Facts You May Not Know About What is Tally and Why They Are Important

What is Tally?
Chandrakishor Gupta Avatar

Introduction

The most recent Tally release, Tally.ERP 9 Release 6.4, was made available on February 23, 2018. You can adjust tax rates in a single step, file GSTR 4, handle E-way bills, comply with GST for composite dealers, and access a wide range of other capabilities. In India and roughly 17 other countries throughout the world, Tally.ERP 9 accounting software is highly favored.

There is much more to Tally.ERP9 than just accounting.  One of the most well-known and potent Indian accounting programs, Tally is utilized widely in India and makes life simple for business owners.

What is Tally?

Accounting software that handles business finances is Tally Accounting. It is used to keep track of everyday business data for a certain company. The word “tally,” which means to maintain a record of things and count them, is where the name of the business solution comes from.

Tally Prime and Tally ERP 9, the most recent versions of the program, were both introduced in November 2020 and 2009. This edition features a powerful computer and a well-regarded financial accounting and inventory management system.

Tally

Tally is an ERP accounting tool used to record an organization’s regular business data. Tally ERP 9 is the updated version of Tally.

Tally ERP 9 is a popular financial accounting and inventory management system with a strong computer.

One of the top accounting programs is Tally.ERP 9, which can be coupled with other business programs like sales, finance, purchasing, payroll, inventory, etc.

The Tally program keeps track of the entire business history for each account. Because Tally ERP 9 uses a double-entry accounting method, potential errors are eliminated and corrected.

Versions of Tally

Tally 4.5, the original version, was made available in the 1990s. It is software that runs on MS-Dos.

Tally 5.4, the second edition of the software, was made available in 1996. It had a graphical user interface.

Tally 6.3, which was the following version, was made available in 2001. It is a window-based version that supports printing and uses VAT (Value Added Tax) as part of the implementation.

Tally 7.2, the following version, was made available in 2005. This version now includes new features from the Statutory Complementary Version and state-specific VAT regulations.

Tally 8.1, the following iteration of the software, utilized a new data structure. This version now includes new POS (Point of Sale) and payroll functions.

Because of bugs and failures, Tally 9 was replaced in 2006. Most features are included, including Payroll, TDS, FBT, and E-TDS filling.

The most recent Tally version, Tally.ERP 9, was released in 2009. Most features are included in this most recent Tally ERP 9 solution for both small and large business industries. New GST (Goods & Services Tax) functions have also been included.

Features of Tally

Because it supports several languages, Tally ERP 9 is known as multilingual tally software. Other languages may be used to read reports and maintain accounts.

Up to 99,999 companies can have accounts that you can create and maintain.

You can automate the management of employee records by using the payroll tool.

The synchronization feature of Tally allows for the automatic updating of transactions kept in several locations and offices.

Create consolidated financial statements in accordance with the needs of the business.

Tally’s functionality for managing single and multiple groups is crucial.

How to Buy Tally ERP 9

First, go to https://tallysolutions.com, the company’s official website.

Choose Buy Now from the menu by clicking it.

Select the option if you simply want a license for India. I want the license for India or select the International option for an internal license.

Select the country name to view prices by nation.

You now have three options for purchasing tallies.

To purchase a new tally license, select “New Licence”.

Select “Renewal / Upgrade” to update or renew your Tally license.

Select the rental choice and time term (1 month, 3 months, or annual) when renting a tally license.

After selecting the necessary license, click the Buy Now button.

Enter the necessary billing information and select your preferred payment method.

Click the Proceed to Payment button after accepting the policy.

Enter your payment information now to purchase a Tally license.

Note: To renew or upgrade your Tally license, you must have the current serial number.

Advantages of Tally ERP 9

Software like Tally ERP 9 has a low total cost of ownership and is simple to implement and customize.

supports different operating systems and can be installed on several systems, including Windows and Linux.

The installation of Tally software takes up very little space, and it is simple to do.

The user can quickly back up all company data in a single location on a local system disc thanks to its built-in backup and restore features.

supports a wide range of protocols, including ODBC, FTP, HTTP, HTTPS, and SMTP.

includes 9 Indian languages in its list of supported languages. You can enter the data in one language and create invoices, purchase orders, delivery notes, and other documents in other languages.

Introduction to company creation 

Tally In addition to maintaining statutory compliance by updating statutory files that are available on the Tally solution website, ERP 9 has evolved beyond the idea of being limited to accounting software. Tally net capabilities, which are continually updated by Tally Solutions, allow one to control Tally from a distance today, process payroll, and use many other features. The most recent development is GST, which works with the Tally version.

We still need to establish a business using the procedures outlined in ERP 9 release 6:

Step 1: Click “Create Company” on the opening menu.

Step 2: Enter the company information

Exactly as it appears on financial documents, type the company name.

Include the business’s postal address, phone number, email, and statutory compliance.

Turn on “Auto Backup” in Step 3 to make sure that a backup of all of your work is made in case something were to happen to the original.

Step 4: Pick a currency

Step 5: If Tally is just being used to manage your accounts, choose “Accounts only” from the Maintain menu. If Tally is also being used to handle your inventory, choose “Accounts with inventory”.

Step 6: Indicate the beginning of your fiscal year and the publication date.

Accounting Vouchers in Tally.ERP 9 

Sales Voucher in Tally 

The form of accounting voucher that TallyErp-9 users utilize the most frequently is the sales voucher. When you only need to record transactions for legal requirements and don’t necessarily need to publish or share the data with your client, you can use the voucher mode. You have the ability to meet various needs thanks to Tally.ERP 9.

Purchase Voucher in Tally 

Depending on the type of corporate operations, the purchase voucher can also be recorded in the voucher or invoice manner. Simply click the Toggle button. By turning on options, you can add more information. To do this, press F12. 

Payment Voucher in Tally

The Tally Payment Voucher. When constructing it, ERP 9 enables you to include any kind of information. You can enter information like the instrument number and even print the cheque when paying a party. 

Receipt Voucher in Tally 

Tally.ERP 9 encourages you to check at all the outstanding invoices for which payments have not yet been received when you produce a receipt voucher..  

Contra Voucher 

Businesses typically use Contra Vouchers to withd
raw money from banks or to deposit money in banks. 

With Journal Voucher 

Depending on the sort of business, organizations utilize the Journal Voucher for a variety of things. Some accountants also use them for sales and purchases. 

Credit Note Voucher in Tally 

For a sales refund, the Credit Note Voucher is typically used. In Tally, the Credit Note feature is disabled by default.ERP 9 

Debit Note Voucher in Tally 

To return an item for credit, use a debit note. With Tally.ERP 9, a user can pass a debit note either as a voucher or as an invoice, which also affects the inventory values. When the Features are configured, pressing F11 will enable the Debit Note Voucher.

Conclusion

The greatest invoice components, numerous settings, and various billing options are all part of TallyPrime’s comprehensive invoicing capabilities.

As mandated by the Goods and Service Tax Act 2017, Tally ERP manages GST, India’s indirect destination-based goods and services tax. Talley ERP 9 has statutory and taxes setups for GST as features.

The same GST page also contains instructions from Tally on how to implement GST in Tally ERP 9 using a sample transaction. Tally completes the accounting system’s GST tax calculation for GST returns. Users must first enter transaction details in Tally ERP 9’s Accounting Voucher Screen and Sales Voucher Screen.

Frequently Asked Questions

What is Tally and why it is used?

Tally software is used to store the specific business transactions for each account. Tally has made calculations simple. Tally is now utilized by all enterprises. Small businesses feel that Tally software performs business transactions accurately, quickly, and efficiently.

Tally is an ERP accounting tool used to record an organization’s regular business data.  All of your business processes, including purchasing, financing, sales, inventory, and manufacturing, are automated and integrated with it.

Advantages of Tally It aids in decision-making with its wide range of features. You can access your account remotely with Tally.NET’s help. It is convenient for a user to use it in his or her own language thanks to the numerous language support.

Business owners can execute all business activities, including accounting, finance, inventory, sales, purchases, point of sales, manufacturing, and costing, using Tally. ERP 9. One of the most dependable accounting programs for small firms is Tally 9 with GST, which uses TallyPrime.

 

 

The letter “|” stands for a tally mark. They are depicted as a group of five lines, with the first four numbers being represented by vertical lines, and the fifth number being represented by a diagonal line cutting over the first four numbers.

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