“Prepare for success with the Top 79 Tally Interview Questions 2024. Mastering these essential queries is your key to acing Tally-related interviews and advancing your career in accounting.”

Basics of Tally

• What is Tally ERP 9?

Tally ERP 9 is accounting software widely used for managing financial transactions, accounts, and business-related processes.

• How can you create a company in Tally ERP 9?

Go to the Gateway of Tally > Alt + F3 (Company Info) > Create Company.

• Explain the term “Groups” in Tally.

Groups in Tally are used to categorize ledger accounts for effective organization and management.

• What is the significance of the “Chart of Accounts” in Tally?

The Chart of Accounts is a list of all ledger accounts, providing a systematic representation of financial transactions.

• How can you alter an existing voucher in Tally?

Select the voucher from the list and press Ctrl + V to alter it.

• What is the purpose of the “Balance Sheet” in Tally?

The Balance Sheet in Tally provides a snapshot of a company’s financial position at a specific point in time.

• Explain the term “Voucher” in Tally.

A voucher in Tally is a document used to record a financial transaction, containing details such as date, narration, and amounts.

• What is the use of the “Inventory” feature in Tally?

The Inventory feature helps in managing and tracking stock, facilitating efficient inventory management.

• How can you view the Profit and Loss statement in Tally?

Go to Gateway of Tally > Display > Profit & Loss.

• What is the difference between “Delete” and “Cancel” in Tally?

“Delete” removes a voucher permanently, while “Cancel” temporarily cancels a voucher without deleting it.

• How can you create a backup in Tally ERP 9?

Go to Gateway of Tally > F3 (Company Info) > Backup.

• Explain the concept of “Bill-wise Details” in Tally.

Bill-wise details are used to track outstanding receivables and payables by linking vouchers to specific bills.

• What is the purpose of the “TDS” feature in Tally?

TDS (Tax Deducted at Source) deducts taxes at the source for specified transactions, ensuring compliance with tax regulations

• What are “Interest Calculations” in Tally, and how are they configured?

Interest calculations are used to calculate interest on outstanding receivables and payables, configured under the Ledger master.

• Explain the concept of “Multi-Currency” in Tally.

Tally supports multi-currency transactions, allowing businesses to record and manage transactions in multiple currencies.

• How can you print a voucher in Tally?

Open the voucher and press Alt + P.

• What is the purpose of the “Audit Trail” feature in Tally?

The Audit Trail feature tracks changes made to vouchers, providing a log for audit purposes.

• Explain the term “Credit Limit” in Tally.

Credit Limit is the maximum amount a customer is allowed to owe to the business, set in the Ledger master.

• How can you reconcile bank statements in Tally?

Use the “Bank Reconciliation” feature under Gateway of Tally > Banking

• What is the use of the “Budgets” feature in Tally?

Budgets help businesses plan and control expenses by setting limits on various financial parameters.

Read More Article :- Understanding Tally : A Powerfull Accounting Software 

Advanced Tally Features

How can you create a memorandum voucher in Tally?

Go to Gateway of Tally > Accounting Vouchers > F10 (Memorandum).

• Explain the term “Sales Order” in Tally.

A Sales Order is a document indicating the products or services a buyer has agreed to purchase.

• How can you view the Day Book in Tally?

Go to Gateway of Tally > Display > Account Books > Day Book.

• What is the purpose of the “Cost Centers” feature in Tally?

Cost Centers allocate expenses to different departments or cost units, providing more accurate cost analysis.

• Explain the concept of “POS” in Tally.

POS (Point of Sale) in Tally is used for recording sales transactions at the point of sale.

• What is the significance of the “Interest” option in Tally?

The Interest option in Tally calculates interest on outstanding receivables and payables.

• How can you create a “Journal Voucher” in Tally?

Go to Gateway of Tally > Accounting Vouchers > F7 (Journal).

• Explain the term “Cheque Printing” in Tally.

Cheque Printing in Tally is a feature that allows users to print cheques directly from the software

• What is the purpose of the “Depreciation” feature in Tally?

The Depreciation feature in Tally calculates and records depreciation on assets.

• How can you use the “Interest Calculator” in Tally?

The Interest Calculator in Tally is used to calculate interest on outstanding amounts.

• Explain the term “Exception Reports” in Tally.

Exception Reports in Tally highlight discrepancies or exceptions in financial data for review.

• How can you enable and configure “Multi-User” mode in Tally?

Go to Gateway of Tally > F3 (Company Info) > Security Control.

Read More Article :- Understanding Tally : A Powerfull Accounting Software 

• What is the purpose of the “Trial Balance” in Tally?

The Trial Balance in Tally is a summary of all ledger balances to ensure that debits and credits are equal.

• How can you view the “Stock Summary” in Tally?

Go to Gateway of Tally > Display > Inventory Books > Stock Summary.

• Explain the term “Zero-Value Entries” in Tally.

Zero-Value Entries in Tally are transactions with a net effect of zero on accounts.

• How can you set up “Interest Calculation” for overdue invoices in Tally?

Configure interest calculation in the Ledger master by setting the “Use for Interest Calculation” option.

• What is the use of the “Scenario Management” feature in Tally?

Scenario Management in Tally allows users to create and manage different business scenarios for analysis.

• How can you import and export data in Tally?

Use the “Import” and “Export” options under Gateway of Tally for data transfer.

• What is the purpose of the “Group Company” feature in Tally?

Group Company in Tally allows businesses with multiple entities to manage them under a common umbrella.

• How can you track additional costs in Tally for a particular product?

Use the “Cost Breakup” feature in the Stock Item master to track additional costs.

Read More Article :- Understanding Tally : A Powerfull Accounting Software 

GST and Taxation in Tally

• Explain the term “GST” in Tally and how it is implemented.

GST (Goods and Services Tax) is a unified tax system in India, and Tally ERP 9 supports it for compliance.

• How can you configure GST in Tally?

Go to Gateway of Tally > F11 (Features) > F3 (Statutory & Taxation) > Enable Goods and Services Tax (GST).

• What is the purpose of the “GST Return” feature in Tally?

The GST Return feature in Tally helps businesses file their GST returns with the appropriate authorities.

• How can you view the GST reports in Tally?

Go to Gateway of Tally > Display > Statutory Reports > GST.

• Explain the concept of “Input Tax Credit” in Tally.

Input Tax Credit in Tally allows businesses to claim credit for the taxes they have paid on purchases.

• How can you set up TDS (Tax Deducted at Source) deductions in Tally?

Go to Gateway of Tally > F11 (Features) > F3 (Statutory & Taxation) > Enable TDS.

• What is the purpose of the “TCS” (Tax Collected at Source) feature in Tally?

• TCS in Tally is used to collect tax at the source on certain specified transactions.

• How can you handle GST transactions for exports in Tally?

Use the “Export Sales” voucher type in Tally for handling GST transactions related to exports.

• Explain the term “Reverse Charge Mechanism” in Tally.

Reverse Charge Mechanism in Tally shifts the responsibility of tax payment from the supplier to the recipient.

• How can you reconcile GST data in Tally?

Use the “Reconciliation” option under Gateway of Tally > Display > Statutory Reports > GST.

Read More Article :- Understanding Tally : A Powerfull Accounting Software 

Customization and Configuration in Tally

• How can you customize the appearance of reports in Tally?

Go to Gateway of Tally > F12 (Configure) > F12 (Configure) > Appearance of Reports.

• What is the purpose of the “User-Defined Fields” feature in Tally?

User-Defined Fields in Tally allow users to add custom fields to master records for additional information.

• How can you configure a “Security Control” in Tally?

Go to Gateway of Tally > F3 (Company Info) > Security Control.

• Explain the term “Voucher Types” in Tally.

Voucher Types in Tally allow users to create and customize different types of vouchers for specific transactions.

• How can you set up a “Stock Group” in Tally?

Go to Gateway of Tally > Inventory Info > Stock Groups.

• What is the purpose of the “Auto Bank Reconciliation” feature in Tally?

Auto Bank Reconciliation in Tally automates the process of reconciling bank statements.

• How can you use the “Scenario Management” feature in Tally?

Go to Gateway of Tally > F11 (Features) > F1 (Accounting Features) > Enable Scenarios.

• Explain the term “Multi-Currency” in Tally.

Multi-Currency in Tally allows businesses to record and manage transactions in multiple currencies.

• How can you set up “Cost Centers” in Tally?

Go to Gateway of Tally > F11 (Features) > F1 (Accounting Features) > Enable Cost Centers.

• What is the purpose of the “Multi-User” mode in Tally?

Multi-User mode in Tally allows multiple users to work on the same company data simultaneously.

Read More Article :- Understanding Tally : A Powerfull Accounting Software 

Reporting and Analysis in Tally

• How can you generate a “Cash Flow Statement” in Tally?

Go to Gateway of Tally > Display > Cash/Funds Flow > Cash Flow.

• Explain the term “Exception Reports” in Tally.

Exception Reports in Tally highlight discrepancies or exceptions in financial data for review.

• What is the purpose of the “Ratio Analysis” feature in Tally?

Ratio Analysis in Tally helps businesses assess their financial performance by analyzing key financial ratios.

• How can you create a “Sales Register” in Tally?

Go to Gateway of Tally > Display > Account Books > Sales Register.

• What is the significance of the “Stock Query” feature in Tally?

Stock Query in Tally provides detailed information about stock items, including transactions and balances

• How can you analyze data using the “Cost Center” feature in Tally?

Go to Gateway of Tally > Display > Statements of Accounts > Cost Centers.

• Explain the term “Day Book” in Tally.

Day Book in Tally displays a chronological list of all transactions entered on a specific date.

• What is the purpose of the “Cash Book” in Tally?

Cash Book in Tally is used to record all cash transactions, including receipts and payments.

• How can you generate a “Stock Summary” in Tally?

Go to Gateway of Tally > Display > Inventory Books > Stock Summary.

• Explain the term “Group Summary” in Tally.

Group Summary in Tally provides a summary of transactions for a specific group of accounts.

Troubleshooting and Maintenance

• How can you resolve the issue of data corruption in Tally?

Use Tally’s built-in repair and rewrite utilities to resolve data corruption issues.

• What is the purpose of the “Split Company Data” feature in Tally?

Split Company Data in Tally allows users to split large data into smaller units for better performance.

Read More Article :- Understanding Tally : A Powerfull Accounting Software 

• How can you resolve Tally licensing issues?

Contact Tally Solutions support for assistance with licensing issues.

• What is the purpose of the “Backup and Restore” feature in Tally?

The Backup and Restore feature in Tally helps in safeguarding data by creating regular backups.

• How can you update Tally ERP 9 to the latest version?

Download the latest version from the Tally website and follow the installation instructions.

• Explain the term “Data Synchronization” in Tally.

Data Synchronization in Tally allows users to synchronize data between different locations or systems.

• How can you resolve issues with printing in Tally?

Check printer settings, ensure the printer is connected, and update printer drivers to resolve printing issues.

• What is the purpose of the “Data Audit” feature in Tally?

Data Audit in Tally provides an audit trail for changes made to data, enhancing data security.

• How can you troubleshoot errors related to connectivity in Multi-User mode?

Check network connections, firewall settings, and ensure all users have the necessary permissions.

“Equip yourself for triumph with the knowledge from the Top 79 Tally Interview Questions 2024. Mastering these queries ensures confidence and excellence in your Tally-related job interviews.”