Tally Interview Questions and Answers
Freshers / Beginner level questions & answers
Ques 1. What is Tally ERP 9?
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.
Ques 2. How can you create a new company in Tally?
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
Ques 3. How can you view a balance sheet in Tally?
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
Ques 4. How can you correct errors in Tally entries?
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
Ques 5. What are the different voucher types in Tally?
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).
Ques 6. What is the purpose of the Tally 'Backup' feature?
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
Ques 7. How can you print reports in Tally?
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
Ques 8. Explain the concept of TDS in Tally.
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
Ques 9. How can you handle credit management in Tally?
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
Ques 10. How can you handle reverse charge transactions in Tally?
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
Ques 11. Explain the concept of 'Interest Calculation' in Tally.
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
Intermediate / 1 to 5 years experienced level questions & answers
Ques 12. 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 13. 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 14. 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 15. 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 16. 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 17. 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 18. 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 19. 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 20. 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 21. 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 22. 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 23. 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
Experienced / Expert level questions & answers
Ques 24. What is GST in Tally and how is it configured?
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
Ques 25. How can you reconcile bank statements in Tally?
To reconcile bank statements, go to Banking > Bank Reconciliation > Select bank > Enter details and reconcile.
Example:
Banking > Bank Reconciliation > Select Bank > Enter details > Reconcile
Ques 26. How can you import and export data in Tally?
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
Ques 27. What is Tally Developer? How can you use it?
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.
Ques 28. What is the purpose of the 'Tally Vault' feature?
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
Ques 29. What is the purpose of the 'Tally Control Centre'?
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.
Ques 30. What is the purpose of 'TallyShop'?
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.
Most helpful rated by users:
- What is Tally ERP 9?
- How can you create a new company in Tally?
- How can you view a balance sheet in Tally?
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