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Tally Prime
Tally Prime is strong business management and accounting software. It is used to maintain the business record daily business transaction entries and generally used for accounting, inventory management, taxation, and payroll. It is developed by Tally solution in the year 1986 by Shyam Sunder Goneka and his son Bharat Goneka. Tally Prime is Indian multinational ERP software that provides Enterprise Resource Planning, to small and medium and large enterprises. It is headquartered is in Bangalore. It is powerful software that offering an enhanced user experience with improves functionality, automation and more intuitive interface.
Evolution of Tally Prime
Tally Prime was introduced in the year 2020. Over the time, the tally was evolved. Tally Prime was launching in advance version and multitasking features.
Year 2006
Tally was launch 8.1 version
Year 2009
Tally was launch Tally ERP 9
Year 2015 -2017
Tally was combine the features of taxation and other compliances and launch Tally ERP 9 5.0 version and interface of GST.
Year 2020-2022
Tally was launch Tally Prime.
In the year 2016-17 Tally ERP 9, became a staple for Indian business due to its GST compliance and robust features. Tally software is for any type of business. It means there are two type of business – One is Service such as school, college, banks, hospital, etc. and other it deals with Goods. Tally 4.0, 4.5, 5.4, 6.3, 7.2, 8.1, 9.0, Tally ERP 9, Tally Prime. The first version of accounting software was launch in MS-DOS. It is basic accounting function and it is called as Peutronics Financial Accountant
Key Features of Tally Prime:
1) Simplified User Interface:
Tally Prime is advance user-friendly software that is easily used for all type of business and it mainly designed as accounting software for easy to use intuitiveness allowing user to navigate the software with minimal complexity and flexible features and making clear layout and other reporting capabilities and enhance security.
2) Multitasking Facilities:
Tally Prime has multitasking Feature so you can also import, and export the files, as well as viewing report and creating invoices in efficiently and seamlessly. It helps you handle day to day business transaction.
3) Inventory Management :
In Tally Prime Inventory Management helps your business in multiple product line segregation you can also do easily with Tally Prime. It provides robust inventory management, helping businesses track stock levels, set re order points, and manage product category.
4) Taxation and GST Compliance:
In Tally Prime files your GST Tax Compliance and you can share the data with your tax consultant With the help of Tally Prime you can upload GSTR-1 and GSTR-3B data file and sign GSTR-1 also. Tally Prime ensures full compliance with India’s Goods and Service Tax (GST) regulation enabling businesses to generate GST invoices, file returns, and manage tax report professionally.
5) Advance Report:
Tally Prime designed insightful reports when the transactions are recorded. Tally Prime with over 400 business report offering real time insights into financial data. In the report Tally Prime show the Balance sheet, Profit and loss, Stock – summary and other reports are also show day to day business transaction.
6) Banking :
In Tally Prime the Bank Reconciliation features are also their but this feature are very hectic. So in Tally Prime you just need to import the e-statement downloaded from you bank portal and reconciliation will happen automatically. It supports more than 100+Bank’s. So tally prime allows the user to manage bank reconciliation, and generate e-payment.
7) Payroll Management and Employee Management:
Tally Prime helps the business to manage employee’s salary and allowance as well as attendance. So it generates the pay slips and manage deductions, and handles provident funds, gratuity, and also take calculations.
8) Remote Access and Backup Security:
Tally prime support remote access to server to multiple clients and enabling multiple users to work for accountants and managing multiple clients’ accounts. So tally prime also provide data security for user data and access controls and automatic backups for safeguarding the business continuity.
How to download and Installation in Tally Prime education version
1) First of all Go to Google Chrome
2) Then Type Tally Prime Download
3) The first website is Tally Solution website
4) Then you click on Tally Solution website
5) Then you can download Tally Prime 5.1 education version
Note: So if you want to take licensing software you should contact them and purchase licensing software or you can buy it on online also in tally solution website
How to Download and Installation Licensing Software in Tally Prime?
1) Download the latest version from Tally Solutions website
2) Then Buy the Tally Prime Software Rental or Perceptual and then download it and install it carefully
3) After the install then activate the license using a serial key.
4) Set up Company details i.e. name, financial year, and GST details.
5) Configure user roles and permission as needed.
How to use Tally Prime
1) Download and Activate the License of Tally Prime:
So in this the user should download the first of a Tally prime and then activate the new license and type their serial key carefully along with administrator mail Id password. Then after email verification done carefully. Then after your Tally prime license get activated.
2) Create a Company:
After license key get activated, user should create a company and enter the details of the company i.e. name, address, and financial year and so on.
3) Record Transaction:
For Recording the Transaction the user should go to Accounting Voucher and record the entries i.e.:-
1) Sales and Purchases Entries: This type of Entries is used for billing purpose.
2) Receipt and Payment Entries: This type of Entries are used for Track the Cash flow statement
3) Journal Entries: This Type of Entries are used for adjustment purpose for non-cash transaction
4) Generating Reports:
In tally prime the report generation is very important for every business cycle. So that we can track ourcash flow statement and as well as our bank statement also. User can see that report in Report option
and they can also access multiple reports i.e.:-
1. Profit and Loss Account Statement
2. Balance Sheet Statement
3. GST Report
4. Stock Summary
So management can also track of all this report to take the decision of company carefully
5) Managing Inventory:
In every Business, inventory management is important part in the Business. So Tally Prime helps and manages the Inventory such as – stock movement, create stock groups, and analyze reorder level efficient inventory control.
6) Filling GST Compliances:
Tally Prime helps tax filing by auto-generating GST returns and incorporating with government portals for easy compliance.
Benefits of Tally Prime:
1) Increase Efficiency:
Tally Prime helps the business to save the time and efforts. So, that it will increase the efficiency for business and also automate the accounting procedures. With the help of automation and real time reporting, businesses save time and reduce errors in transactions
2) Improve Accuracy:
Tally Prime helps the minimize mistakes in financial data and entries and reduce the errors in transactions. So that it might be take the better decision making.
3) Better Decision Making:
Tally Prime helps to take the better Decision Making so that it will provides real-time access to financial data, which help the business to take the decisions
4) Cost Saving :
Tally helps the cost cutting and operating expenses by streamlining accounting procedures.
5) Tax Compliance:
So tally prime helps the business to generate the GST invoice and e way billing also. So that it will take reduce the time and efforts for generate the bill of GSTR
Tally Prime V/S Tally ERP 9
Note: The choice of Tally ERP 9 and Tally Prime is depend on your specific need, size and working of your business
How to add the Digital Signature in Tally Prime?
To add the Digital Signature there are following steps are evolved:
Step 1: Configure the Tally Prime setting to use Digital Signature
a. Open Tally Prime > Go to Gateway of Tally Prime
b. Go to F11 Features > click on Accounting Features
c. Look Digital Signature option and enable it
d. And enter it and save it.
Step 2: Select Digital Signature While Exporting the Documents
a. Open the invoice or any report you want to sign it
b. Then Go to export menu
c. Select the format as a PDF
d. You see the option Sign Digital Signature option enable it
e. Under Signature Detail select Digital Signature and then export it
This is the way you can add your digital signature in tally prime invoices and you can send the bill to your party along with GST.
How to split the data in Tally Prime?
Tally Prime allows the split the data of user, when the company data are too large, at the end of the financial year tally prime allows to split the data
Steps to Split the Data:
Step 1:
Go to Tally Prime > Gateway of Tally > press ctrl +y (Backup) and choose the location and save the backup data
Why should we take the backup the data?
Note: While doing split the data there are certain chances of loss of data. So we avoid the loss of data we take the backup before splitting the data.
Step 2:
a. Go to Gateway of Tally Prime
b. Press Alt +Y (Data) and then select Data
c. Select the company you want to split
d. Then Tally show available financial year
e. Then select the year you want split it.
f. And then click on split data
Note:
a) Splitting is irreversible, so always take backup
b) Splitting will be taken when company run’s more than 25 years+ then you split the data of that company.
How to Use Shortcut key in Tally Prime?
| Serial Number | Used For | Shortcut key |
|---|---|---|
| 1 | To quit tally | ALT+ F4 |
| 2 | To quit company | CTRL+ F3 |
| 3 | To take one step back | ESC key |
| 4 | To select any option | Enter Key |
| 5 | Calculator | CTRL+N |
| 6 | Auto- fill | CTRL+F |
| 7 | Change Company | F3 |
| 8 | Configure | F12 |
| 9 | Select Company | ALT +F3 |
| 10 | Shut Company | CTRL+F3 |
| 11 | Switch Company | F3 |
| 12 | Purchase | F9 |
| 13 | Sales | F8 |
| 14 | Payment | F5 |
| 15 | Receipt | F6 |
Conclusion:
Tally Prime is a great business management tools that helps to design for modern business. With its user-friendly interface, and strong inventory management system, taxation and advance reports, its streamline for their financial operations. This software are used all accountant, entrepreneur, and small scale as well as large scale business organization by his enhance productive, ensure compliances, and archive financial accuracy, to make powerful for the businesses.
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