Tally Prime - Online

Handout

Tally Prime: Your New Business Manager!

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With the goal to make every day simple and manage business more efficiently,
Tally ERP 9 is now Tally Prime. Tally solutions has come up with Tally Prime,
which is specifically designed to securely access actionable insights and
business reports from anywhere, at any time, and from any device.

Tally Prime vs. Tally ERP 9

Given below is a comparison or difference of Tally features in Tally ERP 9 and

Tally prime. The comparison will help you to seamlessly navigate through Tally
Prime while checking the features in your current Tally ERP 9.

1. Application Logo

2. Access to Tally data

In tally ERP 9, access company data by specifying a data path

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 Access Company Data from any path or Drive or Remote Company and
view the data status like migration required or data captured.

3. Look & Color of Tally

Tally ERP 9

Tally Prime
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 4. Multi – Tasking in Tally

Multi-Tasking can be done by opening Multiple Tally ERP9 instances

Multi-tasking can be done in one Tally Prime instance. Just check the
Opened Report in Go To features.

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 5. Chart of Accounts

In Tally ERP 9, user had to make minimum 3 clicks to open each of these.
In Gateway of Tally 🡪 Display🡪 List of Accounts.

In Tally prime, Option of ‘Chart of Accounts’ allows the user to access all
your Masters including Groups. Ledgers, Voucher Types, Cost Centre etc.
can be accessed from one screen.

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 6. Supplementary Details

In Tally ERP9 fill the required details and pass through complete
supplementary details.

In Tally Prime, can Add Details which are needed most of the times as
‘Permanent Details’ in Configuration and get only few details in
Supplementary details.

7. Printing

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 In tally ERP 9, when a user print invoices with multiple items the invoice
gets printed in multiple pages as unused blank spaces occupies the page
which is not needed.

In Tally Prime, you can ‘Optimize Printing to save paper’. This feature
will reduce your 6-page invoice to a 2-page invoice thus saving your
printing cost, paper cost and other costs.

8. Update details in Transaction

In Tally ERP 9, the user, need to pass through all items to update the
details in specific items.

In Tally prime, use ‘More Details’ in transaction and update details of

specific item seamlessly.

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 9. Copy/ Paste

Shortcut keys used to copy and paste in Tally ERP 9

Global keys used to copy and paste in Tally Prime.

What make Tally prime different?

1. Do more Multi-Task capabilities

For instance, can quickly make any number of invoices, or view any
number of reports etc. while passing a transaction in the voucher. For that
click on Go To 🡪 Create Voucher/Opened reports 🡪 Enter the new one/
View the reports

2. Multi Sales Invoice Mode

With Tally Prime, you can choose different Billing modes based on your
comfort or business usage.

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 For that press Alt+ H: Change Mode and select the Invoice mode one
among the below:
1. Item Invoice
2. Accounting Invoice
3. Voucher Mode

Choose the Mode as per your usage while Invoice printing remains the
same.

3. GST Compliant Invoices

Built with intelligence to automatically generate accurate and different Types

of GST Invoices like Tax invoice, Bill of Supply etc.

In the same way, you can record different nature of GST Transaction like
Export, SEZ etc. Tally automatically print right types of GST Invoice.

4. Insightful Financial Reports

The user can slice or dice your Reports and looks at them, the way it
works for your business.

5. Cheque Management

With a host of pre-defined Cheque Formats, Multiple Cheque Books and

Powerful Cheque Register, will help to manage your banking needs effortlessly.

6. Ease of Manufacturing

Ease of recording Manufacturing Entries with and without Bill of

Materials (BOM) and will get accurate Inventory Reports.

7. Meaningful Accounting reports

With Tally Prime, you can generate highly detailed Accounting Reports
quickly with the option to customise the reports.

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Installation and Activation of Tally Prime
Here we discuss the step-by-step procedure of Tally Prime Installation.

1. Search the “Tally Solutions” site in the browser and Select “Tally Prime”.

2. Download the Setup file from the site.

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 3. Open the Setup file from the folder and save the same.

4. Open the Setup from the Save folder and Start the Installation Procedure.

5. You can choose any of the following by opening the Installation Wizard.

6. The user can also install the Tally Prime as a new application instead
above.

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 7. Once the Installation is finished, you get a message book as shown below.
You can start the Tally Prime from the screen.

8. Once you start the Tally Prime, user need to activate the “License”, if any
or else start the Tally Prime in Educational Mode.

9. The “Company Creation” screen will appears as below after opening in

any of the above mentioned mode.

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Setting Up of a Company in Tally Prime
To keep a record of your business transaction first you need to ‘Create a
Company’ in Tally Prime.

1. To Create the Company Data file in Tally Prime for the first time, Select
the “Create Company” options from the window appeared.

2. Provide the details of the Company in the windows appeared afterwards.

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 3. Accept the screen or Press the short key “Ctrl + A”

Company Features
After creating the company data file, the user need set specific details for the
company depending on their business nature of operations.

For enabling the same use the Features (F11) in Tally Prime

✔ F11 features are a set of Capabilities, provided as options in Tally

✔ Enable you to maintain financial records as per your business needs.

✔ Can be accessed by clicking Alt + K and selecting Features (F11)

✔ User can accessed F11 from any screen of Tally Prime

✔ These features are specific only to the company in use.

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Company Configuration
Similar to “Features” the capability named “Configure” is available in “Tally
Prime” to modify the available feature in a company data file.

✔ Help you to modify the way a feature works.

✔ Configuration options vary depending upon the context

✔ They are user definable as per the business requirement

✔ Applicable to all the companies residing in the Data Directory.

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However, every screen in the data file may have different configuration window
unlike ‘Company Features’.

Voucher screen configuration

Stock Item Configuration

Company Alteration
The company data once entered can be modified or changed by “Altering” it.
For that, follow the below steps.

Alt + K 🡪 Alter 🡪 Select the company from list 🡪 Modify/alter as required

🡪Accept the screen.

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Company Deletion
The user can delete the Company Data File if it is not required in Data
Directory. For that, follow the below steps.

Alt + K 🡪 Alter 🡪 Select the company from list 🡪 Press Alt + D🡪 Confirm
the deletion 🡪 Re-confirm the same.

Migrating From Tally ERP9

Tally Prime comes with a reliable tool to migrate your existing Company Data
and make it compatible. Tally Prime is a significant upgrade to your Tally
experience, and therefore it is essential for you to convert your data.

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Data migration from Tally ERP9 can do after installing the Tally Prime.
You need to migrate all your required companies one by one.

1. Press Alt+F3 (Select Company) to open the List of Companies.

2. Select the Company that you want to migrate and press Enter.
3. Press R (Migrate) to continue. If you want to alter the backup path and
data location before migrating, then press C (Configure).

4. Keep a Backup before the migration if required by configuring the

same.

Company on Startup
In Tally Prime, you can choose one or more Companies to open by default,
without you having to select and open each time.

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 1. Press F1 (Help) > Settings > Start up.

2. Set Load companies on Start up to Yes.

3. Select Companies to load and press Enter.

4. Select the companies you want to load on start up

5. Under Company Name, select End of List once you have selected the
companies and press Enter.
6. Press Esc.

Accounting Masters

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Ledger
The ledgers in the Books of Accounts affect Assets, Liabilities, Income or
Expenses. All ledgers have to be classified into Groups. These Groups and
Ledgers are classified into Profit and Loss or Balance Sheet.
There are two pre-defined Ledgers in Tally Prime:

● Cash Ledger
● Profit and Loss Account

Ledger can be created from different ways such as Master, Transactions and
Reporting as per the user choice.

Steps for Ledger Creation

1. Gateway of Tally > Create > type or select Ledger and press Enter.
Alternatively, press Alt+G (Go To) > Create Master > type or
select Ledger and press Enter.

Group
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Groups are collection of Ledgers of the same nature. Account Groups
are maintained to determine the hierarchy of Ledger Accounts, which is
helpful in determining and presenting meaningful and compliant reports.

Steps for Group Creation

1. Gateway of Tally > Create > type or select Group and press Enter.
Alternatively, press Alt + G (Go To) > Create Master > type or
select Group and press Enter.

Inventory Masters
In Tally Prime, Inventory can be managed through Inventory
Masters.Tally Prime supports tracking inventory in your business, from
Purchase order to Sales. Stock tracking can be across
Godowns/locations, or different stages of processing.

Inventory Masters in Tally Prime include:

a. Unit of Measurement
b. Stock Group
c. Stock Item
d. Stock Category
e. Godown/Location

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Unit of Measurement

In Tally Prime, Units are used to quantify the Stock or Inventory. It help to
create Unit of Measurement to make Inventory Entries.

1. Gateway of Tally > Create > type or select Unit and press Enter.
Alternatively, press Alt + G (Go To) > Create Master > type or
select Unit and press Enter.

Stock Group

Managing Stock Items in Groups help in easily locating them, especially when
you need to track different Stock Items sharing a common feature – say a
common brand, product type, material used, and so on. Stock items of similar
nature classified under a Single Stock Group.

1. Gateway of Tally > Create > type or select Stock Group and press
Enter.
Alternatively, press Alt + G (Go To) > Create Master > type or
select Stock Group and press Enter.

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Stock Item

A stock item in Tally Prime is required to complete the information about the
Stock or Inventory that your business deals with.

✔ Stock Item refers to goods that an Enterprise Manufacture or Trade

✔ It is the primary Inventory Entity
✔ Lowest level of information on your inventory
✔ It is suitable to set/alter GST details in each Stock Item.

Step to create Stock Item

1. Gateway of Tally > Create > type or select Stock Item > and press
Enter.
Alternatively, press Alt + G (Go To) > Create Master > type or
select Stock Item > and press Enter.
2. Select Primary or an Existing Stock Group
3. Select the Unit of measurement applicable for the Stock Item.
4. Set the applicable Taxability Option for the Stock Item under Statutory
details
5. Specify the opening balance for the Stock Item as on the date of
Beginning of Books.
6. Accept the screen. As always, press Ctrl + A to save.

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 Stock Categories
Stock Category offers a parallel classification of Stock Items. Categorizing
items help to classify the stock category based on functionality together in a
Group.

Step to create Stock Categories

1. Gateway of Tally > Create > type or select Stock Category and
press Enter.
2. Select Primary or an Existing Stock Group. If you have not created any
Stock Group, you can create one in Tally Prime to assign the Stock
Categories.
3. Accept the screen. As always, press Ctrl + A to save.

Godown/ Location
Managing the inventory in multiple physical locations, such as shops,
warehouses, bins, racks, cabinets, and so on. In this case, you can use the
Godowns/Locations capability of Tally Prime.

To start allocating your Stock Items in Godowns, you need to create a Godown
first.

1. Gateway of Tally > Create > select Godowns > press Enter.
Alternatively, Alt+G (Go To) > Create Master > type or
select Godowns > press Enter.

When you create a Godown/Location in TallyPrime for the first time, you are

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 prompted to alter the existing Internal Godown (Main Location), where all
your inventory is stored by default.

2. Under: Select Primary or Main Location.

Charts of Accounts
Tally Prime gives you great flexibility in setting up your Chart of Accounts. It
allows you to Group your Ledger Accounts at the right time of creating your
Accounts Chart. Your Reports and Statements reflect the desired Classification
at all times.

To view Charts of Accounts

Gateway of Tally > Chart of Accounts > select master type you want to see
in Chart of Accounts.
Alternatively, press Alt + G (Go To) > type or select Chart of Accounts >
select master type you want to see in Chart of Accounts and press Enter.

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