Tally Prime is one of India’s most widely used accounting software platforms. Whether you’re a student, an accountant, or a business owner, mastering accounting in Tally Prime is a crucial skill. This guide will walk you through the entire process — from setup to report generation — in a simple, beginner-friendly way.
🧭 Table of Contents
- What is Tally Prime?
- Features of Tally Prime for Accounting
- Setting Up Tally Prime for the First Time
- Step-by-Step: How to Record Accounting Transactions
- Managing Ledgers and Vouchers
- Accessing Financial Reports
- Useful Tally Prime Shortcuts
- Chart: Comparison with Traditional Accounting
- FAQs
🧾 What is Tally Prime?
Tally Prime is an advanced version of Tally ERP 9, developed for simplified accounting and GST compliance. It is designed to:
- Automate financial accounting
- Manage inventory and payroll
- File GST returns with accuracy
- Provide real-time financial insights
🚀 Key Features of Tally Prime in Accounting
| Feature | Description |
|---|---|
| Simplified Navigation | Intuitive screen layout and multitasking windows |
| GST Compliance | Auto calculation and filing-ready data |
| Real-Time Reports | Balance Sheet, P&L, GST, Trial Balance, etc. |
| Multi-User Support | Seamless for accountants and auditors |
| Security Control | Password protection and data backups |
🛠️ Step 1: Setting Up Tally Prime for the First Time
Here’s how to get started:
- Install Tally Prime on your system.
- Launch the application and click on “Create Company”.
- Fill in:
- Company Name
- Financial Year
- Currency
- Books Beginning Date
- Set up:
- GST Registration (if applicable)
- Security Settings
- Backup Settings
✅ Tip: Always enable “Auto Backup” to prevent data loss.
💰 Step 2: Creating Ledgers and Groups
Before recording transactions, you need to create ledgers.
Create Ledgers:
- Go to Gateway of Tally > Create > Ledger
- Examples:
- Bank Account (Under Bank Accounts)
- Rent (Under Indirect Expenses)
- Customer Name (Under Sundry Debtors)
Create Ledger Groups (Optional):
- Use when customizing under Gateway of Tally > Create > Group
🧾 Step 3: Recording Transactions Using Vouchers
Tally uses different vouchers for different types of entries. Here’s how:
| Voucher Type | Shortcut | Used For |
|---|---|---|
| Payment | F5 | Paying suppliers, bills |
| Receipt | F6 | Receiving income or sales |
| Journal | F7 | Adjustments or non-cash transactions |
| Contra | F4 | Bank withdrawals or deposits |
| Sales | F8 | Invoicing for sales |
| Purchase | F9 | Recording purchases |
🎯 To enter:
- Go to Gateway of Tally > Accounting Vouchers
- Select the voucher type
- Enter date, ledger, amount, and narration
✅ Pro Tip: Always enter a brief narration for audit trail.
📊 Step 4: Accessing and Analyzing Reports
Tally Prime offers real-time reports that can be accessed as:
| Report | Path |
|---|---|
| Balance Sheet | Gateway > Display > Financial Statements |
| Profit & Loss A/c | Same as above |
| Trial Balance | Gateway > Display > Trial Balance |
| GST Reports | Gateway > Display > Statutory Reports > GST |
| Daybook | Gateway > Display > Daybook |
You can customize periods, filter ledgers, and even export reports as Excel or PDF.
🔁 Step 5: Export, Print, or Email Reports
Tally Prime allows exporting reports directly:
- Use Ctrl+E to export
- Choose PDF, Excel, or XML
- Print using Ctrl+P
- Email using Alt+M
📉 Manual Accounting vs. Tally Prime
| Criteria | Manual Accounting | Tally Prime |
|---|---|---|
| Speed | Slow | Fast |
| Accuracy | Error-Prone | Automated |
| Reporting | Manual Effort | Instant |
| GST Compliance | Tedious | Built-in |
⌨️ Bonus: Useful Tally Prime Keyboard Shortcuts
| Action | Shortcut |
|---|---|
| Create Company | Alt + F3 |
| Open Company | F1 |
| Create Ledger | Alt + C |
| View Reports | Alt + F1 |
📚 Suggested Internal Links
🌐 Suggested External Link
❓ Frequently Asked Questions (FAQs)
Q1. Is Tally Prime suitable for small businesses?
Yes. Tally Prime is designed to handle both small and large-scale accounting needs efficiently.
Q2. Do I need to know accounting to use Tally?
Basic accounting knowledge helps, but the software is designed for beginners too.
Q3. Can I use Tally Prime for GST filings?
Yes. Tally Prime is fully GST-compliant and offers direct filing support.
Q4. What’s the cost of Tally Prime?
Tally Prime offers subscription models. Visit their official site for updated pricing.
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