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Overview of Tally Accounting Software

Tally is a leading accounting software founded in 1988 by Mr. Bharath Goenka, providing comprehensive business solutions focused on managing men, money, and materials. The software has evolved through various versions, enhancing features such as inventory management, taxation structures, and GST compliance. Accounting, as defined in the document, involves systematic recording and reporting of financial transactions, with two primary methods: single entry and double entry systems.

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7 views2 pages

Overview of Tally Accounting Software

Tally is a leading accounting software founded in 1988 by Mr. Bharath Goenka, providing comprehensive business solutions focused on managing men, money, and materials. The software has evolved through various versions, enhancing features such as inventory management, taxation structures, and GST compliance. Accounting, as defined in the document, involves systematic recording and reporting of financial transactions, with two primary methods: single entry and double entry systems.

Uploaded by

Sagay Mary
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Chapter 2: Introduction Tally

Tally
Definition

Tally is a one of the leading Accounting software package which gives complete business solution
ERP Enterprise Resource Planning
(How to plan resource of a Company)

Which software gives complete solution for 3 m’s in a business

3M’s includes

● Men
● Money
● Material

History of Tally

Founded in 1988 by Mr. Bharath Goenka. It is an India based software company with the head office
located in Bangalore.

Versions of Tally

Tally 4.5: In this version tally has the features of accounting only option. Also had EES: Extended
Enterprise System (offline) and IES: Integrated Enterprise Solution (online) facility

Tally 5.4: Accounts with Inventory

Tally 6.3 Advanced Inventory and ODBC facility (Open Data Business Connectivity) It converts data
from tally to other software like MS Word, MS Excel etc.

Tally 7.2: Taxation Structures like VAT, CST, Service Tax etc. because it was in the year 2005 April
VAT was introduced in Karnataka.

Tally ERP9: A business management solution in the Year 2009.

TallyERP9 6.1: launched its updated GST compliance software

Tally Prime: 2020

Basic Accounting
Introduction

Accounting is the process of identifying, recording, classifying and reporting information on financial
transactions in a systematic manner for the purpose of providing financial information for decision
making

Accounting is a financial supporting system that

⮚ Records transactions
⮚ Classified transactions and events
⮚ Expresses transactions in monetary terms
⮚ Helps to monitor the financial performance and condition of the business
⮚ Helps to evaluate the business
⮚ Helps to establish controls for the business

Methods of Accounting

There are two types accounting:

1. Single entry System

In this system only one aspect of the transaction can be recorded. It is also known as
the incomplete system of Bookkeeping.

2. Double entry System

As per Double entry system of book keeping all the business transactions recorded in
Accounts have two aspects, Debit aspects (receiving) and Credit aspect (giving)

Features of Double entry system of bookkeeping

Every business transaction affects two Accounts

Every transaction has 2 aspects i.e., Debit and Credit

Maintains a complete record of all business transactions

Helps to check the accuracy of the accounting transaction by preparation of Trial balance

Helps to ascertain profits and losses of particular period

Helps to ascertaining financial position of the concern at the end of each period by preparation of
Balance Sheet

Helps timely Decision Making

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