Tally Prime Basic to Advance with GST, Payroll, TDS & more

The Tally Prime Fundamentals course is designed to provide students with a comprehensive understanding of Tally Prime software and its practical application in managing financial transactions and accounting processes. Tally Prime is a popular and widely used accounting software solution that simplifies various accounting tasks for businesses of all sizes.

This course will cover the essential features of Tally Prime, starting with the installation process, followed by creating a company and setting up the chart of accounts. Participants will learn how to record day-to-day transactions, perform banking operations, and generate essential financial reports using Tally Prime.

Course Objectives:

1. Familiarize participants with the Tally Prime software interface and its key components.
2. Understand the installation process and system requirements for Tally Prime.
3. Learn how to create a new company in Tally Prime and configure company settings.
4. Gain proficiency in setting up the chart of accounts, including ledgers, groups, and cost centers.
5. Develop skills in recording various types of transactions, such as sales, purchases, payments, and receipts.
6. Explore the banking features in Tally Prime, including bank reconciliation and fund transfers.

Course Outline:

1. Introduction to Tally Prime
   • Overview of Tally Prime software and its benefits
   • Understanding the user interface and navigation
2. Installation and Company Setup
   • System requirements and software installation
   • Creating a new company and configuring company settings
3. Chart of Accounts
   • Creating ledgers, groups, and cost centers
   • Defining account classifications and hierarchies
4. Recording Day-to-Day Transactions
   • Entering sales and purchase transactions
   • Managing cash and bank transactions
   • Handling journal entries and adjusting entries
5. Banking in Tally Prime
   • Explain how to record bank transactions, reconcile bank statements, and manage your bank accounts using Tally Prime.
6. Generating Financial Statements:
   • Provide instructions on how to generate financial statements like profit and loss statements, balance sheets, and cash flow statements in Tally Prime.
7. Data Security:
   • Discuss best practices for securing your Tally Prime data, including user access control, data backup, and password protection.
8. Storage and Classification of Inventory:
   • Explain how to manage your inventory in Tally Prime, including how to classify items, record stock movements, and perform stock valuation.
9. Accounts Receivable and Payable Management:
   • Detail how to track and manage accounts receivable (money owed to you) and accounts payable (money you owe to others) in Tally Prime.
10. Purchase and Sales Order Processing:
    • Describe the process of creating and managing purchase and sales orders within Tally Prime.
11. Price Level and Price Lists:
    • Explain how to set up and use price levels and price lists to manage product pricing in Tally Prime.
12. Manufacturing Process:
    • If applicable, provide information on how to manage manufacturing processes and inventory in Tally Prime.
13. Tracking Additional Cost of Purchase:
    • Describe how to track additional costs associated with purchases, such as taxes, shipping, and handling fees.
14. Cost and Profit Center Management:
    • Explain how to set up and manage cost centers and profit centers to analyze financial performance.
15. Budgets and Scenarios:
    • Discuss how to create budgets and scenarios in Tally Prime for better financial planning and analysis.
16. Generating and Printing Reports:
    • Provide guidance on generating and customizing various reports in Tally Prime for better decision-making.
17. GST Details – HSN Codes – Intrastate and Interstate GST in Tally Prime:
    • Explain how to manage Goods and Services Tax (GST) details, including HSN codes, and how to handle intrastate and interstate GST transactions.
18. Tax Deducted at Source (Income Tax) and Tax Collected at Source (TCS):
    • Describe how to handle TDS and TCS deductions and compliance in Tally Prime.
19. Job Costing and Job Work:
    • If relevant, explain how to use Tally Prime for job costing and job work management.
20. Advanced GST in Tally Prime Theory:
    • Cover advanced GST concepts, such as reverse charge mechanism and e-way bills.
21. Advance TDS and Payroll Management in Tally Prime:
    • Detail advanced TDS concepts and how to manage payroll in Tally Prime.