Tally refers to Tally.ERP 9, which is a popular accounting software developed by Tally Solutions Pvt. Ltd. Tally is widely used by businesses and individuals for managing financial transactions, bookkeeping, and generating financial reports.
Here are some key features and functionalities of Tally:
- Accounting: Tally allows users to record and manage various accounting transactions, such as sales, purchases, receipts, payments, and journal entries. It supports both single-entry and double-entry bookkeeping systems.
- Financial Statements: Tally enables the generation of financial statements like balance sheets, profit and loss statements, cash flow statements, and trial balances. These statements provide a comprehensive view of the financial health of a business.
- Inventory Management: Tally provides inventory management features to track and manage stock levels, record stock movements, handle stock transfers, and generate inventory reports. It allows businesses to have better control over their inventory.
- GST Compliance: In India, Tally supports Goods and Services Tax (GST) compliance. It assists businesses in accurately calculating and reporting their GST liabilities. Tally can generate GST invoices, reconcile GST data, and generate GST returns.
- Banking: Tally facilitates the management of banking transactions such as cash deposits, cheque payments, bank reconciliations, and electronic fund transfers. It helps in maintaining accurate and up-to-date banking records.
- Payroll Management: Tally offers features for managing payroll activities, including employee data management, salary calculations, attendance tracking, and statutory compliance with regards to employee salaries and benefits.
- Reporting and Analysis: Tally provides various built-in reports and analysis tools to help users gain insights into their financial data. Users can generate customized reports, compare data across different periods, and make informed business decisions.
- Multi-User and Remote Access: Tally supports multi-user access, allowing multiple users to work simultaneously on the same data. It also offers remote access capabilities, enabling users to access and work on Tally data from different locations.
Tally is known for its user-friendly interface and ease of use, making it accessible to individuals with limited accounting knowledge. It is widely used by small and medium-sized businesses, as well as accounting professionals, to streamline their financial management processes.
Tally offers various editions and licensing options to cater to different business needs, including Tally.ERP 9 Silver (single-user) and Tally.ERP 9 Gold (multi-user). Users can also extend Tally's functionalities through add-ons and customization options to meet specific business requirements.
It's important to note that while this information reflects the general features and functionalities of Tally, there may be updates, new versions, or specific usage requirements that may vary. Consulting the official Tally Solutions website or contacting their support team can provide the most accurate and up-to-date information.
