Posted 13 Jun, 2019 | Finance
What is Tally Software and how it is used?Add Answer
Tally, an accounting software, has been widely accepted globally including India and many countries. Gone are the days when people used manual accounting techniques to solve their accounting hurdles. Now, with the advent of Tally ERP software, the financial transactions have reached heights.
- Daily accounting
- Balance sheet finalization
- Inventory maintenance
- Generating different reports for tax filing
- Contra is the segment specifically meant for cash and bank related entries.
- Payment is the segment meant for the payment related entries.
- The receipt is the segment meant for the receipt related entries.
- Journal is the segment meant for entries excluding cash or bank statements.
- Sales segment is meant for sales billing
- Purchases segment is the sort of entry that is used for purchase billing
Tally is a product by Tally Solutions Pvt. Ltd which is an Indian MNC. It's main product, Tally ERP 9 is a software that handles accounting, inventory management, tax management, payroll, etc. It comes with both single user & multi-user licenses depending on the size of the business it is to be used for.