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Accounts & Tally

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Accounts & Tally

Accounts:

Accounts refer to the systematic and comprehensive recording of financial transactions related to an entity. These transactions could include purchases, sales, receipts, and payments. The purpose of accounting is to provide a clear and accurate picture of a business or individual’s financial health.

Objectives of Accounts:

  1. Recording Transactions: The primary function is to record all financial transactions in a structured manner.
  2. Financial Position: Accounts help in determining the financial position of an entity by preparing financial statements like the Balance Sheet and Income Statement.
  3. Decision Making: Accurate accounting information aids in making informed business decisions.
  4. Compliance: Maintaining accounts is often a legal requirement for businesses to comply with regulations and tax laws.

Tally:

Tally refers to Tally Solutions, a software used for accounting purposes. Tally is widely used for small and medium-sized businesses to maintain their books of accounts. It provides a range of features for recording and managing financial transactions.

Features of Tally:

  1. Data Entry: Tally allows users to enter financial transactions easily.
  2. Accounting Reports: It generates various accounting reports such as Balance Sheet, Profit and Loss Statement, Cash Flow Statement, etc.
  3. Inventory Management: Tally can also be used for managing inventory, tracking stock movements, and generating related reports.
  4. Taxation: Tally facilitates compliance with various taxation requirements, making it easier for businesses to meet their tax obligations.
  5. User-Friendly: Tally is known for its user-friendly interface, making it accessible for individuals with varying levels of accounting knowledge

Introduction to Accounting

  • Basics of Accounting
  • Accounting Principles and Concepts
  • Types of Accounts
  • Double Entry System

Fundamentals of Tally

  • Overview of Tally Software
  • Installation and Configuration
  • Creating a Company
  • Tally Features and Navigation

Recording Transactions in Tally

  • Creating Vouchers (Sales, Purchase, Payment, Receipt, etc.)
  • Ledger Entries
  • Journal Entries
  • Contra Entries

Practical Exercises and Real-world Scenarios

  • Hands-on Practice with Tally Software
  • Case Studies and Problem Solving
  • Real-world Applications of Tally

Financial Statements in Tally

  • Generating Profit and Loss Statements
  • Balance Sheet Preparation
  • Cash Flow Statements
  • Ratio Analysis in Tally

Tally for Business Analysis

  • Budgets and Controls
  • Cost Centers and Profit Centers
  • Multi-Currency Transactions
  • Interest Calculations in Tally

Tally Reports and Analysis

  • Customizing Reports in Tally
  • Exporting Reports to Different Formats
  • Data Security and Backup in Tally

Integration with Other Tools

  • Import and Export of Data from Tally
  • Integration with Microsoft Excel
  • Tally Add-ons and Extensions

Advanced Tally Features

  • Inventory Management in Tally
  • GST (Goods and Services Tax) in Tally
  • CGST,IGST,SGST

Troubleshooting and Maintenance

  • Data Backup and Restore
  • Common Errors and Solutions
  • Tally Software Updates

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Join BMCC today for a digital journey like no other. Explorediverse courses,learn from experienced instructors, and gain practical skills. We’re your gateway to success in the digital era. Enroll now and embark on your path to a brighter future.

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Get In Touch