Accounting is a basic function of tally

Whereas Reports play an important role for businesses to help manage their day-to-day business
operations efficiently. Understanding this need, Tally. Tally provides many insightful reports. Reports
in Tally are designed to suit all the aspects of accounting management, inventory management &
statutory

Most people do not ever use any other functions other accounting in tally at the most the will use
inventory management and some of the taxation features.

Because many people do not exactly know how to use those features & in many cases, they do not
even require them.

If we particularly talk about accounting tally has segmented it further in six different functions. They
are,

1. Contra
2. Payment
3. Receipt
4. Journal
5. Sales
6. Purchases
There are more functions related to accounting like credit notes , debit note, reverse journal,
memos and so on which helps in performing accounting entries in an easy way .

Billing in Tally

It is an inevitable part of any business & its care is dully taken care by tally , The best thing in tally is
that when u create a billing entry you do not have to create again an accounting entry for that bill.

This reduces the redundancy in entering a big amount of data.

In tally, sales in purchase vouchers are actually, for billing but they can also be used as a simple
voucher. Everything in a bill you can imagine is there for the purpose of billing in tally

actually billing is included in accounting features, but it has somewhat a separate function rather
than accounting .

Payroll in Tally

The feature is of use when you are having good number of employees.

For a one or two employees it makes no sense to purchase a software like tally

But if you or your client’s business has a good amount of transaction then you may require tally

Complex pay roll calculation are automatically done in tally when we use the pay roll function. These
calculations often require many hours for the calculation but in tally it is done automatically

Inventory in Tally

Effective inventory management can save huge amount of cost especially if you are functioning in a
manufacturing environment.
In tally you can classify inventories n the basis of groups, units , tariffs , different stock item and
godowns in which they are located .

Apart from the above, we can also create price list & reorder levels for convenience. inventory
management is done via inventory vouchers.

Banking in tally

Banking functionality is very well covered by tally. though it was not present in earlier versions of
tally but is there in Tally. ERP 9 and in all of its versions.

You can directly print, checks, maintain check register , create deposit slips and payment advice in
tally ERP 9

Most important function in banking is Bank Reconciliation Statement

BRS will eliminate reconciling the bank statements with the books of accounts and thus will save a
lot of your valuable time

GST

A business cannot operate in isolation. it needs a society to operate which is governed by a

government which levies diff types if taxes on a business as it is a commercial activity

Previously income tax , Vat , Excise, customs and service tax were taken care by tally

Now GST is also included in tally’s latest version now you can also create GST entries in tally as well
GST returns initially without using any other software

The process is simple an easy and also same as previous taxation entries. if u are covered under
audit as per income tax act 1961 , then there are different functions for that also such as form
3cd,3ca.44ab audit ., form 3cb and so on .

Reporting in Tally

look at the screen