Accounting Basics with Inventory Management in Tally

• In this course, you will learn to:
• Define the fundamental concepts and utility of accounting, emphasizing its role in business
• Identify various methods of accounting and understand their application in financial reporting
• Organize basic books of accounts and summarize the process of recording financial transactions
• Demonstrate the setup and navigation in Tally Prime, illustrating its importance in modern accounting
• Compare Tally ERP 9 and Tally Prime, highlighting the advancements in the latter
• Categorize and assemble different features within Tally Prime focusing on accounting, inventory, and taxation
• Examine and report on the creation and management of company data within Tally Prime
• Differentiate and organize voucher types and chart of accounts for efficient financial management
• Predict and analyze financial outcomes using multi-master features in Tally to preview financial statements
• Operate and modify accounting vouchers emphasizing receipt and payment transactions in Tally Prime
• Find and apply advanced accounting and inventory voucher configurations for comprehensive financial tracking
• Distinguish between various specialized voucher types, understanding their specific uses and implications in accounting
• Estimate financial standings and rate business performance through detailed financial statement analysis in Tally Prime
• Describe the Billwise feature in Tally Prime and its utility in financial transaction management
• Categorize various bill reference types in Tally Prime to facilitate detailed financial analysis
• Demonstrate how to conduct credit purchase and sales transactions in Tally Prime effectively
• Summarize the process of creating and interpreting bill-wise out standings reports for improved financial oversight
• Operate Tally Prime's banking features to manage financial transactions efficiently
• Organize bank ledger setups and tailor them for specific banking transaction modes in Tally Prime
• Diagnose financial inconsistencies using the cheque register report and bank reconciliation features in Tally Prime
• Explain the functionality of Multi Currency in Tally Prime and its implications on global business operations
• Arrange the end-to-end process of purchase order management within Tally Prime, ensuring systematic order tracking
• Distinguish between basic and advanced purchase order functionalities to optimize procurement processes
• Differentiate between standard and advanced sales order features to enhance customer fulfillment and invoicing
• Estimate the effects of different inventory valuation methods provided in Tally Prime on financial statements
• Assess various case studies in inventory and accounting to validate Tally Prime's application in diverse scenarios

• At the end of this course, learners will be able to:
• Interpret the key concepts and significance of accounting in the business context to understand its foundational importance
• Illustrate different accounting methodologies and their relevance to financial accuracy and compliance
• Paraphrase the steps involved in organizing basic books of accounts and the process for recording financial transactions
• Demonstrate proficiency in using Tally Prime for accounting tasks showcasing effective setup and navigation skills
• Compare the features and functionalities of Tally ERP 9 and Tally Prime to identify improvements and enhancements
• Construct company profiles within Tally Prime incorporating essential accounting, inventory, and taxation details
• Report on the systematic approach to creating, managing, and analyzing company data within Tally Prime
• Categorize various voucher types and chart of accounts in Tally Prime, establishing organized financial management practices
• Predict financial outcomes and appraise business performance through advanced features in Tally for financial statement analysis
• Utilize different types of accounting vouchers in Tally Prime, focusing on accurate receipt and payment transaction recording
• Experiment with and apply advanced configurations for accounting and inventory vouchers in Tally Prime for detailed financial tracking
• Differentiate and assess the implications of specialized voucher types, understanding their roles in complex accounting practices
• Estimate and judge business performance and financial health by analyzing comprehensive financial statements within Tally Prime
• Interpret the utility of Billwise feature in Tally Prime for precise financial tracking.
• Categorize bill references in Tally Prime to enable detailed financial analysis.
• Construct workflows for managing credit transactions effectively in Tally Prime.
• Summarize generation and analysis of bill-wise reports for financial decision-making.
• Utilize Tally Prime's banking features to enhance organizational financial operations.
• Organize bank ledger setups in Tally Prime, customizing them for various transactions.
• Diagnose issues in financial records using Tally Prime's reconciliation features.
• Illustrate the impact of Multi Currency on global operations within Tally Prime.
• Develop strategies for managing purchase orders in Tally Prime from initiation to closure.
• Differentiate advanced purchase functionalities from basic ones, optimizing procurement.
• Formulate sales order management procedures in Tally Prime for accurate tracking.
• Distinguish between standard and advanced sales functionalities in Tally Prime.
• Estimate financial impact of different inventory valuation methods in Tally on reports.
• Appraise Tally Prime's applications through case studies, validating its effectiveness.

The academic approach of the courses focuses on the “work-centric” education i.e. begin with work (and not from a book!), derive knowledge from work and apply that knowledge to make the work more wholesome, useful and delightful. The ultimate objective is to empower the Learner to engage in socially useful and productive work. It aims at leading the learner to his/her rewarding career as an employee or entrepreneur as well as development of the community to which s/he belongs. Learning methodology:

• Step -1: Learners are given an overview of the course and its connection to life and work.
• Step -2: Learners are exposed to the specific tool(s) used in the course through the various real-life applications of the tool(s).
• Step -3: Learners are acquainted with the careers and the hierarchy of roles they can perform at workplaces after attaining increasing levels of mastery over the tool(s).
• Step -4: Learners are acquainted with the architecture of the tool or tool map so as to appreciate various parts of the tool, their functions, utility and inter-relations.
• Step -5: Learners are exposed to simple application development methodology by using the tool at the beginner’s level.
• Step -6: Learners perform the differential skills related to the use of the tool to improve the given ready-made industry-standard outputs.
• Step -7: Learners are engaged in appreciation of real-life case studies developed by the experts.
• Step -8: Learners are encouraged to proceed from appreciation to imitation of the experts.
• Step -9: After the imitation experience, they are required to improve the expert’s outputs so that they proceed from mere imitation to emulation.
• Step-10: Emulation is taken a level further from working with differential skills towards the visualization and creation of a complete output according to the requirements provided. (Long Assignments)
• Step-11: Understanding the requirements, communicating one’s own thoughts and presenting are important skills required in facing an interview for securing a work order/job. For instilling these skills, learners are presented with various subject-specific technical as well as HR-oriented questions and encouraged to answer them.
• Step-12: Finally, they develop the integral skills involving optimal methods and best practices to produce useful outputs right from scratch, publish them in their ePortfolio and thereby proceed from emulation to self-expression, from self-expression to self-confidence and from self-confidence to self-reliance and self-esteem!

Evaluation Pattern of KLiC Courses consists of 4 Sections as per below table:

YCMOU Mark Sheet

Printed Mark Sheet will be issued by YCMOU on successful completion of Section 1, Section 2 and Section 3 and will be delivered to the learner by MKCL.
YCMOU Mark Sheet will be available only for Maharashtra jurisdiction learners

MKCL's KLiC Certificate

The certificate will be provided to the learner who will satisfy the below criteria:

1. Learners who have successfully completed above mentioned 3 Sections i.e. Section 1, Section 2 and Section 3
2. Additionally, learner should have completed Section 4 (i.e. Section 4 will comprise of SUPWs i.e. Socially Useful and Productive Work in form of Assignments)
   • Learner has to complete and upload minimum 2 out of 5 Assignments