There are numerous prospects for Tally applicants, as many reputable firms throughout the world seek them. Whether you are a new or experienced professional, the degree of tally interview questions may vary depending on your experience in this industry.
Today’s competition is fierce; thus, in order to get selected for the job, you must be perfect and confident during an interview. So, to assist you in this, we have supplied some Tally interview questions and answers that will boost your confidence when confronting the panel.
Apart from topic knowledge, your attitude, approach to problem solving, and body language will all be examined during an interview, so pay attention to those as well.
Here is a collection of Tally interview questions and answers that you should prepare before attending the interview.
1) Define tally. Where does it find its application?
Tally is a comprehensive Enterprise Resource Planning solution with a strong understanding of accounting elements. Despite the fact that it has many more core elements that a business requires, it excels in accounting. As a result, it is better known for its accounting capabilities than for others.
- Performing all necessary accounting capacities.
- Estimating work costs, storing places of interest, and managing stock items.
- Managing finances
- Filing a tax return, profit and loss, producing a balance sheet, VAT frames, income reports, and much more.
- Maintaining financial situations
- Calculating interest on amounts and synchronising information across many locations.
2) What features are available in Tally ERP 9 for Accounting?
Tally ERP 9 provides numerous advantages for any association:
- Outstanding Management for Better Finance Management
- Cost/Profit Centre Management for improved record keeping.
- Creating invoices for all dealers
- Budget/Scenario oversight.
Other capabilities include the ability to print checks and much more.
3) What two pre-defined ledgers are available in Tally ERP 9?
In Tally ERP 9, there are two types of pre-characterized ledgers.
- Cash: This ledger is created under the Group Cash in Hand. You can enter the opening balance as of the book’s commencement date. You can also change the name and delete the ledger.
- Profit and Loss Account: This ledger is created under the Group Primary. The beginning balance for this record is set to the Profit or Loss from the previous year. The sum entered here is referred to as the opening profit/loss and appears on a crucial sum Sheet as the opening equalisation of the Profit and Loss account on the Liabilities side.
4) What is a group in Tally ERP 9?
The group is a collection of ledgers of the same type. Working costs in any organisation, such as utility bills, phone charges, and transportation costs, are typically included in groups. A ledger based on these charges can be used when accounting vouchers are entered. Tally comes with a default of 28 groups. ERP 9 includes 15 primary categories and 13 subgroups.
5) What is trial balance, and how do you check it in Tally ERP 9?
The trial balance is a statement that includes the various ledger balances on a certain day.
This statement was designed to ensure that the ledger posting and record balance were correct. Suppose the total of the debit accounts equals the credit accounts.
It is suggested that the posting and balancing of accounts are correct. In trial balance, the aggregate of all debt accounts should equal the aggregate of all credit balances.
6) Could you perhaps clarify how Tally ERP 9’s default configuration accommodated the Balance Sheet?
Tally ERP 9’s balancing sheet shows two distinct segments: liabilities and assets. The asset report also includes the closing balances of all major groups, capital records, and net profit for the preset time as needed by the association.
7) What is the purpose of an inventory statement in Tally ERP 9?
The purpose of a statement of inventory is to view inventory data based on godown locations. Following every detail of what is in stock, as well as keeping track of the stock, and comparing spending patterns to projections, plans, insights, etc.
Stock in Tally ERP 9 functions similarly to its accounting component, which includes the display, modification, and printing of reports.
8) What features can you use in Tally ERP 9 to convert information to encrypted format?
To convert encrypted information to Tally ERP 9, we can use the Tally Vault feature. To use Tally Vault, we must first go to the Tally entryway and enter F3, after which we can select the organisation for whom we want to encrypt the information. Information will be encrypted and only accessible to systems with a verified passcode.
9) How is text transferred from tally?
We can use the shortcut approach by pressing Ctrl+Alt+C on the keyboard to copy content and Ctrl+Alt+V to paste it.
10) What useful additions or functionalities are present in Tally ERP 9? Here are some of the features available in Tally ERP 9:
- Credit Limits: The Credit Limit restriction specified for a party ledger will not be applied to the sales order. An alert message or caution will appear on the credit limit, but the consumer can still redeem the certificate.
- CST: Even in the easiest format, the CST form details entered in the invoice will be printed.
- Excise for Manufacturers: All analysis linked with customers and suppliers can be exhibited in the voucher; also, day-to-day stock may be kept up as per date, multi-item types, and Tariff wise
- Service Tax: The taxable sum, taxable percentage, and notification number will be displayed on account vouchers. It should be possible to automatically adjust the amount of service tax that is due against the service tax input credit.
- Accounting Voucher: Another type of numbering function is introduced to the voucher, ensuring that the vouchers are numbered consecutively.
11) What is the fundamental difference between the standard Tally Driver and the Tally Text Driver?
Standard drivers are meant to print graphics, True Type fonts as illustrations, and printer-resident fonts. Text drivers only use printer-resident styles.
12) What is a delivery note?
A record that comes with a product shipment that contains information on the goods delivered. A delivery note clarifies the contents of a package. If a few required products are not encased (because of a lack of stock, inaccessibility, or other reasons), they will be stated on the delivery note.
13) Why use Tally ERP Software in accounting?
Tally ERP 9 is a software that retains its inherent simplicity while providing comprehensive business operations such as finance, inventory, accounting, sales, purchase, manufacturing, point of sale, costing, payroll, and branch management, as well as statutory processes.
14) What do you mean by “ledger”?
The collection of all accounts is called the ledger, and it is used once the diary portion is completed. A ledger is an accounting book that supports the transfer of all journal entries in a specific order to individual records.
15) Where sales tax occurs on the balance sheet?
Sales tax is one of the business’s liabilities. As a result, it will appear on the liability side of the balance sheet, but before adding sales tax into liability, we must first check where sales tax appears on the trial balancing sheet.
16) What are the assets of the business?
Assets are defined as anything over which we have control and which will provide us with a financial benefit in the future.
17) What is the alternate method for recovering the final line that was removed in Tally ERP 9?
To return to the last line that was deleted or removed, use the keyboard shortcut Ctrl+U. This will restore our last erased lines.
18) What is an alternate method for filtering information based on financial value from all report screens in Tally ERP 9?
To filter data based on financial value in Tally ERP 9, use the keyboard shortcut Alt+F12.
19) What do you mean by a bank reconciliation statement?
It is a statement prepared when the passbook balance differs from the cashbook balance.
20) What do you mean by depreciation, and what are the different types?
- Depreciation is the worth of an asset that reduces as it is used.
- The following are the categories of depreciation.
- Straight-Line Method
- Recorded Value Method
21) What is bookkeeping?
It is most commonly associated with the recording of financial information related to business tasks in a significant and purposeful manner.
22) What does “compound journal entry” mean?
It is the same as any other accounting entry in which there are several debts, credits, or any combination of the two. It consists of numerous basic notebook entries.
23) What do you mean by “miscellaneous assets”?
Miscellaneous Assets are assets that are not covered by the analysis of fixed resources according to accounting standards and do not appear in the profit and loss account, such as preliminary expenses, development expenses, and expenses used to raise shares and debentures.
24) Why is a balance sheet prepared?
A balance sheet depicts a business’s health at a specific point in time. It provides a summary of the business’s assets (resources) and liabilities. Balance sheets are typically presented at the end of an accounting period, such as month-end, quarter-end, or year-end.
25) What does “working capital” mean?
It is a financial statistic that calculates the assets available to the organisation for funding its daily operations. It is typically computed by subtracting current obligations from current assets.
Conclusion on Tally Interview Questions
In conclusion, preparing for Tally interview questions is essential for anyone looking to excel in the field of accounting and finance. By demonstrating a strong understanding of Tally’s features, functionalities, and best practices, candidates can showcase their technical expertise and problem-solving skills during the interview process.
