Tally Interview Questions

 Tally is a total Enterprise Resource Planning system with a great grasp of accounting features. Even though it has numerous more center features that a business requires its hold yet in accounting is genuinely exemplary. Consequently, it is known more to account as opposed to some other of its features.

• Performing all essential accounting capacities
• Estimating work costing
• Storing points of interest and managing stock items
• Managing finance
• Filing a tax return, profits, and loss, creating a balance sheet, VAT frames, income report, and much more
• Maintaining budget situations
• Calculating interest on the amount
• Managing information over various areas and synchronize it

 Tally ERP 9 offers the various advantages for any associations:

• Outstanding Management for better Finance Management
• Cost/Profit Centers Management for better record maintenance.
• Creating Invoices of all dealers
• Budget/Scenario supervision
• Other features like Printing of checks, and much more.

In Tally ERP 9, there are two sorts of pre-characterized ledgers

Cash:This Ledger is made under the Group Cash in hand. You can enter the opening balance as on the date of books starting from. You can also modify the name and even erase the Ledger.

Profit and Loss Account: This Ledger is made under the Group Primary. Earlier year’s Profit or Loss is entered as the starting balance for this record. The balance entered here is dealt with as the opening profit/loss and appeared in a critical Balance Sheet as opening equalization of Profit and Loss account in the Liabilities side.

The group is an assemblage of ledgers of same nature. In any association, working costs like electric bills, phone charge, conveyance charges, and so on are generally incorporated into groups. Ledger based on these costs can be utilized while accounting vouchers are entered. By default, there are 28 Groups in Tally. ERP 9, out of which 15 are Primary Groups and 13 are subgroups.

 The trial balance is a statement, which contains the different ledger balances on a specific date

This statement is created to check the rightness of ledger posting and balancing of records. If the total of the debit accounts is equivalent to the credit accounts. It is suggested that posting and balancing of accounts are right. In trial balance, the aggregate of all debt accounts ought to be equivalent the aggregate of all the credit balances.

Balancing sheet in Tally ERP 9 shows two distinct segments with Liabilities and Assets. The asset report additionally shows the closing balances of all the essential groups and capital records along the net profit for the predetermined period as required by the association.

The utilization of a statement of inventory is to see the data of Inventory, which is based on godowns. Following every single detail of things in the stock, alongside carrying on the stock and check the spending varieties v/s forecasts, plans, insights, and so on. Stock in Tally ERP 9 works similarly as its accounting part that concerns showing, modifying and printing of reports.

 To convert information in encrypted form to Tally ERP 9, we can utilize the function of Tally Vault. To utilize Tally Vault, we ought to go to the entryway of Tally and key in F3, at that point we can choose the organization for which we need to encrypt the information. Information will be encrypted to just those systems having a legitimate passcode, and people can see that encrypted information.

 We can utilize the shortcut method by pressing Ctrl+Alt+C on the keyboard to copy content and shortcut Ctrl+Alt+V to paste the copied content.

10. Here are some of the features included in tally ERP9:

• Credit Limits: The Credit Limit control set for a party ledger won’t be applicable on the sales order. An alert message or warning will pop up on the credit limit, and the client can still redeem the voucher.
• CST: Even in the easiest format the CST form details entered in the invoice will get printed
• Excise for Manufacturers: All analysis identified with purchasers and suppliers can be shown in the voucher also day by day stock can be kept up as per date wise, multi-items kinds and Tariff wise
• Service Tax: Under account vouchers, the taxable sum, taxable percentage, and notification number will appear in the service tax details. Auto adjustment of service tax which is payable should be possible against service tax input credit.
• Accounting Voucher: another kind of numbering feature is added to the voucher, it guarantees that the voucher is numbered consecutively.

 Standard drivers are designed and capable for printing: graphics, True Type fonts as illustrations and printer-resident fonts. Text drivers print just printer-resident styles.

A record that goes with a products shipment and records details about the good delivered. A delivery note clarifies what the content of a package is. If few products that were requested are not encased (because of the absence of stock, inaccessibility, and due to any other reason.), they will also be noted down on the delivery note.

 Tally ERP 9 is a product that holds its unique simplicity yet offers complete business functionalities, for example, Finance, Inventory, Accounting, Sales, Purchase, Manufacturing, Point of Sales, Costing, Payroll and Branch Management alongside abilities like Statutory Processes.

Collection of all accounts are known as ledger it is adapted after completing the journal section. A ledger is an accounting book that encourages the transfer of all journal entries in an ordered grouping to individual records.

 Sales Tax is one of the liabilities for the business. Consequently, it will be appeared on the liability side of the balance sheet yet before inserting sales tax in liability we need to have a look where sales tax appears in the trial balancing sheet.

 Anything which we force and have control right and in future that will return us some financial advantage is known as Assets.

 To get back, the last line, which is deleted or removed is to use the Ctrl+U on the keyboard. This will get back our last deleted lines.

 To filter the data based on the financial value in Tally ERP 9, you can utilize the shortcut by pressing Alt+F12 on the keyboard.

 It is a statement, which is prepared when the passbook balance has a difference from the cash book balance.

Depreciation is that the value of an asset which decreases when it is being used.

Following are the types of depreciation:

• Straight Line Method
• Recorded Value Method

It is for the most linked with a recording of financial information identifying with the business tasks hugely and deliberately.

 It is just like the same as other accounting entry where there is more than one debt, more than one credit, or more than one of the two debits and credits. It is a combination of several basic journal entries.

Miscellaneous Assets are those assets, which are not covered under the analysis of fixed resources according to accounting standard misc assets which do not appear in the profit and loss account such as preliminary expenses, development expenses, and expenses used on raising of share and debentures.

A balance sheet gives a depiction of a business’ health at a point in time. It is a synopsis of what the business owns (resources) and owes (liabilities). Balance sheets are normally arranged at the end of an accounting period, for example, month-end, quarter-end, or year-end.

 It is a financial metric that figures the assets accessible to the organization to fund its everyday activities. It is ordinarily calculated by deducting current liabilities from current assets.