Tally Prime Exam Review Flashcards

Vocabulary flashcards generated from the Tally Prime Question Bank covering Tally history, menu options, vouchers, inventory management, cost centres, GST, TDS, banking, and security features.

Tally 3.0

The first version of Tally used for basic accounting needs of small businesses, supporting only Microsoft DOS.

Tally 5.0

The first Tally version designed to work on the Windows operating system.

Tally 5.4

An enhanced 1996 module over version 5.0 that included data importing facilities to convert earlier data formats into the current data format.

Tally 6.3

A true Windows-based Tally version released in 2001 supporting printing and VAT.

Tally 7.2

A fast version of Tally offering statutory compliant features and different VAT values.

Tally 8.1

A Tally version that added the POS module and payroll feature.

Tally 9

A 2006 Tally version that included features for excise, payroll, e-TDS filing facility, FBT, TDS, and regular accounting and inventory management.

Tally Prime Launch Date

9th November, 2020

Go To

A search bar feature in Tally Prime ($Alt + G$) located in the Top bar that enables navigation anywhere in the application without searching drop-down menus.

Switch To

An option in Tally Prime ($Ctrl + G$) used to open or navigate to any report by closing the current work.

Top Menu

A consistent menu in Tally Prime used to navigate or configure company and external operations from anywhere without distraction.

Chart of Accounts

A list depicting the accounts used by a business to record transactions in its books of accounts.

Stock Groups

A feature helpful in the classification of Stock Items in Tally Prime.

Stock Category

A parallel classification system for stock items based on similarity in behavior, defined during creation or alteration of stock items.

Voucher

A document containing details of a financial transaction required for recording entries into the books of accounts.

Contra Voucher

A voucher type ($F4$) used for internal movements of funds with no business effect, such as depositing or withdrawing bank cash.

Payment Voucher

A voucher type ($F5$) used to record all bank and cash payments and print cheques against orders.

Receipt Voucher

A voucher type ($F6$) used to enter all incoming cash where pending payment invoices pop up as reminders.

Journal Voucher

A voucher type ($F7$) used to record prime entries from source documents into the books of accounts.

Bill-wise Details

A feature in Tally Prime enabling tracking of transactions, outstanding bills, and efficient management of payables and receivables.

Item Invoice

An invoice mode where inventory is selected first and then allocated to the relevant Ledger account.

Account Invoice

An invoice mode useful for entering service bills that do not include inventory.

Debit Note

A document ($Alt + F5$) issued to a party stating that their account is being debited in the books of accounts.

Credit Note

A document ($Alt + F6$) listing products, quantities, and agreed prices for products or services returned or not received.

Purchase Order

A commercial document and official offer issued by a buyer to a seller indicating types, quantities, and agreed prices for products/services.

Sales Order

An order issued by a business or sole trader specifying details, quantities, prices, and delivery dates for products ordered by a customer.

Receipt Note

Also known as Goods Receipt Note (GRN), a voucher used to record receipt of goods/items at stores, affecting only inventory.

Delivery Note

Also called a Dispatch Note, a document accompanying a shipment that details products and quantities included in delivery.

Rejections Out Voucher

A voucher ($Ctrl + F5$) recording goods rejected and returned to a supplier before receiving the actual invoice.

Rejections In Voucher

A voucher ($Ctrl + F6$) recording goods rejected and returned by the customer.

Trade Discount

Also known as Quantity discount, a concession given by the seller to reduce the amount owed by the buyer.

Cash Discount

An incentive offered by a seller to a buyer for paying a bill before the scheduled due date.

Stock Journal

A voucher used for material transfer and under which Manufacturing Journal vouchers can be created.

Location Summary

A statement showing stock-in-hand at each location on a particular date.

Bill of Materials (BOM)

An extensive list of raw materials, components, and instructions required to manufacture or repair a product or service.

Physical Stock Voucher

A voucher ($Ctrl + F8$) used for recording actual verified or counted inventory.

Zero Valued Transactions

Transactions where voucher entries are made without specifying monetary values.

Price List

A list of items maintained by an organization along with their price details.

Credit Limit

The monetary limit up to which a buyer can make purchases from a seller on credit.

Reversing Journals

Special non-accounting journals that automatically reverse after a specified date.

Optional Voucher

An unconventional voucher ($Ctrl + L$) that does not post to accounts when marked as optional.

Memorandum Voucher

A non-accounting voucher whose entries do not affect financial accounts.

Cost Centre

Any unit of an organization to which transactions, generally revenue, can be allocated.

Cost Categories

A tool facilitating third-dimensional reporting of expenditure and revenue across parallel sets of Cost Centres.

Cost Centre Classes

A feature used to facilitate predetermined automated allocation of Cost Centers to Ledger accounts during voucher entry.

Goods and Services Tax (GST)

A destination-based indirect tax implemented in India on 1 July 2017 based on the Canadian dual GST model.

CGST

Central Goods and Services Tax charged on intrastate supply of goods and services by the central government.

SGST

State Goods and Services Tax applied to intrastate supplies by the state government.

IGST

Integrated Goods and Services Tax levied on interstate supplies and imports of goods and services.

GSTIN

Goods and Services Tax Identification Number, a unique 15-digit number replacing the Tax Identification Number (TIN).

GST Council

The prime policy-making GST body headquartered in New Delhi and chaired by the Finance Minister.

Reverse Charge Mechanism

A GST scheme where the buyer or recipient of goods/services is liable to pay tax directly to the government.

Mixed Supply

A supply of two or more individual goods or services bundled together by a taxable person for a single price.

HSN Code

Harmonized System of Nomenclature code used to classify goods under the GST regime.

SAC Code

Services Accounting Code used to classify services under the GST regime.

GSTR-1

A monthly or quarterly return filed by taxpayers detailing outward supplies (sales) and tax liabilities.

GSTR-3B

A monthly self-declaration return form used to report summary GST liabilities.

Form GSTR 9

An annual return filed yearly by taxpayers registered under GST.

Tax Deducted at Source (TDS)

A type of advance tax deducted by a deductor before making payments to a deductee.

Bank Reconciliation

A process ($Alt + R$) explaining differences between bank statement balances and internal accounting records.

Tally Vault

An advanced security feature in Tally Prime designed to maintain data confidentiality via encryption.

TBK900 10000

The single file name used to store backup data for multiple companies in Tally Prime.