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Accounting For Managers - Accounting Process

Introduction To Tally Package and Features Of Tally

   Posted On :  25.01.2018 10:56 pm

Today an increasingly large number of companies have adopted mechanized accounting. The main reasons for this development are that:

(i)    the size of firms have become very large resulting in manifold increase in accounting data to be collected and processed.

 

(ii)   the requirements of modern management which want detailed analysis in many ways, of the accounting and statistical information for the efficient discharge of their duties.

 

(iii)    collection of statistics not only for the firm’s own use but also for submission to various official authorities.

 

In this context, the use of computers in accounting is worth mentioning. Late 80’s and early 90’s was an era of financial accounting software. Many software developers offered separate financial and inventory software to take care of the needs of the concerns but users wanted a single software that will take care of production and inventory management i.e. They wanted a single software where, if an invoice is entered, that will update accounts as well as inventory information. Here tally comes in handy.

 

Tally is one of the acclaimed accounting software with large user base in india and abroad, which is continuously growing. There is good potential for tally professionals even in small towns. Tally which is a vast software covers a lot of areas for various types of industries and is loaded with options. So, every organization needs a hardcore tally professional to exploit its full capabilities and functionality to implement tally. Tally which is a financial and inventory management system is developed in india using tally development language. Tally has been created by pentronics (p) limited, bangalore.

Features Of Tally:

1.         Accounts without any account codes.

 

2.         Maintains complete range of books of accounts, final accounts like balance sheets, profit and loss statements, cash and fund flows, trial balance and others.

3.         Provides option to post stock value from inventory directly to balance sheet and profit and loss a/c as per the valuation method specified by user. This greatly simplifies the procedure and one gets the final accounts which is in tune with the stock statements of the inventory system.

4.         Provides multiple reports in diverse formats.

 

5.         Various options for interest calculation.

 

6.         Allows accounts of multiple companies simultaneously.

 

7.         Multiple currencies in the same transactions and viewing all reports in one or more currency.

8.         Unlimited budgets and periods, user definable security levels for access control and audit capabilities to track malafide changes.

9.         Allows import and export of data from or to other systems.

 

10.     Online help.

 

11.     Backup and restore of data.

 

12.     Facilitates printing of cheques etc.

 

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