Essential Level 1 (Recording & Reporting) Syllabus

Chapter 1: Fundamentals of Accounting

 Understanding the basic principles and concepts of accounting. Overview of double-entry accounting and its importance in maintaining accurate financial records. Introduction to key financial statements: Balance Sheet, Income Statement, and Cash Flow Statement. Importance of accounting in business decision-making and financial analysis.

Chapter 2: Introduction to TallyPrime

Introduction to TallyPrime software and its features. Navigating the TallyPrime interface menus, buttons, and shortcuts. Setting up a company in TallyPrime and configuring basic settings. Understanding TallyPrime’s role in automating accounting processes and enhancing efficiency.

Chapter 3: Maintaining Chart of Accounts

Understanding the Chart of Accounts and its significance in organizing financial transactions. Creating and customizing ledgers, groups, and sub-groups in TallyPrime.
Structuring the Chart of Accounts to reflect the organization’s financial activities and reporting requirements.

Chapter 4: Recording and Maintaining Accounting Transactions

Recording various types of accounting transactions in TallyPrime: sales, purchases, expenses, and receipts. Understanding voucher entry in TallyPrime and its significance in maintaining transactional records. Using TallyPrime features such as auto-completion and shortcut keys for faster data entry. Ensuring accuracy and completeness in recording accounting transactions for reliable financial reporting.

Chapter 5: Goods and Services Tax

Overview of Goods and Services Tax (GST) and its applicability in India.
Understanding GST concepts, including tax slabs, input tax credit, and GST returns.
Configuring GST settings in TallyPrime and recording GST-compliant transactions.
Generating GST reports and ensuring compliance with GST regulations.

Chapter 6: Banking

Managing bank accounts and transactions in TallyPrime.
Recording banking transactions such as deposits, withdrawals, and fund transfers.
Reconciling bank statements with TallyPrime records to ensure accuracy.
Utilizing banking features in TallyPrime for efficient cash flow management.

Chapter 7: Generating Financial Statements and MIS Reports

Generating standard financial statements such as Balance Sheet, Profit & Loss Account, and Cash Flow Statement in TallyPrime. Customizing financial statements to meet specific reporting requirements. Generating Management Information System (MIS) reports for decision-making and analysis. Analyzing financial statements and MIS reports to assess business performance and financial health.

Chapter 8: Data Security

Understanding the importance of data security in accounting software.
Implementing data security measures in TallyPrime to protect sensitive financial information. Setting user access rights and permissions to restrict unauthorized access to data. Backup and restore procedures to safeguard company data against loss or corruption.

Chapter 9: Company Data Management

Managing company data in TallyPrime: creating, altering, and deleting company profiles.
Understanding data migration and consolidation processes in TallyPrime.
Archiving and purging old data to optimize system performance and storage.
Best practices for efficient company data management in TallyPrime.