Tally Prime 7.0

Accounting Foundations & Tally Basics

Focus: Transitioning from Manual to Digital

  • Manual Accounting Review: Golden Rules of Accounting, Journal entries, Ledgers, and Trial Balance.

  • Tally Interface: Installation, creating a company, security control (TallyVault), and backup/restore.

  • Chart of Accounts: Creating Groups, Ledgers, and Multi-ledger creation.

  • Voucher Entry (Basic): Payment, Receipt, Contra, and Journal Vouchers.

Inventory & Stock Management

Focus: Managing Goods and Warehouse Logistics

  • Inventory Hierarchy: Stock Groups, Categories, Units of Measure, and Stock Items.

  • Invoicing: Creating Purchase and Sales Vouchers with Item details.

  • Advanced Inventory: Multiple Godowns (Warehouses), Stock Transfers, and Physical Stock verification.

  • Trade Management: Bill of Materials (BOM), Reorder levels, and Batch-wise management (Expiry dates).

Advanced Accounting Features

Focus: Business Efficiency and Tracking

  • Bill-wise Details: Managing Receivables and Payables, Credit Limits, and Interest Calculation.

  • Cost Centers: Tracking expenses by Department, Project, or Employee.

  • Banking: Cheque printing, Bank Reconciliation Statement (BRS), and E-payments.

  • Budgeting: Setting budgets and performing Variance Analysis.

Goods & Services Tax (GST) - The Core

Focus: Compliance and Taxation

  • GST Setup: Enabling GST, HSN/SAC codes, and GST Tax Rates.

  • GST Transactions: Intrastate (CGST/SGST) and Interstate (IGST) Sales/Purchases.

  • Special Cases: Reverse Charge Mechanism (RCM), Composition Scheme, and Exempted Goods.

  • GST Returns: Generating GSTR-1, GSTR-2B reconciliation, and GSTR-3B reports.

  • E-Way Bill & E-Invoicing: Direct generation from Tally Prime.

Payroll & TDS Management

Focus: Employee Compensation and Statutory Deductions

  • Payroll Setup: Employee Groups, Pay Heads (Basic, HRA, PF, ESI), and Salary Details.

  • Attendance: Defining Units of Work (Hours/Days) and Production types.

  • Statutory Compliance: PF/ESI calculations and generating Payslips.

  • Tax Deducted at Source (TDS): Nature of Payments, Deducting TDS, and generating Form 26Q/27Q.

Audit, Finalization & Reporting

Focus: High-Level Analysis and Career Prep

  • Financial Statements: Analyzing Balance Sheets, Profit & Loss A/c, and Ratio Analysis.

  • Tally Audit: Identifying discrepancies and verifying entries.

  • Data Connectivity: Exporting data to Excel/PDF, Emailing reports, and Multi-Currency setup.

  • Live Project: Students will handle a 1-year data cycle for a mock business, from incorporation to GST filing and final Audit.

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