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Tally

Tally

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Published by Anshul Aggarwal

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Published by: Anshul Aggarwal on Feb 22, 2011
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07/15/2011

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TALLY 
Tally is a financial accounting and inventory valuation system. It is versatile andmassive software package, being used by various types of trades and industry. It isaccounting without books, so you do your a/c without any Accounting book. It is acomprehensive accounting. It maintains complete range of books of accounting FinalAccounts, P&L a/c cash and fund flow, Trial balance and others. The Receivables andPayables provide multiple reports in divert formats. Internet calculations, multiplicationstandard control, unlimited cost of profit centers’, unlimited cost and periods of accounts can be done. So we can say that TALLY is a perfect business solution. Thetally 5.4 version also provides facility of inventory management. To take advantage of full potential of tally, the user has to understand its feature their implication and how toimplication and how to implement them into business scenario.
There are some important featuresthat make tally one of the mos powerful accounting management software:
1. SIMPLICITY
Tally is one of the simple and complete business solutions available in theworld. Anybody who has a basic knowledge of accounts or an averageknowledge of English can use Tally. It is easy to learn, configure and useTally. Tally is not a computerized accounting package but is Accounts oncomputers.
2. SPEED
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A Tally user can get any reports instantaneously for any date/ period and cantoggle between reports, either accounting or inventory or even from onecompany to another company instantaneously. The user can also shift acrossdates in any report without any time loss.
3. POWER 
Tally has the power to generate management information, which would helpthe management in taking correct and quick decisions. This in turn enablesfaster growth of business. The power of online information made available by Tally helps one in keeping his business under complete control.
4. FLEXIBILITY
Tally is very flexible to use. Tally can adapt to any business needs rather than the user trying to change the way his business is run to adapt to the package.
5. NO CODES
Tally was the first accounting package in the world to introduce the NoCodes concepts for Accounts. Tally accepts alphanumeric characters for accounts and inventory masters and hence any accounts or stock items can be created and identified by their names. The codeless concept introduced bytally is now the widely accepted norm across the world today. In case theuser wants to use codes, tally supports that too.
6. REAL TIME
Tally updates all reports (from day book to Balance sheets) as and when thetransaction are entered and hence does not need any back end or day/periodend process to be done.
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Tally provide a great help in managing financial management either it is for single company or for multiple company as well as branch company or for  personal account management. The T ally user can also handle companiesconcurrently i.e. the user can load more than one company andsimultaneously work on all or any of the companies loaded by shuffling between companies as and when required. Tally also allows users to groupcompanies and hence provides a consolidated report for the companiesgrouped. Tally maintains books of accounts in base currency. Tally alsoallows users to enter transactions in multiple currencies. Tally also allowsusers to enter transactions in multiple currencies and view reports in any of the currencies that have been created in Tally. The user can thus invoice hisforeign customers in their as well receive payments in their currency. If thereis any forex gain/loss, then it reflects the same immediately in theconcerned parties ledger account. The gain or loss hence derived can betransferred to a forex account by using a journal (use voucher class). Theuser can also view and a print ledger account in the currency the transactionhas been entered. Tally also allows the user to view & print all reports in anycurrencies.Advancements made by tally developer day by day makes tally one of themore powerful accounting management tools. There are some featureswhich show the technology advancement of the tally technology.
7. DATA RELIABILITY
Tally offers extremely high reliability data. Tally uses a flexi-field, flexi-length, self indexed weighted file structure for an extremely compact andfast database. Tally is robust and will not be affected even if there is a power failure or if the machine is shut down while the system is still functioningand hence there will be no data loss. Tally uses signaling quality dataintegrity checks at regular levels to ensure complete reliability of data.
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