Tally: The widest using Accounting software in India and its neighbor country launched in 2009. Tally is the purely INDIAN Software. The simplicity & lots of feature makes Tally best among other accounting software. Tally provides numerous features related accounting, auditing, Inventory management & banking etc.
Features providing by Tally software are as follows:
1. Book Keeping & Voucher Entries: Entering of Purchase, Sales, Receipt, Payments, Credit Notes, Journal Vouchers and Debit & Credit Notes etc.
2. Accounting: Recording of Transactions and Analysis of reports on Daily, Weekly, Monthly, Quarterly, Half Yearly & Yearly basis
3. Stock & Inventory Management: Management of Physical Stock, Share Market Stocks Management, Item wise bifurcation, Stock Ledger, FIFO, LIFO analysis etc.
4. Multiple Branch Accounting: Multiple Godown transfers, Transfer of Stock from one place to another etc.
5. Billing & Invoicing: Preparation of Bills, Purchase & Sales Invoices, Purchase Orders, Tax Invoices Preparation etc.
6. Banking Operations: (Cheque Printing, Challan Generation and Bank Reconciliation etc.): Cheque Number wise Entries in Books, Daily Bank Reconciliation, Outstanding Cheques tracking and Digitally Cheque Printing etc.
7. Cash Flow & Fund Flow: Auto Generation of Cash Flow Statement & Fund Flow statement with Comparison with Previous Year
8. Ratio Analysis: Current Ration, Debt Equity Ratio, Working Capital Turnover Ratio, Inventory Turnover Ratio, Quick Ratio, Net Profit Ration, Operational Cost, Receivables Turnover Ratio in Days, Payables, Return on Working Capital Ratio, Return on Investment Ratio
9. Auditing & Compliance: Vouching & Auditing Features which can work on Virtual and Remotely platforms
10. Trial Balance, Profit & Loss Statement & Balance Sheet Preparation: Auto Generation of Trial Balance, P&L & Balance Sheet on the basis if Voucher Entries & Accounting
11. Day Book Analysis: Daily Analysis of Expenses & Incomes
12. Cash Management: Day Wise Cash Reconciliation with Petty Cash Book and maintain the exact balance of Cash on Daily Basis
13. Cost Centre Wise Accounting: If company is operating its business activities on Multiple places or Multiple locations, then Tally provides you to maintain Cost Centre Wise Analysis of Expenses & Incomes
14. Payables & Receivables Tracking: Payable & Receivables Tracking of Vendors & Customers on Daily basis.
15. Taxation Features: GSTR 1, GSTR 3B, GSTR 21 Reconciliation, TDS Adjustments, VAT & Service Tax Adjustments etc.): Preparation of GST Statements (GSTR1 & GSTR 2A & GSTR 3B), monthly Tax Return Statement Preparations, Export of Data on GST Portal, Monthly Input Reconciliation, TDS Adjustments on Payment Basis, Previous VAT & Service Tax Adjustments etc.
16. Import, Export & Backup of Data Features: Import Data from Previous Devices, export and Share Tally data easily & Backup data on Respective Folders
17. Cloud Working Environment & Multi User Logins: In Tally, user can work on Cloud Platform & more than one user can operate the single system (Co-Working platform)
18. Payroll Features: (Salary Management, Employee Register, Leave Adjustments and Pay Slips Generation etc.): Preparation of Monthly Salary, Leave Register & Adjustments, Pay Slips Generation, Payments Adjustments, Employees full details management etc.
19. MIS Reporting: Monthly Management Information System Reporting for the Management Personal purpose
20. Password Protection, Tally Vault Protection & Multi Currency Accounting: Protect your Tally data with Password & Multi User Passwords for the separation of Works, Tally Vault password to prevent from un-authorized activities, Give access to only allowed persons with separate passwords, Maintain Multi Currency Accounting
To work on the Tally, we should know about below mentioned 3 features. These features are the basis of further actions on Tally:
a) Accounting Features (Basic Accounting)
b) Inventory Features (Stock Related Features)
c) Statutory Features (Taxation Features)
We will give you the detailed info in our next article where we will explain these 3 features on detailed manner
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