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HomeHomework HelpaccountingTally Accounting Basics

Tally Accounting Basics

The management of accounts, ledgers, and vouchers in Tally Prime, including creating and altering ledgers, displaying account lists, and using various types of vouchers, such as contra vouchers, to record financial transactions

beginner
3 hours
Accounting
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Overview

Tally Accounting is a powerful tool that simplifies the process of managing financial transactions and accounts. It employs a double entry system, ensuring accuracy and balance in financial records. Users can easily record transactions, manage ledgers, and generate essential financial reports, makin...

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Key Terms

Ledger
A ledger is a book or digital record that contains all the accounts of a business.

Example: The sales ledger records all sales transactions.

Trial Balance
A trial balance is a report that lists the balances of all ledgers to ensure that total debits equal total credits.

Example: The trial balance showed a total of $10,000 in debits and credits.

Journal Entry
A journal entry is a record of a transaction in the accounting system.

Example: The journal entry for a sale includes the date, amount, and accounts affected.

Financial Statement
A financial statement is a formal record of the financial activities of a business.

Example: The balance sheet is a type of financial statement.

Accounts Payable
Accounts payable refers to the money a company owes to its suppliers.

Example: The company has $5,000 in accounts payable.

Accounts Receivable
Accounts receivable is the money owed to a company by its customers.

Example: The accounts receivable balance is $3,000.

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Key Concepts

Double Entry SystemLedger ManagementTrial BalanceFinancial Statements