THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ICAI BHAWAN Vellore (SIRC) VELLORE - 632001

A Project report submitted by NAVEENKUMAR .T REG NO: SRO 0346446 Submitted in partial fulfillment of the requirements for INFORMATION TECHNOLOGY DEPARTMENT OF ITT ICAI BHAWAN Vellore (SIRC) VELLORE 632001

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ICAI BHAWAN Vellore (SIRC) VELLORE - 632001
DEPARTMENT OF INFORMATION TECHNOLOGY TRAINING BONAFIDE CERTIFICATE This is to certify that the project work titled M/S. NAVEEN DAIRY Is carried out by NAVEENKUMAR .T REG NO: SRO 0346446 Under my supervision and guidance during the ITT COURSE.

Department of ITT

ACKNOWLEDGEMENT I would like to take this opportunity to thank the Vellore Branch or SIRC of ICAI and the faculty of the Department Of ITT for their valuable support and assistance in enabling me to complete this project on a successful note. Also I believe that my project on Tally compiled in partial fulfillment of the 100 hours ITT Course would satisfactorily meet the requirements of the Department of ITT. Besides, I would like to convey my satisfaction over the knowledge acquired during the course and intend to put forth my understandings effectively to add value to my knowledge obtained. On a successful note I wish to express my gratitude to the Vellore Branch of SIRC of ICAI for providing me the required facilities and the Faculty associated with the Department Of ITT for their invaluable support, guidance and assistance without which my best efforts on this project would not have been brought out to the fore. To conclude, I do hope my project satisfies the requirements of the course as it has to me. NAVEENKUMAR .T REG NO: SRO 0346446

INDEX SNO CONTENTS 1 2 3 THE ICAI ABOUT THE PROJECT INTRODUCTION TO TALLY, TALLY USES, SYSTEM REQUIREMENTS APPLICATIO N USED MS WORD MS WORD MS WORD PAGE NO 5-10 11-14 15-34

FINANCIAL STATEMENTS OF TALLY, 35-51 NAVEEN DAIRY MS EXCEL AND POWERPOINT EXEMPTIONS IN INCOME TAX POWER POINT MSWORD MS WORD 56-6

6 7

CONCLUSION BIBLIOGRAPHY

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THE ICAI MISSION: ICAI has its Headquarters at New Delhi with 5 Regional Offices at Mumbai, Chennai, Kanpur, Kolkatta and New Delhi and 114 Branches all over the Country. The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its more than five decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. ICAI now is the second largest accounting body in the whole world. HISTORY: In the year 1857, the first ever companies act legislated and after that many changes took place and in the year 1930, the Governor General in Council Replaced the local Government as the statutory authority to grant certificates to the persons entitled them to act as auditors. Auditors allowed to practice throughout India. Organizational Set-Up

 The affairs of ICAI are managed by the Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulation 1988. The Council consist of 40* members of whom 32 are elected by the members and remaining 8 are nominated by the Central Government to represent the Comptroller and Auditor General of India, Central Board of Direct Taxes, Department of Company Affairs and other stakeholders. The Council functions through 4 Standing Committees Executive Committee, Examination Committee, Disciplinary Committee,

Finance Committee and 24 Non Standing Committees namely Accounting Standards Board; Auditing & Assurance Standards Board; Continuing Professional Education Committee; Committee for Members in Industry; Fiscal Laws Committee; Corporate & Allied Laws Committee; Committee on Ethical Standards; Expert Advisory Committee; Board of Studies; Committee on Corporate Governance; Professional Development Committee; Research Committee; Committee on Financial Markets & Investors Protection;
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 Committee on Information Technology; International Affairs Committee; ICAI-ICWAI-ICSI Coordination Committee; Editorial Board; Committee on Insurance & Pension; Audit Committee; Committee on Trade Laws & WTO; Peer Review Board; Financial Reporting Review Board; Committee on Internal Audit; Committee on Accounting Standards for Local Bodies for carrying out the provisions of the Chartered Accountants Act 1949. In terms of the Chartered Accountants Act, 1949, President is the Chief Executive Authority of the Council. The Secretariat of ICAI is headed by the Secretary who is incharge of the office of ICAI as its Executive Head. The activities of ICAI can be broadly divided into four parts comprising of Technical Directorate, CPE Directorate, Board of Studies and the Administration, each one headed by the separate head. The other important Computax of ICAI are the, Examination. FUNCTIONS: The main functions of ICAI of the Chartered Accountants of India are prescribing qualifications for membership. Holding examinations and arranging practical training of candidates, enrolment of members, publication and maintenance of register of members qualified to practice the profession.

 ICAI conducts examinations all over the country, provides postal coaching, oral coaching and arranges practical training, enabling students to qualify for the profession. It also organizes seminars, workshops etc., and provides library facilities. ICAI conducts research and brings out handbooks and publications/ monologues on the subject of direct interest to the profession. It explores the opportunities for employment of its members. In addition, it issues certificates of practice to its members and exercises disciplinary Jurisdiction* as quasi-judicial authority over their profession and their conduct. ICAI coordinates with Universities on shaping their accountancy curriculum linked with the Chartered Accountancy course. It also publishes monthly journals for Members and for Students. ADMINISTRATION: All Statutory functions and many other important functions assigned to the council by the Chartered Accountants Act, 1949 are implemented by the Administration, some of the functions are: Engagement and training of articled/audit assistants, Conducting examinations for candidates of the CA Courses, Enrolment of eligible persons as members, Granting and refusal of Certificate of Practice to members, Exercise of disciplinary powers over members and students, Removal of member names, Restoration of names, All matters related to personnel and their development and
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 Maintaining liaison with the Govt., regulatory bodies, industries, Chambers of Commerce and professional bodies

VISION OF ICAI: Recognize the changes in Economy/Business Environment such as focus on value, dynamic business and organization structures, developments in information Technology and Telecommunication, new Government policies, globalization of business and competitive pressures. Recognize the path to success by adapting to the changes, knowledge management and acquiring skills to work with future environment influenced by technological and other changes. Recognize the opportunities for Chartered Accountants in the emerging areas such as new audit and assurance needs, performance measurement services, change management services, strategy management, general practice specialization and servicing global organizations. Recognize the Institute's role as a proactive, innovative and flexible organization, in equipping Chartered Accountants with top quality education and values. ICAIS ROLE IN THE COUNTRYS ECONOMY 1. Comptroller and Auditor General of India: ICAI helps a lot in the maintenance of audit panels and takes care of the issues arising out of audit of accounts of Govt.

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2.

companies and public sector undertakings. Besides ICAI contributes by being part of C&AG initiative to bring reforms in Govt. Accounting.

3. Ministry Of Company Affairs: ICAI gives inputs in regard to matters relating to corporate laws and responds to technical issues by way of offering comments suggestions etc. 4. It also contributes in company law reforms, limited liability partnership legislation etc. 5. Reserve Bank of India: ICAI maintains constant touch in regard to matters pertaining to bank audits and audit of non banking financial companies. 6. Securities and Exchange board of India: Maintains constant touch and offers views and suggestions and also holds discussions in all matters touching upon the profession of Chartered Accountants. ICAI has been bringing out publications on capital Market Regulation and Clause 49 of Listing Agreement. 7. Central Board of Direct Taxes: Actively associates in the process of formulation of budget by offering pre- budget and post- budgets suggestions/comments. It also gives suggestions to simplify tax laws and their Administration for the purpose of making it more responsive to tax payers. 8. Insurance Regulatory and Development Authority: Helps the Authority in redesigning the format of accounts of insurance companies both in the life and non life sectors and provides necessary inputs in response to reference received. ABOUT THE PROJECT The subject of the project is that a company named M/s. NAVEEN DAIRY., which maintains their accounts in Tally.
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Various Financial Statements that can be generated by using Tally has been highlighted in this project. ABOUT THE FIRM M/s. NAVEENDIARY is a proprietary firm formed under The Shops and Establishments Act, of the ANDHRA PRADESH State. N DAIRY recognized as one of India's largest and most successful Dairy for the last 18 years. Based in madanapalle with an existing brand presence in Andhra Pradesh, Its Principal place of Business is in Madanapalle. NATURE OF BUSINESS: N DAIRY is known for its high quality standards and premium range of milk and milk products and following high quality manufacturing, packing and distribution practices. NAVEEN DIARY is now become the ISO 22000 certified company by maintaining international quality standards for it's dairy division. Its business was purchasing milk from co-operative societies and directly from farmers. By processing the milk, it converts into skimmed milk, lassi, butter milk, sweets. Naveen diary was also purchases, dairy releated products and sales in whole sale, retail outlets of the firm. NAVEEN DAIRY also takes orders. PRODUCTS MILK BUTTER
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LASSI GHEE SWEETS Mission Bringing prosperity into rural families of India through co-operative efforts and providing customers with hygienic, affordable and convenient supply of " Fresh and Healthy " food products. Vision To be a progressive billion dollar organization with a pan India foot print by 2015 To achieve this by delighting customers with "Fresh and Healthy" food products, those are a benchmark for quality in the industry. We are committed to enhanced prosperity and the empowerment of the farming community through our unique "Relationship Farming" Model. To be a preferred employer by nurturing entrepreneurship, managing career aspirations and providing innovative avenues for enhanced employee prosperity.

FUTURE PLANS: The company has a plan of setting up new branches in Vellore, chittoor , and in tirupati the coming years in order to cater the overwhelming demand from customers. OBJECTIVES To ensure assured and remunerative market round the year For the milk produced by the farmer members.
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 To make available quality milk and other premier dairy Products to urban consumers. To build & develop village level institutions as cooperative Model units to manage the dairy activities. To ensure provision of inputs for milk production, processing Facilities and dissemination of know how. To facilitate rural development by providing opportunities for Self employment at village level, preventing migration to urban areas, introducing cash economy and opportunity for a sustained Income. The philosophy of dairy development is to eliminate middlemen and organise institutions to be owned and managed by the milk Producers themselves, employing professionals. To sum it up, every activity of NAVEEN DAIRY revolves around meeting one basic objective: 'Achieve economies of scale to ensure maximum returns to the milk producers, at the same time facilitate wholesome milk at reasonable price to urban consumers'. Ultimately, the complex The philosophy of dairy development is to eliminate middlemen and network of cooperative organisation should build a bridge between masses of rural producers and millions of urban consumers and in the process achieve a socio-economic revolution in every hinterland of the State
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 Protecting the rural marginal milk producing farmers from the exploitation of profit earning middlemen Helping them rear their cattle in hygienic conditions, thereby increasing production of milk. To provide wholesome milk to the customers in chennai& Bangalore at a reasonable price throughout the year, right at their doorstep. CHARTERED ACCOUNTANTS:RAJU & PRASAD &co Chartered Accountants HYDERABAD Are appointed as chartered accountants for the firm.

INTRODUCTION TALLY Tally is one of the financial accounting software which is most popular in India. It contains add on features like inventory management, TDS provisions etc. Tally is designed in such a way that it can be used in any business for accounting purpose irrespective of the size of the entity. Accounting is made easy in tally. One has to just input the journal entries Tally does rest of the job. It automatically creates the trail balance and final account. Apart from that it contains features like Backup Data, Importing and Exporting Data to XML or HTML format. POWER OF SIMPLICITY The Power of Simplicity Its brand statement and philosophy, is the foundation on which we develop every facet of our business. This
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value is reflected in our innovative, uncomplicated and customercentric approach. We believe in harnessing cutting-edge technology to develop simple solutions, which help customers overcome increasingly complex business challenges. From simplifying business accounting technology for small and medium enterprises in India, to simplifying business across the world, Tally has come a long way since its humble beginnings in 1986. The companys tremendous progress is validated in the July 2005 Dataquest (India) report that named Tally Solutions as one of the fastest growing software companies in India. As the Number 1 accounting software choice, Tallys market share is larger than the combined share of all the other accounting software brands in India. Today, Tally is a globally recognized name, with over 2 million users, in over 90 countries, experiencing the 'Power of Simplicity' that our solutions offer. Our continuous growth is driven by our desire to develop standard, easy to use products that deliver practical relevance to diverse businesses globally. VERSIONS Tally is easy to use, with dynamic features designed to simplify dayto-day business operations. Tally accounting software is user friendly software which can generate a whole lot of reports and statistics. The earlier versions of tally are Tally 4.5, Tally 5.4, Tally 6.3, Tally 7.2, Tally 8.1 and Tally 9.0. The latest version of Tally is Tally ERP 9.0. TALLY ERP 9 One of the most useful accounting packages in the current revolution of the Accounting softwares for the maintenance of the records in any kind of the industry is TALLY ERP 9. Tally ERP 9 is the worlds best concurrent multi-lingual business accounting and inventory management software. Tally has been designed specifically for Indian business owners, who always wanted to maintain accounts in an Indian language of your choice. Tally ERP 9 is so technologically advanced that it can operate in almost all Indian languages concurrently! That means, you can maintain accounts in any Indian
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language, view it in another and print it in yet another language of your choice. It offers comprehensive accounting structure with inventory, statutory processes, and data synchronization capabilities. It also has the ability to go globally with business transactions sans language or geographical barriers. While Tally Software is robust, its user interface makes it easy to learn and straight forward to use. Tally Account Software offers a range of inventory options from simple inventory and stock management to advanced including invoicing, purchase orders, discount column in invoicing, flexible units of measure, stock query and multiple stock valuation methods. Tally Account Software includes Drill down display, complete bookkeeping options, flexible classification of accounts, general ledger, accounts receivable and payable, bank reconciliation and more operating with speed, flexibility and online help. Tally ERP 9 empowers business owners to manage business smoothly. Designed keeping in mind the needs of the Indian businessman, it has several key additions in terms of functionalities. Technology and data reliability and security are one of the advantages of using Tally Software with a diverse protocol support for HTTP, HTTPS, FTP, SMTP and OBDC with raw sockets with data interchange formats including XML, HTML and HTML with SML Islands, SOAP and SDF. It also has the ability to synchronize data across multiple offices. This account software is one of the best for financial management providing receivables turnover, fund flows, variance analysis, consolidation of companies and branch accounting. While it is simple and easy to install with unlimited multi-user support across a single LAN setup, there is also full-featured, multidirectory setup for company management, web-enabled with the
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ability to publish financial reports to the Internet and graphical analysis options. TALLY FEATURES The advent of technology has simplified the process of accounting, Tally is a versatile accounting software which is used for financial accounting, inventory accounting payroll mgt.etc., The versatility and simplicity of Tally makes it popular, widely used and recognized Accounting software package. Comprehensive financial accounting, Receivables and payable management, Invoicing, voucher setting, printing, Comprehensive inventory management with stock journals, Multi currency accounting and Budgeting. Statutory provisions like TDS, FBT, Sales Tax, Service Tax, Excise. Unique presentation of various statutory reports and returns in appropriate forms for each and every state in India. Online up gradation facility to update with the most recent and latest amendments in statutory provisions and taxation. Management information system Comprehensive budgeting Multi account printing
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 Customization of reports according to users requirements. Audit features which would comply and satisfy the requirements of an auditor to an extent. Security features There are three default users in Tally with varying authority levels of operations. They are administrator, owner and data entry persons. Tally has also incorporated password controls in forms of tally vault passwords and security controls However caution has to be exercised while opting for tally vault password. Usage of tally vault password even masks the name of the organization So, if lists of companies are worked at the same time setting tally vault passwords then it could be cumbersome tasks. Tally Audit Tally-Audit is one of the unique features of Tally. It enables the administrator to track changes in the accounts after his previous audit. The changes made in the vouchers and in the masters are easily identified and tracked. However any other immaterial change does not get noticed. For e.g. any change made to a narration of the voucher. Tally enhances confidentiality as only the administrator can view the audit list and act accordingly.

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Backup features Tally enables to back up data from virtually any storage medium into any other medium. The source of backup and destination has to be given in the back up screen to take back up. Imports and Exports Tally enables its user to import the data from one company to anther created within tally. Ledgers and masters can be duplicated by importing the list of accounts from another company. Export of data from tally is also possible in ASCII, Xml, Excel spread sheet form etc. Limitations No provision for freezing of entered data. Tally does not check automatically for duplicate entries if opted for manual numbering of vouchers. It is not suited for very large business having numerous cost centers as Tally does not allow online data updating. Inability to add and rename the fields Inadequate controls on automatic entries Complex procedures are to be followed for getting desired results in the statutory and taxation part

TALLY SHORTCUTS KEYS The shortcut keys appear in button names in the button bar (right side of the Tally screen). We can either click the button from the button
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bar or press the relevant function key or character underlined/doubleunderlined. The buttons have a function key before the button names (E.g.: F1: Select Cmp) which means we need to press F1 key (Function Key) to select the 'Select Company' screen The buttons have an underlined character (E.g.: F3: Cmp Info), which means we need to press ALT + F3 to select the 'Company Info' screen. Some buttons have a double-underlined character (E.g.: As Voucher), which means you need to press CTRL + V to select the 'Voucher' in voucher mode. The shortcut keys available in Tally are listed in the below table: Windows F1 Functionality To select a company Availability At all masters menu screen

To select the Accounts At the Accounting / Button and Inventory Inventory Voucher creation buttons and alteration screen To change period the menu At almost all screens in TALLY At almost all screens in TALLY

F2 F3

To select the company To select voucher the

F4

Contra At Accounting / Inventory Voucher creation and alteration screen

F5

To select the Payment At Accounting / Inventory voucher Voucher creation and alteration screen To select the Receipt At Accounting / Inventory voucher Voucher creation and
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F6

alteration screen F7 To select voucher To select voucher the Journal At Accounting / Inventory Voucher creation and alteration screen Sales At Accounting / Inventory Voucher creation and alteration screen

F8

the

F8 To select the Credit Note At Accounting / Inventory (CTRL+F8) voucher Voucher creation and alteration screen F9 To select the Purchase At Accounting / Inventory voucher Voucher creation and alteration screen

F9 To select the Debit Note At Accounting / Inventory (CTRL+F9) voucher Voucher creation and alteration screen F10 To select the Reversing At Accounting / Inventory Journal voucher Voucher creation and alteration screen To select the At Accounting / Inventory Memorandum voucher Voucher creation and alteration screen To select the Functions At almost all screens in and Features screen TALLY To select the Configure At almost all screens in screen TALLY

F10 F11 F12

SPECIAL KEYS
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Windows Functionality To Duplicate a voucher ALT + 2

Availability At List of Vouchers creates a voucher similar to the one where you positioned the cursor and used this key combination At List of Vouchers adds a voucher after the one where you positioned the cursor and used this key combination. At voucher entry and alteration screens, at a field where you have to select a master from a list. If the necessary account has not been created already, use this key combination to create the master without quitting from the voucher screen.

To Add a voucher ALT + A

ALT + C

To create a master at a voucher screen (if it has not been already assigned a different function, as in reports like Balance Sheet, where it adds a new column to the report) To delete a voucher

ALT + D

At Voucher and Master (Single) alteration screens. Masters can To delete a master be deleted subject to conditions, (if it has not been already as explained in the manual. assigned a different function, as explained above) To export the report in At all reports ASCII, SDF, HTML OR TALLY XML format To insert a voucher screens in

ALT + E

ALT + I

At List of Vouchers inserts a voucher before the one where you positioned the cursor and used this key combination. all reports screens in

ALT + O

To upload the report at At

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your website ALT + M ALT + P ALT + R ALT + S To Email the report To print the report

TALLY At all reports TALLY At all reports TALLY screens screens screens screens in in in in

To remove a line in a At all reports report TALLY To bring back a line you At all reports removed using ALT + R TALLY

ALT+ V ALT + W ALT + X

From Invoice screen to At Invoice screen Quantity bring Stock Journal Field Press Alt + V to select screen the Stock Journal. To view the Tally Web At all reports browser. TALLY To cancel a voucher in At all voucher Day Book/List of TALLY Vouchers To Register Tally screens screens in in

ALT + R

At Licensing Menu in TALLY At almost all screens in TALLY, except where a specific detail has to be given before accepting. At Groups/Ledgers/Cost Centers/ Budgets/Scenarios/Voucher Types/ Currencies (Accounts Info) creation and alteration screen

To accept a form CTRL + A wherever you use this key combination, that screen or report gets accepted as it is.

CTRL + B To select the Budget

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At Groups/Ledgers/Cost Centers/ To select the Cost Centre Budgets/Scenarios/Voucher Types/ Currencies (Accounts CTRL + C Info) creation and alteration To select the Cost screen Category At Stock Groups/ Stock Categories/ Stock Items/ Reorder Levels/ God owns / Voucher Types / Units of Measure (Inventory Info) creation/alteration screen To select the Currencies At Groups/Ledgers/Cost Centers/ CTRL+ E Budgets/Scenarios/Voucher Types/ Currencies (Accounts Info) creation and alteration screen To select the Group At Groups/Ledgers/Cost Centers/ CTRL + G Budgets/Scenarios/Voucher Types/ Currencies (Accounts Info) creation and alteration screen CTRL + I To select the Stock Items At Stock Group/ Stock Categories/ Stock Items/ Reorder Levels/ Godowns/ Voucher Types / Units of Measure (Inventory Info) creation/alteration screen To select the Ledger CTRL + L At Groups/Ledgers/Cost Centers/ Budgets/Scenarios/Voucher Types/ Currencies (Accounts Info) creation and alteration
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screen To select the Godowns CTRL + O At Stock Group/ Stock Categories/ Stock Items/ Reorder Levels/ Godowns/ Voucher Types / Units of Measure (Inventory Info) creation/alteration screen all screens in

To abandon a form At almost CTRL + Q wherever you use this key TALLY. combination, it quits that screen without making any changes to it.

CTRL + Rewrite data for a From Gateway of Tally screen Alt + R Company CTRL + S Allows you to alter Stock At Stock Voucher Report and Item master Godown Voucher Report At Stock Groups/ Stock Categories/ Stock Items/ Reorder Levels/ Godowns/ Voucher Types / Units of Measure (Inventory Info) creation/alteration screen

CTRL + U To select the Units

Ctrl + V

At Groups/Ledgers/Cost Centers/ To select the Voucher Budgets/Scenarios/Voucher Types Types/ Currencies (Accounts Info) creation and alteration screen

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SPECIAL KEY COMBINATION: Windows Functionality To close a company ALT F1 + To view detailed report Availability At all the menu screen At almost all report screen all all screens screens in in

To explode a line into its At almost details TALLY

ALT+ F2 To change the system At almost period TALLY ALT F3

+ To select the company At Gateway of Tally screen info menu To create/alter/shut a Company To select the Purchase At Accounting / Inventory Order Voucher Type Voucher creation and + alteration screen To select the Sales Order At Accounting / Inventory Voucher Type Voucher creation and + alteration screen To view monthly and At almost all report screens in quarterly report TALLY To select the Rejection At Accounting / Inventory Out Voucher Type Voucher creation and + alteration screen To change the Sales Order Voucher Type To select the Stock At Accounting / Inventory Journal Voucher Type Voucher creation and + alteration screen To accept all the Audit At Tally Audit Listing screen lists
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ALT F4 ALT F5

ALT F6

ALT F7

To select the Delivery At Accounting / Inventory Note Voucher Type Voucher creation and ALT+ F8 alteration screen To view the Columnar At Ledger Voucher screen report To select the Receipt At Accounting / Inventory Note Voucher Type Voucher creation and ALT + alteration screen F9 To select the Physical At Accounting / Inventory Stock Voucher Type Voucher creation and ALT + alteration screen F10 ALT + To filter the information At almost all report screens F12 based on monetary value CTRL + Advanced Configure At Gateway of Tally ALT + F12 KEY COMBINATION USED FOR NAVIGATION: Windows Functionality Availability Pg Up Display previous voucher At voucher entry during voucher alteration screens entry/alter Display next during entry/alter voucher At voucher entry voucher alteration screens and

and

Pg Dn

To accept anything you You have to use this key at type into a field. most areas in TALLY ENTER To accept a voucher or At the receivables report master press Enter at a pending bill to To get a report with get transactions relating to this further details of an item bill (e.g., original sale bill,
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in a report.

receipts and payments against this bill, etc) you

To remove what typed into a field ESC

To come out of a screen

At almost all screens in To indicate you do not TALLY. want to accept a voucher or master.

SHIFT + Collapse next level details At Voucher Register screen ENTER and Trial Balance report In almost all Reports: To explode a line into its At a Group/Stock Group/Cost Category/Godown/Stock SHIFT + details Category displays Sub ENTER Groups and Ledgers/Stock Items/Cost Centers/Secondary Godowns/Secondary Stock Categories At a Voucher displays its entries and narration At a Stock Item- displays its godowns and batch details At Voucher Register screen displays the next level details At Trial Balance report displays the next level details

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CTRL + To alter a master while At voucher entry ENTER making an entry or alteration screens viewing a report At all reports

and

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USES OF TALLY

Accounting Complete book- keeping o Books, Registers and Statements of Accounts o General Ledger o Outstandings Management, including Limit,Accounts Receivables and Accounts Payables o Flexible Voucher Numbering o Flexible Classification of Account Heads o Bird's eye view o Drill Down Display o Date based reporting o Voucher and Cheque printing o Columnar Reports o bank Reconciliation

Credit

Financial Management Multiple Companies. Multi Currency o Multiple Financial Years o Comparison of Data using Multi-Columnar Reporting o Memo Vouchers Post dated Vouchers o User defined Vouchers Types
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o sales and Purchase Extracts o Cash Flows o Daily Balances & Transaction Values o Interest Calculations o Percentage based Reporting

Advanced Financial Management Fund Flows o Receivables Turnover (payment performances of Debtors) o Branch Accounting o Flexible Period Accounting o Consolidation of Companies o Budgeting and Control o Cost Centre & Profit Centres, with Multiple Cost categories o Variance Analysis o Ratio Analysis o Scenario Management, including reversing Journals and optional Vouchers

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 Inventory/Stock Management Flexible Invoicing o Purchase Invoices o Discount Column in Invoicing o Flexible Units of Measure - including Compound Units o Grouping and Categorisation of Stock Items o Voucher Classes - with predefined rules & information o Physical Stock Verification o Separate Actual and Billed Quantity Columns o Consumption report o Use Names and /or Part Numbers

Basic Inventory/Stock Management Stock Categories o Stock Query - by Stock Group or Stock Category o Multiple Godowns o Stock Transfers to Godowns / Branches o MultipleStock valuation Methods o Batch wise / Lot wise - including Expiry date handling o Alternate Units of Measure & Tail Units o Sales and Purchase Order Processing o Tracking through Receipt Notes / Delivery Notes / Rejections Inward / Rejections Outward Additional Costs incurred on Purchase
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o Movement Analysis - Stock Group wise

Advanced Inventory/Stock Management Stock items Classification as Raw Materials, Work-in-progress, Finished goods o Bill of Material, with auto adjustment of stocks o Job-working concepts - including sub contracting o Additional cost of Manufacturing with notional value and percentage o Excise / VAT analysis on invoices o Modvat Support o Reorder levels o Stock Ageing Analysis o Batch related stock reports

The technology advantage of Tally Data Reliability o Data Security o TallyAudit o TallyVault o User defined Security Levels o Simple & Rapid Installation o Unlimited Multi-user Support o Internal Backup / Restore o Removal of Data into Separate Company o Multi-Directory for Company Management
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o Import / Export of Data o Graphical Analysis of Data o ODBC compliance allows other programs to use data from Tally directly e.g. MS-Excel o Web-enabled Direct Internet Access o Print Preview Protocol Support for HTTP, HTTPS, FTP, SMTP, ODBC,and RAW Sockets with data interchange formats like XML, HTML, HTML with XML Island, SOAP, SDF,XBRL and related formats.

SYSTEM REQUIREMENTS HARDWARE: The physical components are called as hardware. It is the physical unit of the computer. It is the heart of the computer. CPU
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1.2 Ghz Intel Microprocessor 80 GB Hard disk 512 MB RAM Input devices Keyboard Mouse TrackBall JoyStick Digitizing Tablet Scanners Digital Camera Output Devices CRT /LCD/LED Monitor Dotmatrix / Laser/ Inkjet Printer Plotter Speaker

FINANCIAL STATEMENTS OF NAVEEN DAIRY REPORTS

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The following reports of M/S NAVEEN DAIRY generated in tally have been enclosed: BALANCE SHEET PROFIT & LOSS A/C STOCK SUMMARY RATIO ANALAYSIS TRAIL BALANCE STOCK SUMMARY VAT COMPUTATION FUNDS FLOW CASH FLOW

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BALANCE SHEET

BALANCE SHEET:
This is a Statement of Assets and Liabilities as on the date of requirement
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grouping the items into various heads

INFERENCES
The Firm maintains high degree of liquidity to pay the short term as well as a long term liabilities showing no necessity of bringing in any additional capital in the near future. Also the Firm has surplus money ( Cash and Bank ac) that could be put to better use in the Business. Since the firm keeps too much cash on hand it indicates that the firms collection policy for accounts receivables is not effective. Excess amount of liquid cash though preferable from a creditors point of view, may be viewed as inefficient. Hence the Balance sheet reveals the Firms positive Net worth

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BALANCE SHEET

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PROFIT & LOSS A/C

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STOCK SUMMARY

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RATIO ANALYSIS

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PRINCIPAL GROUPS INFO (RATIO ANALYSIS)

45

TRIAL BALANCE

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47

STOCK SUMMARY

48

VAT COMPUTATION

49

FUNDS FLOW SUMMARY

50

CASH FLOW SUMMARY

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EXPENSES

TRAVELLING EXPENSES SELLING EXPENSES SALARIES REPAIRS INTEREST INSURANCE ELECTRICITY CHARGES 9000 DISCOUNT ALLOWED1300 INDIRECT EXPENSES WAGES FREIGHT DIRECT EXPENSES EX PENSES 0 200000 400000 600000 800000

Series3 Series2 Series1

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E-FILING

E-filing is a new service provided by the Intellectual Property Office, India in order to enable customers to apply for a Patent on-line allowing from the Users browser for the User to o Complete an electronic application form o Provide the associated attachments o Complete the necessary payment details

Advantages of e-Filing
Improved Customer Service : Revenue can provide a more efficient, timely and cost effective service to our customers. Access to your own Revenue account from your own PC with 24 hour, 365 day access to ROS. Calculation facilities to assist customers with determining their exposure to tax. Built-in electronic acknowledgments and uniform communications with all customers. Faster Turn Around Time : By eliminating mailing, handling, and keying in of returns, they are now processed more quickly and retrieved rapidly. Improved Accuracy and Audit trails : By eliminating the manual keying in of tax data and by implementing a series of computer checks and validations, the system allows more accurate processing of tax data. Specific problem fields are more easily identified. Reduced Processing Costs : There will be cost savings as a result of the reduction in duplicated manual processing, that substantially reduce compliance costs for the customer along with a better distribution of the workload for employees. Staff resources will be redeployed to other areas e.g. customer service. Other Potential Savings : There will be a reduction in costs associated with procurement, printing, postage, storage, replacement, stocktaking and distributing printed forms.
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E-file Disadvantages Fees

Probably the only real drawback to e-filing is the fact that many authorized e-file providers charge a fee. But in many cases, the convenience and speed of refunds make up for this small charge. Technology Fear Some people still have concerns about electronic financial transactions, whether it's buying something on the Internet, online banking, or e-filing. If you're anxious about using the Internet to do your taxes, e-filing probably isn't for you. Lack of Control Lack of control is another issue that certain individuals have with efiling. Using an electronic technology that you may not thoroughly understand can be daunting and the idea of a paper-based tax return over which you have more control is more comfortable.

TYPES OF E-FILING
There are three ways to file returns electronically Option 1: Use digital signature in which case no paper return is required to be submitted Option 2: File without digital signature in which case ITR-V form is to filed with the department. This is a single page receipt cum verification form. Option 3: File through an e-return intermediary who would do eFiling and also assist the Assessee file the ITR V Form .

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E-FILING

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INDEPENDENT AUDITOR'S REPORT TO MEMBERS, OWNERS, MANAGEMENT of NAVEEN DAIRY, MADANAPALLE We have audited the accompanying balance sheet of (M/S NAVEEN DAIRY ) as of MAY 31, 2013 and the related statements of income, retained earnings, and cash flows for the year then ended. These financial statements are the responsibility of the management. FIRM

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards SA ON AUDITING STANDARDS Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of MAY31, 2013, and the results of its operations and its cash
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flows for the year then ended in accordance with accounting principles, issued by ICAI.

AUDITOR'S SIGNATURE Chartered Accountants M. Sivaram Prasad Place : Hyderabad Partner Date : MAY 31, 2013 Membership No. XXXX

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AUDITOR'S CERTIFICATE ON CORPORATE GOVERNANCE To The Members of M/S NAVEEN DAIRY We have examined the compliance of conditions of corporate governance by M/S NAVEEN DAIRY for the year ended on 31st March 2013. The compliance of conditions of corporate governance is the responsibility of the management. Our examination has been limited a review of the procedures and implementation there of adopted by the company for ensuring the compliance the conditions of corporate governance. It is neither an audit not expression of opinion on the financial statements of the company. In our opinion and best of our information and according to the explanation given to us and the representations made the Directors and Management, we certify that the firm has complied with the conditions of corporate governance as stipulated in the aforesaid listing agreement. We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with which the management has conducted the affairs of the company. For Chartered Accountants M. SHIVA RAM PRASAD & co Hyderabad MAY 31st, 2013 SD/K. PRAHLADA RAO Partner
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M/S NAVEEN DAIRY SALARY TO LABOUR IN EXCEL SHEET

Name PAN DOB (dd/mm/yyyy) Assessment Year Financial Year

Fill Income Details

2013-14 2012-13

Calculate Income Tax Calculate Rebate on Agriculatural Income ResetComputation

Setoff of Current Year Losses Setoff of Brought ForwardLosses

H EL P visit: http://abcaus.in

COMPUT AT IONOFINCOMEANDT AX
Income from Salary Income from House Property Income from Other Sources: Income excluding Lottery Income Lottery Income Income from Capital Gains: Long Term Capital Gain Short Term Capital Gain other than u/s 111A Short Term Capital Gain under section 111A Total Income from Capital Gains Income from Business and Profession Total Less: Current Years Losses to be set off: House Property Business Loss Other Sources Income after Set Off Less: Brought Forwar Losses Set Off: House Property Business Loss Other Sources Long Term Capital Gains Short term Capital Gains Gross Total Income Less: Allowable Deduction Under Chapter VIA Total Income Add: Agricultural Income Aggregate Income Income Tax Tax at Normal Rates Tax at Special Rate Less: Rebate for Agriculture Income Add: Education and SHE Cess Total Tax and Cess Rs. Rs. -

Rs. Rs.

Rs.

Rs. Rs. Rs.

Rs. -

Rs.

Rs. Rs.

Rs. Rs. Rs.

Rs. Rs.

Rs. Rs. Rs. Rs. Rs.

Rs. Rs. Rs. Rs. Rs. Rs.

Rs. Rs. Rs.

130,000 -

Rs. Rs. Rs.

130,000 3,900 133,900

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CONCLUSION In this era of computerized environment there is a great role to be played by various types of software which makes the work easy for the personnel in various activities. Tally, according to the increasing requirements of various business organizations in the recording and analyzing the transactions is being updated by the software developers from time to time. The ERP 9 version of Tally is the latest version released by the software developers which is suitable to the present environment of book-keeping. The firm has to maintain proper books of accounts in order to create transparency in the transaction taking place in the organization. The information technology advancement has improved tremendously in the recent years and it becomes vital for the smooth operation of the organization in the current scenario. There are various software and program designed for the smooth operation of the organization. One such software is Tally and it helps the organization in proper maintenance of the books of accounts of the firm, it is also user friendly software. On the submission of this project I hope that it satisfies all your expectations. It would not have been possible for me to have completed this project without the help of our faculty at the ICAI, Vellore. To conclude, I do hope that my project satisfies the requirement of the course as it has to me.

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BIBLIOGRAPHY The project has been done with the help of various references collected from various sources. WEBSITES 1. www.icai.org 2. www.google.com 3. www.tallysolutions.com 4. INCOME TAX BY G.SEKHAR REFERENCE BOOKS

1. Institute Modules 2. Information Technology Study Material of ICAI

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