Tally Prime Accounting Training Institute Pavaratty
Features of Tally Prime
Tally is known for its ease of use, reliability, and affordability, which is why it is the preferred choice of many businesses. Tally has a stronghold on its accounting, financial, and inventory management features. In addition to these, the software is also offering various features that are designed to help businesses streamline their operations and improve efficiency.
Here are the key features of Tally that you must know –
1. Accounting
The accounting feature of Tally ERP 9 is one of the most important features of Tally software. The software allows users to create and maintain financial records such as ledgers, vouchers, and journals. It helps to track stock levels, expenses, and incomes. The accounting feature in Tally also allows you to set reorder points, and generate invoices, and reports.
Accounting features in Tally allow users to generate financial reports such as profit and loss statements, balance sheets, and trial balances. It also supports multiple currencies, enabling businesses to manage their finances in different currencies or deal with international transactions. In addition, the software allows users to set up different currencies and convert them according to the exchange rate.
2. Financial Management
What is the purpose of the financial management feature in Tally?
Well, the purpose of the financial management feature in Tally is to provide businesses with tools for managing their financial activities and making informed decisions about their financial strategies. It includes features like tracking bank accounts, reconciling transactions, and generating financial reports.
3. Tax and Compliance
The tally includes tax management features, including calculating tax liabilities and generating tax reports. This feature helps businesses to ensure compliance with tax laws and avoid costly penalties.
The software allows users to set up different tax rates and apply them to transactions. It also allows users to generate tax reports and compliance documents such as GST returns. These features help businesses comply with their country’s tax laws and regulations.
4. Budgeting
The budgeting feature in Tally allows businesses to set financial goals and track their progress toward achieving those goals. This helps businesses to stay on track and make informed decisions about their financial strategy.
How to see the budget feature in Tally? The budget feature in Tally is activated by pressing the ‘Budget’ button in the main menu or pressing the ‘Ctrl+B’ keyboard shortcut.
Learn more about tally shortcut keys.
5. Inventory Management
Tally allows businesses to manage their inventory efficiently by tracking stock levels, generating purchase orders, and recording sales and purchases. It also offers support for multiple units of measure and the ability to set minimum and maximum stock levels.
In addition to the accounting features in Tally, inventory features in Tally are equally popular. The software allows users to set up inventory groups and categories and generate reports on inventory movements and stock levels.
Tally is also able to handle multiple units of measure. This is especially useful for businesses that deal with products sold in different units, such as weight, volume, and length. The inventory features in Tally allow users to set up different units of measure and convert them according to the conversion rates. This helps businesses manage their inventory levels accurately and avoid overstocking or understocking.
6. Sales and Purchase Management
Tally enables businesses to manage their sales and purchase transactions efficiently by generating invoices, recording payments, and tracking outstanding balances. It also offers support for multiple pricing levels and the ability to set discounts.
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