calculating interest on the outstanding amount
- Managing data over different locations and synchronize it
77. Mention what is the difference between Tally ERP 9 and Tally 7.2?
|Tally 7.2||Tally ERP 9|
|It is an integrated solution that provides a function related to accounting, reporting and inventory||It is an upgraded version of Tally 7.2, and provides many features like TDS, Payroll management, Excise for dealers, etc.|
|This version includes VAT (Value Added Tax) functionality, Licensing and Tax deduction at source||This version includes handling of POS invoicing, Statutory and Taxation, Payroll, Multi-lingual support, etc.|
|It is widely used because of simplifying VAT, Service Tax and TDS formalities||It is more popular because of providing advanced inventory management and simplifying accounting|
|It provides two licensing, Single User Licensing and Multi User Licensing||It is available in two edition Tally Silver (Single User Edition) and Tally Gold (Multi-User Edition)|
78. Mention what features are available in Tally ERP 9 for Accounting?
For Accounting Tally ERP 9 offers:
- Outstanding Management
- Cost/Profit Centers Management
- Budget/Scenario Management
- Other features like Cheque Printing, etc.
79. Mention what are the functional enhancement or features included into Tally ERP 9?
- E-mailing option: Users can send accounting reports to multiple recipients along with an additional facility like Net-banking and Printing in various formats is provided.
- Accounting Voucher: A new type of numbering feature is added to the voucher, it ensures that the voucher are numbered sequentially
- Print Bank Transaction Details: It provides an option to take the print of bank details on formal receipt
- Credit Limits: The Credit Limit control set for a party ledger will not be applied on sales order. A warning or alert message will pop up on the credit limit, and user can still save the voucher
- CST: Even in a simple format the CST form details entered in the invoice will get printed
- Excise for Manufacturers: All details related to buyers and suppliers can be displayed in the voucher also daily stock register can be maintained according to date wise, multi items types and Tariff wise
- Inventory Vouchers: For inventory section, you can now mention the Godown address and also print the name
- Payroll: New TALLY ERP 9, enables processing of salary according to the National Pension Scheme
- Service Tax: Under journal vouchers, the taxable amount, taxable percentage and notification number will be shown in the service tax details. Auto adjustment of service tax payable can be done against service tax input credit and cenvat
- VAT Option: Recording multiple items with different VAT rates is possible by configuring the setting of “Default Accounting Allocations for Selected Item In Invoice.”
- Tax Audit: Form like 3CB, 3CD and 3CA have been updated as per the requirements of CBDT
- XBRL: The document is constrained to only those companies that have the nature of the report set to consolidated
80. Mention what are the two predefined ledgers available in Tally ERP 9?
In Tally ERP 9, there are two types of predefined ledgers:
- Cash: Under the group Cash-in-hand this ledger is created, you can enter the opening balance as on the books beginning from.
- Profit and Loss Account: This ledger is created under the group Primary. In this ledger, previous year’s profit or loss is entered as the opening balance of this ledger.
81. Mention what are the types of ledger you can make in Tally ERP 9?
The types of ledger you can make in Tally ERP 9 are:
- Creating a sales/purchase ledger
- Creating an Income/Expense ledger
- Creating a party ledger
- Creating bank account
- Creating a tax ledger
- Creating a current liabilities
82. Mention what are the shortcuts for Voucher Creation and Alteration Screen in Tally ERP 9?
- For Tally ERP 9, to create any master (ledger, stock item) on the voucher or alteration screen, you have to enter Alt+C.
- To alter or configure any master item on a voucher, you have to select a specific ledger or stock item on the sales voucher screen and press Ctrl+Enter.
83. Mention what is the shortcut to repeat the narration on a voucher?
To repeat the narration on a voucher, press Ctrl+R.
84. Explain what is a group in Tally ERP 9?
Group is a collection of ledgers of the same nature. In the business, expenses like electric bills, telephone bills, conveyance, etc. are commonly included in groups. Ledger based on these expenses are created to be used while accounting vouchers are entered.
85. Mention what are the types of Tally ERP 9 vouchers? Also give the shortcut for creating these vouchers?
Types of Tally ERP 9 vouchers include:
- Contra Voucher->( F4 ) : It indicates the transfer of funds from bank account to the cash account or cash account to bank account, or one bank to another bank account
- Payment Voucher->( F5) : It describes payment histories like payment of salary or office rental
- Receipt Voucher->(F6) : This voucher describes any transaction that involves the receipt like payment made to the bank
- Journal Voucher->(F7) : It includes the expenses to maintain the business or company running like expenses made after marketing
- Sales/Invoice Voucher->(F8) :This voucher describes the sales made, it displays the sale invoice
- Credit Note Voucher->(Ctrl+F8): Entry in this voucher is made in when customer returns some items due to incorrectly dispensed
- Purchase Voucher->(F9) : Entry in this voucher is made when any item is purchase for running the business
- Debit Note Voucher->(Ctrl+F9) : Entry in this voucher is made when goods are sent back to the suppliers due to damage or goods expired
- Reversing Journals->F10 : It is special journal entry that is automatically reversed after the date of the journal
- Memo Voucher->Ctrl+F10: Entry in this voucher is made to display the unknown expense at that moment of time and can be converted to actual sale voucher, or it can also be deleted.
85. Mention what is the shortcut to retrieve the last line which is removed in Tally ERP 9?
To recover the last line which is removed, the shortcut used is Ctrl+U.
86. Mention when you create a company in Tally ERP 9, what information does directory stores?
Directory in Tally ERP 9 specifies the path where the company data will be stored.
87. Mention what is the shortcut to recall the last narration saved for the first ledger in the voucher?
The shortcut to recall the last narration stored for the first ledger in the voucher is Alt+R.
88. Explain how to set up an employee in Tally ERP 9 for their payroll?
To process employees’ salaries, Tally ERP 9 give facility to create the required groups and classify into different categories like—Employee category, Employee groups and Employees.
Employee group creation:
- Under employee group creation screen-> Select Primary Cost Category as the Category
- Name the employee’s group as “Sales”
- Select the group as “Primary”and then click on accept to finish with employee group creation
- Under employee master you can include all the details about the employees like Statutory details, Pass-port & Visa Details, Contract details etc.
89. Explain what trial balance is and how you check trial balance in Tally ERP9?
Trial Balance is basically a summary of all the ledger balances and checks whether the figures are correct and balanced. It is a way to confirm that the journal entries are correctly posted to the general ledger. In trial balance, the total of all debts balances should be equal to the total of all the credit balances.
90. Explain what is the default configuration Tally ERP 9 provides for Balance Sheets?
Balance Sheet in Tally ERP 9 will display two columns with Liabilities and Assets. The balance sheet displays the closing balances of all the primary groups or capital accounts and the net profit for the period.
91. Mention how you can view the Books of Accounts in Tally ERP 9?
To view the Books of Accounts:
- You have to press D at the gateway of Tally ERP 9 to bring up the Display menu
- At the display menu, press A to bring up the Accounts Books menu
92. Mention what are the options available in Account Books Menu in Tally ERP 9?
Account Books Menu include:
- Bank Book (s)
- Cash Book (s)
- Group Summary
- Sales Register
- Purchase Register
- Journal Register
93. What does the statement of Inventory be used for?
Statement of inventory is used to view the reports on Inventory based on Godowns. Tracking details of items according to the inventory. Also, to query on stock and check out the budgets forecasts and plans, statistics, etc.
94. Explain in Tally ERP 9, how you can view profit and loss statements?
To view the profit and loss statement, click F1: Detailed and it will display the information based on the default primary groups. With every transaction/voucher that is entered is updated instantly.
95. Explain how you can generate schedule VI profit & loss accounts using the auditors edition of Tally ERP 9?
Using auditor’s edition of Tally ERP 9, the schedule-VI balance sheet can be generated.
- Go to the gateway of Tally ->Audit & Compliance->Financial Statements->Profit & Loss account
- Press Ctrl+3 to load the previous year’s company to generate the Schedule VI profit & loss account with two year’s data
96. Mention what are the requirements to connect Tally ERP 9 remotely?
Remote connectivity for Tally ERP 9 is very useful feature, to connect remotely you have:
|At the Customer end||At the remote location|
|Valid internet connection||Valid internet connection|
|A licensed version of Tally ERP 9 with a Tally.NET subscription||A licensed version of Tally ERP 9|
|Create and authorize remote users for a company that has to be operated remotely||A valid password and User ID to access the software|
97. Mention what is the shortcut to select the credit note voucher in Tally ERP 9?
Press on F8 (ctrl+F8), it enables you to select the credit note voucher in Tally ERP 9.
98. What is the shortcut to duplicate a voucher and to add a voucher in Tally ERP 9?
- To duplicate a voucher: use shortcut keys Alt+2
- To add a voucher: use shortcut keys Alt+A.
99. What is the shortcut to cancel a day book or list of vouchers in Tally ERP 9?
In Tally ERP 9, the shortcut to cancel a day book or list of vouchers is ALT+X.
100. What is the shortcut to filter the information based on the monetary value almost from all report screens in Tally ERP 9?
To filter the information based on the monetary value in Tally ERP 9, you can use the shortcut Alt+F12.