Basic Accounting & Tally Foundation

Chapter 1: Basic Accounting

Introduction

• Accounting
• Finance
• Difference between Accounting & Finance

Accounting Cycle

• Accounting Cycle

Methods and Classification

• Method of Accounting
• Single entry accounting
• Double Entry Accounting
• Assets – Liabilities = Capital
• Classification of Accounts
• Traditional Approach (Golden Accounting Rule)
• Personal Accounts
• Impersonal Accounts
• Real Accounts
• Nominal Accounts

US Accounting Rule

• Practical/US Accounting/Modern Rule
• Modern/US Accounting Rule
• Accounting Entry Process
• Examples

Case Study

• Case Study 1
• Case Study 2

Assignments

• Assignment 1
• Assignment 2

Chapter 2: Company Creation and Data Management

Introduction

• What is TallyPrime?
• History of TallyPrime
• Uses of TallyPrime
• Install TallyPrime

Creation of New Company

• Steps to create a new Company
• Company Creation in Tally

Data Backup & Restore

• Backup & Restore of Company Data

Case Study

• Practical Case Study

Assignment

• Assignment 1

Chapter 3: Voucher Entries in Tally

Introduction

• Voucher Entry
• Voucher
• Voucher Types in Tally Prime
• View the list of Voucher Types in Tally Prime

Ledger Grouping

• Ledger
• Groups
• Mapping a Ledger to a Group
• Hierarchy in Tally
• Default Groups / Sub-Groups in Tally
• Create a Ledger
• Alter the Ledger
• Delete the Ledger

Asset Grouping

• Assets Detailed Grouping in Tally
• Primary Group: Fixed Asset
• Primary Group: Investment
• Primary Group: Loans & Advances
• Primary Group: Current Asset

Liability Grouping

• Liabilities Detailed Grouping in Tally
• Primary Group: Capital Account
• Primary Group: Reserve & Surplus
• Primary Group: Loans & Liability
• Primary Group: Current Liabilities

P & L Grouping

• P & L Detailed Grouping in Tally
• Primary Group: Purchase Account
• Primary Group: Direct Expenses
• Primary Group: Sales Account
• Primary Group: Indirect Expenses

Shortcut Keys

• Shortcut Keys
• Keyboard Shortcuts to Open Vouchers
• Keyboard Shortcuts – Vouchers & Masters

Voucher Entry Process

• Voucher Entry Process in TallyPrime
• Contra
• Receipt
• Payment
• Journal
• Purchase

Case Study

• Practical Case Study

Assignment

Chapter 4: Method of Accounting

Introduction

• Method of Accounting
• Cash based accounting

Accrual Based Accounting

• Accrual Based Accounting
• Features of Accrual Basis of Accounting
• When to Avoid the Accrual Basis of Accounting?
• Due & Payment Entries

Cash Based Accounting

• Cash Based Accounting
• Cash Based Accounting

Case Study

Assignment