Sales vouchers In Tally Prime are used when the company sells goods or services to customers. When a sales transaction is made, a document detailing the transaction (item name, qty, rate, tax, etc.) has to be given to the buyer or debtor as proof of purchase by him. This document is called “Invoice” or “Bill” […]
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Purchase vouchers In Tally Prime are used when the company purchased some goods or services from suppliers. Purchase entries can be made in the Voucher as well as Invoice Formats. The advantage of using the invoice format for purchase entry is that it allows automatic calculations of taxes. (ledger accounts classified under the group ‘Duties
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A Journal Voucher in TallyPrime is used to record non-cash transactions, adjustments, and internal business activities that do not directly involve cash or bank accounts. The Journal Voucher is a vital part of TallyPrime and everyday accounting. It helps you record all non-cash and adjusting transactions accurately. Learning to use it properly will improve the
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Narration in Tally refers to the brief explanation or description provided for a transaction at the time of entering a voucher. It appears below the ledger account entries and serves as a note explaining why a transaction was made. 📌 Why is Narration Important? Clarity in Records: It tells the story behind a transaction,
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Voucher is a document containing the details of financial transactions. There are many types of vouchers in tally prime to enter the business transactions like sales, payment, contra, purchase, Receipt, debit note, etc. Types Of Vouchers In Tally Prime Accounting 1. Accounting Voucher – for accounting Entries 2. Inventory Voucher – for inventory entries 3.
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The ultimate goal of accounting is to prepare financial statements that provide a clear picture of a business’s financial health. The two primary financial statements are: A balance sheet provides a snapshot of a business’s financial position at a specific point in time. It lists assets, liabilities, and equity. Assets are what the business owns (e.g.,
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The Profit and Loss Account shows the operational results over a given period. It lists out the Incomes and Expenditures based on the Primary Groups of Tally and the Profit & Loss Account in Tally is updated instantly with every transaction voucher that is entered and saved. Step 1 Click on Profit & Loss A/c here
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When a business has more than one place to store goods (like shops, warehouses, or branches), it becomes important to track stock location-wise. In TallyPrime, this is done using Godowns. A Godown in TallyPrime is a place or location where stock is stored.It can be: A warehouse A retail shop A branch office A
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If you run a business, you buy and sell products. These products are called Stock Items in Tally. TallyPrime helps you to manage your stock/inventory, so you always know how much quantity you have, what is the rate, and how much profit you are making. 📦 For example: A shoe shop sells Shoes –
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If you’re learning TallyPrime for inventory management, one of the first things you need to understand is the Unit of Measure (UOM). It’s a small but very important part of stock and inventory handling in Tally. In simple words, Unit of Measure refers to how you count or measure a stock item. Stock Items are
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