Tally Prime with GST · Module 1 of 10

Accounting basics for Tally

The ideas every Tally user needs first.

📖 Key ideas

Accounting records every money transaction of a business.
Double entry: every transaction has a debit and an equal credit.
Golden rules: Personal (debit the receiver, credit the giver), Real (debit what comes in, credit what goes out), Nominal (debit expenses and losses, credit incomes and gains).
Assets, liabilities, capital, income and expenses are the main account types.
Tally Prime automates books, inventory, GST and reports.

💡 Real-life example: Double entry is a weighing balance: whatever goes on one side must go on the other.

DebitLeft side of an entry

CreditRight side of an entry

AssetWhat the business owns

LiabilityWhat the business owes