Training By Himanshu

Tag: tally training

  • Step-by-Step Guide to Multi-Currency in TallyPrime (Export, Import & Forex Gain/Loss)

    🌍 Multi-Currency Transactions in TallyPrime

    🔹 Step 1: Enable Multi-Currency Feature

    1. Open TallyPrime → Press F11 (Features) → Accounting Features.
    2. Under General, set “Enable Multiple Currencies” → Yes.
    3. Save settings.

    🔹 Step 2: Create Currencies

    1. Go to Create → Accounts Info → Currencies → Create.
    2. Example:
      • Currency Name: US Dollar
      • Formal Name: USD
      • Symbol: $
      • Is symbol suffixed to amount: Yes
      • Number of decimal places: 2
      • Show amounts in millions: No
      • Specify Rate of Exchange: 1 USD = ₹84 (as on today’s rate)

    Repeat for other currencies (Euro, Pound, etc.).

    🔹 Step 3: Create Ledger Accounts

    • Bank Ledger (USD A/c) → Bank A/c under Bank Accounts, select currency as USD.
    • Customer Ledger (ABC Inc., USA) → Sundry Debtor, set Currency: USD.
    • Sales Ledger → Invoicing → Use default Base Currency (INR).

    🔹 Step 4: Record Multi-Currency Sales Voucher (Example 1: Export Sales)

    Scenario:

    👉 You sold goods worth $1,000 to ABC Inc. (USA).
    👉 Exchange Rate: 1 USD = ₹84

    Steps:

    1. Go to Sales Voucher (F8).
    2. Select Customer: ABC Inc. (Currency USD).
    3. Enter item details, amount will show in USD.
      • Example: 1,000 USD.
    4. Tally automatically converts → ₹84,000 (in INR books).

    📌 Entry shown in Tally

    • Dr. ABC Inc. (USD) → $1,000 (₹84,000)
    • Cr. Sales A/c → ₹84,000

    🔹 Step 5: Record Receipt Voucher (Example 2: Payment Received in USD)

    Scenario:

    👉 Customer pays $1,000 later, but now exchange rate = ₹85.

    1. Go to Receipt Voucher (F6).
    2. Dr. Bank A/c (USD) $1,000 (₹85,000).
    3. Cr. ABC Inc. (USD) $1,000 (₹84,000).

    📌 Tally automatically shows Forex Gain: ₹1,000 (difference due to exchange rate).

    🔹 Step 6: Import Purchase Example (Vendor in USD)

    Scenario:

    👉 You import raw materials worth $500, exchange rate ₹83.
    👉 Bank pays later at ₹84.

    1. Purchase Voucher (F9) → Select Supplier (USD Ledger).
    2. Purchase recorded as $500 = ₹41,500.
    3. At payment time (Payment Voucher F5):
      • Dr. Supplier $500 = ₹42,000
      • Cr. Bank A/c = ₹42,000
      • Forex Loss = ₹500

    🔹 Step 7: Reports & Analysis

    • Check Ledger → Customer/Supplier → Display → Tally shows both foreign currency & INR equivalent.
    • Balance Sheet / P&L → Consolidated in base currency (INR).
    • Forex gains/losses shown separately.

    ✅ Practical Example Summary

    TransactionCurrencyRateLedger Impact (INR)Forex Effect
    Sales to US Client$1,00084₹84,000–
    Receipt from Client$1,00085₹85,000Gain ₹1,000
    Import Purchase$50083₹41,500–
    Payment to Supplier$50084₹42,000Loss ₹500

    👉 This way, TallyPrime auto-tracks exchange rate fluctuations and shows real forex gain/loss in your accounts.

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  • 100 Essential Ledger Accounts for a Logistics Company with Tally Prime Groups & Setup Guide

    ✅ What Are Ledgers?

    Ledgers in accounting are books or digital records where all financial transactions related to a particular account (e.g., fuel expense, customer, vendor) are recorded.

    🧾 100 Ledger Names for a Logistics Company (Categorized)

    🔹 Assets (Group: Assets)

    Ledger NameGroup
    1. Cash in Hand | Cash-in-Hand
    2. Cash at Bank – ICICI | Bank Accounts
    3. Cash at Bank – HDFC | Bank Accounts
    4. Accounts Receivable – ABC Pvt Ltd | Sundry Debtors
    5. Accounts Receivable – XYZ Logistics | Sundry Debtors
    6. Fixed Assets – Office Equipment | Fixed Assets
    7. Fixed Assets – Vehicles | Fixed Assets
    8. Fixed Assets – Computers | Fixed Assets
    9. Fuel Inventory | Stock-in-Hand
    10. Tyres Inventory | Stock-in-Hand
    11. Prepaid Insurance | Current Assets
    12. Prepaid Maintenance | Current Assets
    13. Input GST | Duties & Taxes
    14. TDS Receivable | Current Assets
    15. Advances to Staff | Loans & Advances (Asset)

    🔹 Liabilities (Group: Liabilities)

    Ledger NameGroup
    1. Accounts Payable – DEF Transporters | Sundry Creditors
    2. Accounts Payable – LMN Fuel Suppliers | Sundry Creditors
    3. TDS Payable | Duties & Taxes
    4. GST Payable | Duties & Taxes
    5. Loan – HDFC | Secured Loans
    6. Loan – ICICI | Secured Loans
    7. Provident Fund Payable | Current Liabilities
    8. ESI Payable | Current Liabilities
    9. Salary Payable | Current Liabilities
    10. Bonus Payable | Current Liabilities

    🔹 Income (Group: Indirect Incomes)

    Ledger NameGroup
    1. Freight Income – Domestic | Sales Accounts
    2. Freight Income – International | Sales Accounts
    3. Loading Charges Income | Indirect Incomes
    4. Warehousing Income | Indirect Incomes
    5. Handling Charges Income | Indirect Incomes
    6. Demurrage Income | Indirect Incomes
    7. Detention Charges Received | Indirect Incomes
    8. Packaging Income | Indirect Incomes
    9. Customs Clearance Income | Indirect Incomes
    10. Other Miscellaneous Income | Indirect Incomes

    🔹 Expenses (Group: Indirect Expenses)

    Ledger NameGroup
    1. Fuel Expense | Indirect Expenses
    2. Vehicle Maintenance | Indirect Expenses
    3. Toll Charges | Indirect Expenses
    4. Insurance – Vehicle | Indirect Expenses
    5. Insurance – Office | Indirect Expenses
    6. Driver Salary | Indirect Expenses
    7. Cleaner Salary | Indirect Expenses
    8. Staff Salary | Indirect Expenses
    9. Bonus Expense | Indirect Expenses
    10. Conveyance | Indirect Expenses
    11. Office Rent | Indirect Expenses
    12. Godown Rent | Indirect Expenses
    13. Electricity Charges | Indirect Expenses
    14. Water Charges | Indirect Expenses
    15. Telephone Expenses | Indirect Expenses
    16. Mobile Expenses | Indirect Expenses
    17. Internet Expenses | Indirect Expenses
    18. Postage & Courier | Indirect Expenses
    19. Printing & Stationery | Indirect Expenses
    20. Legal & Professional Fees | Indirect Expenses
    21. Audit Fees | Indirect Expenses
    22. Bank Charges | Indirect Expenses
    23. Loading & Unloading Expense | Indirect Expenses
    24. Packaging Expense | Indirect Expenses
    25. Demurrage Charges Paid | Indirect Expenses
    26. Detention Charges Paid | Indirect Expenses
    27. Security Charges | Indirect Expenses
    28. Repairs – Building | Indirect Expenses
    29. Repairs – Equipment | Indirect Expenses
    30. Repairs – Vehicles | Indirect Expenses
    31. Training Expenses | Indirect Expenses
    32. Marketing & Advertisement | Indirect Expenses
    33. Business Promotion | Indirect Expenses
    34. Licenses & Permits | Indirect Expenses
    35. IT Support Charges | Indirect Expenses
    36. Software Subscription | Indirect Expenses
    37. ERP Charges | Indirect Expenses
    38. Interest on Loan – HDFC | Indirect Expenses
    39. Interest on Loan – ICICI | Indirect Expenses
    40. Penalty Charges | Indirect Expenses
    41. Miscellaneous Expenses | Indirect Expenses

    🔹 Customers (Group: Sundry Debtors)

    Ledger NameGroup
    1. ABC Pvt Ltd | Sundry Debtors
    2. XYZ Logistics | Sundry Debtors
    3. JKL Exporters | Sundry Debtors
    4. MNO Traders | Sundry Debtors
    5. PQR Enterprises | Sundry Debtors
    6. STU Distributors | Sundry Debtors
    7. VWX Manufacturers | Sundry Debtors
    8. BCD Retailers | Sundry Debtors
    9. HIJ Warehousing | Sundry Debtors
    10. LMN Shipping | Sundry Debtors

    🔹 Vendors (Group: Sundry Creditors)

    Ledger NameGroup
    1. Diesel Supplier – Reliance | Sundry Creditors
    2. Diesel Supplier – HP | Sundry Creditors
    3. Spare Parts Supplier – ABC Auto | Sundry Creditors
    4. Tyre Supplier – MRF | Sundry Creditors
    5. Insurance – ICICI Lombard | Sundry Creditors
    6. Mechanic – Local Garage | Sundry Creditors
    7. Transport Union Fees | Sundry Creditors
    8. Toll Vendor – FASTag | Sundry Creditors
    9. Loading Labor Contractor | Sundry Creditors
    10. Internet Provider – Airtel | Sundry Creditors
    11. Security Contractor | Sundry Creditors
    12. Advertising Agency | Sundry Creditors
    13. Accounting Consultant | Sundry Creditors
    14. Legal Advisor | Sundry Creditors

    📌 How to Create a Ledger in Tally Prime

    Steps:

    1. Gateway of Tally → Create → Ledger
    2. Enter:
      • Name of the ledger (e.g., “Fuel Expense”)
      • Group (e.g., “Indirect Expenses”)
      • Enable GST/TDS/Bank details if required
    3. If there’s any opening balance, enter it (positive for assets, negative for liabilities)
    4. Press Ctrl + A to save

    💼 When to Enter Opening Balances?

    • For Sundry Debtors/Creditors → Opening balance is the amount pending to be received/paid at the start of books.
    • For Cash/Bank → Enter the actual balance on the start date.
    • For Loans or Liabilities → Enter the outstanding amount as a negative balance.
    • For Assets like vehicles → Enter the book value at the time of starting Tally.

    ✅ Maintaining ledgers with proper groups ensures accurate reporting, correct GST calculations, and easy audit trail.

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