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Record Expenses in Tally Prime

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Overview

In this Tally Prime tutorial, we will learn about Record Expenses in Tally Prime.

Tally Prime is an accounting software that helps you keep track of your expenses. It allows you to create different categories for your expenses and then record the expense as it happens.

The process of recording an expense in Tally Prime is really simple. You just need to click on the “Record Expense” button and then select the category, date, amount and description of the expense.

Tally expenses in are defined as the total of all expenses incurred by the business. These expenses can be categorized into two types:

- Expenses that are directly related to a particular project, for example, the cost of raw materials used to produce a product. These are called project-related expenses.

- Expenses that cannot be related to any specific project, for example, rent and utility bills. These are called non-project related expenses.

Index of Tally Prime is the measure of the level of activity in a market. The index usually represents a number that is calculated by looking at the prices of stocks in a given market.

The index can represent an overall stock market, or it can represent different indexes for different sectors of the economy such as manufacturing, services, and utilities.


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Tally Prime is the online accounting software from Tally which offers all the functionality of Tally ERP plus some additional features, such as payroll, inventory management and more. The expenses module in Tally Prime is used for recording any expenses that are not related to purchases (e.g., travel and entertainment).

There are two ways to enter expenses in tally prime: 

1) Entering Expenses using Transaction Entry Mode: To enter an expense in this mode, follow these steps:

1) Select "Transaction Entry Mode" in the main menu.

2) In the pie chart at the top of the screen, enter your transaction.

3) Click "Submit" to save.

4) From the main menu, select "Enter Expenses". 

This will open a new tab in your browser and display any transaction you have submitted in the "Expenses" section.

2) Entering Expenses using Set Up Mode: To enter an expense in this mode, follow these steps:

1) From the main menu, click on "Set Up Mode".

2) In the pie chart at the top of the screen, enter your transaction.

3) Click "Submit" to save.

4) From the main menu, select "Enter Expenses". 

This will open a new tab in your browser and display any transaction you have submitted in the "Expenses" section.

A cost is an expense which is incurred in the normal course of business. A cost can be a fixed amount or it can be calculated on the basis of an activity, such as per unit, per hour or per thousand units. Costs are usually associated with manufacturing and production.

An expense is a financial commitment that has been made and the company expects to be compensated for at some point in the future. It is usually associated with selling and marketing activities.

An expense differs from a cost because it does not have to be incurred in order for a company to continue operating, while costs are necessary for a company to continue operating.

Tally is a free accounting software that can be used to track expenses.

The expense reports generated by Tally are categorized into various sections such as Income, Expenses, and Balance Sheet. It also provides a report of the net worth of the company on a monthly basis.

Tally Prime is a system of advanced payment that lets you create, send and receive invoices on the go.

In order to adjust the advance payment in Tally Prime, follow these steps:

1) Tap on the menu icon on your device.

2) Select Settings from the list of options.

3) Tap on Advance Payment.

4) Choose between weekly, monthly or annual advance payment period and tap Save.

The steps to enter a bank entry in Tally Prime are as follows:

1. Log in to Tally Prime.

2. Click on the Accounting tab and then select Bank Entries.

3. Select the appropriate currency and then click on the New Bank Entry button.

4. Enter the date of transaction, account number, amount, and type of transaction (deposit or withdrawal).

5. Click on Save when you are done entering your data and then click on Close to exit the window.

Practicing the important Tally Prime interview questions is a great way to prepare for the interview. It can help you think about what you want to say and what you might be asked. It can also help you work on your communication skills.

It can help you feel more confident before an interview. Knowing what to expect and how to answer certain questions is helpful in any situation. Practicing these questions will help you feel more prepared and less stressed before an interview.

  • Open Tally's Gateway and navigate to Accounting Vouchers > F9: Purchases > I: Accounting Invoice.
  • Save the party ledger, followed by the cost ledger, and finally the tax ledgers.

Booking expenses is done with the use of an expenses ledger. It is created by selecting the Nature of Payment option while creating a ledger. 1. Go to Tally's Gateway > Accounts Info.

Expenses are recorded in the journal. Expenses are the costs of the assets or services that are used. Expense The critical accounting entries that reflect the entity's expenses are called journal entries. The foundation of accounting is journal entries.

Expenses and liabilities are not interchangeable terms. One appears on a company's balance sheet, while the other appears on its income statement. Expenses are a company's operating costs, whereas liabilities are the company's commitments and debts.

Tally is a complete accounting software. It helps in managing and tracking the business expenses. Tally Prime is an add-on for Tally that helps in creating reports, invoices, and other accounting documents.

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Course Content

  1. Introduction to Tally Prime
    7m 7s

  1. How to Install Tally Prime
    10m 37s

  1. How to Create Company in Tally Prime
    8m 26s

  1. Understanding Masters in Gateway of Tally Prime
    11m 58s
  2. Understanding Transactions, Utility & Reports in Gateway of Tally Prime
    8m 29s

  1. Performing Accounting Transactions in Tally Prime
    13m 52s
  2. Assignment of Accounting transactions
    1m 59s

  1. Performing Business Transactions in Tally Prime
    16m 58s

  1. Generating Basic Reports in Tally Prime
    9m 53s
  2. Goto option in Tally Prime
    11m 52s
  3. Assignment of Business transaction & basic reports
    2m 36s

  1. Introduction to Inventory
    11m 27s
  2. Unit of Measure in Tally Prime
    3m 40s
  3. Stock Category in Tally Prime
    16m 40s
  4. Assignment of Inventory Setup
    1m 43s

  1. GST Introduction
    9m 3s
  2. GST Registration in Tally Prime
    11m 9s
  3. Manage HSN Codes and Tax Rates in Tally Prime
    7m 45s
  4. GST Number Structure
    5m 58s
  5. Determination of Tax
    6m 33s

  1. ITC Adjustment & ITC Set Off in Tally Prime
    15m 29s
  2. GST Return Forms with Example in Tally Prime
    14m 18s
  3. GST Setup & Inventory Setup in Tally Prime
    23m 4s

  1. Create Purchase Transaction in Tally Prime
    13m 40s
  2. Create Sales Invoice in Tally Prime
    15m 54s

  1. Generating GST Reports in Tally Prime
    16m 31s
  2. ITC Adjustment in Tally Prime
    17m 2s
  3. Assignment of GST Sales Purchase
    4m 45s

  1. Introduction to E-Way Bill
    11m 33s
  2. E-way Bill Using Tally Prime
    15m 1s
  3. Career as Data Entry Operator
    3m 4s
  4. Assignment of E-Way Bills
    2m 27s

  1. Banking Utilities in Tally Prime
    12m 30s
  2. Banking Transaction & Cheque Printing in Tally Prime
    23m 45s
  3. Other Transactions in Tally Prime
    18m 48s
  4. Bank Reconciliation in Tally Prime
    15m 54s
  5. Assignment of Banking
    3m 22s

  1. Cost Centre and Cost Category in Tally Prime
    26m 10s
  2. Predefined Cost Centre in Tally Prime
    14m 10s
  3. Assignment of Cost Centre
    3m 13s

  1. Simple Interest Calculation in Tally Prime
    27m 50s
  2. Bank Overdraft Interest Calculation in Tally Prime
    17m 16s
  3. Compound Interest Calculation in Tally Prime
    14m 28s
  4. Assignment of Interest
    3m 26s

  1. Introduction to Procurement Process
    15m 27s
  2. How to Record Purchase of Goods and Services in Tally Prime
    17m 50s
  3. What is pre close order in Tally Prime
    7m 38s
  4. Assignment of Procurement
    2m 36s

  1. How to Record Sales of Goods and Services in Tally Prime
    17m
  2. What is a Point of Sale in Tally Prime
    15m 19s
  3. Introduction to Godown Transactions in Tally Prime
    13m 47s
  4. Assignment Of Sales Process
    2m 44s
  5. Assignment of POS
    2m 31s

  1. Introduction to Manufacturing Process in Tally Prime
    23m 9s
  2. Manufacturing Process Transactions in Tally Prime
    21m 25s
  3. Understanding Manufacturing Process by Product in Tally Prime
    15m 20s
  4. Assignment of MFG Process
    4m 22s

  1. Item Cost Tracking in Tally Prime
    10m 1s
  2. Batch Details in Tally Prime
    16m 33s
  3. Assignment of Batch Detail
    5m 13s
  4. Assignment of item cost tracking
    1m 55s

  1. Manage Buying and Selling Prices in TallyPrime
    17m 45s
  2. Assignment of Price list
    2m 10s

  1. What is Multi - Currency
    8m 16s
  2. How to Record Multi - Currency Transactions in TallyPrime
    15m 51s
  3. Assignment of Multi Currency
    3m 13s

  1. Sales Promotion Scheme in Tally Prime
    19m 45s
  2. Record Expenses in Tally Prime
    14m 41s
  3. Assignment of Operating Ex.
    2m 56s

  1. Record Sale of Mixed Supply in Tally Prime
    22m 40s
  2. GST Report of Mix supply in Tally Prime
    16m 4s
  3. Career as Accountant
    3m 18s
  4. Assignment of Mix Supply
    3m 52s

  1. Introduction of Payroll with Tally Prime
    11m 29s
  2. Payroll Master creation in Tally Prime
    29m 6s
  3. Payroll Transaction in Tally Prime
    18m
  4. Payroll Statutory Report in Tally Prime
    14m 51s
  5. Assignment of Payroll
    3m 24s

  1. TDS Configuration in Tally Prime
    29m 9s
  2. Assignment of TDS
    4m 34s

  1. Financial MIS Report in Tally Prime
    23m 54s
  2. Inventory MIS Report in Tally Prime
    19m 51s
  3. Career as MIS
    2m 38s

  1. Versions of Tally
    7m 35s

  1. Course Summary
    3m 25s

  1. Interview Questions
    11m 37s

  1. Career Guideline
    51s
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