Tally with GST
For Tally with GST
Learn the golden rules of accounting, then keep books in TallyPrime: create a company, ledgers and stock items, enter vouchers with their function keys, record GST invoices and read the main reports.
1Accounting Basics and the Golden Rules5 key points · 3 min read
- Every transaction is recorded with an equal debit and credit: the double-entry system.
- Personal accounts: debit the receiver, credit the giver.
- Real accounts: debit what comes in, credit what goes out.
- Nominal accounts: debit expenses and losses, credit incomes and gains.
- A trial balance checks that total debits equal total credits.
2Getting Started with TallyPrime and Creating a Company5 key points · 3 min read
- TallyPrime opens on the Gateway of Tally, its main menu.
- Ctrl+A saves a screen and Esc goes back one screen.
- Create a company from the Company menu (Alt+K) and choose Create.
- The Indian financial year runs from 1 April to 31 March.
- F11 opens Company Features, where inventory and GST are switched on.
3Ledgers and Groups in TallyPrime5 key points · 3 min read
- Every ledger belongs to a group, and the group decides where it appears in reports.
- TallyPrime has 28 predefined groups: 15 primary groups and 13 sub-groups.
- Cash and Profit & Loss A/c are the two predefined ledgers.
- Customers go under Sundry Debtors, suppliers under Sundry Creditors and tax ledgers under Duties & Taxes.
- Alt+C creates a missing ledger from inside a voucher.
4Vouchers and Their Function Keys5 key points · 3 min read
- F4 Contra, F5 Payment, F6 Receipt, F7 Journal, F8 Sales, F9 Purchase.
- Contra is only for transfers between your own cash and bank ledgers.
- Journal vouchers record adjustments that involve no cash or bank, such as depreciation.
- F2 changes the voucher date and Ctrl+H switches between Item and Accounting Invoice modes.
- Alt+X cancels a voucher and Alt+D deletes it.
5Inventory Masters: Stock Groups, Units and Items5 key points · 4 min read
- Switch on inventory in F11 with Maintain Inventory.
- Create units and stock groups before stock items.
- A compound unit, such as a Box of 12 Nos, joins two simple units.
- Item Invoice purchases increase stock and sales reduce it.
- Stock Summary shows the closing quantity and value of every item.
6GST Concepts: GSTIN, CGST, SGST, IGST and ITC5 key points · 4 min read
- Intra-state supplies carry CGST plus SGST; inter-state supplies carry IGST.
- A GSTIN has 15 characters: state code, PAN, entity number, Z and a check character.
- Input tax credit lets a business reduce its output tax by eligible tax paid on purchases.
- HSN codes classify goods and SAC codes classify services.
- Always check current GST rates and deadlines from official sources.
7GST in TallyPrime and the Main Reports5 key points · 4 min read
- Enable GST in F11 and enter the company GST details.
- Create CGST, SGST and IGST ledgers under Duties & Taxes with the matching tax type.
- TallyPrime picks CGST and SGST or IGST by comparing the company state with the place of supply.
- Day Book, Trial Balance, Profit & Loss A/c and Balance Sheet are the core reports.
- Press Enter to drill down in any report and Esc to come back.








