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TALLY TUTORIAL

Final Accounts and Reporting

In this module, you will look at the overall performance of the company JC Computer Supplies. You will study the various management reports and also learn about Budgets and Controls. You will learn how to interact outside JC Computer Supplies with the help of Export and Import of Data and Group Consolidation.

Budgets & Controls

The main purpose of Budgeting is to control the expenditure.  Tally allows you to create multiple budgets.  There could be budget for specific purposes, e.g. for the Bank, for the Head Office, Marketing Budget, Finance Budget etc.

Tally Walk-through to:

Create budgets

1. Activate "Maintain Budgets and controls" in F11: Features.
2. From the Gateway of Tally select Accounts Info and click on Budgets and Create.
3. Give the name of Budget for e.g. Corporate Budget under Primary Budget.
   • Specify the period of the Budget.  The period could be a Month, a Year or any period starting from any date to any date.
   • Under Set/Alter Budgets of, you may set the budget for groups of ledger accounts or for ledger accounts individually or for cost centres or all of them.  
   • We shall take up Budget for group only.  Hence Enter Yes under groups.  
   • Give the names of the groups for which you wish to set the Budget.  
   • For each group name cost centre may be there, but if you select not applicable then the budget is not for any particular cost centre but the company as whole.  
   • Under the Type of Budget a pop-up of two different kinds of Budgets appears.  
4. Enter the budget amount for the specific group.  
5. You can Budget as many groups and finally accept the screen.  

Alter a Budget

From the Gateway of Tally select Account Info., Budget and press Enter on Alter.  Select Corporate Budget from the List of Budgets, select to alter Groups, Alter the necessary fields and accept.

Delete a Budget

Choose to alter a budget.  Select Corporate Budget.  Press [Alt + D] to delete it.  You should not have Corporate Budget anymore.

Display Budgets and variances

Budgets can be displayed in new columns in most financial statements like the Balance Sheet and Profit & Loss Account.

The Trial Balance and Group Summaries have a Budget Variance button [ALT]+[B] that is activated when there is even one budget set up for the company.

Furthermore, the new column button in the Balance Sheet and most other reports can be used to bring up the budgeted figures alongside actuals. F12:Configure to set up how you want to see the variance.

Tally Walk-through for displaying budgets and variances

1. Display the Balance Sheet as on 3l-12-98.  
2. Select New Column Button  
3. Select the options as given below:                                 

4. Display the Trial Balance of JC Computer Supplies for the period ended 31-12-98.
5. Select Indirect Expenses.
6. Press F12 and set No to both Opening and Closing Balances and Yes to Transactions and Net transactions. Accept other defaults.
7. Use the Budget Variance button to see the budget figures and the variance.
8. Press F12 and set Show Percentage to No.