Tally ERP9

Tally is powerful accounting software, which is driven by a technology called concurrent multi-lingual accelerated technology engine.

Tally Software is mainly used for vouchers, financial statement and taxation in many industries and has specialized packages for retail business

More advanced capabilities are found in its Enterprise resource planning package

Tally ERP9

About Tally

  • It is easy to use software and is designed to simply complex day to day activities associated in an enterprise.
  • Tally provides comprehensive solution around accounting principles, inventory and data integrity.
  • Tally also has feature encompassing global business. Tally software comes with easy to use interface thus making it operationally simple.
  • Tally accounting software provides a solution around inventory management, stock management, invoicing, purchase order management, discounting, stock valuation methodology, etc.
  • Tally accounting software also comes with drill down options, which can track every detail of transaction. It helps in maintaining simple classification of accounts, general ledger, accounts receivable and payable, bank reconciliation, etc.
  • The technology employed by tally makes data reliable and secure. Tally software supports all the major types of file transfer protocols. This helps in connecting files across multiple office locations.
  • Tally accounting software is capable of undertaking financial analysis and financial management. It provides information around receivables turnover, cash flow statement, activity consolidation and even branch accounting.
  • Tally accounting software is east to set up and simple to use. A single connection can support multiple users. It can be easily used in conjunction with the Internet making possible to publish global financial reports.
  • Tally accounting software can seamlessly connect with various Microsoft applications.

Key Features Details :-

  • Accounting

    • Accounting is a basic function of Tally and most people do not ever use any other functions other than accounting in Tally. At the most they will use Inventory management and some of the Taxation features.
    • Tally has segmented it in 6 different functions. They are:
      • Contra (Only for cash and bank related entries)
      • Payment (For payment entries)
      • Receipt (For receipt entries)
      • Journal (For entries which doesn’t include cash or bank and for closing entries)
      • Sales (For sales billing)
      • Purchases (For purchase billing)
  • Billing

    • Billing is an inevitable part of any business and it’s care is duly taken by Tally.
    • The best thing in Tally is that when you create a billing entry you do not have to create again accounting entry for that bill. This reduces redundancy in entering a big amount of data.
    • So if you are having a shop and you do billing from Tally, you or your accountant do not have to again perform accounting for the same bills as it already done by you.
    • In Tally, Sales and Purchase vouchers are actually for billing but they can also be used as a simple voucher. Everything in a bill you can imagine is there in Tally for the purpose of billing.
  • Payroll

    • This feature is of use when you are having a good number of employees.
      For a 1 or 2 it makes no sense to purchase a software like Tally.
    • But if your or your client’s business has a good amount of transactions then you may require Tally.
    • For maintaining Payroll in Tally, there are functions like
      • Employee Categories,
      • Employee Groups,
      • Attendance,
      • Pay Heads and of course Employees.
    • For a manufacturing entity there are functions such as Units (Work) and Production Types by which information regarding production done by employees in specific units can also be measured.
    • Complex payroll calculations are automatically done in Tally when we use the Payroll function.
  • Inventory

    • As billing is an inevitable part of a business and so is the inventory.
    • Effective inventory management can save huge amount of costs especially if you are functioning in a manufacturing environment.
    • In Tally you can classify inventories on the basis of groups, units, tariff (applicable for goods on which VAT is levied), different stock items, godowns in which they are located
    • Apart from the above, we can also create Price Lists and Reorder Levels for convenience. Inventory management is done via inventory vouchers.
    • If you or your clients have a business in which inventory management is required and if you have Tally then there is no need to worry about inventory management.
  • Banking

    • In this era of digitization, without banking no business can survive. Banking functionality is very well covered by Tally.
    • Though it was not present in earlier versions of Tally but is there in Tally.ERP 9.
    • You can directly print cheques, maintain cheque register, create deposit slips and payment advice in Tally.ERP 9.
    • Most important function in Banking is Bank Reconciliation.
    • BRS will eliminate the tedious task of reconciling the bank statements with the books of accounts.
  • Taxation

    • A business cannot operate in isolation. It needs a society to operate which is governed by a government which levies different types of taxes on a business as it is a commercial activity.
    • Taxation is also covered by Tally. Right from Income Tax, VAT, Excise, Customs and Service Tax everything is taken care of by Tally
    • If you are covered under Audit as per Income Tax Act, 1961 then there are different functions for that also such as Form 3CD, Form 3CA, 44AB Audit, Form 3CB and so on.
    • if you have taxation functions enabled then billing is done including taxes on the sales or purchases.
    • At the end of the year or a particular accounting period tax credit or tax payable automatically gets calculated by Tally.
  • Reporting

    • Different types of reports are required at different times for making effective business decisions.
    • In Tally there are reports such as
      • Statutory Reports,
      • Payroll Reports,
      • Job Work In and Out Reports and
      • the most significant Exception Reports.
    • Exception Reports, it displays the information what should not have happened and that is what is necessary to take a look at while running a business or simply writing accounts of a client.
    • Reports are not limited to just reports in Tally. In fact at every screen in Tally, you can print it or export it and that can also be called a report according to my opinion.
  • Ratio Analysis

    • This option is not used by many people and the simple reason is that not many people are interested in analysis. But Tally has included that in it.
    • In the Gateway of Tally there is an option called Ratio Analysis which displays many important ratios on the basis of information which is entered by you at the time creating vouchers.
    • Some of the common ones which are included in Tally are Current Ratio, Quick Ratio, Debt/Equity Ratio and Inventory Turnover.
    • You can also alter the timing for which you want to have a look at ratios. For example you want to know the Current Ratio for the first six months of the year which can also be done in Tally.
    • Moreover Ratio Analysis in Tally helps us to make quick decisions about our business or our client’s business whatever the case may be.

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