Page 295 - DMGT104_FINANCIAL_ACCOUNTING

Unit 14: Introduction to Tally

 Facility to create separate VAT ledgers with VAT/Tax Classifications for input as well as Notes
output VAT

 Facility to generate and print VAT & NHIL invoice and Return
 Complete tracking of each transaction till generation of returns
 Better VAT-returns management
 Facility to generate VAT Computation report with details pertaining to
 The value of transactions recorded using the classifications available for VAT

 VAT Payable or refundable
 Provision to generate - VAT Classification Vouchers report for each of the VAT/Tax
classifications

 Facility to drill-down the various VAT classifications from VAT Computation report till
the last level of voucher entry
 Greater tax compliance

Self Assessment

Fill in the blanks:

1. …………………… uses a flexi-field, flexi-length, self indexed weighted file structure for
an extremely compact and fast database.
2. Tally provides predefined …………………… and also allows defining different types of
vouchers as per trade nature.

14.3 Starting the Tally

Create A Company

The first step to start tally is to Create a company. To create a company uses the command:
Gateway of Tally > Company Info. > Create

 Take the cursor to Create Company.
 Enter.
 Your Screen will change and show the basic data required for the creation of the Company.

 Give the name of the company and press enter.
 Give the Mailing name and address. This is optional and can be omitted by leaving it
blank.

 Give the Income Tax Number. This is optional and can be left blank.
 Give the sale tax number if you so desire.
 Currency symbol may be given in terms of local currency. For India it will be in rupee
terms

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