Page 307 - DMGT104_FINANCIAL_ACCOUNTING

Unit 14: Introduction to Tally

 By default Inventory Values are affected is set to No Notes
 Enter the Mailing Details
 Enter the 15 digit VAT Regn. No.
 Press Y or Enter to accept and save.

Self Assessment

Fill in the blanks:
3. The first step to start tally is to …………………… a company.
4. After the process of …………………… is completed, the company gets loaded automatically
for the first time.
14.4 Reports and Day Book

Books of account record the transaction details as entered. Although items are posted too many
different ledgers, Tally brings all the transactions of a particular category together into a book
of account for viewing and printing. The Gateway of Tally menu provides access to all the
financial reports listed in the Display Menu.

14.4.1 Profit & Loss Account

The Profit & Loss Account shows the operational results over a given period. It lists out the
Incomes and Expenditures based on the Primary Groups of Tally and the Profit & Loss Account in
Tally is updated instantly with every transaction voucher that is entered and saved. The profit &
loss account in Tally.ERP 9 displays the information based on the default primary groups. It is
updated instantly with every transaction/voucher that is entered and saved. No special processing
is required to produce a profit & loss account in Tally.ERP 9.

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