Tally Simple Accounting

Complete Booking
Tally maintains all Books of accounts starting from records of vouchers, ledgers etc. Tally handles different types of vouchers like Payment, receipt, adjustment entries like Journals, Debit notes, Credit notes, Sales, Purchases, Receipt notes, Delivery notes etc. Tally follows the double entry system of accounting and hence will eliminate any possible errors.
Books, Registers and Statement of Accounts
a) Books
Tally maintains all the Primary books of accounts like Cashbook, Bank Book.
b) Registers
Tally maintains all registers like Purchase Register, Sales Register and Journal Registers.
c) Statement of
Tally maintains all statement of accounts like Balance sheet, Profit and Loss and Trial Balance, Cash Flow, Fund Flow & Stock Statement.
General Ledger
Tally maintains details of all ledgers that are defined by the user. You can define your chart of accounts i.e. - maintain groups, ledger etc. Ledger reports can be used for scrutiny of accounts. Most accounting systems across the globe follow the concept of separate Personal and Nominal accounts. Tally follows the concept of single ledger systems, which includes both Personal and Nominal accounts.
Credit Control (Outstanding Mangement) Including credit Limit
A Tally user can maintain 'Outstanding Reports' along with Age Wise analysis. Credit Limits can be given 'amount wise' as well as 'period wise'. Once Credit limits are set for a Party, then the user cannot bill the particular Party beyond the specified limit. Only the authorized user can alter the Credit Limits. This helps to monitor as well as control any potential slow collection and warns about the potential bad debts.
To set Credit Limits follow the procedure below :

Activate Budgets and controls by pressing F11 (Features) -> Select Accounts Info -> Select Ledger --> Select Credit limits -> Select Group -> Define the limit for each ledger either by Value or Period or Both.

Accounts Receivable and Accounts payable
Accounts Receivables is the amount to be received from Sundry Debtors and Accounts Payable, the amount to be paid to Sundry Creditors. Tally provides complete bill wise information of amounts receivable as well as payable either Party wise or Group wise. This feature can track bills, payments/receipts including advances one-to-one.
How to use this facility?

Activate 'BillWise' details by pressing F11 (Features). Now Create a Party (Ledger A/c) under the group 'Sundry Debtors' as well as one under group 'Sundry Creditors', and also activate 'Maintain balances bill by bill' for all the Parties while you are in Ledger creation mode. Next, select the option 'Voucher Entry' in 'Gateway of Tally' -> Select Sales or Purchase Voucher.

Now, while entering the transaction, the user can specify a Ref. no with due date for the amount or break it up by giving multiple ref no with different due dates.
To view the reports follow the procedure given below.

Select 'Display' (in Gateway of Tally menu) -> Select 'Statement of Accounts' -> Select 'Outstandings' -> Select 'Receivables' (in case you want to see amount due to the company) -> Select any particular group. The report displays bill by bill outstanding for all parties along with the pending amount as well as the due date.

In case user wants to see the amount payable by the company then select the option 'Payable' under the menu 'Outstandings'. The user, once he has selected either Payables or Receivables can toggle between the two reports by clicking F4 function key.

For individual Party wise outstanding:

->Select 'Ledger' option under 'Outstandings'. This report gives a bill-by-bill display of all outstandings for the concerned party along with the total outstanding amount. 

For a display of total outstandings for all parties -> select 'Group' in the menu 'Outstandings' and then select any particular group or sub-group.

Tally gives Age wise Analysis Reports and hence keeps the user informed for the range of period the bills have been outstanding. The user has the luxury of defining the Ageing periods as per his needs. e.g. 0 to 30 days, 30 to 45 days, 45 to 60 and so on. The procedure for displaying the report is given below. The aging analysis gives flexibility to do ageing by due date or bill date.
-> Select 'Ouststandings' under Display menu -> select 'Receivables ' or 'Payables' press F5 (age wise) -> select method of ageing -> specify the periods.
Flexible Voucher Numbering
Tally provides predefined vouchers and also allows the user to define different types of vouchers as per his/her needs. E.g. the user can further classify Payment Vouchers by creating vouchers by the name Bank Payment and Cash Payment Vouchers. The user can also set the voucher numbering as per his needs, which is either automatic numbering or manual numbering or have no numbering at all. Further the user can also assign Prefix and Suffix for voucher numbers and numbering can restart either from beginning of the year or month. 
How to create a new Voucher Type?
Select 'Accounts Info' -> select 'Voucher Type' -> select 'create' option -> Now enter the Voucher name, specify the type of voucher, specify the method of numbering, activate or deactivate the other functions as per needs.
Flexible Classification of Accouting Heads / Chart of Accounts
Tally allows the user to define account heads as per his requirements. Tally offers 28 predefined widely used Groups. Of these 28 predefined groups 15 groups are Primary groups and the remaining 13 are sub groups. Among the 15 predefined groups 9 Groups are Balance Sheet items and the remaining 6 groups are Profit and Loss items. The user is allowed to alter the nomenclature of any of these 28 Groups. Further the user is allowed to create any number of Groups as per his/her requirements, which can either be a Primary or a Sub-Group. Tally also allows the user to have a multiple tree like structure groupings. This flexibility and ease of configuration allows Tally to be used across industries and geography.
E.g. the user can have Continent wise Debtors groupings (i.e. Asia, America, Europe, Africa, Australia) under the Group 'Sundry Debtors'. The continents can also be further bifurcated into countries and states and so on.
Bird,s Eye View / Drill Down Display
Tally allows users to Drill Down from any report to lower levels of reports till the voucher. E.g. User can view a Balance sheet and then select the required group in the Balance Sheet and drill down till the vouchers. Any changes then made in the voucher (i.e. if allowed by current security levels), is reflected real time at all levels.
Data Based reporting
Tally allows users to select any report for a particular date or for any range of dates. Once you have selected a Report, press F2 (F2 in case of Day Book) and specify the date range (From and To). You can also do simultaneous comparison side by side for any two selected periods including across financial years. All reports from Tally are generated based on the transaction date rather than the date of actual entry and hence Tally ensures that information is always represented accurately. This unique approach to bank reconciliation allows review of past date status for auditing purpose.
Voucher and Cheque Printing
Tally provides the facility to print any voucher that has been entered. The user can print the voucher as soon as he has entered the voucher or even later. Tally also provides cheque printing facility. The cheque can be printed immediately after printing the voucher or can be printed later.

To activate Cheque printing option press F11 -> activate 'Set modify company features' -> enable Cheque printing -> specify bank name (as created in Ledgers) -> Specify dimensions of Cheque. Now while entering Payment Voucher mention the name to be printed on the cheque. Once the voucher is saved Tally prompts the user to print cheque.
Columnar Reports
Tally provides columnar reports in Sales register, Purchase Register and Journal registers as well as Ledgers and Cash / Bank Books.
For Columnar Reports, Select Display -> Accounts Book -> select any of the registers -> Press F5 (Columnar).

Bank Reconciliation
Tally provides the user a facility to reconcile bank accounts with his bank statement and hence providing the user with information regarding transactions, which haven't been cleared as yet by the bank.
For bank reconciliation follow the following procedure:

Firstly, while creating "Bank Account" Ledger, specify 'Effective date of reconciliation' (ie the date from which the user wants to reconcile his bank accounts). Then,

Select, -> Display -> Account Books -> Bank Book -> Select the particular 'Bank' à Select month -> Press F5 (Reconcile). Now enter the date, on which a particular transaction has been cleared. Tally now provides information of balances as per company Books as well as per Bank. 

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