For example, Bad Debts account under Current Assets.Īccounting & Financial Reports is a major need to run your business successfully. In addition, you can create groups under the major categories, assets, liabilities, incomes and expenditures, or any of the default primary or secondary groups. These groups are provided to ensure the generation of meaningful reports as per accounting standards. TallyPrime provides 28 predefined accounting groups, out of which 15 are primary groups and 13 are secondary groups, under the categories, assets, liabilities, incomes and expenditures. You also get a facility to pre-configure ledger selections using Voucher Class so that your voucher entry becomes faster and less error-prone.Ĭhart of Accounts in TallyPrime comprises of the accounting ledgers, and a means to group them for the purpose of accounting and financial reporting. Steps to create all vouchers are similar, and only a few specifics vary from a voucher type to another. You can also record a voucher with future date for a transaction that is planned to happen in the future,by marking the voucher as Post-Dated. Additionally, you can mark a voucher as optional when you are not certain about the finalisation of a transaction. You can use contra vouchers for money transfers between different accounts in the business, memorandum vouchers for expenses with currently unknown purposes, reversing journals for checking the impact of transactions before they are effected, and so on. For ease of recording, TallyPrime provides different voucher types like sales, purchase, receipt, payment, and so on. You can use Journal Vouchers to record any type of transaction. You also get a Statistics report that displays the summary of the types of accounts and vouchers in your accounts.Īccounting Entry refers to the records you maintain to manage your business on a daily basis. Other features covered under the section include the accounting and financial reports in TallyPrime, Banking Utilities, options to control your finances, facility to manage use of different currencies in your business, calculation of interest for the receivables, and options to check the accuracy of accounting entries. The generic category Accounting in TallyPrime includes the chart of accounts, journal entries, contra vouchers, and other vouchers used for checking the impact of notional transactions without immediately affecting your accounts. TallyPrime classifies transactions as accounting or inventory based on the nature of the accounting entries and the accounts they affect. You also get the required options to handle your banking transactions and reconciliation, business projections, multiple currency handling, interest on outstandings, and accounts verification. Accounting in TallyPrime or TallyPrime accounting enables managing your accounting entities, inventory movements, financial & banking transactions, and provides real-time reports on all these.