What is tally?
- Tally is an ERP accounting software package used for recording day to day business data of a company.
- Tally Solutions was co-founded in 1986 by Shyam Sunder Goenka and his son Bharat Goenka.
What is tally ERP ?
Tally ERP is one of the most popular accounting software used in India. It is complete enterprise software for small & medium enterprises. Tally. ERP 9 is a perfect business management solution and GST software with an ideal combination of function, control and in-built customizability.
Introduction and Version
Tally is an ERP accounting software package used for recording day to day business data of a company.
Ledger creation
A ledger is the actual account head to identify your transactions and are used in all accounting vouchers.
Stock Creation
Stock Item refers to goods that you manufacture or trade. It is the primary inventory entity and is the lowest level of information on your inventory.
What is Accountig Voucher ?
An accounting voucher is any written documentation supporting entries recorded in the accounting books. A voucher is considered a document that shows the goods purchased or the services are delivered are paid. The payments are recorded in the respective ledger accounts
Purchase Voucher
Purchase voucher record all the entries related to purchase including cash & credit.
Payment Voucher
Payment Voucher is used to record all bank and cash payments.
Sales Voucher
Sales voucher record all the entries related to Sales including cash & credit.
Receipt Voucher
Receipt voucher is used to record all bank and cash receipt.
Contra Voucher
This voucher is used for fund transfers between cash and bank account only.
Journal Voucher
Journal entries are created for closing books of accounts at the end of the year or for adjusting entries.
Debit Note
A debit note is a document produced by a purchaser when returning goods purchased
Credit note
A credit note or credit memo is a commercial document issued by a seller to a buyer.
Inventory Vouchers in tally
Inventory Vouchers perform the function in the inventory system that accounting vouchers do in the accounting system. Inventory Vouchers are also meaning of entering transactions. Accounting vouchers will update only Accounts, but Inventory vouchers will update both Accounts and Inventory. Inventory vouchers record the receipt and issue of goods/stock (Movement of goods), the transfer of stock between locations and physical stock adjustments. |
Purchase Voucher
Purchase voucher record all the entries related to purchase including cash & credit.
Payment Voucher
Payment Voucher is used to record all bank and cash payments.
Sales Voucher
Sales voucher record all the entries related to Sales including cash & credit.
Receipt Voucher
Receipt voucher is used to record all bank and cash receipt.
Debit Note
A debit note is a document produced by a purchaser when returning goods purchased
Credit note
A credit note or credit memo is a commercial document issued by a seller to a buyer.
Inventory Features of Vouchers in tally
Inventory features in Tally consists configurations / functions related to inventory transactions and reports. Features such as godown management, multiple stock valuation, Discount, Actual and Billed Quantity, Zero value entry, stock journal, Invoice, POS etc., and the powerful inventory reports make inventory management a cakewalk.
Discount
Discount is an offer or concession which is given by the seller to the buyer for the various reasons.
Actual And Billed Quantity
This type of voucher is used when there are schemes like, “Buy 3 & get 1 free”.
Zero Value Entry
Zero value entry is used when you want to pass the entry without any amount,
Stock Journal
Stock Journal is a Journal in which all types of Stock Adjustments are entered. The stock adjustment may be due to Inter-Godown Transfer
Invoicing
An Invoicing or Bill is a commercial document issued by a seller to the buyer, indicating the products, quantities, and agreed prices for the product or services the seller has provided to the buyer.
Point of Sale(POS)
Point of Sale could mean a retail shop, a check-out counter in a shop or any other location, where a sales transaction takes place
Advance Inventory Features of Vouchers in tally
Inventory features in Tally consists configurations / functions related to inventory transactions and reports. Features such as godown management, multiple stock valuation, Manufacturing Journal, Batch-wise and Expiry date, Job costing, Price level and Price list, Purchase order and Sales order etc., and the powerful inventory reports make inventory management a cakewalk.
Track Additional Costs for Purchase
When we purchase more than one stock items from different location, then we have to added some other charges like transport charges, freight charges, wage charges etc.
Batch-Wise details
Batch-wise details are given for maintaining batch information pertaining to stock items. The Manufacturing date and expiry date can also be set for batch wise details.
Price Levels & Price Lists
Price Lists are maintained in various structures for different types of buyers (customers), for example, Wholesalers, Dealers, Retailers, etc.
Manufacturing Journal
A Bill of Materials is a list of constituent items along with quantity details that can be allotted for the manufacture of a certain product, by-product.
Purchase Order
A purchase order is a commercial document and first official offer issued by a buyer to a seller indicating types, quantities, and agreed prices for products or services.
Sales order
A sales order is a document generated by the seller upon receiving a purchase order from a buyer specifying the details about the product or service along with price, quantity, buyer details
Cost Category and Cost Centre
The cost centre could refer to an organizational unit to which costs or expenses can be allocated during transactions while the cost category is used to accumulate costs or profits for parallel sets of cost centres.
The purpose of Cost Centre Classes is to facilitate predetermined allocation of cost centres to Ledger accounts (like expenses and incomes) during voucher entry
Cost Category and Cost Centre
Cost center could refer to an organizational unit to which costs or expenses can be allocated during transactions while the cost category is used to accumulate costs or profits for parallel sets of cost centers.
Cost Center Class
The purpose of Cost Centre Classes is to facilitate predetermined allocation of cost centers to Ledger accounts (like expenses and incomes) during voucher entry.
Multi Currency (Import and Export)
The multi-currency feature in Tally enables you to create vouchers in multiple currencies . A multi-currency bank account is a type of bank account, which allows you to receive, pay, and hold multiple currencies. With a multi-currency account, you may deposit and withdraw cash in different currencies
Multi-Currency
When a company buys or import goods on credit or cash, from other country, Purchase voucher is used to record all the transactions of the company with there respective currency.
Import
When a company buys or import goods on credit or cash, from other country, Purchase voucher is used to record all the transactions of the company with there respective currency.
Export
When a company sells or export goods on credit or cash to other country, Sales voucher is used to record all the transactions of the company with there respective currency.
Interest Calculation
Interest is a legitimate return on money invested and chargeable in the business world on loans and also on delayed payments. Interest can be calculated on the basis of Simple or Compound Interest. With Tally. Interest is calculated on outstanding receivables or payable.
Interest on Outstanding Payable
Payables automatically creates interest invoices when you pay overdue invoices in a payment batch or with a Quick payment.
Interest on Outstanding Payable
Payables automatically creates interest invoices when you pay overdue invoices in a payment batch or with a Quick payment.
Interest on Outstanding Receivable
Interest receivable is the amount of interest that has been earned, but which has not yet been received in cash.
Credit limit, Budget & Control, Banking Features in tally
A budget is a plan prepared for the flow of funds in an organization. It contains financial guidelines for the future plan of action for the selected period of time.
Credit Limit refers to the monetary limit agreed upon mutually by the seller and the buyer for trading purposes.
The banking feature in TallyPrime, enables business owners to perform a host of bank-related activities, including payments to parties, bank reconciliation, and cheque management.
Budget & Control
A budget is a plan prepared for the flow of funds in an organization
Credit limit
Credit Limit refers to the monetary limit agreed upon mutually by the seller and the buyer for trading purposes
Banking
The banking feature enables bank-related activities, including payments to parties, bank reconciliation, and cheque management.
Non-Accounting Vouchers in Tally
The Non-Accounting/Unconventional Vouchers are the special vouchers that are used to record provisional or non-accounting transactions. Unconventional vouchers are mainly used to exclude unnecessary entries or provisional entries from the books of accounts and make them available for what if (future reports, projections, forecasts etc.) reports required at any given time.
Memorandum Voucher
Memorandum Vouchers is a non-accounting voucher and the entries made using the memo voucher will not affect your accounts
Optional Vouchers
Optional Vouchers allow you to see the impact of transactions without actually posting them. Optional Vouchers can be used to forecast future sales
Post Dated Vouchers
Post dated vouchers are not updated in the ledgers till the date specified in the voucher.
Reversing Journals
Reversing Journals are special journals that are automatically reversed after a specified date
Scenario Management
Scenario management is a management tool that enables different displays of accounts and inventory related information.
Payroll Vouchers
Payroll Voucher is used to maintain all record related to employee