Tally prime is the latest release of Tally Solution. Tally software starts its journey in 1990. Tally's first version has come in the form of Tally 4.5. It was based on MS-Dos. After this, Tally 5.4 came in 1996 and then Tally 6.3 came in 2001 and then Tally 7.2 came in 2005 which had the latest statutory features. After this, Tally 8.1 came and then came Tally 9 in 2006 which has the TDS, FBT, payroll and E-TDS filling features. After this Tally Solution company has released Tally.ERP 9 in 2009 and tally solution company has updated it with GST. In Nov. 2020, Tallyprime has issued by Tally Solution company So, let's start to learn Tally Prime or Tallyprime from scratch. Fresher Level Tally Prime has been used for three main purpose 1. For account purpose We can keep all types of accounts in Tally prime. 2. Inventory purpose We manage inventory in tally prime 3. For Taxation Purpose We can record GST in Tally Prime In Tally prime, we can keep account only, account with inventory and account with inventory + Taxation (GST ) during company creation. We have 4th option is an account with taxation (GST) If there is no inventory like the service sector. If we have not registered GST, we can record only account only or account only with an inventory. Now, the question arises how to learn this big software First, learn Fresh Level Second, learn Normal Level Third, learn as Advanced Level 1st Step Create the Company General + inventory + statutory 2n Step In the second step, we will learn to create masters and Ledger Creation Account + inventory + GST 3rd Step In this step, we will learn to pass the voucher entries 4th Step In 4th step, we will learn to reconcile, GST Return and TDS First 3 steps must be learned step by step because if you will unable to create the company, you will unable to create the masters and if you are unable to create the masters, you will unable to pass the voucher entries. Tally Prime is Accounting Software, but you must learn what is Accounting? Learn Accounting As per Accounting Education Accounting is the science of recording and classifying the business transactions and events, primarily of a financial character, and the art of making significant summaries, analyses and interpretations of those transactions and events and communicating the results to persons who must make decisions or form judgment. Learn Transactions After understanding accounting, you should know about transactions. Transaction will be on the basis of the type of business. We can divide transactions into two parts. One is regular transactions like purchase and sales, providing regular services, business expenses, purchase or sale of capital goods, receipts and payments. In special transactions, we do the transaction in a specific time not a regular time. Like reconciliation of accounts, the opening of the financial year, the closing of the financial year, final account ( balance sheet), payment of taxes, preparation of the return, taking of loan or investing new capital. On the basis of the invoice, we have the following transaction which we record in Tally Prime 1. We have bout 5 Laptops @ 30000 per laptop 2. We have bought apple mobile 2 @ 100000 per mobile total bill is 250000 CGST is 9% 22500 SGST is 9% 22500 3. We have bought LED TV 6 units @ Rs. 10000 per from great noida - up trader LED 2 CM 2 unit @ 15000 =================== 90000 CGST 9% - SGST 9% - Integrated GST 18% 19200 4. We have bought AC 2 units @ 30000 = 60000 AC Advance 2 unit @ 50000 = 100000 from Chandigarh trader Total 160000 IGST 28% = 44800 Total 204800 We have also sales invoices which help to record the transaction 5. We have sold to Delhi trader 2 Laptop @ 40000 per laptop total = 80000 CGST 9% 7200 SGST 9 % 7200 6. TV sale to Delhi trader 5 TV @ 20000 = 100000 IGST 18% = 18000 = 180000 7. Apple mobile sold 1@ 120000 = 120000 CGST 9% 10800 SGST 9% 10800 Total after GST 141600 8. AC Sold 1 @ 100000 to delhi trader CGST 14% 14000 SGST 14% 14000 128000 9. Business transactions Rent of office 100000 CGST 9% 9000 SGST 9% 9000 Total 118000 Furniture bought 50000 cgst 9% 4500 SGST 9% 4500 Total 59000 10. We deposited a cheque which was received from ABC of Rs. 100000 deposited cash 200000 11. We have issued the cheque to Our supplier Rs. 50000 12. Pay rent Now for transaction, passing, we will create a new company 1st Step Create A new company First of all create new company 1. after creating, set its feature inventory and GST yes. 2. After this, we have to fill up the GST Detail include 15 digit GST no. 3. after this, it will ask GST rate detail. You have to keep it no because it will company level setting which is not good because you may have a different GST rate. So, better is to set it at master level and account level. 4. Next, it will ask to enable tax liability on advance receipt it will happen if the previous year turnover was more than 1.5 crore So, we will keep it as no. 6. Then it will ask enable GST classification, you have to keep it yes because we have to add rate at group and account level 7. Then it will ask e way bill is applicable, keep it yes In end accept this detail and also accepted these features. 2nd Set Of Masters it is equal to account info create in Tally.ERP 9 but it include also inventory creation In master creation, we can create the groups, ledger, voucher type , stock group, stock category, stock items, units and location, gst classification and GST details pan details