Tips for answering Tally interview questions.
Few instructions to assist you to prepare improved to facade tally interview questions.
1. Know the program inside-out: As an accounting professional anticipated to work with Tally, you ought to be more than recognizable with the software and its function. you pick up the software on your own or complete a Tally job in Lucknow online or a classroom course, you should make sure you revise the basic and advanced functions before you go for job searching in an open market in Lucknow.
2. Revise all the shortcuts: Part of your review should include set up on the keyboard shortcuts for various Tally functions. A recruiter may throw an unexpected question asking about a Tally shortcut at you at any point.
3. Show your valid experience: Besides meaningful how to execute Tally functions and use shortcuts, remember to add experience before appearing for interviews. If you have used Tally for calculating accounts for a tangible business or completed practicals as part of a Tally online class, you should have some work experience to show for job searching or speak about during the interview. As an experienced candidate of a tally accountant, you get good jobs in India also but as a fresher, you also get a good job for an accountant if you have professional skills for this job.
4. Find out about the business: Different organization need different function at what time it comes to finance and accounts jobs in Lucknow. Remember to look up the good company or good recruiter you are interviewing for and find out as much as you can about the nature of their business, their operation, and presentation in current years, etc.
This will aid you to understand the company and form better and more listening carefully answers during the interview. Be positive and professional It is always significant to get basics like being on time, dress formally, and being polite towards everybody right for an interview. Besides being polite, you should also exude self-assurance and intelligence. Handling accounts for an organization is a crucial job and the interviewers should not find you to be a maladroit or puzzled person.
Tally Interview Questions And Answers
Q1.Define Tally and What is ERP in Tally?
Answer: Tally is bookkeeping software used by professionals accountant for taxation, billing, inventory, and acquiescence. Tally was developed by Tally Solutions, an Indian corporation with its control centre in Bangalore.
ERP Tally: ERP stands for enterprise resource planning. Tally can also be distinguished as an enterprise resource planning software jobs in Lucknow. ERP software is used to follow business resources like money and production capacity as well as commitments like pay for orders and payroll. Since Tally manages such functions for put on the market or other enterprises, it is called Tally ERP. Before going for your interview prepared yourself very well because tally accountant jobs are very tough and like its very hard nut to crack.
Q2. What is the difference between Tally ERP 9 and Tally 7.2?
Ans: Tally is a solution that integrates the essential functions related to accounting, reporting, and inventory in any organizations. Tally ERP has included many features including Payroll management, TDS and other tax parameters.
1. XBRL: Constrained only for those organizations, having the nature of the report sent to consolidated.
2. The TDS facilities are the latest feature over the entire scale of TDS related processes, right from the creation of a TDS liability to discharge and creating the e-file for the same.
3. In the latest version of this software, the TDS feature has been totally modified with new features being integrated.
4. The ability to deduct TDS and also record the liability (as a result of the purchase of services) in a single voucher
5. We can also opt for creating the TDS liability on a periodic basis.
6. Nowadays we don't need to create different ledgers for payments associated or not associated with TDS, as the same ledger is being used for both transactions.
7. Additional features such as NRI payments are also facilitate
Q5. What are the pre-defined ledgers available in Tally ERP 9?
1. Cash: Under the group Cash-in-hand, cash ledger is formed, where the opening balance can be entered as the books begin from.
2. Profit and Loss Account: This ledger is created under Primary, where preceding year's profit or loss is entered as the opening balance.
Q6. Mention the types of a ledger that can be made in Tally ERP 9?
The types of a ledger that can be prepared in Tally ERP 9 are as follows:-
1. Generating sales/purchase ledger.
2. Generating Income/Expense ledger.
3. Generating party ledger.
4. Generating a bank account.
5. Generating tax ledger.
6. Generating current liability.
Q3. Mention what is the shortcuts for Voucher Creation and Alteration Screen in Tally ERP 9?
Ans: Tally ERP 9, allows to create a master (ledger, stock item) on the voucher by the shortcut Alt+C.
To modify any master item on a voucher, we have to choose the exact ledger on the sales voucher screen and press Ctrl+Enter.
Q4. Mention the shortcut to repeat the narration on a voucher?
Ans: For repeating the narration on any voucher we should press Ctrl + R.
Q5. What is a group in Tally ERP 9?
Ans: Group is a collection of ledgers of the same character. In any organization, operating costs like electric bills, telephone bill, transportation, etc. are commonly included in groups. Ledger based on these expenses can be created to be used while accounting vouchers are entered. There are 28 Groups by default in Tally. ERP 9, out of which 15 are Primary Groups and 13 are subgroups.
Q6. Mention the types of vouchers? Also, give the shortcut for creating these vouchers?
Ans: Types of vouchers that can be created in Tally ERP 9 are: -
Contra Voucher - (F4): It points the movement of funds from a bank account to the cash account or cash account to a bank account or in a different bank account of different banks.
Payment Voucher - (F5): It explains the historical payments on each account like payment of salary, rental, etc.
Receipt Voucher - (F6): describe the transactions that relate to payments received.
Journal Voucher - (F7): It maintains the expenses to maintain the organization's running costs.
Sales/Invoice Voucher - (F8): This voucher describes the sales made, it displays the sale invoice
Credit Note Voucher - (Cntrl+F8): Entry to this voucher is made when a customer returns the products which weren't correctly dispensed.
Purchase Voucher - (F9): Voucher made for items purchased for running the business like raw materials, etc.
Debit Note Voucher - (Cntrl+F9): Voucher for keeping records when goods are returned to suppliers due to damaged goods.
Reversing Journals - F10: It is a special entry that gets robotically reversed after the date of the issue.
Memo Voucher - Cntrl+F10: This voucher marks the unidentified expense at a moment of time which can be converted to actual sale voucher, or can be deleted.
Q7. Mention the shortcut to retrieve the last line which is removed in Tally ERP 9?
Ans: The shortcut to retrieve the last removed line is Ctrl+U.
Q8. Mention the information preserved by Tally ERP 9 after creating a company?
Ans: Directory of Tally ERP 9 stores the path to the folder where the data will be stored.
Q9. Mention what is the shortcut to recall the Last narration saved for the first ledger in the voucher?
Ans: The short cut to remember the last narration stored for the first ledger in the voucher is Alt+R.
Q10. Explain the setup process for an employee in Tally ERP 9 for their payroll?
Ans: For smooth processing of employees' salaries, Tally ERP 9 give facility to create the required groups and sort out into different categories like-Employee category, Employee groups and Employees.
Creating Employee group:
Under employee group creation screen-> Select Primary Cost Category as the Category
Name the employee's group as "Sales"
Select the group as "Primary" and then click on accept to finish with employee group creation
This is the way for Employee Group Selection.
Creating Employee Master:
Under employee master, we can incorporate the information about the employees like constitutional details, passport & Visa, Appointments Letters, etc.
Q11. Explain trial balance and the process to check the trial balance in Tally ERP 9?
Ans: Trial Balance is mainly an outline of all the ledger balances and checks whether the mathematical accuracy and the information are right and balanced. It is a method to authenticate that the journal entries are correctly posted in the general ledger. In trial balance, the total of all debt balances should be equal the total of all the credit balances.
Q12. Explain the default configuration of Tally ERP 9 provided for Balance Sheet?
Ans: Balance Sheet in Tally ERP 9 displays two different columns with Liabilities and Assets. The balance sheet also displays the closing balance of all the primary group and capital financial records along with the net profit for the specified period as requisite by the organization.
Q13. How can the Books of Accounts in Tally ERP 9 be viewed?
Ans: To outlook the Books of Accounts on Tally ERP 9, we should press D at the entry of Tally ERP 9 to pull the Display menu.
On the display menu, we have to press A to bring up the Accounts Books menu.
Q14. Mention the options available in the Account Books Menu in Tally ERP 9?
Ans: Account Books Menu includes the following.
1. Bank Book (s)
2. Cash Book (s)
4. Group Summary
5. Sales Register
6. Purchase Register
Q15. What is the use of a statement of Inventory in Tally ERP 9?
Ans: The use of a statement of inventory is to outlook the information on Inventory based on Go down. track each and every single detail of objects in the inventory, along with carrying on the stock and check the budget variation v/s forecasts, strategy, statistics, etc. Inventory in Tally.ERP 9 works in the same way as its accounting part with look upon to display, modify and print off reports.
Q16. Explain how you can view profit and loss statement in Tally ERP 9?
Ans: To view the profit and loss statement, we should press F1: Detailed which will display the data based on the default primary groups. With every transaction/voucher that has been entered instantly.
Q17. How can schedule VI profit & loss account be generated using an auditors edition of Tally ERP 9?
Ans: For generating the schedule - VI balance sheet using an auditor's edition of Tally ERP 9, we need to go to the gateway of Tally - Audit & Compliance - Financial Statements - Profit & Loss account. Then, we should Press Ctrl+3 to load the previous year's company to generate the Schedule VI profit & loss account with two year's data.
Q18. What is the shortcut to duplicate a voucher and to add a voucher in Tally ERP 9?
Ans: We should use the shortcut keys Alt + 2 to duplicate a voucher.
We should use the shortcut keys Alt + A to add a voucher.
Q19.What is the short cut to cancel a daybook or list of vouchers in Tally ERP 9?
Ans: The short cut to cancel a daybook or list of vouchers is ALT+X In Tally ERP 9.
Q20. What is the short cut to filter the data based on the monetary value of almost all the report screens in Tally ERP 9?
Ans: To filter the data based on the monetary value on Tally ERP 9, we ought to use the short cut Alt+F12.
Q21. Explain the features you can use to convert data to encrypted form in Tally ERP 9?
Ans: To change data in encrypted form to Tally ERP 9, we can use the function of Tally Vault. To use Tally Vault we should go to the gateway of Tally and key in F3, then we can select the company for which we want to encrypt the data. Data will be decrypted to only those systems having a valid password and persons can view those encrypted data.
Q22. Mention what is the shortcut to select the purchase order voucher type?
Ans: Shortcut ALT+F4 is used to select the purchase order voucher type, at accounting and inventory voucher creation and alteration screens.
Q23. How can a text be copied from Tally?
Ans: We can use the shortcut Ctrl+Alt+C to copy text and shortcut Ctrl+Alt+V to paste the copied text.
Q24. How can we check the organizations, statutory details?
Ans: We can use the shortcut Ctrl+Alt+B to check statutory details from any screen
Q.25.What is Tally for the most part used for?
Ans: Tally serves a lot of purpose for the monetary management of a business. Its main functions embrace basic accounting, costing, order payroll, budgeting, and scheming interest. Tally also helps with function like file tax income, prepare balance sheets and turnover statements, calculating GST bill, fund flow statements, etc.
It can match and manage data like this transversely many locations.