30 Advanced Tally Interview Questions and Answers

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Tally ERP 9, a comprehensive accounting software, is pivotal in business operations. With modules for financial management, inventory, and payroll, it aids in efficient business processes. Users can create companies, enter transactions through vouchers, and generate detailed financial reports effortlessly. Tally Interview Questions and Answers such as GST compliance and robust reporting capabilities, make it indispensable for businesses seeking streamlined and effective accounting solutions.

Introduction

It has been recorded that most of the business enterprises use Tally software for accounting purposes. Tally is considered user-friendly software for recording financial transactions and also, works as a tool for managing inventory, payroll preparation, and integrating all the business operations like sales, manufacturing, purchasing, inventory, etc.

 

Advanced Tally Course enables an individual to handle accounts independently. If you are a budding accountant or a businessman who wants to maintain a successful account then the advancement in tally will help you with the analysis of job work, cost category and cost centre for MIS, management of payroll and salary process, and all the functions available in the Tally.

Benefits of Advanced Tally 

Advanced Tally ERP9 allows you to handle all the accounting functions which are available in previous Tally versions and also, the other important features that are introduced in this latest version of Tally. Following are some of the important features of Tally ERP9;

Assurance and accuracy of information

The information stored in the tally does not get affected in case of any changes in external data. The complex binary code assures that the data stored remain as is. Initially, the advanced tally course seems complicated however once learned the set codes are of great usage.  

 

Advanced Tally assures accuracy of information as even if the system gets closed due to power failure the data entered will automatically be saved.

Simpler banking

In the advanced tally course, you also learn the newly added feature known as banking. It helps in creating deposit slips, print cheques, maintains cheques registers, and also helps in the reconciliation of banks.

Billing and Taxation

Tally makes the process for billing and taxation effortless. Apart from the calculation of taxes it also helps in handling the taxes inclusion in income tax, VAT, customs, service tax, etc.

Managing the Inventory at Ease

Advanced Tally helps you to classify the inventories basis its groups, units, tariffs, and stock items. If you are working in the manufacturing industry, this function can ease the process of maintaining inventory effectively.

If you are experienced or a fresher, and soon appearing for an interview for a job profile in Tally then here are the Top 30 Interview Questions and Answers that are frequently asked;

Question 1: Why is Advanced Tally an important tool in accounting?

Answer: Tally ERP9 simplifies the day-to-day transactions and is relevant in compliance too. Advanced Tally is built-in with many useful features crucial to accounting like inventory management, interest calculation, Cheque management; Service Tax, Payroll compliances, Payroll process, and many more relevant features of accounting that make it essential software to use in the field of finance.     

Question 2: Mention the key differences between Tally ERP9 and Tally 7.2?

Answer: Tally 7.2 provides a solution for accounting, reporting, and inventory. On the other hand, Tally ERP9 is an upgraded version of Tally 7.2 that provides additional functions like Payroll Management, TDS, Excise, etc.

 

Tally7.2 is used to simplify VAT, Service Tax, and TDS, and Tally ERP is popular for the advancement of inventory management and simpler accounting.

Question 3: What are the key functions available in Tally ERP9?

Answer: The key functions of Tally ERP9 are;

• Accounting without Codes
• Consistent multi-lingual function
• Invoicing
• Cheque Printing
• Control center that allows user to centrally configure and administer site to an account

Question 4: Are there any pre-defined ledgers in Tally ERP 9?

Answer: Yes, there are two pre-defined ledgers available in Tally ERP 9; one is cash, under the option cash-in-hand, a cash ledger is created.

 

The second is the profit and loss account, which is created under the ledger – Primary. In this ledger, the opening balance is entered as the previous year’s profit and loss. 

Question 5: What are the types of the ledger that can be created in Tally ERP9?

Answer: 6 types of ledger can be created in Tally ERP9 which are as follows;

• Generating ledger for Current Liabilities
• Generating tax ledger
• Generating sales/purchase ledger
• Generating ledger for bank account
• Generating Income/Expense Ledger
• Generating Party ledger

Question 6: Define group in Tally ERP9.

Answer: Tally ERP9 comes with in-built 28 groups out of which 15 are defined as Primary Groups and 13 are subgroups.

 

The group can be defined as a collection of ledgers that belong to a similar category. For example- In an organization, there is a fixed costs like rent, salaries, insurance, etc. Which are included in groups. A ledger can be created based on these expenses and used while accounting vouchers are entered

Question 7: What are the key features integrated into Tally ERP9?

Answer: The top features integrated into Tally ERP9 are as follows;

TDS

In the Advanced Tally version, the TDS feature has been entirely improved with new features being linked. Now the TDS can be deducted and record a liability in a single voucher.

 

There is also an option to create TDS Liability periodically. In Tally ERP9, the same ledger can be created for both the payments –ones associated and non-associated with TDS.

Payroll

In the Advanced Tally ERP9 version, the salaries are rolled out as per the National Pension Scheme.

 Central Excise

The excise for traders function is developed in the Advanced Tally version in addition to Excise for manufacturers. The Tally ERP9 can now manage payment to central excise, multiple ECC numbers for a single organization, several excise duties, and valuation methods.

Question 8: What information is protected by Tally ERP9 after creating a company?

Answer: The Tally ERP9 directory stores the path to the folder where the data will be saved.

Question 9: How can we view the Books of Accounts in Tally ERP9?

Answer: In the advanced tally, we need to press D at the entry of Tally ERP9 to view the Display menu.

Once the display menu is pulled out, we need to press A to pull out the Accounts Books menu.

Question 10: What are the possibilities available in the Account Books Menu of Tally ERP9?

Answer: Tally ERP9 includes 7 options in the Accounts Books Menu;

• Cash Books
• Bank Books
• Group Summary
• Ledger
• Journal-Register
• Purchase Register

Question 11: Explain the usage of the statement of inventory in Tally ERP9?

Answer: Tally ERP9 generates inventory reports based on the transactions entered which are posted to the respective ledgers, books, and registers.

 

The statement of inventory is used to view the information on inventory, tracking down even the minute details of items stored in the inventory, carry out the stocks, and keep a check on the budget variations v/s the forecasts, statistics, etc.

Question 12: What are the shortcuts for the Voucher Creation and Alteration screen in Tally ERP9?

Answer: In Advanced Tally you have the option to create a master which is ledger and stock, on the voucher through shortcut Alt+C.

If you want to modify the master item on a voucher, select a particular ledger on the sales voucher and press Ctrl+Enter.

Question 13: Explain the types of vouchers in Tally ERP9 along with their shortcuts.

Answer: The Vouchers that can be created in Tally ERP9 are;

• Memo Voucher, this voucher records the unknown expense that can later be deleted or converted to an actual sale voucher. The shortcut is Ctrl+F10.
• Debit Note Voucher, keeps the records of damaged goods that are returned to suppliers. The shortcut is Cntrl+F9
• Reversing Journals, this journal gets reversed automatically post the date of the issue. F10 is the shortcut.
• A Credit Note voucher is created when customers return products that were not correctly dispensed. The shortcut key is Cntrl+F8.
• Purchase vouchers, items recorded that are purchased for running a business for example raw materials. The shortcut is F9.
• Contra Voucher is created in case of transfer of funds from a bank account to the cash account or vice versa, or to a different bank account of different banks. The shortcut is F4.
• Sales/Invoice Voucher records the sales made and creates sales invoices. The shortcut is F8.
• Journal Voucher, maintains the expenses of organizations running expenditures. The shortcut is F7.
• Receipt Voucher describes transactions related to payment received. The shortcut key is F6.
• Payment Voucher describes the historical payments on each account for example rental, salaries, etc. The shortcut is F5.

Question 14: In Tally ERP9, can we check the organization’s statutory details?

Answer: Yes, we can check organization statutory details in Tally ERP9 with a shortcut Ctrl+Alt+B from any screen.

Question 15: Can we convert data to encrypted form in the Advanced Tally ERP9 version?

Answer: Tally vault can be used to convert data in encrypted form. To use this function, go to the gateway of Tally and press F3 which then allows selecting the company for which you require encrypted data.

If you want to decrypt the data then it can only be possible in systems having a valid password.

Question 16: What shortcut is used to repeat the narration on the voucher in Tally ERP9?

Answer: The shortcut use in Tally ERP9 to repeat the narration is Ctrl+R.

Question 17: What do you understand by trial balance and how do you check a trial balance in the Advanced Tally version?

Answer: A trial balance is a summary of the ledger balances. It keeps a check on the figures if they are correctly posted and balanced and can be defined as a measure to confirm if the journal entries are correctly posted to the general ledger.

To check a trial balance, see that the total of all debts is equal to the total of all the credit balances.

Question 18: How do you filter the monetary value information from most of the report screens in Tally ERP9?

Answer: You can pull out the information based on monetary value with the shortcut Alt+F12 in Tally ERP9.

Question 19: What is the equation for Acid-Test Ratio in terms of Accounting?

Answer: The Acid-Test Ratio in accounting is Current assets-Inventory/Current Liabilities

Question 20: Explain the process to set up an employee for the payroll under Tally ERP9.

Answer: In Advanced Tally version ERP9 you have the option to create groups that can be classified like Employees, Employee Group, XYZ Employee group, etc.

For employee group creation, you need to follow the below steps;

Select ‘Primary Cost category’ as the category under ‘Employee Group Creation Screen’

Give a name to the employee’s group as ‘Sales’

Select the group as ’Primary’. Click on accept to complete the employee group creation.

For employee master

Under this option, you can include all the information related to an employee like contact details, ID details, date of joining, etc.

Question 21: How to view profit and loss statements in Tally ERP9?

Answer: Click on F1: Detailed to view the profit and loss statement and it will pull out the information based upon the default primary group.  

Question 22: What is the shortcut to retrieve the last line that is removed in Tally ERP 9?

Answer: To recover the last line removed in Tally ERP9 use the shortcut Ctrl+U.

Question 23: Explain the process to generate schedule VI profit and loss account with auditor’s edition in Tally ERP9?

Answer: Follow the below steps to generate schedule VI balance sheet using auditors’ edition in Tally ERP9;

Go to the gateway of Tally ERP9-Go to Audit and Compliance-Go to Financial Statements-Click on profit and loss account

Load last year’s company with the shortcut Ctrl+3 and generate the Schedule V1 profit and loss account with two years’ data.

Question 24: What are the shortcuts to add a voucher and duplicate a voucher in Tally ERP9?

Answer: To add a voucher in Tally ERP9 use a shortcut Alt+A.

To duplicate a voucher use a shortcut Alt+2.

Question 25: What is the shortcut in the Advanced Tally version to select the voucher type for a purchase order?

Answer: To select the purchase order voucher type in Tally ERP9 use a shortcut ALT+F4 at accounting and inventory voucher creation and altercation screens.

Question 26: Under which equity Deferred taxation comes?

Answer: Deferred taxation is part of the owner’s equity.

Question 27: Name the available statutory features in Tally ERP9?

Answer: Service Tax, Tax deducted at source, Tax collected at source, Value Added Tax, Excise, Payroll Statutory, Excise, Service Tax, and Goods and Service Tax.

Question 28: Mention the default configuration in Tally ERP9 for the Balance Sheet?

Answer: In tally ERP9 the Balance Sheet shows two columns – Assets and Liabilities. It also displays the closing balances of all the main groups, capital accounts, and the net profit for the particular period as required by the organization.

Question 29: How to cancel the daybook of vouchers in Tally ERP9?

Answer: Alt+X is the shortcut to cancel a daybook of vouchers in Tally ERP9.

Question 30: Where can you track errors that arise while migrating data from Tally 7.2 to 8.1?

Answer: In case any error occurs while the migration process, it gets stored into a file called ‘migration. err’, which is automatically generated by Tally. This file is in the application folder of Tally.

 

We hope the above question-answers for the Advanced Tally Interview would help you to crack the interview smoothly. Also, if you are a beginner at Tally and wish to upgrade your skills and job role you may pursue Advanced Tally Course that will cover all the topics and options available in Tally ERP9.

Henry Harvin Accounts Academy

Henry Harvin Education is recognized as one of the top institutes in Delhi for learning and training. The Accounting Academy at Henry Harvin has been set up to produce more than 50,000 serviceable professionals in the field of Accounting by 2030.

 

The courses at Henry Harvin are well-structured and in compliance with the accounting industry. Their objective is to upskill the learners and professionals with current technology and required Accounting skills as per the industry needs.

 

The curriculum of the Advanced Tally Course is supported by subject matter experts and accounts professionals from leading organizations that deliver a powerful learning experience.

Benefits of Advanced Tally Course (ERP9) at Henry Harvin

• Advanced Tally ERP9 Course online by Henry Harvin is ranked amongst the top 3 courses by BestCourseNews.com
• 28 hours live interactive and instructor-led online training
• Post-training, 24 hours brush-up sessions spread across 1 year
• Complete practical training methodology
• Certified Tally Accountant (CTA) certification post completion of the course
• Learning on go through Mobile App
• Experience and highly qualified industry expert trainers having more than 10+ years of experience
•  Opportunity to work on live projects
• Gold membership that includes benefits like access to E-learning portal, Bootcamp sessions, multiple modules, Resume writing, Soft-skill development, etc.
• Get an opportunity for internship and complete placement support.

Conclusion

Tally is the most in-demand software in the field of accounting and employers prefer professionals who have knowledge of Tally. If you are a fresher or an experienced holder in the field of accounts, the skill to work on Tally can be a great boost to your profile.

 

Tally can integrate and manage data across multiple locations. It serves the majority of purposes for the financial management of a business. The main functions of Tally include accounting, budgeting, costing, administering payroll, and calculation of interest.  

 

The Advanced Tally Course includes all the available functions and tools in Tally ERP9 and allows you to handle accounts independently. It helps in making quick and effective decision making.

 

The reason Tally is so in-demand and preferred by most accounting firms is because it is economical and handles almost all the accounting aspects.

 

The advanced Tally course covers all the functions of the latest Tally Version-Tally ERP9 which has an advanced integration option in the form of application programming that makes the software protractile.

 

 If you have the knowledge to work on Tally you will be able to perform the following tasks;

• Any accounting transaction such as payment, receipt, sales, etc.
• Advanced Tally allows you to handle banking reconciliation
• Managing the inventory and taxation
• With Tally ERP9 you can manage the payroll process
• Internal control purpose and cost part of MIS.

We hope this write-up covered everything you need to know about Tally in general and important dimensions of Advanced Tally. The top 30 interview questions listed above will give you a strong idea of how the Tally interview questions could be put up and also, will help you to get through the interview.

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• 10 Best Advanced Tally Courses Online
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• Top 35 GST Interview Questions and Answers
• Top 10 Tally Courses in Pune
• Top 9 Amazing Tally Courses In Delhi

FAQs

Q.1 What are the areas of employment available for a certified Tally accountant?

Ans. Any organization with a dedicated accounts department prefers an accountant with Tally certification be it Banking, MNCs, or any leading organization of any industry.

 

Q.2 What is the salary package for a certified Tally accountant?

Ans. This depends upon the organization however for an experienced account professional with advanced tally skills, the package roughly goes from INR 5,00,000 to 10,00,000.

 

Q.3 What is the estimated course fee for the Advanced Tally Course?

Ans. The course fee depends upon the institution and varied from INR 5,000-10,000.

 

Q.4 Which is the preferred educational institute for Advanced Tally Course Online?

Ans. Henry Harvin

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