Accounting or book keeping is an important aspect of running a business successfully. Tally.ERP 9 provides simple-to-use accounting features that enable you to record business transactions easily.

You can record transactions necessary for your business by creating and maintaining masters, vouchers, and generating reports.  Tally.ERP 9 enables you to perform and manage all of the major accounting operations in your business, such as:

 

Maintain accounts only: This option is useful when you are a service provider and no inventory is involved in it.

Integrate accounts and inventory: Stock records often contain compensating errors caused by wrong allocation to items. This feature enables finalization of financial books without waiting for the reconciliation of stocks.

Use Income and Expenses A/c instead of Profit and Loss A/c: Income and expenses statements are generally used for non-trading accounts and profit and loss a/c are used for trading accounts.

Enable multi-currency: This option supports working with multiple currencies.

Maintain bill-wise details: The reference number can then be used to allocate payments to the correct invoice to maintain an accurate account of outstanding.Bill wise details for non-trading accounts is useful when one needs to track either an installment to be paid or a loan amount to be received over a certain period of time.

Activate interest calculation: Interest calculation is useful to calculate the interest on loans taken, loans given, late payment by customers and late paid to suppliers.

Maintain Payroll: Payroll in Tally gives full integration with accounts for simplified payroll processing and accounting and it also support for user-defined Earnings and Deductions Pay Heads.

Maintain Cost Centres: A cost centre is any unit of an organisation to which transactions (generally, revenue) can be allocated. When only costs or expenses are allocated to these units, they are referred to as Cost Centres. When profits are also allocated to these units, they become Profit Centres. You can now obtain a Profit and Loss account of each such Profit Centre.

About the author

FAME is a leading Accountancy training provider. FAME brings together under one roof a wide range of accounting courses blended with real world experience and practical application. FAME aims to bridge the gap between theoretical knowledge and practical challenges that accountants face in their day to day working. We provide practical workplace skills for finance staff meeting the needs of employers, bankers, government and learners, both now and in the future. Our students are integral to the success of an organisation and at the heart of ensuring the smooth running of an accounting department.