✅ 1.

Tally Ledger – “Under” Group Selection Trick

Use this memory trick:
🔹 "LAWS-PRED" Rule
These are the 8 main ledger groups to memorize:
Group Name Use for...
Liabilities Loans (Loan Taken, Outstanding, etc.)
Assets Bank, Cash, Fixed Assets, Debtors
W (Works for both) Branches, Misc. accounts
Sundry Debtors Customers (you sell to)
Purchase Account For buying goods or services
Revenue (Income) Sales, Commission Received, etc.
Expense (Indirect) Rent, Salary, Admin Cost, etc.
Direct Expenses Raw materials, Wages, Freight Inward

🔸 Shortcut Table for “Ledger Under” in Tally:

Ledger Name Under Group
Ram & Co. (Customer) Sundry Debtors
Ravi Traders (Supplier) Sundry Creditors
Axis Bank Bank Accounts
Cash Cash-in-Hand
Furniture Fixed Assets
Capital Capital Account
Sales Sales Account
Purchase Purchase Account
Salary Indirect Expenses
Rent Received Indirect Income
Freight Inward Direct Expenses
GST Payable Duties & Taxes

✅ 2. Debit or Credit – Easy Trick (Golden Rules)

🎯 Use the "GOLDEN RULES OF ACCOUNTING"
Type of Account Debit When… Credit When…
Assets Asset comes in Asset goes out
Liabilities Liability decreases Liability increases
Capital Capital decreases Capital increases
Income/Gain Income decreases Income earned
Expenses/Loss Expense incurred Expense refunded/reversed

🔹 Memory Aid:
"DEALER" Trick:
Letters Dr / Cr Meaning
D Debit Drawings
Letters Dr / Cr Meaning
E Debit Expenses
A Debit Assets
L Credit Liabilities
E Credit Equity (Capital)
R Credit Revenue (Income)

🔸 Example Journal Entries (Trick-Based)

Transaction Debit Credit
Capital Introduced Cash A/c Capital A/c
Purchased Goods for Cash Purchase A/c Cash A/c
Sold Goods on Credit to Ram Ram A/c Sales A/c
Received Cash from Ram Cash A/c Ram A/c
Paid Salary Salary A/c Cash A/c
Rent Received in Cash Cash A/c Rent Received A/c

🚀 Pro Tip:
If asset increases → Debit,
If income increases → Credit,
If expense increases → Debit,
If liability or capital increases → Credit

✅ Step-by-Step: Interest Calculation on Receivables in Tally Prime

🔸 Step 1: Enable Interest Calculation Feature

1. Go to Gateway of Tally → press F11 (Features)
2. Select Accounting Features
 3. Set "Activate interest calculation" to Yes
4. Accept the screen

🔸 Step 2: Create or Alter the Customer Ledger

1. Go to Gateway of Tally → Accounts Info → Ledgers → Create (or Alter)
2. Name: Enter the Customer Name
3. Under: Sundry Debtors
4. Set Maintain balances bill-by-bill: Yes
5. Set Activate interest calculation: Yes
Now configure the interest:
o Calculate Interest Transaction-by-Transaction: Yes
o Override Parameters for Each Transaction: Optional (Yes if you want to change
interest per invoice)
o Interest Style: Select Simple or Compound
o Rate of Interest: e.g., 12% per annum
o Interest to be Calculated From: Due Date / Invoice Date (based on your policy)
6. Accept the screen

🔸 Step 3: Pass Sales Entry (Invoice to Debtor)

1. Go to Gateway of Tally → Accounting Vouchers → F8: Sales
2. Enter all details of the invoice (Customer, amount, etc.)
3. Make sure bill-wise details are enabled
4. Save the voucher

🔸 Step 4: View Interest Calculated

1. Go to Display More Reports → Account Books → Interest Calculated
2. Choose the ledger (Customer)
3. Tally will show the interest amount due for each bill based on the settings

📌 Notes:
 Interest is calculated only on overdue amounts.
 You can also book the interest as income using a Journal Voucher:
o Debit: Customer Ledger
o Credit: Interest Income Ledger

🔍 Want Auto-Interest Entry?

If you want interest to be auto-added during receipt or tracked separately, you'll need to manually
pass journal entries or use Tally’s Interest Report for reminders and follow-ups.

If you want help configuring a real example in Tally Prime (with screenshots or values), just provide:
 Receivable amount
 Interest rate
 Overdue days/months
 Invoice and due date
And I’ll tailor it!
✅ Vouching in Tally Prime – Practical Exam Guide

1. What is Vouching?
 Vouching is checking accounting entries with original documents (vouchers) to confirm the
transactions are genuine and correctly recorded.
 It is a key auditing procedure to prevent fraud and errors.
2. Vouching Objectives
 Verify accuracy of entries
 Ensure authenticity of transactions
 Confirm proper authorization
 Check entries belong to the correct accounting period

3. Important Vouchers in Tally

Voucher Type Used For Common Documents
Sales Voucher Sale transactions Invoice, Delivery Challan
Purchase Voucher Purchase transactions Purchase Invoice, GRN
Payment Voucher Cash or bank payments Cash Memo, Bills, Payment Receipt
Receipt Voucher Receipts from customers Receipt Copy
Journal Voucher Adjustments, salaries, expenses Salary Sheet, Authorization Letter

4. Vouching Process in Tally

Step Action Explanation
1 Open Day Book (F4) or Voucher Register See all transactions with details
2 Use Ctrl + Enter on any voucher View full voucher to check details
3 Check Date, Ledger, Amount, Narration Verify transaction correctness
4 Match with original voucher/document Invoice, receipt, or approval form
5 Confirm entry is posted under correct ledger Check ledger group & classification

5. Tips & Tricks

 Always verify authorization (signature) on vouchers.
 Use Alt + F1 for detailed voucher info.
 Use Exception Reports to find unusual transactions.
 Watch out for round figures and missing narration.
 Use ledger-wise vouching to check transactions per party.
 Print vouchers with details using Alt + P for offline verification.

6. Common Errors to Spot

 Incorrect ledger group
 Missing or fake supporting documents
 Backdated transactions
 Suspicious journal entries without clear reason
 Overstated or understated amounts

7. Example: Vouching a Purchase

 Open Purchase Voucher Register
 Select a voucher, press Ctrl + Enter
 Check date and ledger (Supplier name under Sundry Creditors)
 Verify amount matches invoice/bill
 Confirm voucher signed and authorized
 Check narration and GST details if applicable

If you explain and demonstrate these steps clearly in your practical exam, it will show your strong
understanding of vouching in Tally Prime.

Would you like me to prepare a short presentation script or checklist for your practical exam?