Day 1

What is Tally?

TallyPrime is accounting software used by businesses to:

• Record income and expenses
• Create invoices
• Manage bank accounts
• Track inventory (stock)
• Calculate GST
• Generate financial reports

Basic Accounting Terms

1. Assets

Things the business owns.
Examples:

• Cash
• Bank balance
• Computer
• Furniture

2. Liabilities

Money the business has to pay.
Examples:

• Bank loan
• Creditors
• Outstanding bills

3. Income

Money earned.
Example:

• Product sales
• Service charges

4. Expenses

Money spent.
Example:

• Rent
• Salary
• Electricity bill

Golden Rules of Accounting

There are 3 rules to remember:

Account Type	Rule
Personal	Debit the receiver, Credit the giver
Real	Debit what comes in, Credit what goes out
Nominal	Debit all expenses & losses, Credit all income & gains

Day 2

Gateway of Tally

The Gateway of Tally is the home screen of TallyPrime. From here, you can create companies, record transactions, and view reports.

Company Menu

1. Create Company

Purpose:
Create a new business/company in Tally.

When to use:

• First time using Tally
• Creating accounts for a new business

Example:

• Loki Eventz
• ABC Traders
• XYZ Mobiles

Shortcut:
Alt + K → Company → Create

2. Select Company

Purpose:
Open an existing company to work on its accounts.

When to use:
Whenever you want to continue working on a company you have already created.

Shortcut:
Alt + K → Company → Select Company

3. Alter Company

Purpose:
Modify an existing company’s details.

You can change:

• Company Name
• Address
• Phone Number
• Email
• Financial Year
• GST Details
• Other company information

Shortcut:
Alt + K → Company → Alter

4. Shut Company

Purpose:
Close the currently opened company without exiting TallyPrime.

When to use:

• Switch to another company
• Close the current company

Shortcut:
Alt + K → Company → Shut Company

5. Quit

Purpose:
Exit TallyPrime completely.

Shortcut:
Ctrl + Q (or choose Quit from the menu, depending on your version)

During Company Creation

Field	Meaning
Company Name	Business name
Mailing Name	Name printed on invoices (usually same as company name)
Address	Business address
State	Business state (Important for GST)
Country	Country of business
Pincode	Postal code
Phone Number	Business contact number
Email	Business email address
Financial Year Begins	Start of the financial year (India: 1 April)
Books Beginning From	Date from which accounting records start
Base Currency	Currency used for accounting (Indian Rupee by default)

Useful Keyboard Shortcuts

Shortcut	Function
Alt + K	Company menu
Ctrl + A	Accept / Save
Esc	Go back / Cancel
Ctrl + Q	Quit TallyPrime
F1	Select Company
F2	Change Date
Alt + F2	Change Period

Quick Revision

• Create Company → Create a new business.
• Select Company → Open an existing company.
• Alter Company → Edit company details.
• Shut Company → Close the current company.
• Quit → Exit TallyPrime.

Memory Trick

C → S → A → S → Q

• C = Create
• S = Select
• A = Alter
• S = Shut
• Q = Quit

Think of it as the normal workflow:

Create → Select → Alter (if needed) → Shut → Quit