Tally Prime Related 15 basic Question and Answer

 

1.    What is Tally Prime?

a.     Tally Prime is the latest version of Tally ERP software, which is designed to provide a comprehensive business solution for accounting, inventory, payroll, and taxation.

 

2.    What are the key features of Tally Prime?

a.     Some of the key features of Tally Prime include multi-lingual support, simplified installation process, enhanced security features, improved user interface, and integration with popular business tools.

 

3.    Can Tally Prime be used for GST compliance?

a.     Yes, Tally Prime has in-built GST compliance features that allow businesses to easily manage their GST transactions, generate GST returns, and file them with the government.

 

4.    What is the purpose of Tally Vault in Tally Prime?

a.     Tally Vault is a security feature in Tally Prime that allows businesses to encrypt their sensitive data and prevent unauthorized access.

 

5.    How does Tally Prime simplify bank reconciliation?

a.     Tally Prime automates the bank reconciliation process by importing bank statements directly from the bank, matching them with the transactions in the Tally software, and highlighting any discrepancies.

 

6.    What is the significance of Tally Gateway in Tally Prime?

a.     Tally Gateway is a cloud-based platform that allows businesses to access their Tally data from anywhere, on any device, and collaborate with their team in real-time.

 

7.    Can Tally Prime be used for payroll management?

a.     Yes, Tally Prime has in-built payroll management features that allow businesses to automate their payroll calculations, generate payslips, and manage employee information.

 

8.    How does Tally Prime help businesses in inventory management?

a.     Tally Prime has advanced inventory management features that allow businesses to track their stock levels, manage their orders, and generate reports to analyze their inventory performance.

 

9.    What is the role of TallyShop in Tally Prime?

a.     TallyShop is a marketplace for Tally add-ons and extensions that businesses can use to extend the functionality of their Tally software.

 

10.                      How does Tally Prime help businesses in managing their accounts payable and receivable?

a.     Tally Prime allows businesses to easily manage their accounts payable and receivable by automating invoice creation, payment processing, and payment reminders.

 

11.                      What is the purpose of Tally.NET in Tally Prime?

a.     Tally.NET is a technology platform in Tally Prime that allows businesses to access their Tally data remotely, manage their licenses, and receive software updates.

 

12.                      Can Tally Prime be used for budgeting and forecasting?

a.     Yes, Tally Prime has budgeting and forecasting features that allow businesses to create budgets, forecast sales, and analyze their financial performance.

 

13.                      How does Tally Prime help businesses in generating financial statements?

a.     Tally Prime allows businesses to generate financial statements like profit and loss, balance sheet, and cash flow statements, with just a few clicks.

 

14.                      What is the significance of Tally Audit in Tally Prime?

a.     Tally Audit is a tool in Tally Prime that allows businesses to track changes made to their Tally data and maintain an audit trail.

 

15.                      What is the process of upgrading from Tally ERP 9 to Tally Prime?

a.     Upgrading from Tally ERP 9 to Tally Prime is a simple process that involves downloading and installing the Tally Prime software, migrating the Tally data to the new software, and activating the license.