Know Your Tally

Know your Tally

INTRODUCTION • Tally is the most used name in the accounting software industry. Most commerce students learn Tally beforehand to add to their knowledge and skill. This has led to an overall increase in the demand for the software as most commerce graduates already have tally knowledge and prefer joining companies that use Tally. • But software keeps on changing and new features are continuously added in the software thus learning never stops in the software industry. This article is about the latest features of the software that you must know.

Why Tally?

• Tally.ERP 9 is an accounting software, used by millions across the globe for the management of their business.

• Due to its highly adaptive nature, it can be used by all types of businesses from manufacturing to retail. This adaptive nature is because it is all in one software.

There are extensive features in Tally that may not be useful for every business and hence you can turn off the feature that you do not require.

• This article will throw some light on the many features that businesses do not know and can explore in the near future.

Payroll in Tally.ERP 9 • You can manage your business payroll in Tally.

Payroll accounting in Tally is integrated with accounting. It provides options to classify and sub-classify the employees on payroll on the basis of departments, pay components, etc. This helps to generate a comprehensive report of the employees. This feature in Tally also offers employee wise costing reports. Other than these there are many other functions such as it generates Challan, for EPF and ESI as prescribed, it also helps in tracking loan details of employees, etc.

Job Costing • Job costing is a method used to conduct accounting for a specific project or unique product. Tally.ERP 9 provides the option for tracking revenue made and cost spent on raw materials, manpower, overheads, etc. It provides an in-detail report of the same. Each job or project cost can be accurately measured. Each job is assigned a job name for tracking.

Data Synchronization • Data synchronization feature in Tally.ERP 9 is used by those companies which have more than one branch and may require to exchange information for proper maintenance of Tally data.

This feature of Tally.ERP 9 requires both the Tally users at different locations to have a valid TSS (Tally.net Subscription).

Banking in Tally.ERP 9 • Tally has features for banking. Cheque printing option helps you to configure and print cheques using sample formats provided in Tally. Similarly, there are Cheque register, Deposit slips, Payment advice, options in Tally that help you in your banking activities. You can also generate the bank reconciliation statement through Tally which helps you to find mismatches and rectify if required.

Budget and Control • An efficient budget for expenses and controls when implemented properly leads to the overall efficiency of the business. Tally.ERP 9 gives an option for maintaining budgets for different departments. You can create yearly quarterly or monthly budgets. This helps to track your expenses and prevents you from over-spending.

Conclusion • Tally has many features other than billing and accounting but most people use it only for accounting due to lack of knowledge or disinterest in exploring its features. This article will provide you with a list to start exploring Tally.

There are many other minute features like the multi-lingual feature of Tally, different units of measurement, different currencies, etc. • Tally is versatile in its features and thus one must take some time to understand all its old as well as new features and make use of the complete potential of the software.

Thank you!

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