A Ledger is the most basic accounting unit where all transactions are recorded. Every debit or credit entry you pass in your business goes to a ledger. In simple words, a Ledger in TallyPrime is a master record where all accounting transactions related to a specific account are recorded. Whether you’re recording sales, purchases, cash …
What is a Ledger in TallyPrime? How to Create a New Ledger Read More »
What is a Group in TallyPrime? A Group is a classification of ledgers that share a similar nature. It can be: Assets Liabilities Income Expenses For example: Cash-in-Hand, Bank A/c, Sundry Debtors are part of Assets. Sales Account, Commission Received go under Income. Steps to Create a Group in TallyPrime Here’s a step-by-step …
When you create a company in TallyPrime, it automatically comes with 28 predefined groups. These groups help you organize all your accounting data like ledgers, stock items, and transactions in a structured way. Understanding these groups is very important for beginners, accountants, and business owners using Tally for financial management. What is a Group in …
28 Predefined Groups in TallyPrime – Explained with Examples Read More »
Accounting is often called the “language of business” — and just like any language, it has rules and concepts that help everyone understand financial information clearly. Whether you’re a student, entrepreneur, or professional, knowing the basic concepts of accounting will help you make better financial decisions. Accounting concepts are the basic rules and …
Basic Concepts of Accounting: A Beginner’s Guide Read More »
If you’re starting your journey in accounting, one of the first things you’ll hear about is the Journal Entry. It’s the foundation of the accounting process and the first step in recording business transactions. A journal entry is the first formal record of a financial transaction in the books of accounts. It tells the …
A business transaction refers to any activity that involves the financial exchange of money or goods between two or more parties. It can involve the exchange of goods, services, or money. A business transaction is “The movement of money and money’s worth form one party to another”. Or exchange of values between two parties is …
What is Accounting? Accounting is the process of identifying, recording, classifying and reporting information on financial transactions in a systematic manner for the purpose of providing financial information for decision making. Accounting is a systematic recording day to day business transaction is called as accounting. 🔄 Key Steps in Accounting: Identifying – Recognizing …
Managing multiple companies in TallyPrime is easy and efficient. However, there may be instances where you no longer need a company — maybe it was created for testing, has incorrect data, or the business has been closed. In such cases, TallyPrime allows you to delete a company permanently from your system. ⚠️ Important: Deleting a …
TallyPrime is a versatile accounting software used by businesses to manage their financial records. One of its most important features is the ability to restore a company. This feature is useful when you need to retrieve data from a backup file. Whether you’re migrating data, recovering lost information, or restoring files to a new system, …
How to Restore Company in TallyPrime: A Step-by-Step Guide Read More »
Backing up your company data in TallyPrime is an essential practice to ensure the safety of your financial records. Regular backups protect your data from unexpected issues like system crashes, corruption, or accidental deletions. By following this guide, you can ensure that your data is secure and recoverable in case of any unforeseen issues. Make …
How to Backup a Company in TallyPrime: Step-by-Step Guide Read More »
