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Welcome to schoolhelp.info Tally Learning Series

This is Part 1 of the series in which we shall see how to create a company in Tally and use necessary Masters required for the proper recording of accounting entries.

The company, is created for the purpose, of understanding, and, there is no such real company in existence. Any resemblance, is purely coincidental.

The names, used in this video, belong to the respective owners, and we claim no ownership, or actual ties to these companies

The video is made for, educational purpose only.

It will be advisable, to watch this video till the end, and also have Tally running simultaneously, so that, you may pause in between, and practice on Tally, at the same time. This will help you, to learn faster.

After launching Tally, we get to the company Info Screen. Here, we will select the option, Create Company, in the menu, or use the shortcut Key C, on the keyboard.

The company name will be, Niranjan Advertising Agency, which is located at, Vigyapan Bhavan, Prasaran Marg, Mumbai, Maharashtra, India.

We will use, default values, for simplicity purpose.

In case, we make a mistake, in the company creation, then, we can alter the company details, for that, we need to press, Company Info button, on the Right Side Button Bar, then, on the next screen, we will select the menu option, Alter Company, and then, choose the company.

Now we will see, How to create, Masters, or Ledgers, to use in the Company Accounts. This is needed, because, Tally comes loaded with only two ledgers, Cash, and Profit and Loss Account. Rest all, we have to create, before using Tally, further. In order to do so, choose, Accounts Info option, on the Gateway of Tally Menu. On the next screen, click on Ledgers, and then click on Create, under Single Ledgers.

Note:, While defining ledgers, we also have to, mention which group, they fall under, so that Tally can display them, in the correct place in the Balance Sheet. Thus, it is most important, to classify ledgers, under the correct group.

Here, we will create, Purchase Account, under the group, Purchase Accounts. Use Inventory values affected to No. Press Enter, till you reach Accept Yes or No, and press Enter again, to save and move further.

Here, we will create, Sales Account, under the group, Sales Accounts. Accounts. Use Inventory values affected to No. Press Enter, till you reach Accept Yes or No, and press Enter again, to save and move further.

Here, we will create Bank of Maharashtra, under Bank Accounts, fill in the correct Branch details as applicable.

Now, we shall create, a few suppliers ledgers, also known as sundry creditors.

Now, we shall create, a few customer ledgers, also known as sundry debtors.

Now, we shall create, some Assets, both Fixed as well as Currrent, and some Expenses (mostly indirect expenses) accounts.

Now, we will create, Voucher types for the ease of recognizing Cash and Bank Payments and Receipts. In order to do so, the Menu options are Gateway of Tally, then, Accounts Info, then choose, Voucher Type, then choose Create.

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