An Introduction to Tally ERP Software & How to use it?
Tally ERP Accounting Software
With the changing technology and methods, individuals now have access to almost everything simply and effectively. There are software programs used in organizations that assist people in their day-to-day work and provide them with an effective solution. The business applications like Tally accounting software are used in organizations of all sizes to maintain a detailed record of business transactions to ensure that the company has sufficient funds for the future.
What is Tally ERP 9?
Tally Introduction: A business uses the Tally ERP 9 accounting application because it is the best for all financial problems and allows the work to be done in no time. Benefits of Tally Software is combined with a developed accounting and inventory management system that gives a glimpse to the employees to manage all the transactions, finances, sales, and debts by reducing the risk of manual errors. Besides, the software can also be integrated with many other business applications that include payroll systems, inventory and purchase management, sales and finance, etc.
How to use Tally ERP 9?
Introduction of Tally ERP 9 uses the digital format and has an easy way to work on it. An individual must download the software, install it, activate it, and then finally start using it to make transactions and other online payments. Besides, it is always advised to take assistance from an experienced tally service provider for working. The steps to use Tally ERP 9 software include:
Process 1: Installation Tally software
Tally ERP 9 software is to be downloaded from the official website with a 30-day trial period for all the users before they buy the premium package to practice and know more about the software. It is also available in education mode for the students practicing but has limited features in this case.
Process 2: Tally Navigation
Once the installation is complete, the user must go through various navigator tools that help them to access different functions and know more about them. There is a Tally keyboard shortcut for almost everything that is always displayed next to the option where all the other shortcuts are usually displayed. In this way, efficiency and productivity are boosted and helps people to work faster and better.
Process 3: Create a Company
Irrespective of buying either paid or a trial version, the user must create a company and fill in the details to work further with the Tally accounting.
Process 4: Tally Usage
Create Ledgers
To create a ledger, you need to;
It is also important to know about the methods to create ledgers and use the types of ledgers in everyday transactions. The steps for the same are the following:
1. Click on the “accounts info” from the gateway menu.
2. Now click on “ledgers” and then on the “create ledger” button where the user can create both single and multiple ledgers according to the need.
3. Once the ledger is created, the user now has to choose a particular group to which the ledger will be assigned. This can be done by clicking on the “list of groups” option on the screen.
4. It is always advised to name the ledger as it becomes easy to identify a particular ledger and know what it contains.
5. In the end, an opening balance is to be entered that further acts as the balance in an account and is used to pay off to various people or to pay off the amount owed.
Creating vouchers
To create a voucher, you need to;
To create accounting vouchers in Tally ERP 9, the user must follow the below-mentioned steps:
1. Choose the option of “accounting vouchers” from the gateway menu.
2. Select the option of a voucher from all the options on the right-hand side of the menu. Some of the most used voucher options are:
Contra voucher: it is used either at the time of deposit or while withdrawal from a bank. Apart from this, it is also used to transfer money between 2 accounts within the same company.
Payment voucher: it is used for all types of payments that are made within the company
Receipt voucher: it is used for all the transactions, including the income, sales, and interest in a company.
3. In the end, fill the details of the voucher needed and the reason it is created. Also, choose a ledger that will be attached to the voucher as per the requirement. It also involves the date as well as the name of all the parties that are involved.
The advantages of Tally ERP in large and medium enterprises
• Inventory, accounting, finance, payroll, and more activities can be very effortlessly connected and used. They need just the right ERP software like Tally to execute an operation that is cross-functional so that they can make conclusions of their own.
• The business uses distinct data for its running approaches. The owner can give the privilege to access a particular group of employees for a specific set of data.
• A person who operates at the godown and is not present at the HO can be given remote rights to go down appropriate data. This leads to efficient & structured working. This is referred to as Tally remote access.
• Tax auditor’s work has also been made effortless. The trouble of moving data is bypassed in this case completely.
The advantages of Tally ERP in small enterprises
• Uses of Tally EPR 9 for all these factors. The complicated functions in the background are utterly not mandated to be comprehended by the users.
• The three tasks of inventory, compliance, and accounting can be so smoothly merged into a single software that it makes the life of the user easy.
• Basic financial reports are just a click away with this software. Small business requires to hold an enormous check on their cash flow.
How is Tally different from the traditional methods?
The users can notice multiple changes and advantages while using Tally ERP 9 instead of the old and conventional methods as it is error-free and automatically updated. In the software, a user is only required to create a ledger name and fill the entries. In contrast, in the old methods, it was required to pass entries, make ledgers, trial balance, profit, and loss statement, and a balance sheet, in the end, making it more hectic and lengthier for the accountants to do every day.
The balance sheet is Tallied on its own after each entry and further reduces the time spent in the old method. The new and advanced method should thus be used for various purposes, including daily accounting, maintenance of inventory, finalization of the balance sheet, and generating different types of reports used for filing tax and other official statements.
Conclusion:
Thus, Tally ERP 9 is a highly effective accounting tool that has made the lives of accountants much easier and allowed them to spend less time making reports and files. It is the best thing that has made the accountants’ career successful and is helping them reach great heights. Besides, with the Tally application software being used by both small-scale and large-scale businesses, it is highly in demand and has some of the best benefits to enhancing their knowledge of the same. For any Tally Cloud service query visit Tallycloudhub.
FAQ
What is Tally On Cloud?
- Cloud Tally solution that allows you to run Tally on our cloud servers. It is a product of Enterprise Class.
- Tally can be accessed from any PC or device running on any operating system.
- The RDP protocol is used to publish the Tally application, which can be accessed from anywhere.
- It also allows you to back up your tally data to the cloud.
- Businesses with Multi-branch require a centralized Tally system that can be accessed from any location.
How does Tally cloud help businesses?
Finally, it is very important to discuss the Cloud Tally Service to manage all kinds of business. It is the most trending and sought-after product that has made working easier and convenient for everyone. This is because Tally cloud offers important features like high-level security and further ensures that the data is safe. It also consists of several backup options that even include antivirus to ensure double security.
It can also be said that this software is cost-efficient as it takes care of many expenses that are made in a business and then put them together in a Dedicated server that is maintained from time to time, making it the best option for all the employees as well as business in the long run.
Check Out More Tally Related Blogs:
–How is Tally gonna be used in future?
–Thinking Moving to Tally on Cloud Tomorrow? Why not now?
–Tally On Cloud: Expectations vs. Reality
