Accounting concepts in Tally

TALLY VERSIONS
TALLY 4.5 ACCOUNTS ONLY
TALLY 5.4 ACCOUNTS WITH INVENTORY
TALLY 6.3 MAIL OPTION (E-MAIL)
TALLY 7.2 VAT (VALUE ADDED TAX)
TALLY 8.1 MULTI LINGUAL (MULTI LANGUAGE)
TALLY 9 PAYROLL (SALARY INFORMATION)

CONCEPT OF ACCOUNTING

1. REAL ACCOUNT EG: CASH BOOK
2. PERSONAL ACCOUNT EG: NAME OF PERSONS
NAME OF BANKS
NAME OF COMPANIES
3. NOMINAL ACCOUNT EG: ALL EXPENSES AND
INCOMES

GOLDEN RULES

1. REAL ACCOUNT
DEBIT : WHAT COMES IN.
CREDIT : WHAT GOES OUT.
EG: RECEIVED CASH TOWARDS CAPITAL.

2. IN PERSONAL ACCOUNT
DEBIT : THE RECIVER.
CREDIT : THE GIVER.
EG: PAID CASH TO BALAJI.

3. IN NOMINAL ACCOUNT
DEBIT : ALL EXPENSES AND LOSSESS.
CREDIT : ALL INCOMES AND GAINS.
EG: PAID SALARY BY CASH.