Are you preparing for the tally interview? Having a list of the tally interview questions can gear up your preparation strategy. Numerous basic and technical questions can be asked by the interviewer. Along with the questions, you can also check the sample answers to get an idea of the right strategy to answer the questions.
It is a common phenomenon in an interview, that the candidates get nervous and lose their confidence. An optimum way to avoid this is to prepare effectively for the interview. The right preparation strategy can help the candidates get acquainted with the probable Tally interview questions and draft answers to sound confident and leave a lasting impression on the recruiter.
What is Tally?
Tally is a software that assists companies in maintaining their transactions daily. It is a renowned software that also aids in examining data about business. Tally software is known to be the product of ERP [Enterprise Resource Planning]. This is utilized for numerous objectives related to financial accounting.
Basic Tally Interview Questions and Answers
The interview questions can be basic or can be advanced, that depends on the post you are applying for and the round of interviews. Having an in-depth knowledge of both the basic and advanced interview questions for tally will undoubtedly help you gain a competitive edge.
What do you mean by Tally?
Tally is computer software that is broadly used for accounting purposes. It also helps with preparing balance sheets, filing tax returns and profit/loss statements, fund flow statements, calculating GST, etc.
Do you know any features available in Tally ERP9 for Accounting?
It provides various benefits such as:
Profit Centers Management for better ledger maintenance
Budget supervision
Outstanding Management for better Finance Management
Invoicing of all dealers
Other features like printing of checks, etc.
3. Tell me the types of ledger you can make in Tally ERP9.
The types of ledger you can make are:
Creating a tax ledger
Creating a current liabilities
Creating a bank account
Creating a sales ledger
Creating an Income ledger
Creating a party ledger
4. Define group in Tally ERP9.
A group is defined as a compilation of ledgers of the exact nature. In the business, expenses like telephone bills, conveyance, electric bills, etc., are usually included in groups. A ledger based on these expenses is shaped to be used while accounting vouchers are entered.
5. What do you mean by reversing journal entries?
Reversing journal entries refers to entries made at the start of an accounting period to withdraw the adjusting journal entries completed at the end of the earlier accounting period.
6. Tell me the options available in the Accounts books menu in Tally ERP9.
The menu includes:
Journal-Register
Purchase Register
Sales Register
Cash Book
Bank Book
Ledger
Group Summary
7. Deferred taxation is a part of which equity?
Deferred taxation refers to a part of an owner's equity.
8. Tell me the things that fall under Intangible Assets.
The following things are:
Brand Names
Patents
Copyrights
Trade Marks
Domain Names etc.
9. Define Trial Balance in Accounting.
A trial balance is defined as an accounting report that records the credits in each of an organization’s universal ledger accounts. It is done at the end of posting journal entries to ensure that there are no posting bugs.
10. Where do accruals appear on the balance sheet?
Accrued expenses frequently tend to be enormously short-term. So you would trace them within the “current liabilities section” of the balance sheet.
11. How can you view the profit and loss statement in Tally ERP9?
To look at the profit and loss statement, we should press F1: Complete, which will show the data based on the non-payment primary groups, with every transaction that has been entered directly.
12. What does the statement of Inventory be used for?
Statement of Inventory is utilized to visualize the reports on Inventory based on Godowns. Tracking details of items according to the Inventory. In addition, to query on stock and check out the budget estimates and plans, statistics, etc.
13. What are the available statutory features in Tally ERP?
The statutory features are:
Service Tax
Goods and Service Tax
Excise
Value Added Tax
Payroll Statutory
Tax collected at the source
Tax deducted at source
14. Name the kinds of vouchers in Tally ERP.
The kinds of vouchers are:
Sales Voucher
Contra Voucher
Payment Voucher
Receipt Voucher
Journal Voucher
Debit note Voucher
Credit note Voucher
Memo Voucher
Reversing Journals
15. Tell me the entry for sales.
The entry for sales are:
Customer A/c Dr
To Sales A/c
To CGST A/c
To SGST A/c
16. Tell me the way to copy text from Tally.
We use the shortcut (Ctrl+Alt+C) to copy text and the shortcut (Ctrl+Alt+V) to paste the copied text.
Advanced Tally Interview Question and Answers
It is important for the candidates to practice the advanced tally interview questions, check the sample answers for the questions, and move their preparation ahead.
17. Tell me the shortcut to recall the last narration.
The shortcut to recall the narration is (Alt+R)
18. What features can you use to convert data in encrypted form in Tally ERP9?
To change data in encrypted form in Tally ERP 9, you can utilize the function Tally Vault. To utilize Tally Vault, go to the gateway of Tally and press F3, and there you can choose the company for which you want to encrypt the data.
19. What are the predefined ledgers available in Tally ERP9?
Profit and Loss Account: This ledger is formed under Primary, where the earlier year’s profit or loss is entered as the opening balance.
Cash: Under the set Cash-in-hand, a cash ledger is formed, where the opening balance can be entered as the books begin.
20. Explain the default configuration of Tally ERP9 provided for the Balance Sheet.
Balance Sheet in Tally ERP 9 showcases the two columns with Assets and Liabilities. The sheet also shows the closing balances of all the main groups and capital accounts and the net profit for the particular period as necessary by the organization.
21. Tell me the shortcut to cancel a daybook of vouchers in Tally ERP9.
The shortcut to cancel a daybook of vouchers is (ALT+X) In Tally ERP 9.
22. How to migrate TCP from Tally 7.2 to Tally 8.1?
To switch the TCP files to Tally 8.1:
Go to Start > Programs > Tally 8.1 > TallymigrateData.
Two splash screens, Tally Data Migration Tool and Tally 8.1, will come out.
Choose ‘Migrate TCP’ from the Migration Tool Menu.
Once chosen, the tool starts to procedure the Tally 7.2 TCP and produces another TCP, which is well-matched with Tally 8.1.
23. Name the functional enhancement included in Tally ERP 9.
The following functional enhancement is:
Accounting Voucher: It is a new kind of numbering feature added to the voucher; it makes sure that the vouchers are numbered successively
VAT Option: Recording numerous items with diverse VAT rates is possible by configuring the setting of (“Default Accounting Allocations for Selected Item in Invoice.”)
Payroll: TALLY ERP 9 allows giving out of salary according to the National Pension Scheme
Credit Limits: The Credit Limit control position for a party ledger will not be functional on the sales order. A warning notification will pop up on the credit limit, and the user can still save the voucher.
CST: Even in an accessible format, the CST form details entered in the invoice will get printed.
E-mailing option: Customers can send accounting reports to numerous recipients along with additional abilities like net banking and printing in a different format.
Inventory Vouchers: For the inventory section, you can now bring up the Godown address and also print the name.
24. Explain how to set up an employee in Tally ERP 9 for their payroll.
To procedure employees’ salaries, Tally ERP 9 gives the ability to make the required groups and categorize them into varied categories like—Employee categories, Employee groups, and Employees.
Employee group creation:
Under the employee group formation screen-> Select Primary Cost Category as the (Category)
Name the employee’s group as “Sales.”
Select the group as “Primary “and then click on Admit to finish with employee group formation
Employee Master:
Under employee master, you can contain all the details about the employees like Passport and visa details, Statutory details, Contract details, etc.
25. What are the requirements to connect Tally ERP 9 remotely?
The following requirements are:
THE TABLE IS TO BE COPIED
26. Tell me the shortcut to duplicate a voucher and add a voucher in Tally ERP 9.
To add a voucher: (Use shortcut keys Alt+A.)
To duplicate a voucher: (Use shortcut keys Alt+2)
27. When you create a company in Tally ERP 9, what information does the directory store?
The directory in Tally ERP 9 mentions the path where the company data will be stored.
28. How can you generate schedule VI profit & loss accounts using the auditor’s edition of Tally ERP 9?
By using the auditor’s edition of Tally ERP 9, the schedule-VI balance sheet can be generated.
Go to the gateway of Tally ->Audit & Compliance->Financial Statements->Profit & Loss account
Press Ctrl+3 to load the earlier year’s company to generate the Schedule VI profit & loss account with two year’s data
29. What is the total point tally for the prospectus?
The total potential points are 156.
30. Where to track the errors that occur while migrating data from tally 7.2 to tally 8.1?
If any errors happen during the migration procedure, it gets logged into a file called ‘migration. err’, which Tally produces automatically. This file exists in the Tally application folder.
31. Tell me the shortcut to repeat the narration on a voucher.
To repeat the narration on any voucher we must press Ctrl + R.
32. How can the books of accounts in Tally ERP 9 be viewed?
To view the Books of Accounts on Tally ERP 9, one should press D at the entry of Tally ERP 9 to drag the Display menu.
We have to press (A) on the display menu to bring up the Accounts Books menu.
33. State the difference between Tally ERP 9 and Tally 7.2?
TABLE IS TO BE COPIED
34. Do you know the shortcut to select the credit note voucher in Tally ERP 9?
We should press the key F8 (Ctrl+F8), which will allow us to select the credit note voucher in Tally ERP 9.
35. What is the shortcut for the Voucher creation and Alterations screen in Tally ERP 9?
Tally ERP 9 permits a master on the voucher by the shortcut key (Alt+C.)
To change any master item on a voucher, we have to choose the precise ledger on the sales voucher screen and press Ctrl+Enter.
Frequently Asked Tally Interview Questions
There are some of the frequently asked tally interview questions that have been listed here. Practising these can undoubtedly increase your chances of getting selected for the post.
36. Why to do a certification on Tally?
Tally certification helps, and it is an easy and effective way to demonstrate mastery of Tally. It helps employers identify and hire the candidate, and also it contributes to your professional image profile, credibility, and career options.
37. Why are customers' signatures and phone numbers needed on Tally Sheets?
Customer signatures and phone numbers are required on our tally sheets to show that we have provided refunds if SARCAN is focused on a financial audit.
38. How can participants access the goal Tally?
Participants can access their daily whole goal tally via Contact or any FNB branch.
39. Which account is accountable for interest payable?
The account that is accountable or affected by the interest payable is the “Current liability account”.
40. Tell me the equation for the Acid- Acid-test ratio in Accounting.
The equation for Acid-Test Ratio in accounting is:
Acid-Test Ratio = (Current assets – Inventory) / Current Liabilities
41. Tell me the shortcut key to change the date in the tally.
The shortcut key is “F2”
42. Do you know the shortcut to retrieve the last line that is removed in Tally ERP 9?
The shortcut to recover the last removed line is (Ctrl +U).
43. Tell me the shortcut to filter the information based on the monetary value almost from all report screens in Tally ERP 9.
You can utilize the shortcut Alt+F12 to clean the information based on the monetary worth in Tally ERP 9.
44. List out some of the accrued expenses and the accounts in which you would record them.
Wage accrual is entered with recognition to the “wages payable account”
Payroll tax accrual is entered with recognition to the “payroll taxes payable account”
Interest accrual is entered with recognition to the “interest payable account”
45. What is the shorTop IT Coursestcut to repeat the narration on a voucher?
To repeat the narration on any voucher we press Ctrl + R.
Tips to Prepare for Tally Interview Questions
Preparing for the tally interview questions can assist us in getting an inch ahead in the competition. You need to validate your skills and prove that you are the right candidate for the job.
Get Comprehensive Knowledge of Tally Software
You must have an in-depth knowledge of the software to be able to answer all the questions in the interview. You can be asked technical questions about the software. The level of knowledge possessed by you concerning tally software will determine your performance in the interview.
Showcase Your Previous Experience
While answering the questions you can always incorporate your past experiences to lay emphasis that you have dealt with similar situations in the past.
Answer with Confidence
Confidence is the key! Your answers must be constructed to reflect confidence and professionalism. You must showcase your experience in the related field to leave a good impression on the recruiters.
You must have decoded the important tally interview questions by now. You can start practising the questions and frame a draft of answers for the same. Ensure adding your past experiences and substantiate the answer with relevant examples. This will assist you in uplifting your performance in the interview round and leaving a good impression on the recruiter.
FAQs
Q1: What are the basic questions in the tally interview?
The recruiters can ask numerous tally interview questions, some can be basic and others can be technical. You must prepare well for the interview and substantiate your answers with real-life illustrations and examples. Some of the basic tally interview questions are:
What do you mean by Tally?
Define group in Tally ERP9
What are the things that fall under intangible assets?
Q2: How can I prepare for tally interview questions?
You can prepare well for the tally interview questions by getting acquainted with the types of questions that can be asked in the interview. You can go through the basic and technical questions before the interview to kickstart the preparations well.
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