Financial Accounting

Accounting Basics with Inventory Management in Tally

Learn core accounting principles and manage inventory using Tally software.

Accounting Basics with Inventory Management in Tally
Track Financial Accounting
Duration 60 hours
Skill Level Beginner
Language English

About this Course

Learn core accounting principles and manage inventory using Tally software.
Learning Mode: Learn at ALC or at Home

Detailed Course Curriculum

Hands-on module breakdown aligned with MKCL production standards and industry requirements.

  • Definition & Utility of Accounting
  • Introduction to Accounting
  • Method of Accounting
  • Financial Accounting Concept
  • Basic Books of Accounts
  • Recording Financial Transactions
  • Manual Accounting System
  • Financial Reports under Accounting
  • History of Tally
  • Importance of Tally in accounting
  • Tally ERP 9 Vs Tally Prime
  • Tally Prime Setup - Download
  • Tally Prime Setup - Installation
  • Tally License Information
  • Tally Prime Interface - Select Company
  • Tally Prime Interface - Manage Options - Other Buttons
  • Tally Prime Interface - Manage Options - F1 Help Button
  • Company Creation in Tally Prime - I
  • Company Creation in Tally Prime - II
  • Company Feature in Tally Prime - Accounting Feature
  • Company Feature in Tally Prime - Inventory Feature
  • Company Feature in Tally Prime - Taxation & Other Feature
  • Gateway of Tally Introduction - Menu Options - I
  • Gateway of Tally Introduction - Menu Options - II
  • Gateway of Tally Introduction - Main Screen - I
  • Gateway of Tally Introduction - Main Screen - II
  • Accounting Group Introduction
  • Accounting Group & Sub Group Creation I
  • Accounting Group & Sub Group Creation II
  • Accounting Group & Sub Group Alteration/Deletion
  • Accounting Ledger Introduction
  • Accounting Ledger Creation - I
  • Accounting Ledger Creation - II
  • Accounting Ledger Creation - III
  • Accounting Ledger Alteration/Deletion
  • Stock Group Introduction
  • Stock Group Creation
  • Stock Group Alteration / Deletion
  • Stock Category Introduction
  • Stock Category Creation
  • Stock Category Alteration / Deletion
  • Unit of Measurement Introduction
  • Unit of Measurement Creation - Simple & Compound
  • Unit of Measurement Alteration/Deletion
  • Godown Introduction
  • Godown Vs Location
  • Godown and Location Creation
  • Godown Location, Alteration/Deletion
  • Stock Item Introduction
  • Stock Item Creation
  • Stock Item Alteration/Deletion
  • Voucher Types in Tally Introduction
  • Voucher Types Creation/Alteration in Tally Prime
  • Chart of Accounts in Tally Prime
  • Chart of Accounts - Accounting Groups
  • Chart of Accounts - Accounting Ledgers
  • Chart of Accounts - Voucher Types
  • Chart of Accounts - Inventory Masters
  • Multi Accounting Master - Introduction
  • Multi Accounting Master - Creation
  • Multi Accounting Master Alteration
  • Multi Inventory Master - Introduction
  • Multi Inventory Master - Creation
  • Multi Inventory Master Alteration
  • Preview of Trial Balance with Master Opening
  • Preview of Profit & Loss Statement
  • Preview of Balance Sheet with Master Opening
  • Treatment of Opening Balance Difference
  • Basic Accounting Vouchers used for business Transaction
  • Receipt Transaction in Tally Prime - Configuration
  • Receipt Transaction in Tally Prime - Booking
  • Receipt Transaction in Tally Prime - Cash Receipt
  • Receipt Transaction in Tally Prime - Bank Receipt
  • Payment Transaction in Tally Prime - Configuration
  • Payment Transaction in Tally Prime - Booking
  • Payment Transaction - Petty Cash Expenses
  • Payment Transaction - Online Payment
  • Payment Voucher
  • Receipt Voucher
  • Contra Voucher Configuration
  • Contra Voucher - Cash Deposit
  • Contra Voucher - Interbank Transfer
  • Receipt Voucher as Contra Voucher
  • Payment Voucher as Contra Voucher
  • Journal Voucher - Depreciation
  • Journal Voucher - Other transaction
  • Cash Bank Books and Trial Balance Reports
  • Cash Purchase Transaction - Configuration
  • Cash Purchase Transaction - Account Invoice
  • Cash Purchase Transaction - Voucher Format
  • Credit Purchase Transaction - Account Invoice
  • Credit Purchase Transaction - Voucher Format
  • Cash Sales Transaction - Configuration
  • Cash Sales Transaction - Account Invoice
  • Credit Sales Transaction - Account Invoice
  • Credit Sales Transaction - Voucher Format
  • Inventory Cash Purchase - Configuration
  • Inventory Cash Purchase - Transaction
  • Inventory Credit Purchase
  • Inventory Credit Purchase with Delivery Charges
  • Inventory Cash Sales - Bank Account
  • Inventory Cash Sales - Cash Ledger
  • Inventory Credit Sales
  • Inventory Credit Sales with Delivery Charges
  • Debit Note Voucher
  • Credit Note Voucher
  • Stock Journal - Material Transfer
  • Stock Journal - Material Consumption
  • Physical Stock
  • Memorandum Voucher
  • Optional Voucher Configuration
  • Optional Voucher Performa Invoice
  • Financial Statements
  • Accessing Trial Balance Report
  • Working with Trial Balance in Tally
  • Accessing Profit & Loss Account Report
  • Working with Profit and Loss Report in Tally
  • Accessing Balance Sheet Report
  • Working with Balance Sheet Report in Tally
  • Accessing Stock Summary Report
  • Working with Stock Summary Report
  • Cash & Funds Flow Statements
  • Day book & Trial Balance Report
  • Cancellation, Alteration and Deletion of Vouchers
  • Addition & Insertion of Transaction in Tally Prime
  • Printing & Exporting Vouchers
  • Columnar Sales Register
  • Columnar Purchase Register
  • Cash & Bank Books in Tally Prime
  • Edit Log in Tally Prime
  • What is Billwise feature in Tally Prime?
  • Types of Bills Reference in Tally Prime?
  • Credit Purchase Transaction -I
  • Credit Purchase Transaction -II
  • Credit Sales Transaction - I
  • Credit Sales Transaction -II
  • Receipt Transaction (Against Reference)
  • Payment Transaction (Against Reference)
  • Receipt Transaction (Advance Reference)
  • Payment Transaction (Advance Reference)
  • Receipt and Payment on Account Reference
  • Bill wise Transaction for Non-Trading Account
  • Accounting Ledger Report - Creditors & Debtors
  • Outstanding Receivables Report
  • Outstanding Payables Report
  • Ledgerwise Outstanding Report
  • Groupwise Outstanding Report
  • On Account Reference & Bill Settlements
  • What is Banking Feature in Tally?
  • Mode of Banking Transactions in tally prime
  • Bank Ledger Setup - Current Account
  • Bank Ledger Setup - OD Account
  • Receipt Transaction Single Party
  • Receipt Transaction Multi Party
  • Payment Transaction Single Party
  • Payment Transaction Multi Party
  • Inter Company Fund Transfer - Contra Transaction
  • Cash Purchase (via Bank Account)
  • Cash Sales (via Bank Account)
  • Income Receipt Transaction
  • Expense Payment Transaction
  • Cheque Printing Configuration
  • Cheque Printing from Voucher
  • Cheque Printing Reports
  • Payment Advice - Single Transaction
  • Payment Advice - Multiple Transaction
  • Cheque Register Report
  • Cheque Register Alter Status
  • Cash Deposit Slip
  • Cheque Deposit Slip
  • Post Dated Transaction
  • Post Dated Summary
  • Bank Reconciliation Preview
  • Bank Reconciliation Process
  • What is Multi Currency Feature in Tally Prime?
  • Multi-Currency Concept - ROE, FEF Realised & Unrealised
  • Company Creation with Base Currency
  • Multi - Currency Creation/Alteration
  • Export Invoice Inventory
  • Export Invoice Service
  • Import Invoice - Inventory
  • Import Invoice Service
  • Unadjusted Gain or Loss (FEF) Report
  • Payment against Import Invoice
  • Forex Exchange Gain or Loss Ledger & Voucher Configuration
  • Forex Gain or Loss on Import - Full Payment
  • Forex Gain or Loss on Import - Part Payment
  • Receipt against Export Invoice
  • Forex Gain or Loss on Export - Part Payment
  • Forex Gain or Loss on Export - Full Payment
  • Forex Gain or Loss on Advance Payment
  • Forex Gain or loss on unrealised invoice (Year End)
  • Bank Charges on Receipt
  • Subsequent Year Export Invoice
  • Subsequent Year Receipt
  • Subsequent Year Transaction - Import Purchase
  • Subsequent Year Transaction - Closing ROE
  • Subsequent Year Transaction - Payment Voucher
  • Forex Gain or Loss Reports
  • Do’s & Don’ts’s while working with Multi Currency
  • What is Purchase Order?
  • Purchase Order Cycle in Tally Prime?
  • Purchase Order Feature - Company Creation
  • Purchase Order Feature - Voucher Setup
  • Purchase Order Voucher Configuration
  • Purchase Order Voucher No 1
  • Purchase Order Voucher No 2
  • Receipt Note Voucher No 1
  • Receipt Note Voucher No 2
  • Purchase Invoice No 1
  • Purchase Invoice No 2
  • Payment against Purchase
  • Purchase Order Report
  • Purchase Order Voucher No 1
  • Purchase Order Voucher No 2
  • Receipt Note Voucher No 1
  • Receipt Note Voucher No 2
  • Pre-closure of Purchase Order
  • Rejection out Voucher
  • Purchase Invoice against PO No 1
  • Purchase Invoice against PO No 2
  • Debit Note against Purchase Invoice
  • Payment Entry against Purchase Invoice
  • Purchase Order Report
  • What is Sales Order?
  • Sales Order Cycle in Tally Prime
  • Sales Feature Activation - Company Creation
  • Sales Order Feature - Voucher Activation
  • Sales Order 1 (Buyer 1)
  • Sales Order 2 (Buyer 2)
  • Delivery Note 1 (Buyer 1)
  • Delivery Note 2 (Buyer 2)
  • Sales Invoice 1 (Buyer 1)
  • Sales Invoice 2 (Buyer 2)
  • Receipt against sales invoice
  • Sales Order Report
  • Sales Order Voucher No 1
  • Sales Order Voucher No 2
  • Delivery Note Voucher No 1
  • Delivery Note Voucher No 2
  • Pre-Closure of Sales Order
  • Rejection in Voucher
  • Sales Invoice against SO 1
  • Sales Invoice against SO 2
  • Credit Note
  • Receipt Entry
  • Sales Order Report
  • Company Data Setup
  • Tally Voucher Setup
  • Advance Receipt
  • Sales Order
  • Purchase Order
  • Advance Payment
  • Receipt Note Voucher
  • Rejection and Replacement
  • Stock Transfer
  • Delivery Challan
  • Purchase Invoice
  • Sales Invoice
  • Credit Note
  • What is Inventory Valuation?
  • Stock Item Master Setup
  • Sales & Purchase of Material
  • Average Costing Method Introduction
  • Average Costing Method in Tally
  • FIFO Method Introduction
  • FIFO Method in Tally
  • LIFO Method Introduction
  • LIFO Method in Tally
  • Standard Costing Introduction
  • Standard Costing in Tally
  • Last Purchase Cost Introduction
  • Last Purchase Cost in Tally
  • At Zero Cost Introduction
  • At Zero Cost in Tally
  • Stock Item Profit Report
  • Stock Item Behaviour
  • Company Creation with Foreign Currency
  • Godown and Voucher Setup
  • Master Setup with Opening balance
  • Sales Order Voucher
  • Import Purchase Order
  • Advance Payment against PO
  • Other Accounting Transactions
  • Import Purchase
  • Delivery Challan
  • Rejection in Voucher
  • Sales against Delivery
  • Payment and Receipt
  • Forex Gain or Loss Report
Eligibility Criteria
• Basic knowledge of computers and keen desire to build skills in this field.
• Open to students, job seekers, and working professionals.
Official Certification
• Official MKCL KLiC Certificate upon successful completion of the course and evaluations.
Work-Centric Learning Approach
• Step 1: Learners are given an overview of the course and its connection to life and work
• Step 2: Learners are exposed to the specific tool(s) used in the course through the various real-life applications of the tool(s).
• Step 3: Learners are acquainted with the careers and the hierarchy of roles they can perform at workplaces after attaining increasing levels of mastery over the tool(s).
• Step 4: Learners are acquainted with the architecture of the tool or tool map so as to appreciate various parts of the tool, their functions, utility and inter-relations.
• Step 5: Learners are exposed to simple application development methodology by using the tool at the beginner’s level.
• Step 6: Learners perform the differential skills related to the use of the tool to improve the given ready-made industry-standard outputs.
• Step 7: Learners are engaged in appreciation of real-life case studies developed by the experts.
• Step 8: Learners are encouraged to proceed from appreciation to imitation of the experts.
• Step 9: After the imitation experience, they are required to improve the expert’s outputs so that they proceed from mere imitation to emulation.
• Step 10: Emulation is taken a level further from working with differential skills towards the visualization and creation of a complete output according to the requirements provided. (Long Assignments)
• Step 11: Understanding the requirements, communicating one’s own thoughts and presenting are important skills required in facing an interview for securing a work order/job. For instilling these skills, learners are presented with various subject-specific technical as well as HR-oriented questions and encouraged to answer them.
• Step 12: Finally, they develop the integral skills involving optimal methods and best practices to produce useful outputs right from scratch, publish them in their ePortfolio and thereby proceed from emulation to self-expression, from self-expression to self-confidence and from self-confidence to self-reliance and self-esteem!

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Course Overview
  • Duration: 60 hours
  • Track: Financial Accounting
  • Skill Level: Beginner
  • Language: English
  • Mode: Learn at ALC or at Home
  • Certificate: Official MKCL
Key Course Highlights:
  • At the end of this course, learners will be able to:
  • Interpret the key concepts and significance of accounting in the business context to understand its foundational importance
  • Illustrate different accounting methodologies and their relevance to financial accuracy and compliance
  • Paraphrase the steps involved in organizing basic books of accounts and the process for recording financial transactions
  • Demonstrate proficiency in using Tally Prime for accounting tasks showcasing effective setup and navigation skills
  • Compare the features and functionalities of Tally ERP 9 and Tally Prime to identify improvements and enhancements
  • Construct company profiles within Tally Prime incorporating essential accounting, inventory, and taxation details
  • Report on the systematic approach to creating, managing, and analyzing company data within Tally Prime
  • Categorize various voucher types and chart of accounts in Tally Prime, establishing organized financial management practices
  • Predict financial outcomes and appraise business performance through advanced features in Tally for financial statement analysis
  • Utilize different types of accounting vouchers in Tally Prime, focusing on accurate receipt and payment transaction recording
  • Experiment with and apply advanced configurations for accounting and inventory vouchers in Tally Prime for detailed financial tracking
  • Differentiate and assess the implications of specialized voucher types, understanding their roles in complex accounting practices
  • Estimate and judge business performance and financial health by analyzing comprehensive financial statements within Tally Prime
  • Interpret the utility of Billwise feature in Tally Prime for precise financial tracking.
  • Categorize bill references in Tally Prime to enable detailed financial analysis.
  • Construct workflows for managing credit transactions effectively in Tally Prime.
  • Summarize generation and analysis of bill-wise reports for financial decision-making.
  • Utilize Tally Prime’s banking features to enhance organizational financial operations.
  • Organize bank ledger setups in Tally Prime, customizing them for various transactions.
  • Diagnose issues in financial records using Tally Prime’s reconciliation features.
  • Illustrate the impact of Multi Currency on global operations within Tally Prime.
  • Develop strategies for managing purchase orders in Tally Prime from initiation to closure.
  • Differentiate advanced purchase functionalities from basic ones, optimizing procurement.
  • Formulate sales order management procedures in Tally Prime for accurate tracking.
  • Distinguish between standard and advanced sales functionalities in Tally Prime.
  • Estimate financial impact of different inventory valuation methods in Tally on reports.
  • Appraise Tally Prime’s applications through case studies, validating its effectiveness.
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