In order to use #Tally, the following steps must be followed
To create a #company in Tally To enable #GST #Features
To create #ledgers Let’s discuss the above in detail
To create a company in Tally
Step 1 : – Go to Gateway of Tally – Alt + F3 – Create Company
Step 2: – Enter the basic information, i.e., name, mailing name, and address of the company, currency symbol, etc.
Step 3: – In the ‘maintain field’, select Accounts Only or Accounts with Inventory as per the company requirements.
Step 4: – In the Financial Year from, the first day of the current financial year for e.g., 1-4-2018 will be displayed by default, which can be changed as per requirement.
Step 5: – Enter the Tally Vault Password if required.
Step 6: – Press Y or Enter to accept and save.
To enable GST features in Tally
Step 1: – Go to Gateway of Tally – F11: Features – F3 : Statutory & Taxation
Step 2: – In the screen, you will find the following options: – Enable goods and service tax (GST): Yes Set/alter GST Details: Yes.
This will display another screen where you can set GST details of the company such as the state in which the company is registered, registration type, GSTIN number, etc.
Step 3: – Press Y or Enter to accept and save.
To create ledgers After creating a company and activating GST features, you need to create ledgers that will enable you to pass accounting entries in Tally ERP 9.
Step 1: – Go to Gateway of Tally – Accounts Info – Ledgers – Create
Step 2: – Create ledgers such as Purchase, Sales, State GST, Central, Integrated GST, Stock item names, etc.
Step 3: – Select the appropriate group to which such ledger belongs for example state tax under duties and taxes group.
Step 4: – Enter the other related information required and press Y or Enter to accept and save.
After creating ledgers we can proceed with preparing Accounting entries in Tally ERP 9.
For that we have to follow: – Gateway of Tally – Accounting Vouchers There are many accounting vouchers in Tally such as Payment, Receipt, Contra, Sales, Purchase, etc. After choosing the relevant voucher we start passing the accounting entries.
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