Interview Questions and Answers

Tally ERP 9 is a popular accounting software used for business management and financial accounting.

Example:

Tally ERP 9 helps businesses with tasks such as accounting, inventory management, and payroll processing.

To create a new company in Tally, go to Gateway of Tally > Alt + F3 (Company Info) > Create Company.

Example:

Alt + F3 > Create Company > Enter Company details > Save

To view a balance sheet in Tally, go to Gateway of Tally > Balance Sheet.

Example:

Gateway of Tally > Balance Sheet > Select the required date > Display

Errors can be corrected by using the 'Edit' option in Tally. Go to Display > Day Book > Select entry to edit.

Example:

Display > Day Book > Select entry > Click 'Edit' > Make corrections > Save

Tally supports various voucher types such as Payment, Receipt, Contra, Sales, Purchase, and Journal.

Example:

You can create a Payment voucher using Accounting Vouchers > F5 (Payment).

Tally Backup is used to safeguard data by creating a copy of the company's data in a different location.

Example:

Gateway of Tally > F3 (Cmp Info) > Backup > Select company > Specify backup location > Backup

To print reports, go to Gateway of Tally > Display > select the report > press 'Alt + P' to print.

Example:

Gateway of Tally > Display > Day Book > Alt + P > Select print settings > Print

TDS (Tax Deducted at Source) in Tally involves deducting tax at a specified rate before making certain payments like salaries and vendor payments.

Example:

To record TDS entry: Accounting Vouchers > F6 (Receipt) > Select TDS ledger > Enter details > Save

Credit management in Tally involves setting credit limits for parties and monitoring credit transactions.

Example:

To set credit limit: Gateway of Tally > Accounts Info > Ledger > Select party > Set Credit Limit > Save

Reverse charge transactions in Tally involve the recipient of goods or services paying the tax instead of the supplier.

Example:

To record a reverse charge entry: Accounting Vouchers > F7 (Journal) > Enter details > Save

Interest calculation in Tally allows users to calculate and track interest on overdue payments or outstanding amounts.

Example:

To set interest rates: Gateway of Tally > Accounts Info > Ledger > Set interest parameters > Save

Double-entry is a fundamental accounting concept where every transaction affects at least two accounts, ensuring the accounting equation remains balanced.

Example:

If you purchase inventory for cash, it increases the inventory account and decreases the cash account.

Voucher entry in Tally involves recording financial transactions, such as sales, purchases, payments, and receipts.

Example:

To record a sales voucher: Accounting Vouchers > F8 (Sales) > Enter sales details > Save

Tally Audit is used to track changes made in the company data, providing security and accountability.

Example:

Gateway of Tally > F3 (Cmp Info) > Security Control > Enable Tally Audit > Set features > Save

Alt + F1 is used to view the detailed stock summary in Tally.

Example:

Alt + F1 > Select the stock item > View stock summary

TallyPrime is an upgraded version of Tally ERP 9, with enhanced features and a more user-friendly interface.

Example:

TallyPrime offers improved navigation and customization options compared to Tally ERP 9.

Inventory tracking in Tally is done through 'Inventory Vouchers' like Stock Journal and Stock Transfer.

Example:

To record stock transfer: Inventory Vouchers > F7 (Stock Transfer) > Enter details > Save

Cost Centers in Tally help track expenses and incomes associated with specific departments or projects.

Example:

To create a Cost Center: Gateway of Tally > F11 (Features) > F1 (Accounting Features) > Enable Cost Centers > Save

To manage multiple currencies, go to Gateway of Tally > F11 (Features) > F3 (Statutory & Taxation) > Enable Multi-Currency > Save.

Example:

Gateway of Tally > F11 > F3 > Enable Multi-Currency > Save

Payroll in Tally is managed through 'Payroll Vouchers' where salary details are recorded for employees.

Example:

To create a Payroll Voucher: Payroll Info > Vouchers > Create Payroll Voucher > Enter details > Save

Budgets in Tally help in planning and controlling expenses by setting predefined financial targets.

Example:

To create a budget: Gateway of Tally > F11 (Features) > F1 (Accounting Features) > Enable Budgets > Save

Zero-valued entries in Tally are transactions with no monetary value but are recorded for informational purposes.

Example:

Creating a zero-valued entry for a free sample distribution.

Batch-wise inventory in Tally involves tracking items based on production or purchase batches, allowing better control over stock.

Example:

To create a batch: Inventory Info > Batches > Create > Enter details > Save

GST (Goods and Services Tax) is a consumption-based tax in Tally. Configure GST by going to Gateway of Tally > F11 (Features) > Statutory & Taxation.

Example:

Gateway of Tally > F11 > Statutory & Taxation > Set GST details > Save

To reconcile bank statements, go to Banking > Bank Reconciliation > Select bank > Enter details and reconcile.

Example:

Banking > Bank Reconciliation > Select Bank > Enter details > Reconcile

Data import/export in Tally is done using the 'Gateway of Tally' > 'Import/Export' option.

Example:

Gateway of Tally > Import/Export > Select data to import/export > Follow instructions

Tally Developer is used to create customized solutions in Tally. It allows developers to design and implement tailored functionalities.

Example:

Developers can use Tally Developer to create custom reports and modules for specific business requirements.

Tally Vault is used to encrypt and secure company data with a password, providing an extra layer of security.

Example:

Gateway of Tally > F3 (Cmp Info) > Set Security Control > Create Tally Vault > Set password > Save

Tally Control Centre allows users to manage and control Tally instances remotely, monitor data, and collaborate with other users.

Example:

Access Tally Control Centre through the browser by entering the Tally.NET credentials.

TallyShop is an online marketplace within Tally where users can find and purchase add-ons, plugins, and customizations.

Example:

Explore TallyShop to enhance Tally functionalities with additional features.