Tally Prime- How to Create Company | Chapter 1 | Learn Tally

Tally Prime Course in Hindi (Basic to Advance Level)

13 Nov 202013:44

Summary

TLDRIn this video, Sandeep introduces viewers to a new course on Tally Prime, a software for accounting and business management. The video is designed for beginners, especially students new to Tally. It covers how to create a new company in Tally Prime, explaining various steps such as entering company details, setting financial years, and configuring accounting and inventory options. The instructor also provides useful tips for migrating from Tally ERP9 to Tally Prime and highlights the importance of understanding shortcuts for smoother navigation. Links to previous related videos and resources are available in the description.

Takeaways

👋 Welcome to the online classes of Career Planet with Sandeep!
💻 The course introduces Tally Prime, a new software update from Delhi, starting with basic to advanced accounting concepts.
🧑‍🎓 This video is specifically for beginners who are just starting with Tally Prime.
🏢 Today's class focuses on how to create a new company in Tally Prime, covering each step in detail.
🔄 For users migrating from Tally ERP 9 to Tally Prime, there are previous practical videos available for guidance.
📥 Downloading and activating Tally Prime's free education version is discussed, along with how to use licensed versions.
📅 Users learn to set financial years, company names, addresses, and other essential company details during the company creation process.
🧾 The video explains maintaining accounts, inventory options, and tax configurations when setting up a company.
📊 Tally allows managing multiple companies at once, and users can switch between active companies using shortcuts.
📱 The instructor highlights an Android app where users can access Tally GST course videos for step-by-step learning.

Q & A

What is the primary focus of the video?
-The video focuses on introducing and teaching the basics of Tally Prime, a new software version, including how to create a company in Tally Prime.
Who is the target audience for this course?
-The course is specifically designed for beginners, particularly 19 students who are new to Tally Prime and wish to start learning accounting from scratch.
What is the first step to take when starting Tally Prime?
-The first step is to select the mode you wish to work in, such as the 'Education Version' or a licensed version of Tally Prime, depending on your access level.
What is a 'company' in Tally Prime, and how is it similar to other software terms?
-In Tally Prime, a 'company' is the equivalent of a file or document in other software like Word or Excel. It represents the entity for which accounts are being maintained, similar to how workbooks or documents are created in Word or Excel.
How does the video explain the process of creating a company in Tally Prime?
-The video explains that to create a company, you need to fill in various details in the 'Company Creation Form,' including the company name, address, financial year, and other necessary information. Once completed, the company is ready for accounting entries.
What information is required when creating a company in Tally Prime?
-You need to provide the company name, postal address, state, country, pin code, contact details, and the start date of the financial year.
What is the importance of setting the financial year correctly in Tally Prime?
-Setting the financial year correctly is important because it ensures that the company’s accounts are maintained for the right period, typically starting from April 1st and ending on March 31st.
What are the options available after creating a company in Tally Prime?
-After creating a company, Tally Prime provides options to configure the company's accounting, inventory, and taxation settings based on the type of business you are running (service-based or goods-based).
Can multiple companies be created and managed in Tally Prime simultaneously?
-Yes, Tally Prime allows you to create and manage multiple companies simultaneously. You can easily switch between companies using the shortcut keys and select which company is active for accounting at any given time.
What is the significance of the shortcut keys in Tally Prime?
-Shortcut keys in Tally Prime are essential for navigating and managing tasks efficiently, such as selecting companies, closing companies, and saving information. The video emphasizes their importance in streamlining the workflow.

Outlines

00:00

👋 Introduction to Tally Prime Course

In this introduction, Sandeep welcomes viewers to the 'Career Planet' online classes and introduces the new Tally Prime software, focusing on providing comprehensive tutorials for students starting the Tally course. The video is targeted at 19 students and covers how to create a new company in Tally Prime, offering details on how existing Tally ERP9 users can migrate to Tally Prime, download software, and activate licenses. Links to related videos are shared in the video description for additional learning.

05:00

📝 Setting Up Financial Information in Tally

This section explains the process of setting up a new company in Tally Prime. The key fields include the company name, postal address, state, country, and contact information, which will all appear on invoices. It also covers the financial year setup, which is typically from April 1 to March 31, and emphasizes the importance of correctly configuring these details for accurate accounting. Students are advised on the significance of both the financial year and book-keeping dates, ensuring they match or are set according to specific business needs.

10:03

⚙️ Configuring Accounting and Inventory Options

The third paragraph dives into configuring accounting and inventory options in Tally Prime. It covers enabling key options such as maintaining accounts, voucher entries, and inventory tracking. The video highlights the importance of configuring these options according to the nature of the business, whether it's a service-only business or one involving goods. Users are also introduced to GST and taxation settings, with instructions on how to tailor the configuration based on their specific business needs.

Mindmap

Keywords

💡Tally Prime

Tally Prime is the latest version of Tally, a popular accounting software used for business management. In the video, it is introduced as a tool for handling basic to advanced accounting tasks. The instructor mentions its new features, emphasizing how Tally Prime offers step-by-step guidance for students learning accounting.

💡Company Creation

Company Creation refers to the process of setting up a new company profile within Tally Prime. This involves inputting essential details like the company name, address, and financial year. In the video, creating a new company is one of the first steps in using Tally for accounting, compared to creating documents in Word or spreadsheets in Excel.

💡Educational Version

The Educational Version of Tally Prime is a free, limited-access version of the software designed for learning purposes. The video discusses how users can download, activate, and work with this version, especially if they do not have a licensed version. This allows students to practice accounting without needing to purchase a full license.

💡Financial Year

The Financial Year is a specific accounting period, usually spanning from April 1st to March 31st, which businesses use for reporting and maintaining accounts. In the video, users are shown how to set their company’s financial year when creating a company in Tally Prime. This step is crucial as it determines the timeframe for all financial transactions.

💡License Activation

License Activation refers to the process of enabling the full features of Tally Prime by registering a license. In the video, this process is compared to the educational version. Users with a licensed version need to activate their license once, after which Tally Prime automatically shows the list of available companies for future use.

💡Accounting and Inventory

Accounting and Inventory are two core features in Tally Prime, allowing users to manage both financial accounts and product stock. The video discusses how to configure these options during company creation, depending on whether the business deals with services only or also manages goods. For example, users can disable inventory management if it’s not needed.

💡Voucher Entry

Voucher Entry is the process of recording financial transactions in Tally Prime. The video briefly introduces this concept, explaining how it allows businesses to keep track of sales, purchases, and other financial activities. Later classes will cover how to enable and work with voucher entries in more detail.

💡Company Alteration

Company Alteration refers to modifying the details of an existing company in Tally Prime. In the video, this feature is explained as a way to change company information like name or address if needed. Users can access the company alteration form to update any necessary details after initial creation.

💡Shortcuts

Shortcuts in Tally Prime are keyboard combinations that help users quickly perform common tasks, such as creating or selecting companies. The video highlights various shortcuts like pressing 'F5' to open or close a company, and how these shortcuts improve efficiency when working within Tally Prime.

💡GST Configuration

GST (Goods and Services Tax) Configuration in Tally Prime allows businesses to manage tax-related accounting. Although not fully explored in the video, it is mentioned as a feature that users can enable during company creation if their business deals with GST. Future lessons will explain how to configure and manage GST settings.

Highlights

Introduction of Tally Prime and its new features in comparison to Tally ERP9.

This course is designed specifically for 19 students starting their journey with Tally Prime.

Step-by-step process for creating a new company in Tally Prime explained in detail.

Differences between working with licensed and educational versions of Tally Prime.

Explanation of Tally Prime's interface, starting with the company list screen after software launch.

Clarification of Tally's 'company' concept, likening it to files in Word, Excel, and PowerPoint.

Detailed steps for filling out a company's information, such as name, address, and financial year.

Importance of setting the correct financial year and beginning date for accounting.

Discussion on maintaining both accounts and inventory in companies, depending on the nature of the business.

Configuring Tally Prime settings for accounts, inventory, and taxation based on business needs.

Using shortcuts in Tally Prime to navigate between different options and company settings.

How to alter company information and use the 'Alter Company' feature to make changes in details.

Process of deleting a company in Tally Prime, and the warning that this action cannot be undone.

Importance of shortcut keys and understanding their uses for efficient navigation in Tally Prime.

Promotion of the Android app for accessing Tally GST courses on mobile devices, providing step-by-step tutorials.