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

  1. Speed
  2. Accuracy
  3. Reliability
  4. Up-to-Date Information
  5. Real-Time User Interface
  6. Automated Document Production
  7. Scalability
  8. 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.