Basics of Tally: Definition of Tally, features & Usage- This Accounting software is India’s most popular accounting software. It is a useful and complete package software for small & medium enterprises. This article has thoroughly discussed Tally software, its features, and its usage for business purposes.
What is Tally?
Tally Accounting is financial software that helps in business financial purposes. It is used for recording the daily business data of a particular company. The name of the business solution is derived from the word “tally”, which means to count and keep the record.
The latest version of the software is Tally Prime released in November 2020 & Tally ERP 9, which was released in 2009. This version is one acclaimed financial accounting system and inventory management system with a powerful computer.
Basics of Tally
It is a package that offers maximum features for all kinds of business industries, from small to large enterprises. It also has updates related to the new features of GST (Goods & Services Tax).
The software is an all-in-one business management solution and GST software with combined functions, control, and in-built customizability features. The computerised accounting software follows the double-entry accounting system that helps in eliminating and rectifying possible errors.
How is Tally different from Manual Accounting?
|Basis||Software Accounting||Manual Accounting|
|Meaning||Tally software is a computerised accounting method to record financial statements electronically.||Manual accounting is a system that uses registers and manual books to keep records of business activities and financial transactions.|
|Calculation||Only input of data is required; the calculation is done automatically by the computer.||All the calculations are done manually by a person.|
|Backup||All the data content is recorded, saved and can be backed up for future purposes.||Backup is not possible|
|Financial statement||It is available at the click of a button.||It is prepared manually at the end of the period, month or quarter.|
Features & Usage of Tally ERP 9
A trading accounting software helps maintain accounts and perform other accounting and other analytical operations to manage an organization. The following are the features of the accounting Software:
- Multi Lingual Software– It is a software that supports multi-languages including 9 Indfian language. In the software, accounts can be maintained in one language and view transaction reports in different languages without extra effort.
- Numerous Accounts: In tally, one can create up to 99,999 companies and create multiple accounts. It can manage single or multiple groups as well.
- Popular Software: It is the best accounting software since it has easy to use methods, no codes, is robust and powerful, executes in real-time, operates at high speed, and has full-proof online help.
- Synchronization: Tally can maintain transactions created in multiple locations offices and update them automatically.
- Financial statements: Tally can generate consolidated financial statements in one click as per the company’s requirements.
- Payroll: This feature in ERP 9 allows a business to automate employee records management.
- Accounting software is also used to handle financial and inventory management, invoicing, sales and purchase management, reporting, and MIS for a business.
- The feature of software accounting customization makes the software suitable for distinctive business functions.
- It has a low cost of ownership and can be quickly implemented and customize according to business needs.
- The software supports multi-operating systems, for example, Windows & Linux. It can also be installed on various systems at the same time.
- It has a straightforward download method that utilizes common space for installation.
- It supports all types of protocols: HTTP, HTTPS, FTP, SMTP, ODBC, etc.
- It is also used for Generating different report files for tax filing, invoices, etc.
- While using the software the number of human errors can be reduced. And the automated calculations of the software help and play a significant role in maintaining the financial transparency audit.