Understanding Computerized Accounting: Features, Benefits, and Tally ERP 9
Computerized Accounting Features
Simple and Integrated: Automates and integrates business activities like sales, finance, purchase, inventory, and manufacturing, providing accurate and up-to-date information.
Accuracy & Speed: Utilizes customized templates for fast and accurate data entry, automatically generating reports.
Scalability: Adapts to changing business volumes, accommodating transaction growth.
Instant Reporting: Generates real-time, high-quality reports due to speed and accuracy.
Security: Offers enhanced data confidentiality compared to traditional accounting systems.
Quick Decision Making: Provides real-time, comprehensive MIS reports for instant access to critical information.
Tally Screen Components
Title Bar
Displays the Tally software version in use.
Horizontal Button Bar
Provides access to Keyboard settings, Support Centre, Language, Control Centre, and Help.
Close Button
Closes the Tally window (click or use Ctrl+M).
Task Bar
Displays the active task in Tally ERP 9.
Gateway of Tally
The main menu displaying screens and reports.
Info Panel
Shows license details, configuration details, and Tally version.
Calculation Area
Performs calculation functions.
Buttons Tool Bar
Displays buttons for interacting with Tally, contextually relevant to the current task.
Date and Time
Shows the current date and time.
Advantages of Computerized Accounting
- Speed
- Accuracy
- Reliability
- Up-to-Date Information
- Real-Time User Interface
- Automated Document Production
- Scalability
- Legibility
Reports in Tally ERP 9
Outstanding Report
Shows pending receivables from customers, ledger-wise and bill-wise, with aging analysis for timely follow-up.
Access: Gateway of Tally -> Display -> Statement of Accounts -> Outstanding -> Ledger
Profit and Loss Report
Displays income and expenses for a specific period, indicating profit or loss.
Access: Gateway of Tally -> Profit and Loss
Cash Flow/Fund Flow Report
Tracks the inflow and outflow of cash, showing cash sources and expenditures.
Access: Gateway of Tally -> Display -> Cash/Funds Flow -> Cash Flow
Ratio Analysis Report
Provides insights into the financial health of the business through various financial ratios.
Access: Gateway of Tally -> Ratio Analysis
Balance Sheet
Presents the company’s assets and liabilities, reflecting its financial position.
Access: Gateway of Tally -> Display -> Final Accounts -> Balance Sheet
Stock Summary Report
Provides a summary of available stock/inventory on a specific date, aiding inventory management.
Access: Gateway of Tally -> Stock Summary
Tally ERP 9 Accounting Features
Access: Gateway of Tally > F11: Features > F1: Accounting Features
Integrate Accounts and Inventory
Integrates inventory data with financial statements, providing a drill-down from the Balance Sheet to Stock registers.
Income/Expense Statement Instead of P&L
Displays Income & Expenses A/c instead of Profit & Loss A/c, suitable for non-trading accounts.
Allow Multi-Currency
Enables transactions in multiple currencies.
Outstanding Management
Maintain Bill-wise Details: Activates bill-wise tracking for Sundry Debtors and Creditors.
Activate Interest Calculation: Automates interest calculation on outstanding balances.
Use Advanced Parameters: Allows for flexible interest rate management.
Cost/Profit Centers Management
Maintain Payroll: Enables payroll management within Tally.
Maintain Cost Centers: Allows cost allocation to specific units or departments.
Use Cost Center for Job Costing: Tracks income and expenses for projects.
More than ONE Payroll/Cost Category: Enables multiple payroll or cost categories.
Use Pre-defined Cost Centre Allocations during Entry: Allows pre-defined cost center allocations.
Show Opening Balance for Revenue Items in Reports: Displays opening balances for revenue items in Cost Centre Reports.
Invoicing
Allow Invoicing: Enables sales and purchase voucher creation in invoice format.
Enter Purchases in Invoice Format: Enables voucher class selection for purchase vouchers.
Use Debit/Credit Notes: Activates Debit Note and Credit Note voucher types.
Use Invoice Mode for Credit Notes: Allows Credit Note creation in invoice format.
Accounting Vouchers in Tally
Payment Voucher (F5)
Records outgoing payments made by the company (cash, cheque, online, etc.).
Receipt Voucher (F6)
Records incoming payments received by the company (cash, cheque, online, etc.).
Contra Voucher (F4)
Records transactions involving bank deposits, withdrawals, and cash transfers.
Purchase Voucher (F9)
Records company purchases (cash, credit, goods, services).
Sales Voucher (F8)
Records company sales transactions (cash or credit), with invoice and voucher formats.
Journal
Used for adjustments, stock transfers, and tax entries.
Chart Elements
Axis Title
Describes the data represented on an axis (horizontal or vertical).
Chart Title
Provides a title or heading for the chart.
Legend
Explains the data series displayed on the chart (usually the Y-axis).
Gridlines
Horizontal and vertical lines that enhance readability and data separation in a chart.
Data Labels
Display source data values directly on the chart elements.