TALLY Full Form

Gone are the days when the accountants used to perform the accounting tasks manually. The long calculations have been substituted by the efficiency of the computer mechanics. A software named TALLY, Transactions Allowed in a Linear Line Yard has completely revolutionised the accounting sector. Nowadays, this powerful software is substituting the hard work and time required to perform the accounting functions and is increasing the efficiency of the accounting team in the organisations.

Nowadays, training of TALLY is being provided in the graduation years itself if the candidate chooses to major in the accountancy subjects. Anyone can learn to use TALLY. Hundreds of online resources are available free from where the candidates can start learning TALLY from scratch.

Why TALLY ?

Transactions allowed in a Linear Line Yard or TALLY is a powerful software designed on a technology namely concurrent multi-lingual accelerated technology engine. The developers have maintained an easy user interface and have designed it in a way that provides comprehensive solutions to the accounting problems following the accounting convention and principles. The software also takes into account global businesses, making the operation more comprehensive and easy to use.

The software encompasses its functioning around inventory management, stock management, invoicing, purchase order management, discounting and stock valuation methodology amongst a long list of other functions. 

The adopted technology is so efficient that it makes the entered data reliable and secure. The software has a drill-down option that dissects every small detail about the transaction which helps in maintaining the basic account records such as ledger and general accounts etc.

The software is capable of utilising AI support to perform financial analysis and take financial management decisions. TALLY can perform branch accounting and even provides information regarding receivable turnover, cash flow statements, activity consolidation etc. The software can support multiple users in a single connection and facilitates building a team on the software itself.

Proper maintenance of the books of account is necessary for the businesses as the law requires and also for keeping a clear statement of the expenses, profits and earnings of the firm which can be used as a supporting document in several instances. Proper maintenance of the books also puts the firm in an advantageous position as the firm gets aware of its financial position and takes decisions accordingly.

The software takes into account the long hours of labour undertaken in the past to finish the accounting tasks and the higher probability of committing a mistake. It is designed in a way that aims to maximise efficiency and minimise errors in maintaining the transactions of the firm. TALLY empowers the accounting department of a firm to carry multiple transactions in different currencies, maintain different accounts, manage the payment and receiving of the interests.

Using TALLY: Step by Step Procedure

Step 1: Installation Procedure

Unfortunately, the software is not open-source software and needs to be purchased from its official website. The website allows a 30-day trial period before making an immediate purchase. The software can also be used in an educational mode, wherein the user can get a step-by-step demo for using the software. For windows, one should opt for ‘TALLY 9’.

Step 2: Navigation Controls

Much like coding, the software can be used only by the keyboard and there’s no need of buying an external machine for the use of the same. There are several keyboard shortcuts that can be used to navigate TALLY like a pro.

Step 3: Getting Started

After downloading and getting the hang of the navigation controls, the user will need to create/register its company on TALLY. The users will need to create a company even if they are not using the TALLY for professional purposes. 

After registration, the user will have to enter the details of the company such as the banking information used, legal name of the company, statutory compliances, telephone numbers and email. If the purpose of using TALLY is just to use accounting functions, register and choose the option as the same. However, if you want to use the inventory function as well, choose the ‘Accounts with Inventory’ function. Next, start your accounting functions by entering the date and year of your financial accounting year.

Maintaining Accounts in TALLY

Ledger

The user will have to create a separate ledger for every account to record the transaction details for the same account. By default, the TALLY has two ledgers created; Cash and Profit and Loss Accounts

To create a ledger account in the TALLY:

Gateway of TALLY>Accounts Info>Ledger>Create

Creating Vouchers

The vouchers are the documents that contain entire details about the transaction. 

To create a Voucher in TALLY:

Gateway of TALLY>Accounting Vouchers

Afterwards, choose the type of voucher you need to create from the following options:

1. Contra
2. Payment
3. Receipts
4. Journal
5. Sales
6. Purchase

Enter the required information to create the required voucher

Learning TALLY: Resources

The internet has become a virtual encyclopedia that has the solution to every problem one may encounter in their life. One can easily learn the interface for TALLY from the following sources:

1. Free TALLY learning online courses in Udemy
2. Online courses for TALLY on Coursera
3. TALLY and GST Channel: YouTube
4. Resources on Khan Academy
5. Resources available on EdX

Conclusion

The introduction and development of TALLY, an abbreviation for Transactions Allowed in a Linear Yard has revolutionised the working of the accounting team in organisations. The software has made the working efficient and error-free, at the same time maintaining the sanctity of the accounting conventions and principles. The software has maintained its easy to use interface for helping the users in operating the software in an easy manner.