Tally is an ERP software solution that is used by 1 million organizations operating in different parts of the world. It is renowned as Tally ERP 9 is preferred by many large organizations that have multiple branches. Although it comes in the list of finest accounting software of the world but it offers other modules also including inventory, tax, and payroll. This blog will help you in understanding the easy use of Tally software to track all expenses in just 12 steps. They are discussed as follows:
Step 1: Installation and Deployment
For an easy and complete installation of Tally ERP software, search for their partners in your region. They will assist you in purchasing as well as downloading of the software. If in case you are not confident about the usability and effectiveness of Tally in your particular business, you can use Tally in Educational mode. This mode will help you in learning the use of the software without purchasing the license. However, this mode will not be giving you access to all the features but surely you will have the idea of its relevance in for managing its operations.
Step 2: Navigation
In the dashboard of Tally software, you will find different options (icons). Now your task is to navigate and click the options to explore the offered features. For your assistance and ease, the key is displayed next to every option. It will help you in recording and tracking your operations with efficiency. Obviously, you will not master in tally by navigating it but at least you will have an idea of the features that are present in the software.
Step 3: Create your Company Account
You can use tally neither in educational mode nor after purchasing the license if you have not created your company as an account in Tally. In the opening menu, the first thing you will be asked by the software is to create a company account.
After selecting the option of creating the company, you will be asked to fill different field including:
- Company Name
- Company Address
- Company Contact Details
- Choose your preferred currency
- Select the features that you want to use in the system
- Enter the start of your financial year and the start date of your books
- Create ledgers in a few steps
- Understand ledgers
- Open “Create ledger” window
- Assign/select the group
- Give a name to the ledger
- Enter the opening balance
- Create Vouchers in few steps
- Understand the purpose of vouchers
- Open the vouchers page
- Enter the required information
*In order to secure your entered data, turn-on the option of auto backup.
Step 4: Create Reports through Tally ERP
The new and updated Tally accounting software offers 6 types of different reports that are enough for keeping track of your business. The particular reports that are generated from the system include:
- Balance sheet
2. Profit & Loss Accounting Report
3. Stock Summary Report4. Ratio Analysis
5. Trial Balance Report
6. Day Book Report
Step 5: Payroll Management through Tally Accounting Software
Firstly, select the payroll option from the dashboard or find it in the system and explore it. Create payroll vouchers and define the payroll reports at this stage. After feeding all the relevant information in the system, you will only have to click for getting your all work done in minutes. This module of payroll management in Tally ERP 9 also enables the companies in generating statements of payroll as reports. And the companies can easily describe salary disbursement for managing cash flows effectively and with efficiency.
Step 6: Manage Taxes
One of the important and length procedures that require high attention of the accountants is the management of taxes. Tally 9 has been programmed in consideration of different TAX structures and VAT calculation that makes it operable in different organizations across the world. The updated feature in Tally 9, the tax is deducted at the source. You as a company are required to create tax ledger. Then the system will generate TDS vouchers and also has the option of printing a TDS challan. In consideration of Tax at the source of Tally 9, the reports of TCS can be generated by the business. Other than this, Tally 9 has made the calculation of VAT easy for the companies. Through the software, the companies can classify VAT, generate related vouchers and reports. Moreover, Tally ERP software also considers and calculates service tax.
Step 7: Other Added Features in the Software that is required to be updated
Other than the main features of the Tally ERP, the supporting options make it a secure and reliable accountancy system. One of its most important supporting features is maintaining a backup on a regular basis automatically. It not only secures the data but also makes tally a convenient option in terms of costs. Do you know how? The data can be recovered in case of any mishap without requiring any external resource or investment to make. It is in the system to back up all the data that can be easily retrieved at the time of need which is the second best-supporting option in Tally ERP.
Moreover, the software can also be used for generating business-related emails. The use of emails through Tally ERP helps the businesses in adding the email addresses of their clients/connections and easily filter them at the time of sending the emails. And the system supports the data migration therefore if you want to switch to the new updated version of Tally, you can. In this step you are only required to add the given fields with your company data, the rest will be managed by the system automatically.
The above-discussed steps of using Tally will help the users in understanding the key features of the system and will also allow them to explore the additional offerings. However, adopting change is difficult but once the user understands the flow of Tally, it becomes one of the most user-friendly software.