A

PROJECT REPORT

ON

A STUDY ON TALLY PRIME: WITH DIWAN KUNWARIYA & CO.

Submitted in partial fulfillment of the requirement

For the award of degree

Of

Masters of Business Administration

Session 2020 – 2023

Submitted to: - Submitted by:

Dr. Himadri Shrivastava SACHIN KUMAR

 (Company Letter head)

CERTIFICATE

This is to certify that the project of ACCOUNTS titled “TALLY PRIME” is an original work
carried out by SACHIN KUMAR pursuing BBA from Rabindranath Tagore University, Bhopal
and that this work has not been submitted anywhere in any form. My indebtedness to other
works / publications has been duly acknowledged at the relevant places. The project work was
having successfully completed the project report at DIWAN KUNWARIYA & CO.

During his project tenure in the organization, we found him hard working, sincere and diligent
person and his behavior and conduct was good. We wish him all the best for his future
endeavors.

Signature

Dr. Himadri Shrivastava

Professor, RNTU
 DECLARATION

I, Sachin Kumar, student of BBA 6TH semester, studying at Rabindranath Tagore University,
Mendua, Bhojpur, near Bangrasiya chouraha, Bhopal-chiklod Road hereby declare that the
summer training report entitled TALLY PRIME” is an original work and the same has not been
submitted to any other institute for the award of any other degree.

The summer training report is not being submitted to any other university for award of any other
Degree, Diploma and fellowship.

Sachin kumar

BBA 6th semester

Rabindranath Tagore University, Bhopal

 ACKNOWLEDGMENT

It is a matter of great satisfaction and pleasure to present this report on TALLY PRIME. I take
this opportunity to owe my thanks to all those involved in my training.

Firstly, I would like to thank Mr. Abhijeet Raghuvanshi for giving me the opportunity to
complete my project in the organization.

I put on record my sincere thanks to my college, Rabindranath Tagore University, Bhopal, for
giving me such an opportunity. I am extremely grateful to Dr. Himadri Shrivastava for the
encouragement, discussions, and critical assessment of this project.

It was a good experience for me to work with DIWAN KUNWARIYA & CO., a pioneer in the
insurance industry. I acknowledge my gratitude to Dr. Neha Mathur (Dean – Faculty of
Management, Rabindranath Tagore University), Dr. Preeti Shrivastava (HOD - Faculty of
Management, Rabindranath Tagore University) for her extended guidance, encouragement,
support, motivation and reviews without whom this project would not have been a success.

I am greatly obliged Ms. Himadri Shrivastava who have shared their expertise and knowledge
with me without which the completion of this project would not have been possible.

I am thankful towards the staff of DIWAN KUNWARIYA & CO, those who have helped me
directly or indirectly in completing the training.

Lastly, I express my sincere gratitude towards my parents, friends for contribution towards the
project.

Above all, I thank the almighty father-God for his unconditional love that he has shown me and
the power and ability to work and complete this project.

Sachin kumar
 INDEX

1. INTRODUCTION
2. OBJECTIVE
3. RESEARCH METHODOLOGY
4. DATA ANALYSIS
5. FINDING, SUGGESTION & CONCLUSION
6. LIMITATION
7. REFERENCE / BIBLIOGRAPHY
INTRODUCTION

Tally is powerful accounting software, which is driven by a technology called concurrent multi-
lingual accelerated technology engine. It is easy to use software and is designed to simply
complex day to day activities associated in an enterprise.

Tally provides comprehensive solution around accounting principles, inventory and data
integrity. Tally also has feature encompassing global business. Tally software comes with easy-
to-use interface thus making it operationally simple.

Features of Tally
Tally is known for its ease of use, reliability, and affordability, which is why it is the preferred
choice of many businesses. Tally has a stronghold on its accounting, financial, and inventory
management features. In addition to these, the software is also offering various features that are
designed to help businesses streamline their operations and improve efficiency. 

Here are the key features of Tally that you must know –

1. Accounting
The accounting feature of Tally ERP 9 is one of the most important features of Tally software.
The software allows users to create and maintain financial records such as ledgers, vouchers, and
journals. It helps to track stock levels, expenses, and incomes. The accounting feature in Tally
also allows you to set reorder points, and generate invoices, and reports.

Accounting features in Tally allow users to generate financial reports such as profit and loss
statements, balance sheets, and trial balances. It also supports multiple currencies, enabling
businesses to manage their finances in different currencies or deal with international transactions.
In addition, the software allows users to set up different currencies and convert them according
to the exchange rate.

2. Financial Management
What is the purpose of the financial management feature in Tally?

Well, the purpose of the financial management feature in Tally is to provide businesses with
tools for managing their financial activities and making informed decisions about their financial
strategies. It includes features like tracking bank accounts, reconciling transactions, and
generating financial reports.

3. Tax and Compliance

The tally includes tax management features, including calculating tax liabilities and generating
tax reports. This feature helps businesses to ensure compliance with tax laws and avoid costly
penalties.
The software allows users to set up different tax rates and apply them to transactions. It also
allows users to generate tax reports and compliance documents such as GST returns. These
features help businesses comply with their country’s tax laws and regulations.

4. Budgeting
The budgeting feature in Tally allows businesses to set financial goals and track their progress
toward achieving those goals. This helps businesses to stay on track and make informed
decisions about their financial strategy. 

How to see the budget feature in Tally? The budget feature in Tally is activated by pressing the
‘Budget’ button in the main menu or pressing the ‘Ctrl+B’ keyboard shortcut.

5. Inventory Management
Tally allows businesses to manage their inventory efficiently by tracking stock levels, generating
purchase orders, and recording sales and purchases. It also offers support for multiple units of
measure and the ability to set minimum and maximum stock levels.

In addition to the accounting features in Tally, inventory features in Tally are equally popular.
The software allows users to set up inventory groups and categories and generate reports on
inventory movements and stock levels. 

Tally is also able to handle multiple units of measure. This is especially useful for businesses that
deal with products sold in different units, such as weight, volume, and length. The inventory
features in Tally allow users to set up different units of measure and convert them according to
the conversion rates. This helps businesses manage their inventory levels accurately and avoid
overstocking or understocking.

6. Sales and Purchase Management

Tally enables businesses to manage their sales and purchase transactions efficiently by
generating invoices, recording payments, and tracking outstanding balances. It also offers
support for multiple pricing levels and the ability to set discounts.

7. Point of Sale (POS)

Features of Tally software include a POS system that allows businesses to process transactions,
track sales, and manage customer orders.

8. Payroll Management
The payroll management feature of Tally allows users to set up employee records and track their
attendance, leave, and salary. It also allows users to generate payroll reports and compliance
documents such as salary slips and tax returns. This helps businesses manage their payroll
processes efficiently and comply with their country’s labour laws and regulations.
9. Reports and Analysis
Tally provides a range of reports and analysis tools that enable businesses to track their
performance and make informed decisions. These include financial statements, profit and loss
statements, balance sheets, and other reports.

10. Project Management
The project management feature of Tally allows users to track and manage projects, set up
budgets and deadlines, and generate reports on project progress and performance. This helps
businesses manage their projects efficiently and ensure they are completed on time and within
budget.

11. CRM
The CRM feature of Tally allows users to track and manage customer records, set up sales and
marketing campaigns, and generate reports on customer activity and performance. This helps
businesses build and maintain strong customer relationships and optimize their sales and
marketing efforts. 

Which shortcut key is pressed to view features in Tally?

F11 is the keyboard shortcut used to view features in Tally.

12. Remote Access

Tally offers support for remote access, enabling businesses to access their financial data from
any location using the internet. This feature is particularly useful for businesses with multiple
branches or that need to collaborate with external parties such as accountants or auditors.

13. Customization
Tally offers a range of customization options that enable businesses to tailor the software to their
specific needs. This includes creating custom reports, modifying existing reports, and adding
custom fields to various screens.

14. Security
Tally emphasizes security, with features such as password protection, data encryption, and
auditing, to ensure the confidentiality and integrity of financial data.

15. Scalability
Tally is designed to grow with a business, with the ability to add more users and modules as
needed. This makes it a flexible and scalable solution for businesses of all sizes.
16. Integration
Tally can be easily integrated with other software and systems, such as CRM, e-commerce, and
POS systems, enabling businesses to streamline operations and improve efficiency.

History of Tally

Tally Solutions is a Bangalore-based company that was co-founded by Mr. Shyam Sunder
Goenka and Mr. Bharat Goenka in the year 1986. This father-son duo came up with this software
to help manage the financial transactions in their own company and then given its efficiency
launched it for the world. 

The first version of Tally was called Peutronics Financial Accountant and it only offered basic
accounting features. The software was updated with new versions through the years and by the
year 2006, Tally Solutions had more than 1 million customers. Bharat Goenka won the Padma
Shri Award in the field of Trade and Industry for all his hard work in developing this world-
renowned software.

Here is a brief history of Tally software through the years:

 Tally 3.0: Founded in the year 1990 and it offered basic accounting features.
 Tally 3.12: Developed in the year 1992 and it offered similar features to the previous
version.
 Tally 4: Developed in the year 1992 and it supported Microsoft DOS.
 Tally 4.5: Developed in the year 1994 and it offered enhanced performance than the
previous versions.
 Tally 5.4: Developed in the year 1996 and it offered a graphic interface version.
 Tally 6.3: Developed in the year 2001. It was compatible with Windows and offered
features to calculate VAT.
 Tally 7.2: Developed in the year 2005 with more enhanced features.
 Tally 8.1: Developed in the year 2006 with features for managing payroll and point of
sale.
 Tally 9: Developed in the same year 2006 with features for TDS calculation, E-TDS
filing, and FBT among other features.
 Tally ERP 9: Developed in the year 2009. It could help with GST calculations, had a
multi-user login feature, could generate invoices, and could also be remotely accessed
from various office locations.
 Tally Prime: Developed in the year 2020 with easier navigation, user experience, and
multi-tasking feature.
COMPANY PROFILE

Raghuvanshi CA & Co. is a leading chartered accountancy firm. It is rendering comprehensive

professional services which include audit, management consultancy, tax consultancy, accounting
services, manpower management, secretarial services etc.

It is a professionally managed firm. The team consists of distinguished chartered accountants,

corporate financial advisors, and tax consultants. The firm represents a combination of
specialized skills, which are geared to offers sound financial advice and personalized proactive
services. Those associated with the firm have regular interaction with industry and other
professionals which enables the firm to keep pace with contemporary developments and to meet
the needs of its clients.

Raghuvanshi CA & Co. has a clear vision for the future growth and development of financial
markets and services and researches to stay ahead of these trends and developments.
Raghuvanshi CA & Co. molds its operations and areas of competencies and introduces services
to assist clients in their business operations and growth.

ABOUT THE INDUSTRY

Organization is working as Chartered Accountants firm under the rules and regulations and code
of ethics designed for CA firms by ICAI (The Institute of Chartered Accountants of India).

The Institute of Chartered Accountants of India (ICAI or the Institute) was established as
statutory body on July 1, 1961 under Chartered Accountants Ordinance, 1961 to regulate
the profession of accountancy in the country.

ICAI is governed by the Council which consists of nineteen members.

Fifteen members are elected from amongst the members for a period of four years. The
remaining four of the Council members are nominated by the Government of India.

These kinds of firms provide different kinds of professional services

like audit, taxation and management consultancy to its clients.

MISSION &VISION

MISSION OF ICAI

Is to achieve excellence in professional competence, add value to businesses and

economy, safeguard public interest; ensure ethical practices and good corporate governance
while recognizing the needs of globalization

VISSION OF ICAI

The profession of Chartered Accountants in India should be the benchmark of

professional excellence upholding the principles of integrity, transparency and
accountability

SUGGESTION

Though the organization is really good at everything and everything is well maintained and
managed. But still there are some chances of improvement whether it is a human being or
any organization till there are improvements and chances to develop and grow, the
organization must improve itself at its best. In my opinion some of the
suggestion/recommendations are:

 Abhijeet Raghuvanshi CA & Co. strongly needs to improve its network firms to be
counted among one of the extensively know firms in UK. The partner needs to make
the best use of their goodwill to bring more clientage and reputation to firm. They need
to offer the audit services at most economical cost with the assured quality services to
retain and expand clients.
 The infrastructure and working condition reviews can improve the working efficiency
of the trainees. Audit and Assurance is the tough job. Some motivational meetings
and mentoring exercises would bring good feel among employees for their work.
Time to time financial bonuses or performance incentives will energize the staff.
 The trainees are not offered extra financial or any other incentive for the extra
work or over time. This causes some sort of abstractions which immediately
need to be overcome by the management.
 The firm, to be more competitive in future, still has room for
improvement in Information Technology. As firm don’t have any of its website
 to attract customer and their timely feedback as most of the good firms have
their own web and well organized.
 Firm also lacks in marketing perspective as it does not any marketer to market and
introduce their business, firm is getting business only on personal relations of the
partners and other firm personnel. So, if firm wants to improve its business volume it
needs a professional marketer as many other big firms adopted and have complete
marketing department.
 The employees are provided less salary than the government has asked to provide in
minimum wage act, therefore the employees must be provided at least the minimum
salary.
 It is 6 days working in the organization; most of the organizations are using 5 days
working schedules so that employees do not feel exhausted and their efficiency
increases. So, the organization must provide at least one-day leave to the employees to
rest and freshen up.
 Most of the computers and laptops in which the work was done were old
and because of that we were unable to carry out our tasks
OBJECTIVE

 Tally Prime is a business management software that helps you manage your work and
personal life. It's a cloud-based platform which enables you to work on your computer or
mobile device.

 Tally Prime is designed to help you manage your work and personal life and focus on what
matters most to you. It is an easy-to-use software that lets anyone in your company use the
same platform to collaborate with other team members, share files, and get organised.

 Tally Prime is a cloud-based business management software that allows you to manage your
business easily and efficiently. It has features like time tracking, invoicing, expense reports,
project management, and more.

 Tally Prime is a software that offers features that are not available in any other software. The
best features of Tally Prime include:

 Customisable dashboard to view your progress and data

 Real-time reporting with data from all the campaigns

 A team of experts to help you with your campaign Sync able database across multiple
devices.

 Tally is largely considered the best because it is easy to use, has no codes, robust and
powerful, executes in real-time, operates at high speed, and has full-proof online help.
 Tally is also called multi-lingual tally software because Tally ERP 9 supports multi-
languages. In Tally, accounts can be maintained in one language, and reports can be viewed
in other languages.
 Using the Tally, you can create and maintain the accounts up to 99,999 companies.
 Using the feature of payroll, you can automate the employee records management.
 Tally has the synchronization feature, so the transaction which is maintained in multiple
locations offices can be updated automatically.
 Tally is used to generate consolidated financial statements as per the requirements of the
company.
 Tally can manage single or multiple groups.
 Tally software is used to handle financial and inventory management, invoicing, sales and
purchase management, reporting, and MIS.
 The feature of Tally customization makes the software suitable for distinctive business
functions.

RESEARCH METHODOLOGY

The Sampling Methods in Tally Prime will help presenting the required samples of the
Voucher that the user wants to verify from the given transactions in the selected
company data. The following Sampling Methods in Tally Prime are provided to meet
the necessary Sampling requirements:

 All Vouchers
 Amount Range
 Benford Analysis
 Even Numbered Vouchers
 Odd Numbered Vouchers
 Specific Period 
 Specified Vouchers
The Sampling methods in Tally
Prime can be applied for a Group/Subgroup/Ledger as required by the user. The
Sampling Method applied at the Group Level will be applicable for the Subgroups and
Ledgers until there is a separate Sampling Method applied at the Subgroup or Ledger
Level.
For Example: If Amount Range Sampling Method is applied for the Current Liabilities
Group, then the same will be applicable for the subgroups like Duties & Taxes, Sundry
Creditors, Provisions and so on. Amount Range will also be applicable for the ledgers
directly created under Currently Liabilities and all the ledgers belonging to the
Subgroups.

Apply the required Sampling Method

First of All, if you have not installed the Tally then please install Tally. It may be an old
version or a new Tally ERP Version.
1. Open Tally and Create A company by clicking on Create Company Button.

2. Type your company/Business name, define the Accounting year from which the
account should be started, and Enter your Address, mobile/telephone number and Email
Address.

3. If you have Tally ERP Version and you are a GST Registered person then enable
GST via Pressing F11 then F3 or Statutory & Taxation info. and

1. Enable Goods & Service Tax = Yes,

2. Set/alter GST Details

3. Type State, Registration Type Regular or composition then GSTN, GST Registration
Date, Then GSTR1 Filing Period is it monthly or quarterly. E-way Bill applicability.

4. Before Entering any of the Voucher entries you have to confirm if any books is
existing or Enter Balance Sheet details as given in the Balance sheet via Creating a New
ledger (New ledger can be created from Accounts Info =>>Ledgers =>> Create (If you
want to Create Multiple Ledger then Select Create under Multiple Ledgers)

5. If you are GST registered person then you have to create some basic GST accounts
like CGST Input, SGST Input, IGST Input, CGST Output, SGST Output & IGST
Output under Duties & Taxes >> GST >> Central tax or State tax or Integrated Tax.
(Here Input ledger is used for Purchase and the Output Ledger will be used for Sales
Entries.)

6. If you are managing books of accounts with inventory then create stock items via
Inventory Info >>Stock Item >> Create.

7. Also for inventory, you have to create a unit of measurement.

8. GST Registered person should allocate HSN and GST rate-wise details in the Stock
item and it will be better if they grouped the stock item.

Voucher Types

You have to understand what voucher type should be used for any entry.

Voucher Types are

1. Receipt: Received any amount.

2. Payment: If any payment Made

3. Journal: If there is no cash or bank ledger involved.

4. Contra: Transaction between cash and banks like cash deposited or cash withdrawal
or transfer from one bank to another bank of business.

5. Sales: Sales proceeds entry

6. Purchase: Purchase Entries.

7. Debit Note: for purchase return

8. Credit Note:

for Sales Return

Accounting Entries

Some of the basic Accounting entries are :

• Sales Entry in Tally with GST

• Purchase Entry in Tally with GST

• Receipt Entry in Tally

• Payment Entry in Tally

• Contra Entry in Tally

• Journal Entry in Tally

• Year-End Closing or Adjustment Entries in Tally

Data reliability and security: In Tally, the entered data is reliable and secure. There is no scope
of entering the data, after being entered into the software.

Payroll management: Several calculations that need to be made while disbursing salary to

employees. Tally is used to maintain the financial record of the company that includes net
deduction, net payment, bonuses, and taxes.

Management in the banking sector: Banks use Tally to manage various user accounts, and also
calculate interests on deposits. Tally support ensures ease in the calculation and makes banking
simpler. Tally Support can make the calculation easy and banking simpler.
Regulation of data across geographical locations: Tally software is used to manage the data of
an organization globally. Tally can bring together all branches of the company and makes the
common calculation for it at large. So no matter which location a company's employee has
access, it will be uniform throughout.

Ease of maintaining a budget: Tally is used to maintain the budget. Tally is used to help the
companies to work and manage expenses by keeping in mind the total budget which is being
allotted.

Simple tax returns filing: Tax GST is used to ensure that the company complies with all GST
norms. Tax GST takes care of service tax returns, excise tax, VAT filing, TDS return, and profit
and loss statement for all small businesses.

Audit tool for compliance: It acts as an audit tool. It is used to carry out regular audits of
companies. It does a thorough compliance check towards the financial year beginning and
ensures that all the monetary transactions are smoothly being carried out.

Remote Access of Data: In Tally, employees can access the financial data using the unique User
ID and password. The logging and access of data can be done by sitting at the comforts of one's
office or house.

Quick Access to Documents: Tally can save all invoices, receipts, bills, vouchers in its archive
folder. Using the Tally, we can quickly access any of the previously stored documents. We can
immediately retrieve all the billing related files.
DATA ANALYSIS

Data Analysis report in Tally Prime facilitates conducting internal analysis and
verification of the company’s financial data. Data Analysis will help in identifying
exceptional areas and thereby ease the process of verification.

View Data Analysis report in Tally prime

Gateway of Tally > Display More Reports > Analysis & Verification > Data

Analysis.

Alternatively, press Alt+G (Go To) > type or select Data Analysis Reports > and

press Enter.
The various tools available in Tally Prime for Data Analysis are:

 Verification of Chart of Accounts – Drill down into this report will help to
scrutinize the Chart of Accounts and compare this with previous year Chart of
Accounts and suggest the necessary corrections if required.

 Verification of Stock Items – Drill down into this report will help to scrutinize
various Stock Items and compare the Stock Items list with the previous year.
This will help in taking necessary decisions and provide necessary corrections.

 Verification of Balances – Drill down into this report will help to scrutinize the
difference in Opening Balances and transaction details during the selected year
and suggest necessary corrections based on the exceptions highlighted. The user
can also generate the ledger wise variance report for the Closing Balances.

 Analytical Procedures – This report can be used to analyse the data based on
various parameters (e.g., Group, Cost Centre etc.) by a detailed comparison
mechanism available. The user can take of note areas where more attention is
required.

 Pending Documents – This report will display all the Pending Bills, Sales
Orders, Purchase Orders and Receivables & Payables during the analysis year.

 Periodic Payments and Receipts – This report provides the list of recurring
Ledger Vouchers based on the Periodic Ledgers identified by the users.

 Repeated Transactions – Drill down into this report will display the
transactions for which the same amount is repeated more than once for each
Ledger during the analysis year. The user can use this report to check the
intentional errors while passing the entries.

 Relative Size factor (RSF) – Drill down into this report will display the
Relative Size Factor for each Ledger Voucher which is arrived by dividing the
highest Voucher amount to the second-highest Voucher amount for the Ledger
Vouchers.

 Inter Bank Transactions – This report will display all the transactions carried
out between the Banks during the analysis period
 Cash Withdrawals/ Deposits to Bank – Drill down to this report will display
the bank ledgers from which the cash is withdrawn or deposits are made. This
report also displays the Total Amount of transaction and the Number of
vouchers through which the withdrawal or deposits are made during the selected
year.

 Fixed Assets Analysis – This report provides the details of all the Fixed Assets
possessed by the selected Company at the end of the analysis Year.

 Transaction on holiday – Drill down to this report displays all the transactions
recorded on Weekly Off or Declared Holidays in the analysis year.

 Highest and Lowest Value Transactions – This report provides ledger wise
Highest and Lowest value transactions carried out during the selected period
along with Difference Range and Difference Range Percentage details.

 Pending Advances – Drill down to this report will display the ledgers for which
the advances made (Loan given) are pending during the analysis year.

 Stale Cheque /Instruments – Drill down to this report will display the Bank
Ledgers with stale cheque/ Instruments. This report also displays the Total
amount and count of stale cheques/ Instruments.

Button Options in the report

 Press F2 (Period) to change the analysis period selected for the data analysis
report in Tally Prime.

 Press F7 (Compare Company) to load the company that contains the data for the
year prior to the analysis period.
 Press F9 (Analysis & Ver Reports) > type or select Movement Analysis >
press Enter.
You can follow this step to open any of the Accounting, Inventory, and
Verification reports from the list.
 Press Alt+V (Master Configuration) to identify the Related Parties, Periodic
Ledgers and apply Sampling Methods for analysis.


 This may also be needed if the user has taken the data backup separately after
the analysis for the previous year (the year before the analysis year).


 The Previous Year Company name will appear on the dashboard as shown:
FINDING, SUGGESTION & CONCLUSION

FINDING

Following process are followed for accomplishment this task:

 Firstly, we review all records of vouchers carefully, that no any

vouchers had any queries related to adjustments.
 Then, we make a separate folder for that work.
 Then, we create a company in Tally software by that company name and started
doing entries.
 Receipts & Payment entries are posted carefully as it carries some contra
entries also.
 Then after completing entries posting recheck the data by Balance sheet,
Trial balances & Day book.
 Any queries related to this work communicated to our external mentor.

SUGGESTION

1. Retrieving the data after forgetting the user ID and password is a bit difficult. Fewer, data
security is also one of the disadvantages.
2. It is complex software for beginners to use. It lacks back-office support for users who
find some trouble using it.
3. Backing up your data is also one of the issues users face while working with Tally. You
have to manually back up your data at someplace. It won't do the backing up by itself.
4. It doesn't allow you to open the same transaction sheet from various systems on a single
operating system. It's a single window software.
5. As Tally has upgraded itself year by year, there is no major update made to it. It has the
same features as the ability to do some extra work.
CONCLUSION

Depending upon the needs of the small or large business groups alongside, its different features
make it a very useful software. It helps you to take your decisions easily with its wide range of
features. You can remote access your account with the help of Tally.NET. With various language
support, it is convenient for a user to use it in his own language. In the latest version, if your
operating system suddenly shuts down, your data won't be lost. In the past year, people used to
manage their accounts manually; all the complex calculations were done manually, which had a
high risk of error. But as we now use Tally it's pretty simple and easy to use and comes with less
risk of errors.

As it has numerous functions performing various tasks is made simple due to this software.
Especially in the case of GST. Streamlining financial management – Tally is a software that
helps to organize and simplify financial tasks, such as invoicing and bookkeeping. Enhancing
accuracy – Tally’s features, such as automatic calculations and error checking, help to reduce
mistakes and increase precision in financial record keeping. Enhancing security – Tally’s
password protection and data backup options help to secure financial information and prevent
data loss. Facilitating collaboration – Tally’s ability to be accessed by multiple users
simultaneously allows for easier collaboration among team members in financial management.
Customization – Tally offers customizable options and report templates, allowing users to tailor
the software to their specific needs and preferences.
LIMITATIONS

1. Retrieving the data after forgetting the user ID and password is a bit difficult. Fewer, data
security is also one of the disadvantages.
2. It is complex software for beginners to use. It lacks back-office support for users who
find some trouble using it.
3. Backing up your data is also one of the issues users face while working with Tally. You
have to manually back up your data at someplace. It won't do the backing up by itself.
4. It doesn't allow you to open the same transaction sheet from various systems on a single
operating system. It's a single window software.
5. As Tally has upgraded itself year by year, there is no major update made to it. It has the
same features as the ability to do some extra work.
6. Initial cost – Tally is a software that requires an initial purchase or subscription fee,
which may not be feasible for all users.
7. Limited features – Tally may not offer all the features that some users require for their
specific financial management needs.
8. Complexity – Tally may have a steep learning curve for some users, requiring time and
effort to master its various functions.
9. Dependence on technology – Tally requires a computer or other device with an internet
connection to function, which may not always be available or reliable.
10. Vulnerability to cyber threats – Tally, like all software, is vulnerable to cyberattacks,
which could compromise the security of financial information.
REFERENCE / BIBLIOGRAPHY

https://www.managementstudyguide.com/introduction-to-tally-and-its-features.htm

https://en.wikipedia.org/wiki/Tally_Solutions

https://help.tallysolutions.com/docs/ts9rel54/ts9/#gref

https://www.javatpoint.com/features-of-tally#:~:text=Tally%20is%20used%20to
%20generate,management%2C%20reporting%2C%20and%20MIS.

https://trainings.internshala.com/blog/features-of-tally/