INTRODUCTION TO INFROMATION TECHNOLOGY

Preperation for paper :

Unit IV ( important topics )

Tally
 Discuss major features of tally Accounting package?
 Define Voucher. Explain different type of voucher ?
 Benefit of Tally ?
 Usage of Tally ?
 Tally audit.
 Display ledger audit list.
 Discuss the history of Tally.

Ques: Discuss major features of tally Accounting package?

Let me break it down for you using easy-to-understand terms:
1. Financial Management: Tally helps you keep track of your
money by organizing your income, expenses, and savings.
2. Inventory Management: With Tally, you can easily manage your
stock, keep tabs on what you have, what you've sold, and what you
need to order.
3. Taxation: Tally simplifies the process of dealing with taxes like
GST, VAT, and TDS. It helps you calculate how much tax you
owe and assists with filing your tax returns.
4. Payroll Management: Tally takes care of managing your
employees' salaries, deductions, and generating payslips for them.
5. Reporting and Analysis: Tally provides you with reports and
tools to help you understand how your business is doing. You can
analyze your sales, expenses, and profits.
6. Security and Access Control: Tally lets you control who can
access your financial data, ensuring that sensitive information is
protected.
7. Bank Reconciliation: Tally helps you reconcile your bank
statements with your accounting records, ensuring accuracy and
preventing discrepancies.
8. Budgeting and Forecasting: You can create budgets and
forecasts in Tally to plan your finances and make informed
business decisions.
9. Multi-Currency Support: Tally allows you to handle transactions
in multiple currencies, making it convenient for businesses
operating internationally.
10. Data Synchronization: Tally enables you to sync your data
across multiple devices or locations, ensuring that you have access
to the latest information.
11. Audit and Compliance: Tally helps you maintain compliance
with auditing standards and regulations, making it easier to prepare
for audits.
12. Customization: You can customize Tally to suit your specific
business needs by adding or modifying features, fields, and reports.
These additional features make Tally Accounting package even
more powerful and versatile. Let me know if there's anything else
you'd like to know! 😊

Ques: Define Voucher. Explain different type of voucher ?

let's dive into vouchers. In accounting, a voucher is a document

that serves as evidence of a transaction. It contains details like the
date, amount, and purpose of the transaction.
There are different types of vouchers used in accounting. Here's a
breakdown of some common ones:
1. Payment Voucher: This voucher is used when making payments
to suppliers or vendors. It includes details like the payment
amount, payee information, and payment method.
2. Receipt Voucher: A receipt voucher is issued when you receive
money, such as from a customer or as an advance payment. It
includes details like the amount received, the payer's information,
and the purpose of the payment.
3. Journal Voucher: This voucher is used to record non-cash
transactions, such as adjustments, accruals, or depreciation. It helps
maintain accurate accounting records.
4. Sales Voucher: A sales voucher is used to record sales
transactions. It includes details like the sales amount, customer
information, and mode of payment.
5. Purchase Voucher: This voucher is used to record purchases
made from suppliers. It includes details like the purchase amount,
supplier information, and payment terms.
6. Contra Voucher: A contra voucher is used when there is a
transfer of funds between different bank accounts or within the
same bank account. It helps maintain proper reconciliation of
transactions.
These voucher types cover the most common transactions in
accounting. By using different vouchers, businesses can accurately
track and document their financial activities.

Ques: Benefit of Tally ?

Tally offers a bunch of benefits that make it a popular choice for

businesses. Here are some key points in easy-to-understand terms:
1. Easy to Use: Tally is designed with a user-friendly interface,
making it easy for anyone to navigate and operate. You don't need
to be an accounting expert to use it!
2. Accurate Financial Management: Tally helps you maintain
accurate financial records by automating calculations and ensuring
data integrity. This reduces the chances of errors and provides
reliable financial information.
3. Time-Saving Features: Tally comes with features like automatic
data entry, quick report generation, and shortcut keys, which save
you time and effort in managing your accounts.
4. Comprehensive Reporting: With Tally, you can generate a wide
range of reports like profit and loss statements, balance sheets,
cash flow statements, and more. These reports provide valuable
insights into your business's financial health.
5. GST Compliance: Tally is equipped with GST-ready features,
making it easier for businesses to comply with Goods and Services
Tax regulations. It helps in accurate calculation, invoicing, and
filing of GST returns.
6. Data Security: Tally ensures the security of your financial data
by implementing robust encryption and access control measures.
Your sensitive information remains protected from unauthorized
access.
7. Scalability: Whether you have a small business or a large
enterprise, Tally can scale to meet your needs. It can handle a
growing volume of transactions and accommodate multiple users.
8. Integration with Other Systems: Tally seamlessly integrates with
other business systems like banking, inventory management,
payroll, and more. This streamlines your operations and improves
efficiency.
9. Inventory Management: Tally allows you to efficiently manage
your inventory by tracking stock levels, recording purchases and
sales, and generating inventory reports. This helps you avoid
stockouts and optimize your inventory levels.
10. Cost Control: With Tally, you can closely monitor your
expenses and identify areas where you can cut costs. It provides
insights into cost centers, cost categories, and cost allocation,
helping you make informed decisions to improve profitability.
11. Bank Reconciliation: Tally simplifies the process of
reconciling your bank statements with your accounting records. It
automatically matches transactions, detects discrepancies, and
generates reconciliation reports, saving you time and ensuring
accuracy.
12. Payroll Management: Tally offers payroll management features
that help you streamline your payroll processes. You can easily
calculate salaries, generate payslips, and comply with statutory
requirements like tax deductions and provident fund contributions.
13. Multi-Currency Support: If your business deals with
international transactions, Tally's multi-currency support comes in
handy. It allows you to record transactions in different currencies,
automatically converts amounts, and provides accurate foreign
exchange gain/loss calculations.
14. Data Backup and Recovery: Tally provides built-in data
backup and recovery options, ensuring that your financial data is
safe and can be restored in case of any unforeseen events or system
failures.
15. Customization: Tally offers a high level of customization,
allowing you to tailor the software to your specific business needs.
You can create custom reports, add additional fields, and modify
existing features to suit your requirements.
These are just a few more benefits that Tally brings to the table. It's
a comprehensive accounting solution that can help you streamline
your financial management processes and make informed business
decisions. Let me know if you have any other questions! 😊

Ques: Usage of Tally ?

Let me break it down for you point by point in easy-to-understand

terms:
1. Accounting: Tally is primarily used for accounting purposes. It
helps you keep track of your income, expenses, and financial
transactions.
2. Invoicing: With Tally, you can easily create and manage
invoices for your customers. It automates the process, making it
quick and efficient.
3. Financial Statements: Tally generates financial statements like
balance sheets, profit and loss statements, and cash flow
statements. These statements give you a clear picture of your
business's financial health.
4. Tax Compliance: Tally helps you stay compliant with tax
regulations. It calculates taxes automatically and generates reports
that can be used for tax filing.
5. Inventory Management: Tally allows you to keep track of your
inventory. You can record purchases, sales, and stock levels,
helping you manage your inventory efficiently.
6. Bank Reconciliation: Tally helps you reconcile your bank
statements with your accounting records. It makes sure that your
financial records match your bank transactions.
7. Payroll Management: If you have employees, Tally can handle
payroll management. It calculates salaries, generates payslips, and
takes care of tax deductions.
8. Multi-Currency Support: If you deal with international
transactions, Tally supports multiple currencies. It can convert
amounts and handle foreign exchange calculations.
9. Sales and Purchase Management: Tally allows you to efficiently
manage your sales and purchase processes. You can create sales
orders, track deliveries, and manage vendor bills.
10. Budgeting and Forecasting: Tally helps you create budgets and
forecasts for your business. You can set financial goals, track your
progress, and make informed decisions based on the data.
11. GST Compliance: If you're in India, Tally is designed to help
you comply with Goods and Services Tax (GST) regulations. It
simplifies the process of GST filing and generates the necessary
reports.
12. Data Security: Tally ensures the security of your financial data.
It has features like user access control, data backup, and encryption
to protect your information.
13. Customization: Tally allows you to customize and personalize
your accounting system according to your business needs. You can
create custom reports, add fields, and tailor it to fit your
requirements.
14. Business Analysis: Tally provides various analytical tools and
reports to analyze your business performance. You can identify
trends, spot areas for improvement, and make data-driven
decisions.
15. Integration with Other Systems: Tally can integrate with other
software and systems like banking, e-commerce platforms, and
CRM software to streamline your business operations.
These are just a few examples of the extensive functionality that
Tally offers. It's a versatile software that can adapt to different
industries and business sizes. Let me know if there's anything
specific you'd like to know or if you have any other questions! 😄

Ques: Tally audit.

Let's talk about Tally audit in simple terms:

When it comes to Tally audit, it refers to the process of examining
and verifying the financial records and transactions stored in Tally.
It ensures that the data entered in Tally is accurate, reliable, and in
compliance with accounting standards.
During a Tally audit, an auditor will review your financial
statements, ledger entries, vouchers, and other relevant documents.
They will check for any errors, inconsistencies, or discrepancies in
the data. The goal is to ensure that your financial records are
complete, transparent, and trustworthy.
The auditor will also assess the internal controls and procedures in
place to safeguard your financial data. They may recommend
improvements or suggest changes to enhance the accuracy and
reliability of your accounting processes.
Overall, Tally audit helps you maintain the integrity of your
financial data and provides assurance to stakeholders, such as
investors, lenders, and regulatory authorities, that your records are
reliable.

I hope that helps! Let me know if you have any more questions or
if there's anything else I can assist you with! 😊

Ques: Display ledger audit list.

To display the ledger audit list in Tally, you can follow these
simple steps:
1. Open Tally and go to the "Gateway of Tally" screen.
2. From the menu on the left, select "Display" and then choose
"Account Books."
3. In the Account Books menu, select "Ledger."
4. You will see a list of ledger accounts. Choose the ledger account
for which you want to view the audit details.
5. Once you select the ledger account, Tally will display the ledger
audit list, which includes all the transactions and changes made to
that particular ledger account.

The ledger audit list provides a point-by-point record of all the

activities related to a specific ledger account, such as the date and
time of each transaction, the voucher type, and the details of the
changes made.

I hope this helps! Let me know if you have any more questions or
if there's anything else I can assist you with! 😊

Ques: Discuss the history of Tally.

Here's a point-by-point and detailed explanation of the history of

Tally:
1. Tally Solutions Pvt. Ltd., commonly known as Tally, was
founded in 1986 by Mr. Bharat Goenka in India.
2. The initial version of Tally was developed as an accounting
software package for small and medium-sized businesses.
3. Over the years, Tally evolved and expanded its offerings to
include various modules and features to meet the changing needs
of businesses.
4. Tally gained popularity due to its user-friendly interface, robust
functionality, and ability to handle complex accounting tasks.
5. In the early 1990s, Tally introduced the concept of "codeless
accounting," which simplified the process of recording transactions
by eliminating the need for complex accounting codes.
6. With the introduction of Tally.ERP 9 in 2009, Tally became a
comprehensive enterprise resource planning (ERP) software,
offering features beyond accounting, such as inventory
management, payroll, taxation, and more.
7. Tally.ERP 9 also introduced the concept of remote access,
allowing users to access their Tally data from anywhere using the
internet.
8. Tally has continuously updated its software to comply with
changing tax regulations and accounting standards in different
countries.
9. Today, Tally is widely used by businesses across various
industries and has a strong presence in India and other countries
around the world.
10. Tally has also expanded its product offerings to include
solutions for specific industries, such as Tally for GST compliance,
Tally for manufacturing, Tally for retail, and more.
I hope this gives you a detailed understanding of the history of
Tally! Let me know if you have any more questions or if there's
anything else I can assist you with! 😊