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TallyEssential
TallyEssential is the course created for your professional progress if you are a newbie in the Accounting and Finance area. It covers subjects ranging from fundamental to advanced financial accounting ideas.
Your accounting and financial career will start off on a solid footing thanks to the numerous ideas that are explained through drawings, self-learning videos, and actual industry-based scenarios.
You will learn basic to advanced Accounting, Inventory, and Basic Taxation skills through this course. To keep you up to date with the new releases, the practical applications will be performed using the new TallyPrime software.
Courses Details
The subjects covered in the TallyEssential course range from fundamental to advanced financial accounting concepts. There are three levels to it. Details on the subjects covered at each level are enclosed below:
LEVEL 1
Recording & Reporting
Chapter 1: Fundamentals of Accounting
The fundamentals of accounting are outlined in this chapter, from the definitions of accounting terms to the double entry accounting system. It illustrates the importance of using the Golden Rules of Accounting when keeping accounting records and recording business transactions.
Chapter 2: Introduction to TallyPrime
This chapter is introduction to Tally for accounting & demonstrates how easy it is to download and install Tally on a machine.
This chapter clarifies the easiest method for setting up a firm as well as its features and configurations.
Chapter 3: Maintaining Chart of Accounts
The creation, modification, and presentation of the Chart of Accounts, including Ledgers, Groups, Stock Items, and Units of Measure Creation, are made clear to you in this chapter.
Chapter 4: Recording and Maintaining Accounting Transactions
This chapter explains, using real-world examples, how to record transactions like as receipts, contras, payments, purchases, sales, debit notes, credit notes, and journal vouchers.
Chapter 5: Goods and Services Tax
The introduction to GST, GST in TallyPrime, recording transactions that comply with GST, input tax credit set off against liability, paying GST tax, and creating GST returns for regular dealers in Tally are all covered in this chapter.
Chapter 6: Banking
This chapter covers the fundamental banking functions, including printing cheques, reconciling bank accounts, and creating deposit slips that include payment advice.
Chapter 7: Generating Financial Statements and MIS Reports
All MIS reports in Tally are covered in this chapter, including the Trail Balance, Balance Sheet, Profit and Loss account, Cash Flow Statement, Ratio Analysis, Daybook, Receipts and Payments, Purchase and Sales Register, and Inventory Reports.
Chapter 8: Data Security
Securing Financial Information of the Company, Creating Security Control, User Roles, Creation of Users, and Change User are all topics covered in this chapter.
Chapter 9: Company Data Management
This chapter explains how to safely remove corporate data and restore it without erasing it.
LEVEL 2
Accounts Payable And Receivable
Chapter 1: Storage and Classification of Inventory
You can better understand inventory after reading this chapter. The establishment of inventory masters, including Stock Groups, Stock Categories, Warehouses, and Batches, is also covered.
Chapter 2: Accounts Receivable and Payable Management
The fundamentals and concepts of outstanding management are covered in this chapter. Bill-wise real-world business scenarios are enabled on the examples given for the references New Reference, Against Reference, Advance Reference, and On Account Reference, along with the features of Bill Settlement and Credit Limit.
Chapter 3: Purchase and Sales Order Management
This chapter covers placing an order, handling rejections, raising an invoice against the order, and finishing it with receipts and payments. It also discusses managing the sales and purchase cycle.
Chapter 4: Tracking Additional Costs of Purchase
How to sustain additional costs incurred upon stock purchase is covered in this chapter.
Chapter 5: Goods and Services Tax
The chapter covers a variety of subjects, such as GST Tax Payment, Input Tax Credit Set Off Against Liability, E-Way Bill Report in Tally, and Recording GST Compliant Transactions.
Chapter 6: Cost/Profit Centres Management
This chapter explains how to automatically distribute cost centres by creating cost centre classes in Tally and updating the reports immediately after recording transactions. It also explains how to allocate expenses and incomes to various cost units within an organisation.
Chapter 7: Budgets and Scenarios
This chapter describes how to manage budgets and scenarios in Tally.
Chapter 8: Generating and Printing Reports
The generation and printing of all Tally books and registers, including inventory reports, is covered in this chapter.
LEVEL 3
Taxation And Compliance
Chapter 1: Goods and Services Tax
This chapter addresses the Goods and Services Tax and allows for the recording of intrastate and interstate transactions, purchases and sales returns with GST supplies inclusive of tax, purchases from composition dealers, exports, and the supply of exempted goods, as well as the process of adjusting input credit against available liability making tax payments to the government and generating GSTR-1 and GSTR-3B in Tally. The essential transactions and return-generating methods of the composition dealer are also explained in this chapter.
Chapter 2: Tax Deducted at Source
This chapter addresses Tax Deducted at Source and provides the ability to configure TDS at various levels, record Basic TDS transactions, pay TDS to the government, produce TDS challans, and produce TDS reports.
Chapter 3: Management of Business Data
This chapter discusses Open Database Connectivity and Export and Import (ODBC).
Chapter 4: Moving to the Next Financial Year
Export and import, splitting companies, and group companies are all covered in this chapter.
TallyProfessional
TallyProfessional is the course created for your career progression if you are an experienced working professional in the accounting and finance fields. It covers a range of subjects, including advanced accounting, inventories, and taxation, such as payroll and income tax.
Your career in accounting, inventory, taxation, and finance will have a solid basis thanks to the numerous ideas illustrated through graphics, self-learning videos, and actual industry-based scenarios.
You will learn how to handle advanced accounting, inventory, taxation (GST, TDS, TCS), and payroll, to name a few, through the course. To keep you up to date with the new releases, the practical applications will be performed using the new TallyPrime software.
Course Details
TallyProfessional includes topics including advanced inventory, accounting for GST, TDS, and TCS transactions, as well as payroll management with income tax, from intermediate to advanced financial accounting concepts. It comes in two volumes. Details on the topics addressed by each volume are enclosed below:
Chapter 1: Multi-Currency
This chapter covers the introduction to multi-currency, creation and alteration of foreign currencies, defining of the rate of exchange, recording vouchers using foreign currency (On Realization Basis & Un-Realized Basis), adjusting Forex Gain/Loss, and generating reports with multi-currencies.
Chapter 2: Interest Calculation
This chapter covers the introduction to interest calculation, accounting of simple interest and compound interest, accounting of interest on outstanding balances, and generating the interest calculation reports.
Chapter 3: Manufacturing Process-Job Work
This chapter covers the introduction to Job Order Processing, accounting of Job Work Out Order processing, accounting of Job Work In Order processing, accounting of transfer of materials (Inter-Godown) and generating Job Work reports.
Chapter 4: Job Costing
This chapter covers the introduction to job costing, features of job costing, types of business that use job costing, documents used in the job costing process, recording job costing related transactions in Tally, and generating job costing reports.
Chapter 5: Advanced Banking Transactions
This chapter covers the introduction to advanced banking transactions, cheque management, post-dated cheque management, and handling e-payments in TallyPrime.
Chapter 6: Connectivity Features in TallyPrime using Tally.NET
This chapter covers the overview of Tally.NET features such as Remote Access, TallyPrime Reports in Browsers (TRiB), Data Synchronisation, and Tally Virtual User (TVU).
Chapter 1: Recording Advanced GST Transactions
This chapter covers the introduction to E-Way Bill, GST e-Invoicing, Recording GST compliant transactions such as Intrastate Supply of Goods & Services, Interstate Supply of Goods, Purchases from Unregistered Dealer, Purchases from Composition Dealer, Accounting Mixed Supply and Composite Supply, Supply of Exempted/Nil-rated Goods, Supply of Goods to Special Economic Zone (SEZ), Supply of Goods to Other Territory, Supply of Goods to Unregistered Dealer, Reverse Charge Mechanism under GST, Export of Goods, Advance Receipt, Generating E-Invoice Report, Generating E-Way Bill Report, Input Tax Credit Set Off against Liability, GST Tax Payment, Reversal of Input Tax Credit, Generating and E-Filing GST Returns in Tally.
Chapter 2: Recording Advanced TDS Transactions:
This chapter covers the introduction to Tax Deducted at Source, Recording TDS Compliant Transactions such as Booking of Expenses & deducting TDS in the Journal Voucher, TDS Transaction for Purchase of Software, TDS on Sales Commission and Deducting TDS, Accounting TDS on Capital Expenditure, Accounting for TDS on Advance Payments and Adjusting Advances towards Bill, Purchase Escalation after Recording TDS Transaction, Reversal/Cancellation of Expenses with TDS, TDS on Works Contract attracting GST, TDS on Payments to Non-Residents (DTAA), TDS on Income from Foreign Currency, Bonds or Shares of India Company, Accounting Direct Payment and deducting TDS, Accounting Multiple Expenses and Deducting TDS later, TDS on Reimbursement of Expenses (Pure Agent), TDS Payment to Department, generating and E-Filing Form 26Q and Form 27Q, TRACES Portal and Maintaining Books of Accounts as a Deductee.
Chapter 3: Tax Collected at Source (TCS)
This chapter covers the introduction to Tax Collected at Source, Recording TCS Compliant Transactions such as Sale of TCS Goods on Accrual Basis, Sale of TCS Goods at Lower Rate/Nil Rate, Sale of TCS Goods at Higher Tax Rate (Under Section 206CCA), Accounting TCS Exemption for Buyers Deducting TDS, TCS on Transfer of Right to Use, Accounting for TCS on Advance Receipts and Adjusting Advances towards Bill, Payment to Department, generating and E-Filing Form 27EQ, and Maintaining Books of Accounts as a Collectee.
Chapter 4: Payroll and Income Tax
This chapter covers the introduction to Payroll Management, creation of Payroll Masters, Processing Attendance and Payroll vouchers with Income Tax, generating Payroll Reports, generating Payroll Statutory Reports such as Provident Fund, Employee State Insurance, Professional Tax, Gratuity, Income Tax Reports, generating and E-Filing Income Tax Returns.