In India and all over the world, 90% of Business Enterprises use Tally. ERP
9, and hence, a working knowledge of Tally
is in great demand. Once you get the certificate from a Tally institute, it
gives you an edge over other competitors for a job.
Even if you are currently employed, learning Tally and obtaining a
certificate will improve your chances for a promotion or you may even land a
better job. Tally will give a much needed boost to your career by enhancing
your knowledge in Accounting, Inventory Management, and Taxation.
Who can learn Tally? Is there an eligibility criteria?
Seeing as it is a computer accounting software, a basic knowledge about
both these areas (computers and accounting) is recommended. Any person who has
passed their 12th standard can sign up for this course at Tally institutes in
their city.
What is this ERP version of Tally?
ERP stands for Enterprise Resource Planning. Tally is system with exemplary
accounting features. Apart from this, it also has other business features that
an organization requires. But, its efficiency over accounting is incredible
which is the core reason for its popularity as accounting software. It is also
suitable for businesses that are just starting out.
What are some basic features of Tally?
Here’s a list of some fundamental features of Tally: (Source)
Accounting: This is the most popular and the most used features of Tally.
This feature is then segmented into several different functions like:
Credit Note, Debit Note
Contra
Reverse Journal
Payment
Receipt
Sales
Memos
Purchases
Billing: Billing is a crucial part of any business organization. This is
actually kept under the accounting feature, but has several other functions.
One of the most fascinating functions of this is that Tally reduces redundancy
by creating an accounting entry as soon as you create a billing entry, thus
preventing you from duplicating work when dealing with a large amount of data.
Ratio analysis: When you create vouchers, Tally displays many important ratios;
this option is called Ratio Analysis. These ratios are created on the basis of
information that you enter during your creation of the vouchers. Among the
ratios displayed, a few of the important ones are: Quick Ratio, Debt/Equity
Ratio, Inventory Turnover and Current Ratio. This option will help you
immensely in taking swift and accurate decisions concerning your business and
aid in making appropriate changes.
Banking: This function was not present in the older versions of Tally, but
has been included in ERP 9. Through this function, you can directly create
deposit slips, print cheques, and payment advice and maintain a cheque register.
Tally also provides you a solution for what is perhaps the most tedious job in
any organization – Bank Reconciliation. It helps you to reconcile the bank
statements with the books of accounts.
Inventory: A well maintained inventory helps reduce loss and wastage. Tally
is of immense help in this regard, especially if the environment involves
manufacturing. You can go one step further to classify inventories with regard
to
Groups
Units
Tariff
Stock items
Godowns
Taxation (VAT, TDS, TCS): Not only does Tally calculate the amount of tax
that needs to be paid at the end of a particular accounting period (for
example: a year) it can also include taxes when performing the function of billing.
Tally handles various types of taxes like VAT, Income Tax, Excise Tax, Customs
and Service Tax, etc. Tally also calculates your tax with regard to what
category your organization falls under. For example, If you are covered under
Audit as per Income Tax Act, 1961 then there are different functions for that
also such as Form 3CD, Form 3CA, 44AB Audit, Form 3CB etc.
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