What is tally
What is tally
Tally is a constant count of something. When you start working in the field of accounting, the questions asked earlier in your interview or by someone you know how to use the tally? Some may answer yes and some may say. If you do not know how to use Tally, do not worry.
This Tutorial will help you understand Tally. Tally is a software used by all firms to carry out their accounting work.
Tally came from the Latin word "stick" because people wanted to mark the sticks and keep the check. For example, the score between 2 hockey teams is 15–20. So 15-20 is the count of goals scored by each team. In other words, we can say that we do not keep pace with the goals scored by each team.
Introduction to What is Tally
Nowadays every big firm has its own software (like SAP) in which they do their accounting work. Tally is software used by small and medium-sized commercial firms. The work of this software is the same and does not differ from company to company. So learning tally is what we call as basic learning to do accounting job.
Tally is one of the most popular accounting software used in India. Tally is defined as "an accounting software that records all business and personal operations or transactions." A software designed for small and medium-sized business firms. But do you know that Tally is not just a software? Tally is more than its name. With the release of the ERP 9 version, Tally's capabilities and functionality are expanding and expanding.
It is a Tally software due to its simplicity. Tally Accounting is an Enterprise Resource Planning (ERP) system with a good touch of features. Tally has facilities other than Accounting, but its perception on accounting is truly remarkable. Tally is used when you start your business and to maintain a personal account. Tally is a multi-functional software that performs many operations like Inventory management, Accounting, Payroll preparation, and cost center management, multiple currency functions, Billing, Banking, Taxation, Reporting, Ratio Analysis, your favorite GST Calculations and many more.
Features of Tally:
The most important feature of Tally is its complexities, exceptions and unique requirements. This makes the taxi flexible to handle all needs. The need for tally also increases as business grows on its scale.
Like another software tally, it also has its own features like preparing various reports for daily accounting, balance sheet finalization, Inventory Maintenance, Tax filing etc.
Working with Tally is simple as there are no process prerequisites or set to follow.
1. Adopt business requirement that makes it flexible.
2. Obtaining real-time reports such as balance sheets, profit and loss statements. It means very fast.
3. You can always rely on this software because your data is safe and secure as well as up to date. It is immune to virus attacks.
4. Auto backup of your folder.
5. Profit and loss account can be prepared for any period
6. Income Tax on Salary
7. Tracking of pending orders. And many more features.
Benefits of tally :
1) Manage Accounts easily: Tally easily adopts unique methods of trading. So you can manage your functioning, get a bird's eye view of any account in detail, get a report before making any decision.
2) One-stop GST solution: Since the inclusion of GST in our tax system, there was an anarchy about you filling or returning your GST and many others. Tally has answered all the questions, it detects errors and corrects it, creates its invoice, file returns GST will help you with this.
Bank Reconciliation: Tally fixes auto banking transactions that were entered manually manually. This helps save time and avoid errors. Keep a record of post-dated checks, generate cash deposit slips, print checks and many other works done in the bank can be done in the tally.
4) Grow Business: Quick decision will also help to grow your business and once your business grows, it will start to become complex. Tally helps you carry out those complex needs in a simple way. You can start inventory, payroll, manufacturing, banking and more.
5) Secured Data: Tally keeps your financial data by providing keys that you can generate yourself and only you can access the data. Your data is never lost due to corruption.
An eye on your business all over the world: You can access your business from anywhere in the world. No matter where your business is located. More than two businesses can be operated by synchronizing your data in Tally software.
7) Manage Client data: Easily transfer your client data to Tally. You do not need to start working again. All your customer's books are available in a single file. Changes made by you or your clients to the data can be exported or imported with each other
8) Speed up Audit Report generation: It will take time to manually prepare the trail balance, profit and loss statement and balance sheet and then there will be a greater amount of our time in making the report. The accounting task is made easy by choosing certain transactions and tracking their progress by monitoring each voucher.
9) Consultancy: Getting quick reports, getting a bird's eye view of financial statements helps to grow the business which indirectly provides consultancy to your clients.
Limitations of Tally :
This world is not limited to anything. Everything has its limits. Similarly, Tally also has its limits. The limitations in the tally depend a lot on the version we are using. If you are using a free version of Tally you will face some limitations such as: Reduction in automatic bank reconciliation, Multi-account printing, Reduction in data synchronization, Reduction in remote data access.