Tally Interview Questions and Answers
Intermediate / 1 to 5 years experienced level questions & answers
Ques 1. Explain the concept of double-entry in Tally.
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.
Ques 2. Explain the voucher entry in Tally.
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
Ques 3. What is the purpose of the Tally Audit feature?
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
Ques 4. What is the significance of the Tally shortcut key 'Alt + F1'?
Alt + F1 is used to view the detailed stock summary in Tally.
Example:
Alt + F1 > Select the stock item > View stock summary
Ques 5. What is TallyPrime and how is it different from Tally ERP 9?
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.
Ques 6. How can you track inventory in Tally?
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
Ques 7. Explain the concept of Cost Centers in Tally.
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
Ques 8. How can you manage multiple currencies in Tally?
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
Ques 9. How can you handle payroll in Tally?
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
Ques 10. Explain the concept of Budgets in Tally.
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
Ques 11. Explain the concept of 'Zero-Valued Entries' in Tally.
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.
Ques 12. How can you handle batch-wise inventory in Tally?
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
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