Tally-Prime-Masters

Masters Records in Tally Prime – Unknown Features

Now we explain some unique and unknown features of Creation and Updation of masters, to save time, and better structured Master records, to improve the quality and utility of Accounting Reports.

Master creation in Tally PRIME is very simple. Tally has the features of creating a very flexible Multi Level hierarchical Master System.

Multi Level Hierarchy : User can place master in any level as per his wish. At any time, at any stage, one can re-organize the master by moving a master record from one level to another. Such good flexibility to organize master, re-organize it is rarely found in any other accounting system.

Codeless Master Records : Tally is probably the first Codeless accounting system, in which the layer of code has been removed. 25-30 years back all accounting systems were code based. Codeless system was unimaginable. There was no belief in the IT community that Codeless accounting system could be implemented. After getting Tally’s Codeless simple system, being free from the hassle and hassle of User Code, adopted Tally from his heart. But there is some facility of Code in IT, at some places the use of Code is also mandatory. Those who have been using Code for a long time, cannot avoid Code, for them Tally has arranged Alias ​​Name in Masters, which can be used instead of Code. Through Alias, not just one, but users can add as many codes as needed, in their own way. With this, any system can be better implemented in Tally with Code and Without Code. Under the Alias ​​System, the master record can be referred to by any name of your choice. This makes the work of Data Entry very easy. The hassle and mistakes arising out of the code are removed.

Masters Updation : In Tally PRIME, Masters can Created through GoT>Create  and  Edited / Deleted through GoT>Alter by direct method. Apart from this, other methods of Master creation are also available. Masters may be created through Secondary Masters entry screen, from inside Voucher, while Voucher Creation. Users will be surprised to find that Masters may be created / updated more easily and efficiently through Masters Lists, than Masters creation by Direct Method. But very few people know it and create master in this way.

Master Updation from Chart of Accounts

In Tally PRIME, the master can Created / Edited / Deleted in two ways. Users often update Masters directly from Create option at GoT under Masters section. This option is useful for first year creation of Masters. However, to create new Masters during the Financial Year, indirect Masters entry may be more convenient.

Select GoT>Chart of Accounts, and then select the desired Master from List of Masters.

Master can be created by setting Hierarchy even better from Master List, because at the time of Master creation you can see Hierarchy structure visually and can place or move Master in right place. Accountants will prefer this method more, because in this way Masters can be organized more thoroughly and structurally. While in Direct method the name of Parent Master Group has to be selected from the list. At that time the hierarchy of the Master is not visible. That’s why we suggest that you first enter the master of the old list in the Normal Direct Method, and create a new master through the master list, so that it can be placed in the proper position in the Hierarchy.

Operations on Master Records Master from Master List in Tally Prime

At the footer of the Chart of Accounts list, buttons for various operations on Masters, and other quick operations are available (like Masters creation, Alteration, Deletion, etc) .

Initial Masters can be conveniently created at the beginning after Company creation, in the tradional way of Direct masters creation, through GoT>Create  and GoT> Alter under Masters section, from a structured list of Masters Account Masters in proper hierarchical structure.

However, in later course of operation, updation of masters, like adding new masters to be created during the Financial year, modification & deletion of Masters, can be done more conveniently, from Chart of Accounts, rtahe than Create & Alter options at GoT.

However, facility of updation of Masters from Master List is not well known to most of the users, as it is not well explained even in Tally’s official literature and Help Documents, nor in other Tally Tutorials / Blogs / e-books/ Videos.

Here we discuss about the alternate method of Masters updation from Master List, providing quick and easier features. Users will find it simple to understand, operate and organise Masters in proper hierarchical structure.

Chart of Accounts – Footer Buttons

Select GoT>Chart of Accounts and then select the respective Masters, to get list of selected Master, in with Groups and respective Master Records, in hierarchical structure.

From hart of Accounts , following operation may be performed, from the options appearing at the button bar at bottom of Master List.

• Create New Master record : At Master  list,placethe cursor at any existing record of same type of Master to be created andClick C:Create Mst button to create new Master record. For example, to create a new Ledger Account, place the cursor on any Ledger Account in the list,  to create a new Account Group, place the cursor on any Account Group in the list. The Master creation screen will appear in same way, to create a new Master record.

In the list of lower level Master, Upper level Masters records (like Account Groups, Stock Groups), appear in normal font, and lower level Master records (like Ledger Account, Stock Item), appear in italics. So, both types of Masters can be updated from the list of Lower Level Masters (like Ledger Account Master List, Stock Item Master List) etc.

• Update existing Master record : Move the cursor on the Master record in the List of Master press Spacebar to select it.  On selection, the colour will change (to green) to indicate that the record has been selected (press space bar again to unselect, the colour band will disappear).
• Alteration of Master : Press <enter> on the selected Master to get it in Alteration mode to make the desired modification of any data in the selected master record
• Deletion of Master :To Delete a Master record, click D:Delete button (or press Alt+D), the selected Account Groups / Ledgers would be Deleted (subject to rules of Deletion of Master) 

Master updation from Traditional Create /Alter vs Chart of Accounts

As we have explained, Master updation (Creation / Alteration/ Deletion) can be done in the usual way, from Create /Alter option under Masters sectionfrom Gateway of Tally. The advantage so that all the subordinate details (including Opening Balance and underlying details in sub screens can be updated. This is useful at the time of first time master entry after Company creation, when the hierarchical structure and all the details of Masters are available from previous year data.

However, during the course of data updation during the year, it would be more convenient to add records from Chart of Accounts (when all data may not be available immediately in hand). Opening Balance for new Masters added (which would be zero), need not be entered.

When Master is created from in normal method (from Info Menu), the user entering the Master must select the Parent groups from flat list of Groups. However, when Master is created from in normal method (from Info Menu), the user entering the Master must select the Parent groups from flat list of Groups. So, the user may place the Master record under wrong parent, unless he correctly understands the structure of the Masters and parent groups.

On the other hand, in Chart of Accounts, the masters are shown in proper hierarchical order. The new masters can be created placing at the right hierarchical structure. The added master is immediately shown in the list, showing its position in the hierarchy in chart of master.

So, new master can be placed in right place the chart of masters.

Opening Balance cannot be entered from Chart of Accounts. However, in case of new masters added during the financial year, Opening Balance would be Nil, so new masters can be added more conveniently from Master List, than from Info menu.

To create a new Master record from Chart of Accounts, at least one Master of the same Master type must have been entered in usual methods, as you have to place the cursor on similar type of Master record in the list.  That is why, it is recommended to enter existing known masters, immediately after Company creation, through normal way, and add new Master record, from Master List.

Master List Display / Printing in Tally Prime

To Display / Print Master list, at Gateway, select Chart of Accounts and then select the desired Master Type. In Chart of Accounts, shows the list Master Names only in hierarchical order. It does not show complete details of the master data (popularly called check list). In large organizations there is a very long master list. Accounts Master has a very long list of Customer, Supplier, Bank, etc. and many types of Ledgers, and they have a lot of details. The Inventory Master List is even bigger, and contains more data. The details of such masters are collected from many sources and entered. To check the correctness and accuracy of Masters, a consolidated list (check list) of Master is required. But in Tally PRIME, there is no such Master List in which all the details of the master are found in one place, in one report.

To get Master List with desired details, the user has to prepare Excel Sheet, or any third party software, or a module in TDL as per his requirement. In the Configuration option of every report of Tally, there is a good option to configure the report. But there is no configuration option to configure the master list to set the content and layout of the master list as per his requirement. It is expected that keeping this requirement of the user in mind, Tally will introduce the master list in the next release. Will provide a flexible and versatile module to print.