TALLY ERP 9 IT ASSIGNMENT

TALLY ERP 9 is the world fastest and most powerful con current multi lingual business accounting and inventory management software. TALLY ERP 9 is exclusively to meet the needs of small, medium, and large business. TALLY ERP 9 is designed to integrade all your business operation such as sales, finance, purchasing, inventory and manufacturing..The power of TALLY ERP 9 combined with enhanced MIS, multi lingual, data synchronization and remote capabilities help you simplify all your business processes easily and cost effectively. A leading accounting package: The 1 version of tally was relased in year 1988 and through continuous development, is now recognized as one of the leading accounting package across the world, with over a quarter million customers. Tally market share is more than 90%. Complete business solution TALLY ERP 9 provide a comprehensive solution to the accounting and inventory needs of a business .the package comprises financial accounting, book-keeping nd inventory accounting .it also has various tools to extract ,interpet and present data. Flexible and easy to use: TALLY ERP 9 is very flexible. It mimics the human thought process which means that TALLY ERP 9 can adapt to any business need .TALLY ERP 9 users need not change the way their business is run to adapt to the package Speed TALLY ERP 9 provides the capability to generate instant and accurate reports, which assists the management to take timely and correct decision for the overall productivity and growth of the company.
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Real time processing immediate posting & updating of books of accounts as soon as the transaction are entered thereby facilitating instant statements and reports. Versatility: TALLY ERP 9 is suitable for a range of organizations, from small grocery stores to large corporations with international locations and operations. Multi-platform availability: TALLY ERP 9 is available on windows 98/ME/NT/2000/2003/2008/XP and windows 7. Online help the TALLY ERP 9 online help (ALT + H) provides instant assistance on basic and advanced features or any other relevant topics of TALLY ERP 9 Tally audit the TALLY ERP 9 audit feature provides the user with administrator rights and the capability to check the entries made by the the authorized users and alter these entries, if necessary. Once the entries are audited, TALLY ERP 9 displays the altered entries, if any along with the names of the user, who has altered the entry, and who has altered the entry. Tally vault without this option the data cannot be accessed. this method to safeguard the data Ability to preview and publish reports and documents on the internet: Companies which want to publish reports and price lists on their website can do so directly from TALLY ERP 9 Payroll: TALLY ERP 9 payroll also comprises of various configurations for pay slip, printing, flexible salary/wage attendance, leave and overtime register, gratuity, PF, ESI, professional tax and expat reports Statutory compliances support: TALLY ERP 9 provides complete solution to statutory requirements (viz, states specific forms, challans, returns, annexure and so on )applicable in India such as VAT,TDA,TCS,service tax ,excise duty and for few other international countries.

VALUE ADDED TAX VAT is basically an indirect tax which is levied at every level of production and distributed of goods in home market.it is added as a % charges based on assessable value that is additions done by each dealer. VAT rates Exempt from tax:primarily natural & unprcocessed product i.e agricultural implements,rice,wheat,pules,seeds ,bread,meat,fish,spices,paddy etc VAT @ 1%: gold , silver etc VAT @ 4%: basic necessity items such as durgs & medicines, agricultural & industrial inputs, capital goods and declared goods VAT @ 12.5%:all remaining items are general vat rate of 12.5% SPECIAL TAX RATES: alcoholic liquors, petrols, diesel, aviation spirit fuel and sugarcane

CENTRAL SALES TAX

CST is levied on inter states sales transactions.various CST forms are issued in the course of inter state trade which are mandatory to be produced while paying tax . tally erp9facilitates the creation of invoice for inter state purchase and sales with an additional field for specifying the type of forms to be issued while recordings transaction Forms for declarations C FORM- registered dealer F FORM- branch consignments agents H FORM-exporter I FORM- SEZ units

TAX DEDUCTED AT SOURCE TDS is one of the modes of collecting income tax Tax assessment no is ten digit alphanumeric number issued by the income tax department to the deductor Tally erp9 gives you option of booking of expenses either using a journal voucher or purchase voucher TDS payments are done by two ways Manual bill selection Auto fill selection

TDS payment voucher is printed as a TDS challan

SERVICE TAX Service tax is tax on service rened . the person,one who render the service, is liable to pay service tax service tax was imposed for first time 1994 and its scope is increasing every year . Service tax is payable on gross amount charged for service

Accounting voucher is document containing the details of a financial transaction for journalizing transaction, the following golden rules of accounting should be kept in mind. TALLY ERP 9 is pre programmed with a variety of accounting vouchers each designed to perform a different job, the standard accounting vouchers are Contra voucher (F4) Payment voucher (F5) Receipt voucher (F6) Journal voucher (F7) Purchase voucher (F9) Sales voucher (F8) Credit note voucher (CTRl+F8) Debit note voucher (CTRL+F9) Reversing journals (F10) Memo voucher (CTRL+F10)

Inventory vouchers are used to enter transactions relating to inventory such as transactions relating to issue and receipt of stock, transfer of stock between godowns, physical stock adjustments and so on. Following are inventory vouchers Purchase order (ALT+F4) Sales order (ALT+F5) Rejection out (ALT+F6) Rejection in (CTRL+F6) Stock journal (ALT+F7) Delivery note (ALT+F8) Receipt note (ALT+F9) Physical stock (ALT+F10)

TALLY ERP 9 allows you to generate numerous reports and statements. The basic accounting and inventory reports available in TALLY ERP 9 can be grouped under the following broad categories Financial statement Financial statements are reports and statements which comprise of the overall summary of all transactions entered into the accounts books .f.statement is classified into the following Balance sheet Profit and loss Trial balance Balance sheet Bal sheet is financial statement that indicates the financial position or net worth of a company at any given point. It lists the assets and liabilities of company for given period. it is updated in real time with every transaction/voucher entry. Profit and loss Profit and loss account is financial statement that describes the operational results of the company or its earning capacity for a given period. it lists the company incomes and expenditures. Trial balance A trial balance is listing of all accounts with their balances entered as debits or credits in columns, to determine whether the accounts balance that is whether, total debits equal total credits.

Bill wise details

The details of all the sales & purchase transcation made with the debtors nd crediotors have to be maintained at the invoice level in order to maintain these details tallyerp9 provides a feature called as bill wise accounting . Maintain details of bills Specify credit period Obtion receivable nd payable reports Relate every entry with the relevant transacation

Cost centers and cost categories A cost center is unit of an organization can be allocated .cost centers are units to which costs or expenses are allocated and profit centers are units to which incomes are allocated . the cost center feature in tally erp 9 allows third dimensional analysis of financial information. Multiple currencies Due to the globalistion of buissness many organistaion have found the necessity to work with more than one currency. Tally erp9 have multi currency feature is very powerful and allows you to Record transcationswith different currencies by allowing you to specify and change the currency rate of exchange Maintain the balance of the specified account in foreign currency

Interest calculations Interest is legitimate return on money invested and chargeable in the business world on loans and also on delayed payments . interest can be calculated on the basis of simple and compound interest. In tally erp9 you can calculate interest in two ways

Simple mode Advanced mode

Budgets & controls Business need to control their expenses based on income level and monitor variances .buidgets in tally erp9 helps you compare the actual financial performance versus budgeted fig and obtain variance reports

Optimistic budget Realistic budget Golden rules of accounting

REAL ACCOUNTS NOMINAL ACCOUNTS

DEBIT WHAT COMES IN CREDIT WHAT GOES OUT DEBIT ALL EXPENSES AND LOSSES

CREDIT ALL INCOMES AND REVENUES PERSONAL ACCOUNTS DEBIT THE RECEIVER CREDIT THE GIVER