Tally an accounting Software is one of the simplest softwares to use, it is very user friendly and even a person having the basic knowledge of accounts and computers can easily learn this package on his own.
Tally maintains all Books of accounts starting from records of vouchers, ledgers etc. Tally handles different types of vouchers like Payment, receipt, adjustment entries like Journals, Debit notes, Credit notes, Sales, Purchases, Receipt notes, Delivery notes etc. Tally follows the double entry system of accounting and hence will eliminate any possible errors.
Tally maintains many types of books such as
a) Books : Tally maintains all the Primary books of accounts like Cashbook, Bank Book.
b) Registers : Tally maintains all registers like Purchase Register, Sales Register and Journal Registers.
c) Statement of Accounts : Tally maintains all statement of accounts like Balance sheet, Profit and Loss and Trial Balance, Cash Flow, Fund Flow & Stock Statement.
In tally we could manage even minute details of everything.
Tally maintains details of all ledgers that are defined by the user. You can define your chart of accounts i.e. - maintain groups, ledger etc. Ledger reports can be used for scrutiny of accounts. Most accounting systems across the globe follow the concept of separate Personal and Nominal accounts. Tally follows the concept of single ledger systems, which includes both Personal and Nominal accounts.
A Tally user can maintain 'Outstanding Reports' along with Age Wise analysis. Credit Limits can be given 'amount wise' as well as 'period wise'. Once Credit limits are set for a Party, then the user cannot bill the particular Party beyond the specified limit. Only the authorized user can alter the Credit Limits. This helps to monitor as well as control any potential slow collection and warns about the potential bad debts.
We can also maintain the details of our debtors and creditors, bill wise details.
Accounts Receivables is the amount to be received from Sundry Debtors and Accounts Payable, the amount to be paid to Sundry Creditors. Tally provides complete bill wise information of amounts receivable as well as payable either Party wise or Group wise. This feature can track bills, payments/receipts including advances one-to-one.
In tally we can have voucher numberings according to our needs, it can be auto also.
Tally provides predefined vouchers and also allows the user to define different types of vouchers as per his/her needs. E.g. the user can further classify Payment Vouchers by creating vouchers by the name Bank Payment and Cash Payment Vouchers. The user can also set the voucher numbering as per his needs, which is either automatic numbering or manual numbering or have no numbering at all. Further the user can also assign Prefix and Suffix for voucher numbers and numbering can restart either from beginning of the year or month
We can also print vouchers and cheques as we require through providing various settings in the masters.
It is a very useful package for small scale and medium scale companies.