TALLY ERP:9 A smarter way to manage

Inventory!
 INTRODUCTION

 Tally is an ERP accounting software package used for recording day to

day business data of a company. The latest version of Tally is Tally ERP
9.
 Tally ERP 9 Software is one acclaimed financial accounting system and
inventory management system with power computer
 Tally.ERP 9 is one best accounting software that can integrated with
other business applications such as Sales, finance, Purchasing, Payroll,
Inventory, etc.
 Tally software stores all the business transactions of each account in
detail. Tally ERP 9 follows double entry accounting system and hence
eliminates and rectifies possible errors.
 KEY FEATURES OF TALLY ERP.9

 Codeless Accounting System

 Unlimited Accounting Period
 Simultaneous Operation of multiple Companies
 Simplicity
 Remote access
Application Area
Tally software programs appeals to any kind of business, big or small. Their use of ease is hard to beat.
• Sales, inventory and purchase management

• Integrated payroll management

• Access and security control

• GST invoicing

• Statutory compliance
• Budget and scenario management

• Business forecasting

• Variance reporting

• Auto bank reconciliation

 Facilities with Tally
Tally is offering Tally.ERP 9 for small and medium businesses to manage their
enterprises efficiently. For over three decades now Tally.ERP 9 is being used by
business owners across India to manage their day-to-day operations and
generate required business reports which help make important decisions.
Tally.ERP 9 is packed with a vast set of robust features that make the software
reliable and flexible to use. We have enumerated these features below.
1. Accounting management in Tally.ERP 9 software
(a) With Tally.ERP 9, a business owner can easily create and track sales vouchers; and get detailed
reports on a daily, weekly, monthly or yearly sales basis
(b) Business owners can easily create purchase vouchers and view supplier-wise purchase details

2. Banking transactions support in Tally.ERP 9 software

(a) Business owners can manage cheques easily with Tally ERP9. You can generate cash/cheque
deposit slips and track them.
(b) Tally.ERP 9 supports transactions made in the form of e-Payments with multiple banks.
3. Inventory Management

(a) Tally.ERP 9 can be used to manage stocks in a very flexible manner. You can define unlimited stock groups,
stock categories and arrange stock accordingly.

(b) Based on the business need, you can create multiple godowns and track stock godown-wise.

4. GST compliance in Tally.ERP 9 software

(a) Business owners and GSTPs can send reports of mismatching or missing invoices to suppliers so that they
take quick action to reconcile the lapses.

(b) Easily file GST Returns using Tally.ERP 9, complete support for GSTR-1, GSTR-2 and GSTR-3B .

5. Easy access to business reports

(a) Business owners can access Balance Sheet and Profit and Loss Statement at any point in time in just one click
before taking important business decisions.

(b) Tally.ERP 9 provides reports on payment performance of parties, item wise profitability, cash flow, fund flow
 and many more insightful reports for informed decision making.
 MERITS OF TALLY ERP9 :-

 You can remote access to your account with the help of Tally.NET.
 With various languages support, it is convenient for a user to use it in his own language.
 If your operating systems shuts down suddenly due to some reason your data won’t be lost.
 As it has numerous functions, Performing various tasks is made simple especially in case of
GST.
 Tally made complex calculation pretty simple and easy to use.
 As you know it often takes a long time to record the accounts manually and in such cases
chance’s of making mistake are also high. Using Tally saves you from wasting your
precious time and avoiding wrong data records.
 It takes more time to prepare a trial balance profits and loss statements, and balance
sheet manually. The accounting task is made easy by choosing certain transactions and
tracking their progress by monitoring each voucher in the Tally software.
 For a growing business, there is a need for vigorous monitoring. due to this business runs in
profit and when it has to suffer losses. Once it comes to know the reasons for losses are
occurring in business, then it becomes very easy to improve and grow the business. By using
Tally software, you can easily keep monitor of inventory, payroll, and banking and etc.
DEMERITS OF TALLY ERP9:-

 Retrieving the data after forgetting the user ID and password is a bit
difficult.
 It is complex software for beginner to use. It lacks back supports for the
users who find some trouble.
 Backing up your data is also one of the issues users face while working
with Tally.
 Tally don’t allow you to open the same transaction sheet from various
system. It is a single window software.
 As Tally has upgraded year by year there are no major update made in it.
 Fewer data security is also one of the disadvantages.
 It lacks back office support for the users who find some trouble using it.
Vendors are providing support in place of tally solution.
 Tally fails to be an user friendly software.It doesn’t help you use it with
ease. It is of course a simple software but not everyone can grasp the
knowledge of accounting soon after installing..
Shortcut keys in Tally ERP9

1. Shortcut keys are primarily used to simply the recording of various transactions in Tally.
2. Tally software uses the keyboard functions to operate, journalize, and report the users to
interpret and take faster decisions.
3. Shortcut keys are a set of one or more keys that help to activate a function without the
mouse.
4. Shortcuts invoke a command in Tally software as an alternative to mouse clicks or contentious
use of Enter key.
5. In Tally ERP9 there are shortcuts for almost all functions. This means that you can use Tally
software without touching the mousr, which will help you in faster data entry, easy navigation,
easy report viewing, easy printing, export-import of data etc.
Difference between Tally ERP 9 and Tally Server 9
Tally ERP 9
 Tally.ERP 9 is a business
software which records all
your business transactions and
manages the billing,
accounting, inventory,
finance, banking, payroll,
GST, income tax etc.
complexities of the business
at ease.
 Tally.ERP 9 have multiple
editions which incudes Single
User (Silver) edition, Multi
User Editions (Gold)
 Tally.ERP 9 is an independent
Tally Server
9
 Tally Server 9 is a software
used to boost the
performance of Tally.ERP 9
Gold users. It enhances the
efficiency and productivity of
business operations.
 Tally Server 9 works for
Tally.ERP 9 gold license
 Tally Server 9 works for
Tally.ERP 9 gold license
 Its used peer to peer data access  It uses Server based Data
management

 Tally executes multiple processes

on first come first serve basis  Using Tally Server 9, Tally executes
multiple processes all together at
the same time.
 TECHNOLOGICAL FEATURES OF TALLY-

Simple and rapid installation: Tally.ERP 9 has a simple, installation procedure. The user can install the
program files on any drive if the hard disk has partitions. Tally.ERP 9 uses minimum hard disk space in the
local drive. Its installation on the local disk takes just a few seconds.
Unlimited multi-user support: A multi-user version of Tally.ERP 9 can be installed on a network, having any
number of computers with different operating systems.
Internal backup/restore: Tally.ERP 9 has an in-built, user-friendly ‘backup and restore’ option. It helps the
user to take a backup of one or more companies or all companies, in a single directory, in the local hard disk,
or in any external media.
Tally audit: The Tally.ERP 9 audit feature provides the user with administrator rights and the capability to
check the entries made by the authorised users and alter these entries, if necessary. Once the entries are
audited, Tally.ERP 9 displays the altered entries, if any, along with the name of the user, who has altered
the entry, and the date and time of the alteration.
TallyVault: Tally.ERP 9 offers a data encryption option called TallyVault. Without
the valid TallyVault password, the data cannot be accessed.

Data Synchronization: Synchronization is the process of exchanging Tally.ERP 9

data between two or more locations. This process enables a branch office to send
its data to the head office, over the Internet or a private network.

Direct web browser access: While working on Tally.ERP 9, the user can directly log
on to the Tally website, provided he/she has access to the Internet. The website
lists details of all the facilities offered by Tally. ERP 9. The user can also download
the latest release of Tally.ERP 9 as and when it is available. The Tally website also
offers Tally Chat, by which a user can communicate with a Tally representative and
get required information.

Ability to preview and publish reports and documents on the Internet: Companies
which want to publish reports and price lists on their website can do so directly
from Tally.ERP 9.
Point of Sale (POS): POS is an acronym for Point of Sale. Point of Sale can be a retail
outlet, a check out counter in a shop, or any other location where a sales
transaction takes place. It is a computerised cash register which adds up the sales
totals, calculates the balance to be returned to buyer and automatically adjusts the
inventory level to reflect the quantity sold. The equipment required for POS to work
effectively are cash registers, card readers, barcode scanners and so on.
Management Information System (MIS) Reports

MIS Reports are reports required by the management to assess the performance of the
organization and allow for faster decision-making.

You can view the following types of MIS Reports in Tally. ERP 9:
● Accounting Reports: To obtain information on the financial position, operational
performance and economic activities of the business.
● Financial Reports: To determine the financial condition of an organization as required by
shareholders, creditors and government units.
● Inventory Reports: To manage the Inventory effectively since the actual status of stock
items is obtained.
● Management Control Reports: To utilize budgets, cost Centre reports, scenario reports
etc. for controlling activities.
 What is the need for MIS?

 The following are some of the justifications for having an MIS system
• Decision makers need information to make effective decisions. Management Information
Systems (MIS) make this possible.
• MIS systems facilitate communication within and outside the organization – employees
within the organization are able to easily access the required information for the day to day
operations. Facilitates such as Short Message Service (SMS) & Email make it possible to
communicate with customers and suppliers from within the MIS system that an
organization is using.
• Record keeping – management information systems record all business transactions of an
organization and provide a reference point for the transactions.
 CONCLUSION-
 Tally as an accounting cum ERP system focuses on delivering total workflow automation with the
aim to provide relief to accountants and finances experts by taking off the huge responsibilities
from their shoulders.

 It takes care of service tax returns,gst gax, excise tax, VAT filing, TDS return, and profit and loss
statement for all small businesses.it has made made the journey on GST pathway effortless by
providing return filing module.

 The software is used to handle financial and inventory management, invoicing, sales and
purchase management, reporting, and MIS.

 It bring together all branches of the company and makes the common calculation for it at large
that brings the uniformity throughout.
 Tally saves all invoices, receipts, bills, vouchers also it could be quickly access previously stored
documents. We can immediately retrieve all the billing related files

 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.

 The feature of Tally customization makes the software suitable business functions as it is multi-
lingual tally accounts can be maintained in one language, and reports can be viewed in other
languages

Basically Tally is a very useful software for both small and large business organizations. It has many
important and helpful features that make your daily work easier.Tally is largely considered the best
accounting software.
ROLL NO-
IT GROUPTOPIC- TALLY ERP9
Khushi Jangir-34
Payel Biswas-13
Vishesh Shah-83
Avudaiammal Konar- 46
Ayush Jhaveri- 36
Mithil sawant -77
Anushak jain-31
Tanishk Dhingra-22
Riddhi Mehta-51
Abhay Chaturvedi-01