What is tally and where it can be used?

1. PRISM IT Tally ERP 9 What is tally and where it can be used? Tally is software for accounts and inventory management, which is used for performing many functions like: Performing all basic accounting functions. Estimating job costing. Storing details and managing inventory items. Managing payroll. Filing tax return, managing profit, and loss statement, preparing a balance sheet, VAT forms, trial balance, cash-flow report, etc. Maintaining budget scenarios. Calculating interest on the outstanding amount. Managing data over different locations and synchronize it. Page 1

2. PRISM IT WHAT IS TALLY ERP9 SILVER? Where a single computer with Tally.ERP 9 is adequate for your accounting and business operations, the Silver edition is what you need. A 'user' in this context is actually a computer system. This edition comes with all the features & capabilities including Tally.NET and services like Remote Access. If you are running a small business unit and don’t have multiple entry point for your business accounting, Tally ERP9 Silver is right product for you. This is meant for a single user, with support for one remote user (using Tally.Net Services). Therefore, Tally.ERP 9 Silver can be activated (as in licensed) on one computer and used from that same computer. Tally ERP9 Silver comes with features like adding multiple companies and personal books of accounts and remote access etc. You can also create as many users as you need, and provide each with the appropriate level of security. Your only restriction is that these users will all need to access Tally.ERP 9 from the system on which it is activated (licensed). Since Silver Supports Remote Access as well, you can authorize access to your Chartered Accountant, who with his Auditors’ Edition of Tally.ERP 9, can remotely provide audit, compliance and advisory services. Similarly, your Tally Service Partner can, via Remote Access, answer your queries and provide support. As a Silver user, you can create one Tally.NET identity, which you can use to login to your own system from home or while on the move. Other users of Tally.ERP 9 can also grant access to you by authorizing this Tally.NET identity. Page 2

3. PRISM IT What types of features are available in Tally ERP 9 for Accounting? Outstanding Management Cost/Profit Centers Management Invoicing Budget/Scenario Management Other features like Cheque Printing, etc. What is group in Tally ERP 9? Group is a collection of ledgers of the same nature. In the business, expenses like electric bills, telephone bill, conveyance, etc. are commonly included in groups. Ledger based on these expenses are created to be used while accounting vouchers are entered. In Tally ERP 9, how we can view profit and loss statement? To view the profit and loss statement, click F1: Detailed and it will display the information based on the default primary groups. With every transaction/voucher that is entered is updated instantly. Page 3

4. PRISM IT Explain how you can generate schedule VI profit & loss account using auditors edition of Tally ERP 9? Using auditor’s edition of Tally ERP 9, the schedule-VI balance sheet can be generated. For that Go to the gateway of Tally ->Audit & Compliance->Financial Statements- >Profit & Loss account Press Ctrl+3 to load the previous year’s company to generate the Schedule VI profit & loss account with two year’s data what features you can use to convert data in encrypted form in Tally ERP9? To convert data in encrypted form in Tally ERP 9, you can use function Tally Vault. To use Tally Vault you to go to the gateway of Tally and press F3 and there you can select the company for which you want to encrypt the data. Only persons having valid password can view those encrypted data. Page 4