The Gateway of Tally is the main screen that appears when you open TallyPrime. It acts as a control center, allowing users to navigate various functions such as accounting, inventory management, payroll, and GST filing.
Masters:
The “Masters” section in Tally is where you create and manage master data. Master data refers to the foundational information that remains relatively constant and is used as a reference in various transactions and reports. Common types of master data include:
- Ledgers: These represent individual accounts, both income and expense, and are used in accounting transactions.
- Groups: Groups are used to categorize and organize ledgers for reporting and analysis.
- Stock Items: If your business deals with inventory, you can create and manage stock items to track your inventory.
- Parties: Parties represent individuals or organizations with whom you have business transactions, such as customers and suppliers.
Transactions:
The “Transactions” section is where you perform various accounting transactions. These transactions are used to record financial activities and include:
- Vouchers: Vouchers are used to record specific financial transactions such as sales invoices, purchase bills, payment receipts, and more.
- Invoices: You can create sales invoices, purchase invoices, and other types of invoices to bill customers or record purchases.
- Payments and Receipts: Record payments received from customers and payments made to suppliers.
- Journal Entries: Make journal entries to record non-standard transactions or adjustments.
Banking:
The “Banking” section is specifically dedicated to managing bank-related transactions and activities. Here, you can:
- Cheque Printing: Print cheques directly from Tally.
- Bank Reconciliation: Reconcile your bank accounts to ensure that your Tally data matches your bank statements.
Reports:
The “Reports” section allows you to generate a wide range of financial and accounting reports to analyze your business’s performance. Common types of reports include:
- Balance Sheet: Shows the financial position of your business at a specific point in time. A balance sheet is a financial statement that reports a company’s assets, liabilities and shareholders’ equity
- Profit and Loss Statement (Income Statement): Displays your company’s revenue, expenses, and net profit or loss over a period.