30 Questions and Answers for Advanced Tally Interviews

Tally accounting software is used by the majority of corporate businesses. Tally is a user-friendly financial transaction recording software that also serves as a tool for inventory management, payroll preparation, and integrating all business processes such as sales, production, purchasing, inventory, and so on. The Tally Interview Questions and Answers enables a person to manage accounts independently.

If you are a budding accountant or a businessman that wants to keep a successful account, then these Top 30 Questions and Answers for Advanced Tally Interviews will help you with the analysis of job work, cost category, and cost center for MIS, payroll, and salary process management, and all the capabilities offered in Tally.

Advantages of Advanced Tally-

Advanced Tally ERP9 enables you to manage all of the accounting functions present in earlier Tally editions, as well as the new capabilities offered in this latest version of Tally.

The following are some of Tally ERP9's key features:

1. Information assurance and accuracy-

The information saved in the tally is unaffected by changes in external data. The complicated binary code ensures that the data recorded is preserved. The advanced tally course appears hard at first, but once taught, the set codes are really useful.

Advanced Tally ensures information accuracy because even if the system is shut down due to a power outage, the data entered is automatically preserved.

2. Banking simplified-

The newly introduced banking feature is also covered in the advanced tally course. It aids in the creation of deposit slips, the printing of cheques, the maintenance of cheque registers, and the reconciliation of banks.

3. Taxation and billing-

Tally automates the billing and taxing processes. Apart from tax calculation, it also aids in the administration of taxes such as income tax, VAT, customs, service tax, and so on.

4. Managing Inventory with Ease-

Advanced Tally assists you in categorizing inventory based on groupings, units, tariffs, and stock items. If you operate in the manufacturing industry, this capability can help you manage inventories more successfully.

Here are the Top 30 Questions and Answers for Advanced Tally Interviews that are Frequently Asked if you are an expert or a fresher and will soon be attending an interview for a job profile in Tally;

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

Tally ERP9 makes routine transactions easier and is helpful for compliance. The accounting software Advanced Tally is vital for use in the field of finance since it has many beneficial functions that are essential to accounting, such as inventory management, interest calculation, check management, Service Tax, Payroll compliances, and payroll process.     

Question 2: List the main differences between Tally ERP9 and Tally 7.2.

A solution for accounting, reporting, and inventory is offered by Tally 7.2. Tally, ERP9, on the other hand, is an updated version of Tally 7.2 that offers further features like Payroll Management, TDS, Excise, and so on.

Tally7.2 is used to make VAT, Service Tax, and TDS simpler, while Tally ERP is well-liked for improving inventory control and making accounting simpler.

Question 3: What are the main features of Tally ERP9?

Tally ERP9's primary functions are as follows:

• Accounting without codes
• Consistent multilingual function
• Invoicing
• Cheque Printing

Question 4: Does Tally ERP 9 provide any pre-defined ledgers?

Yes, there are two pre-defined ledgers in Tally ERP 9; one is cash, and a cash ledger is established when the option cash-in-hand is selected.

The profit and loss account, which is created under the ledger - Primary, is the second. The opening balance is entered as the previous year's profit and loss in this ledger. 

Question 5: What are the many sorts of ledgers that Tally ERP9 can create?

Tally ERP9 supports six different types of ledgers, which are as follows:

• Creating a ledger for current liabilities
• Creating a tax ledger
• Creating a sales/purchase ledger
• Creating a ledger for a bank account
• Creating an income/expense ledger
• Creating a party ledger

Question 6: Define group in Tally ERP9.

Tally ERP9 includes 28 built-in groups, 15 of which are Primary Groups and 13 of which are Subgroups.

The group can be characterized as a collection of ledgers from the same category. For example, in an organization, fixed costs such as rent, salary, insurance, and so on are included in groups. Based on these expenses, a ledger can be generated and used while accounting vouchers are recorded.

Question 7: What are the main features of Tally ERP9?

The following are the key features integrated into Tally ERP9:

TDS

The TDS feature in Advanced Tally has been completely upgraded, with additional features attached. TDS can now be deducted and reported as a liability in one voucher.

There is also the option to create TDS Liability regularly. In Tally ERP9, the same ledger can be created for both TDS-related and non-TDS-related payments.

Learn ; TDS Course- Learn How to File TDS Returns Online

Payroll

Salary payments are made by the National Pension Scheme in the Advanced Tally ERP9 edition.

Central Excise

In addition to the Excise for Manufacturers function, the Advanced Tally edition includes the Excise for Traders function. Tally ERP9 can now manage central excise payments, multiple ECC numbers for a single organization, multiple excise duties, and valuation techniques.

Question 8: Tally ERP9 protects what information after you create a firm.

The path to the folder where the data will be saved is stored in the Tally ERP9 directory.

Question 9: In Tally ERP9, how do we view the Books of Accounts?

To display the Display menu in advanced tally, press D at the Tally ERP9 entry. After bringing up the display menu, press A to bring up the Accounts Books menu.

Question 10: What options are available in Tally ERP9's Account Books Menu?

The Accounts Books Menu in Tally ERP9 offers seven options.

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

Question 11: Explain how to use the inventory statement in Tally ERP9.

Tally ERP9 provides inventory reports based on transactions entered and submitted to the appropriate ledgers, books, and registers.

The inventory statement is used to view inventory information, track down even the smallest details of things placed in inventory, carry out stocks, and keep track of budget variances vs. forecasts, statistics, and so on.

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

Through the Alt+C shortcut in Advanced Tally, you can build a master, which is a ledger and stock, on the voucher.

To change the master item on a voucher, choose a specific ledger on the sales voucher and click Ctrl+Enter.

Question 13: Explain the different types of vouchers in Tally ERP9, as well as their shortcuts.

The following vouchers can be created in Tally ERP9:

• Memo Voucher: This voucher records an unidentified expense that can subsequently be erased or converted to a sale voucher. Ctrl+F10 is the shortcut.
• Debit Note Voucher, which maintains records of faulty products returned to vendors. Cntrl+F9 is the shortcut.
• Reversing Journals, this journal is automatically reversed after the issue's date. The shortcut is F10.
• When clients return products that were not properly dispensed, a Credit Note voucher is generated. Cntrl+F8 is the shortcut key.
• Purchase vouchers, which are products documented that are purchased to run a business, such as raw materials. F9 is the shortcut.
• A Contra Voucher is issued when funds are transferred from a bank account to a cash account or vice versa, or from one bank account to another. F4 is the shortcut.
• Sales/Invoice Voucher tracks sales and generates sales invoices. F8 is the shortcut.
• Journal Voucher, which keeps track of an organization's operating expenses. F7 is the shortcut.
• Receipt Voucher describes transactions involving money received. F6 is the shortcut key.
• The payment Voucher describes the past payments on each account, such as rent, salary, and so on. F5 is the shortcut.

Question 14: Can we get the organization's statutory information in Tally ERP9?

Yes, we can examine the statutory details of an organization in Tally ERP9 by using the shortcut Ctrl+Alt+B from any screen.

Question 15: Can we transform data in Advanced Tally ERP9 to encrypted form?

To convert data into an encrypted form, a tally vault might be employed. To use this function, go to the Tally gateway and press F3, which allows you to select the company for which you need encrypted data.

If you want to decrypt the data, you can only do so on systems that have a valid password.

Question 16: In Tally ERP9, what shortcut is used to repeat the narrative on the voucher?

Ctrl+R is the Tally ERP9 shortcut for repeating the narrative.

Question 17: What exactly do you mean by trial balance, and how do you check one in the Advanced Tally version?

A trial balance is a consolidated view of the ledger balances. It monitors the figures to ensure that they are accurately reported and balanced, and it can be characterized as a check to ensure that the journal entries are correctly posted to the general ledger.

Check the trial balance to ensure that the total of all debts equals the total of all credit balances.

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

In Tally ERP9, the shortcut Alt+F12 can be used to get information based on monetary value.

Question 19: What is the accounting equation for the Acid-Test Ratio?

In accounting, the Acid-Test Ratio is Current Assets-Inventory/Current Liabilities.

Question 20: Describe how to set up an employee for payroll in Tally ERP9.

In Advanced Tally version ERP9, you can build groups that can be classed as Employees, Employee Group, XYZ Employee Group, and so on.

To create an employee group, follow the procedures below;

1. Under the 'Employee Group Creation Screen,' select 'Primary Cost Category.'

2. Give the employee group the name 'Sales.'

3. Choose the 'Primary' group. To finish creating the employee group, click Accept.

4. Employee supervisor

This option allows you to add all of an employee's information, such as contact information, ID information, date of hire, and so on.

Question 21: How can I examine profit and loss statements in Tally ERP9?

To view the profit and loss statement, select F1: Detailed, and the information will be pulled up depending on the default primary group.

Question 22: In Tally ERP 9, what is the shortcut for retrieving the last line that was removed?

To restore the last line erased in Tally ERP9, press Ctrl+U.

Question 23: How does Tally ERP9 generate a schedule VI profit and loss account with the auditor's edition?

To generate the schedule VI balance sheet in Tally ERP9 using the auditor's edition, follow the instructions below.

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

Using the shortcut Ctrl+3, load the previous year's firm and construct the Schedule V1 profit and loss account with two years of data.

Question 24: What are the shortcuts for adding and duplicating vouchers in Tally ERP9?

To add a voucher in Tally ERP9, press Alt+A.

Use the key Alt+2 to duplicate a coupon.

Question 25: In the Advanced Tally version, what is the shortcut for selecting the voucher type for a purchase order?

In Tally ERP9, use the shortcut ALT+F4 at the accounting and inventory voucher creation and altercation screens to pick the purchase order voucher type.

Question 26: When does equitable deferred taxes apply?

The owner's equity includes deferred taxation.

Question 27: List the statutory features provided in Tally ERP9.

Service Tax, Tax deducted at source, Tax collected at source, VAT, Excise, Payroll Statutory, Excise, Service Tax, and Goods and Services Tax are all examples of taxes.

Question 28: Describe the default Balance Sheet arrangement in Tally ERP9.

The Balance Sheet in tally ERP9 has two columns: Assets and Liabilities. It also shows the closing balances of all major groups, capital accounts, and net profit for the specified time, as required by the organization.

Question 29: How can I cancel a voucher daybook in Tally ERP9?

In Tally ERP9, the shortcut for canceling a daybook of vouchers is Alt+X.

Question 30: Where can you keep track of errors that occur during the data migration from Tally 7.2 to 8.1?

If an error happens during the migration process, it is saved in a file called migration. err', which is generated automatically by Tally. This file is located in Tally's application folder.

We believe the above Advanced Tally Interview questions and answers will assist you in a smooth interview. Also, if you are new to Tally and want to improve your abilities and job role, you can enroll in an Advanced Tally Course, which will cover all of the topics and possibilities accessible in Tally ERP9.

Tax4wealth - Online Accounting Courses

Tax4wealth is one of the best e-learning and training online platforms in India. The Online Accounting courses at Tax4wealth were established to produce more than 50,000 serviceable accounting professionals by 2030.

Tax4wealth's courses are well-structured and in line with industry standards. Their goal is to provide learners and professionals with contemporary technology and accounting abilities that are in demand in the business.

The Advanced Tally Course curriculum is supported by subject matter experts and accounting professionals from major firms, resulting in a compelling learning experience. Learn more about the Top 30 Questions and Answers for Advanced Tally Interviews for upskilling your knowledge and preparing yourself for any exam or interview.

Conclusion:

Tally is the most in-demand accounting software, and businesses favor professionals with Tally skills. If you are a new or experienced accountant, knowing how to deal with Tally can be a huge asset to your resume.

The Advanced Tally Course covers all of the operations and capabilities available in Tally ERP9 and enables you to handle accounts autonomously. It facilitates speedy and effective decision-making.

Tally is popular and favored by most accounting organizations because it is inexpensive and handles practically all accounting issues.

The advanced Tally course covers all of the functionality of the most recent Tally Version-Tally ERP9, which has a complex integration option in the form of application programming, making the software difficult to use.

We believe this blog covered everything you need to know about Tally in general and the main aspects of Advanced Tally in particular. The Top 30 Questions and Answers for Advanced Tally Interviews listed above will give you a good concept of how the Tally interview questions might be posed and will also help you get through the interview.