Tally is used everywhere. Yes, I mean it. Tally has entirely ruled the world over the years because it has been dominating every sector. If you really don’t know much about Tally, this article is for you.
What is Tally?
Tally is an ERP accounting software which is mainly used in order to maintain the record of the business’s growth and data. The most recent version of Tally is Tally ERP 9. Tally ERP 9 Software is the most efficient one which is used in every enterprise in India.
Sometimes, we forget that we need to get back to the basics in order to learn anything new. At first, we all are afraid to dive into new courses but it only leaves a good or bad experience. Let us now understand more about learning Tally.
The Uses of Tally
Tally is a multi-tasker. It has many uses and a lot of things to offer to an individual or a whole company.
- Business Reports – It is the best at making business Reports and helping the companies to attain heights. As we all know that business can affect our livelihoods because of the fact that it has a lot of capital invested in it. People also pursue the tally course in order to make their business have higher reach. There is no doubt that the Tally helps a lot in the business reports.
- Management – It can manage things better than you can do, kidding. It has amazing management skills.
It can manage your financial reports, data, statistics and what not.
- The Go – To Feature – The Go -To feature in Tally is one of the most amazing features. It helps a person to go to the “Go – To Feature and explore more about Tally.
Basics of Tally
1. The basics of Accounts
As we know, Tally is mainly more into accounts. In order to learn Tally, we need to peep more into accounts. You need to learn some accounting rules before starting a Tally course. For all that, you need to click on – Accounting basics.
2. Company Creation
To create a company, you first have to go to Gateway of Tally > Alt + F3 > Create Company.
Isn’t it exciting to create a company?
Let’s learn more. You have to enter a basic information that includes the following-
- Address of the company
- Currency symbol etc.
- You have to select Accounts or Accounts only in the “maintain field”
3. Company alternation
You need to simply follow the basics –
Gateway of Tally → Press Alt+F3 → Alter
You will find a ” List of selected company” and so you have to select the name of the company and click on the name of the company to alter.
4. Ledger Creation
How to create a Ledger? I guess this word only exists in Tally. Ledger Creation is easy if you follow the following –
- Select the Gateway of Tally screen, as usual.
- You have to choose the Ledger option under the Account Info.
- Choose the option Create under Single Ledger.
- Later, choose the ledger account.
5. Ledger Alteration
if we need to alter Ledger, we have to follow the basics given below-
- Go to the Gateway of Tally
- Select on Accounts info
- Select on Ledger
- Select on Display or Alter.
6. Multiple Ledger Creation
If you ever need to create the multiple Ledger creation. You need to enter in the Gateway of Tally and then select the Accounts info. Further Select Ledger and then, multiple ledger creation fast.
7. Voucher Entries
You have to know the basic rules or the journal entries.
Some of the examples of such entries are-
- Transfer entries
- Adjusting entries
- Compound entries
- Closing entries
- Reversing entries
8. Voucher Entries Alter & Voucher Entries Ending /Delete
Voucher entries can be altered on display. You can also change your voucher entry in above point as you can delete you voucher entry by pressing Alt+D
Differences between Tally and Excel
- Tally is used for business accounting whereas Excel is specifically used for managing data on a spreadsheet.
- It can help in preparing balance sheets, and financial analysis whereas Excel can be useful in graphing, calculation, data representation etc.
- Tally is used for small to medium organizations. It comes with robust accounting features which Excel can’t match. But Excel has its own specialities for which people go through online excel course to gain more knowledge about how to manage data efficiently.
Despite their differences Tally and Excel have quite similarities as well –
Similarities between Tally and Excel
- They both are equally used for data management.
- The small organizations can use any of them according to their convenience.
- They both have the analysis tools that can help to make predictions.
You must have gone through the article to know more about Tally in depth. You might have realised that it was just an overview of Tally and it is a very vast subject when studied and learned in detail. Hopefully, you might be amazed to know the uses of Tally.