TOP Tally Interview Questions and Answers
What is Tally and where it can be used?
Tally is a software for accounts and inventory management, which is used for performing many functions like
- Performing all basic accounting functions
- Estimating job costing
- Storing details and managing inventory items
- Managing payroll
- Filing tax return, managing profit, and loss statement, preparing a balance sheet, VAT forms, trial balance, cash-flow report, etc.
- Maintaining budget scenarios
- Calculating interest on the outstanding amount
- Managing data over different locations and synchronize it.
What is the difference between Tally ERP 9 and Tally 7.2?
- It is an integrated solution that provides a function related to accounting, reporting and inventory
- This version includes VAT (Value Added Tax) functionality, Licensing and Tax deduction at source
- It is widely used because of simplifying VAT, Service Tax and TDS formalities
- It provides two licensing, Single User Licensing and Multi User Licensing
Tally ERP 9
- It is an upgraded version of Tally 7.2, and provides many features like TDS, Payroll management, Excise for dealers, etc.
- This version includes handling of POS invoicing, Statutory and Taxation, Payroll, Multi-lingual support, etc.
- It is more popular because of providing advanced inventory management and simplifying accounting
- It is available in two edition Tally Silver (Single User Edition) and Tally Gold (Multi-User Edition)
What features are available in Tally ERP 9 for Accounting?
For Accounting Tally ERP 9 offers
- Outstanding Management
- Cost/Profit Centers Management
- Budget/Scenario Management
- Other features like Cheque Printing, etc.
What are the functional enhancement or features included into Tally ERP 9?
- E-mailing option: Users can send accounting reports to multiple recipients along with an additional facility like Net-banking and Printing in various format is provided.
- Accounting Voucher: A new type of numbering feature is added to the voucher, it ensures that the voucher are numbered sequentially
- Print Bank Transaction Details: It provides an option to take the print of bank details on formal receipt
- Credit Limits: The Credit Limit control set for a party ledger will not be applied on sales order. A warning or alert message will pop up on the credit limit, and user can still save the voucher
- CST: Even in a simple format the CST form details entered in the invoice will get printed
- Excise for Manufacturers: All details related to buyers and suppliers can be displayed in the voucher also daily stock register can be maintained according to date wise, multi items types and Tariff wise
- Inventory Vouchers: For inventory section, you can now mention the Godown address and also print the name
- Payroll: New TALLY ERP 9, enables processing of salary according to the National Pension Scheme
- Service Tax: Under journal vouchers, the taxable amount, taxable percentage and notification number will be showed in the service tax details. Auto adjustment of service tax payable can be done against service tax input credit and cenvat
- VAT Option: Recording multiple items with different VAT rates is possible by configuring the setting of “Default Accounting Allocations for Selected Item In Invoice.”
- Tax Audit: Form like 3CB, 3CD and 3CA have been updated as per the requirements of CBDT
- XBRL: The document is constrained to only those companies that have the nature of the report set to consolidated
What are the two pre-defined ledger available in Tally ERP 9?
In Tally ERP 9, there are two types of pre-defined ledgers
- Cash: Under the group Cash-in-hand this ledger is created, you can enter the opening balance as on the books beginning from.
- Profit and Loss Account: This ledger is created under the group Primary. In this ledger, previous year’s profit or loss is entered as the opening balance of this ledger.
What are the types of ledger you can make in Tally ERP 9?
The types of ledger you can make in Tally ERP 9 are
- Creating a sales/purchase ledger
- Creating an Income/Expense ledger
- Creating a party ledger
- Creating bank account
- Creating a tax ledger
- Creating a current liabilities
What is the shortcuts for Voucher Creation and Alteration Screen in Tally ERP 9?
For Tally ERP 9, to create any master (ledger, stock item) on the voucher or alteration screen, you have to enter Alt+C.
To alter or configure any master item on a voucher, you have to select specific ledger or stock item on the sales voucher screen and press Ctrl+Enter.
What is the shortcut to repeat the narration on a voucher?
To repeat the narration on a voucher, press Ctrl+R.
What is group in Tally ERP 9?
Group is a collection of ledgers of the same nature. In the business, expenses like electric bills, telephone bill, conveyance, etc. are commonly included in groups. Ledger based on these expenses are created to be used while accounting vouchers are entered.
What are the types of Tally ERP 9 vouchers? Also give the shortcut for creating this vouchers?
Types of Tally ERP 9 vouchers include
- Contra Voucher->( F4 ) : It indicates the transfer of funds from bank account to the cash account or cash account to bank account, or one bank to another bank account
- Payment Voucher->( F5) : It describes payment histories like payment of salary or office rental
- Receipt Voucher->(F6) : This voucher describes any transaction that involves the receipt like payment made to the bank
- Journal Voucher->(F7) : It includes the expenses to maintain the business or company running like expenses made after marketing
- Sales/Invoice Voucher->(F8) :This voucher describes the sales made, it displays the sale invoice
- Credit Note Voucher->(Cntrl+F8): Entry in this voucher is made in when customer returns some items due to incorrectly dispensed
- Purchase Voucher->(F9) : Entry in this voucher is made when any item is purchase for running the business
- Debit Note Voucher->(Cntrl+F9) : Entry in this voucher is made when goods are sent back to the suppliers due to damage or goods expired
- Reversing Journals->F10 : It is special journal entry that is automatically reversed after the date of the journal
- Memo Voucher->Cntrl+F10: Entry in this voucher is made to display the unknown expense at that moment of time and can be converted to actual sale voucher, or it can also be deleted.
What is the short cut to retrieve the last line which is removed in Tally ERP 9?
To recover the last line which is removed, short cut used is Ctrl+U.