Accounting (14) 

Welcome Note Tally Interview Questions and Answers

1. What is Tally software and how does it work?
Tally software is a widely used accounting software that helps businesses manage their financial transactions, invoicing, inventory, and reporting. It works by providing a user-friendly interface to input and process data, generating accurate reports and statements.

2. What are the different versions of Tally software available?
Tally software is available in various versions, including Tally ERP 9, Tally Prime, and Tally.ERP 9 Gold, catering to different business needs and sizes.

3. How can Tally be used for inventory management?
Tally offers robust inventory management features where you can monitor stock levels, track purchases and sales, manage tax implications, and generate stock reports for efficient inventory control.

4. How can Tally help with GST compliance?
Tally software comes with GST functionalities, enabling businesses to easily comply with Goods and Services Tax regulations. It assists in generating GST invoices, filing GST returns, and managing input and output tax credits.

5. Can Tally integrate with other business applications?
Yes, Tally supports integration with various business applications such as CRM, HR management, payroll systems, and banking software to streamline data flow and ensure accurate financial management.

6. What is the process of creating financial statements in Tally?
Tally allows users to automatically generate financial statements like profit and loss account, balance sheet, cash flow statement, and more. Users need to input and classify financial transactions correctly, and the software will generate accurate statements based on the data.

7. How does Tally ensure data security?
Tally incorporates robust data security measures like user access controls, encrypted data storage, and regular backups to safeguard sensitive financial data from unauthorized access or potential data loss.

8. Can Tally handle multi-currency transactions?
Yes, Tally software supports multi-currency transactions, enabling businesses to record and manage transactions in different currencies and generate accurate reports in the desired currency.

9. How does Tally assist in financial analysis and decision-making?
Tally provides comprehensive financial and accounting reports, graphs, and analytics that help businesses analyze their financial performance, identify trends, and make informed decisions for growth and profitability.

10. What support options are available for Tally users?
Tally offers various support options, including online documentation, knowledgebase, training courses, user forums, and customer support helplines to assist users in resolving any queries or issues they may encounter while using the software.

Top 20 Basic Tally interview questions and answers

1. What is Tally ERP 9?
Tally ERP 9 is a popular accounting software used by businesses for maintaining their financial records, managing inventory, and performing various other accounting tasks.

2. What are the features of Tally ERP 9?
Some of the features of Tally ERP 9 include financial accounting, inventory management, invoicing, payroll management, tax management, and reporting.

3. How to create a new company in Tally?
To create a new company in Tally, go to Gateway of Tally -> Click on “Create Company” -> Fill in the required details such as company name, address, and financial year.

4. What is a voucher in Tally?
A voucher is a document used to record a transaction in Tally. It includes details such as the date of the transaction, the party’s name, the items or services involved, and the amount.

5. What is the difference between a voucher and an invoice?
A voucher is a document used to record any type of financial transaction, whereas an invoice specifically refers to a document sent by a seller to a buyer requesting payment for goods or services.

6. What is the purpose of creating multiple ledgers in Tally?
Creating multiple ledgers in Tally allows businesses to keep track of different types of financial transactions separately. For example, separate ledgers can be created for sales, purchases, expenses, and bank accounts.

7. How can you view the cash/bank balance in Tally?
To view the cash/bank balance in Tally, go to Gateway of Tally -> Display -> Account Books -> Cash/Bank Books.

8. How to enter opening balances in Tally for new companies?
To enter opening balances in Tally for new companies, go to Gateway of Tally -> Accounts Info -> Ledgers -> Alter -> Select the ledger -> Enter the opening balance.

9. What is the purpose of using cost centers in Tally?
Cost centers in Tally are used to track and allocate expenses or incomes to different departments or divisions within a company. It helps in analyzing the profitability of various cost centers.

10. How to delete a company in Tally?
To delete a company in Tally, go to Gateway of Tally -> Press Alt + F3 -> Select the company you want to delete -> Press Alt + D -> Confirm the deletion.

11. Explain the different types of inventory vouchers in Tally.
The different types of inventory vouchers in Tally include purchase voucher, sales voucher, receipt voucher, delivery note, stock journal, and physical stock voucher.

12. What is financial year in Tally?
Financial year in Tally refers to the period for which a company prepares its financial statements. It is typically a 12-month period starting from April 1st and ending on March 31st.

13. How to pass a journal entry in Tally?
To pass a journal entry in Tally, go to Gateway of Tally -> Accounting Vouchers -> Press F7 for Journal -> Enter the required details such as the date, ledger account, and amount -> Save the voucher.

14. What is the purpose of using bill-wise details in Tally?
Bill-wise details in Tally are used to track and manage outstanding invoices for customers and suppliers. It helps in efficient receivables and payables management.

15. How to activate or enable GST in Tally ERP 9?
To activate GST in Tally ERP 9, go to Gateway of Tally -> Press F11 -> F3: Statutory & Taxation -> Select ‘Yes’ for ‘Enable Goods and Services Tax (GST)’ -> Save the settings.

16. What is a manufacturing journal in Tally?
A manufacturing journal in Tally is used to record the production or manufacturing process of goods. It includes details such as raw material consumption, labor costs, and finished goods produced.

17. What is the purpose of using cost categories in Tally?
Cost categories in Tally are used to classify different expenses under specific categories such as administration, sales, marketing, etc. It helps in analyzing cost trends and controlling expenses.

18. How to view profit and loss statement in Tally?
To view the profit and loss statement in Tally, go to Gateway of Tally -> Display -> Account Books -> Profit & Loss.

19. What is the difference between Tally 9 and Tally ERP 9?
Tally 9 is an older version of Tally accounting software, whereas Tally ERP 9 is the latest version with advanced features, enhanced security, and improved user interface.

20. How to password protect a company in Tally?
To password protect a company in Tally, go to Gateway of Tally -> Press Alt + F3 -> Select the company -> Press Alt + P -> Enter the desired password -> Confirm the password.

Top 20 Advanced Tally interview questions and answers

1. What is Tally ERP 9?
Tally ERP 9 is an accounting software used for financial management, inventory management, and other business functions.

2. What is the difference between Tally and other accounting software?
Tally is known for its simplicity, user-friendliness, and ability to handle large volumes of data. It also provides features like remote access, multi-currency support, and auditing capabilities that are not commonly found in other accounting software.

3. How can you create a new company in Tally?
To create a new company in Tally, go to Gateway of Tally > Alt+F3 > Create Company and follow the on-screen instructions.

4. What is the use of cost centers and cost categories in Tally?
Cost centers and cost categories in Tally allow businesses to track expenses and income by the department, project, or any other category. It helps in analyzing and allocating costs effectively.

5. How can you export data from Tally to Excel?
To export data from Tally to Excel, go to the required report, press ‘Alt+E’ on the keyboard, and select ‘Excel’ as the export format.

6. What is voucher class in Tally?
Voucher class in Tally is a predefined template that determines the default entries for a specific type of transaction. It saves time by reducing the need to enter the same details repeatedly.

7. How can you enable Cheque printing in Tally?
To enable Cheque printing in Tally, go to Gateway of Tally > Accounting Vouchers > F5: Payment. Then, press ‘Ctrl+P’ to print the Cheque and configure the required settings.

8. What is the purpose of using cost centers in Tally?
Cost centers in Tally help businesses track and allocate expenses and income to specific departments, projects, or branches. It allows for better cost analysis and budgeting.

9. How can you create multiple invoices in Tally?
To create multiple invoices in Tally, go to Gateway of Tally > Accounting Vouchers > F8: Sales. Then, change the mode to ‘Multiple’ using the ‘Ctrl+M’ shortcut and enter the required details for each invoice.

10. What is the use of memorized vouchers in Tally?
Memorized vouchers in Tally allow users to save frequently used accounting entries as templates. It helps in automating repetitive tasks and ensures accuracy.

11. How can you track the outstanding payments in Tally?
To track outstanding payments in Tally, go to Gateway of Tally > Display > Account Books > Ledger. Select the required ledger and press ‘Alt+F6’ to view the ‘Outstandings’.

12. What is the purpose of using cost categories in Tally?
Cost categories in Tally help classify expenses and income into different categories based on specific criteria. It enables businesses to analyze costs by category and make informed decisions.

13. How can you import data into Tally from Excel?
To import data into Tally from Excel, go to Gateway of Tally > Import Data > Excel. Select the required Excel file, map the columns with Tally fields, and import the data.

14. What is the use of budgeting in Tally?
Budgeting in Tally allows businesses to plan and control their expenses and income based on predefined budgets. It helps in monitoring actual performance against planned targets.

15. How can you print invoices with company logo in Tally?
To print invoices with a company logo in Tally, go to Gateway of Tally > Accounts Info > Voucher Types > Alter. Select the required voucher type, enable the ‘Print Company Logo’ option, and upload the logo image.

16. What is the purpose of using job costing in Tally?
Job costing in Tally helps businesses track the costs and revenues associated with specific jobs or projects. It facilitates accurate project cost estimation and analysis.

17. How can you set reminders for pending payments in Tally?
To set reminders for pending payments in Tally, go to Gateway of Tally > Accounting Vouchers > F6: Receipt. Then, enable the ‘Use’ option for ‘Set Reminders’ and configure the desired reminder settings.

18. What is the use of bill of materials (BOM) in Tally?
Bill of materials (BOM) in Tally is a list of raw materials, components, and quantities required to manufacture a finished product. It assists in managing inventory, production planning, and calculating the cost of goods sold.

19. How can you view the profit and loss statement in Tally?
To view the profit and loss statement in Tally, go to Gateway of Tally > Display > Financial Statements > Profit & Loss. Select the required period and generate the report.

20. What is the purpose of using cost allocation in Tally?
Cost allocation in Tally helps distribute common expenses among cost centers or cost categories based on predefined allocation ratios. It ensures accurate cost calculation and analysis.

Accounting (14) 

Interview Questions and answers

Filter:AllUnanswered
Explain the difference between Tally ERP 9 and TallyPrime.
suresh answered 6 months ago • 
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How can you create a new company in Tally ERP 9?
suresh answered 6 months ago • 
52 views1 answers0 votes
What is the difference between a voucher and an invoice in Tally?
suresh answered 6 months ago • 
44 views1 answers0 votes
Can you explain the difference between Tally ERP 9 and Tally Prime?
suresh answered 6 months ago • 
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What is the significance of the Tally vault feature in Tally ERP 9?
suresh answered 6 months ago • 
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What is the purpose of a balance sheet in Tally?
suresh answered 6 months ago • 
44 views1 answers0 votes
What is the difference between Tally ERP 9 and TallyPrime?
suresh answered 6 months ago • 
53 views1 answers0 votes
What is the difference between a voucher and a transaction in Tally?
suresh answered 6 months ago • 
54 views1 answers0 votes
Can you explain the concept of reversing journal entries in Tally?
suresh answered 6 months ago • 
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What are the different types of vouchers in Tally?
suresh answered 6 months ago • 
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