Tally – The Complete Accounting Solution Submitted to Rahul Raghav, ITT Incharge Submitted by: Pravesh Ahirwar Batch No.: 60 Roll No.: _______ Ghaziabad Branch of CIRC of ICAI
Index 1. Introduction to Tally 2. History & Evolution 3. Versions of Tally 4. Features of Tally 5. Tally Prime Overview 6. Installation & Setup 7. Company Creation 8. Accounting Vouchers 9. Inventory Management 10. GST in Tally 11. Payroll Management 12. Banking in Tally 13. Cost Centres & Categories 14. Budgeting & Controls 15. Security & Backup 16. Reports in Tally 17. Advantages 18. Limitations 19. Future of Tally 20. Conclusion
Introduction to Tally Tally is one of India’s leading accounting software. Used by businesses for accounting, inventory, and payroll. Helps automate and simplify business operations.
History & Evolution Founded by Shyam Sunder Goenka in 1986. Evolved from Tally 4.5 to Tally ERP 9 to Tally Prime. Adopted modern UI and cloud integration.
Versions of Tally Tally 4.5 – Basic accounting Tally 7.2 – VAT support Tally ERP 9 – Advanced features Tally Prime – Latest version with new UI.
Features of Tally Accounting & Finance Inventory Management GST, TDS, and Payroll Data Security & Multi-user access.
Tally Prime Overview Simplified interface and easy navigation. Supports multitasking and powerful search. Enhanced reporting tools.
Installation & Setup Download from official Tally website. Install and activate license. Set company data path and preferences.
Company Creation Open Tally Prime → Create Company. Enter details: Name, Address, GSTIN, etc. Save and start accounting.
Accounting Vouchers Types: Payment, Receipt, Sales, Purchase, Journal. Helps record all business transactions. Shortcut keys available for speed.
Inventory Management Create stock groups, categories, and items. Track stock levels and valuation. Useful for trading and manufacturing firms.
GST in Tally Enable GST under features (F11). Set tax rates in ledgers. Generate GSTR reports easily.
Payroll Management Manage employee records and attendance. Generate payslips and salary reports. Automatic PF and ESI calculation.
Banking in Tally Record cheques, NEFT, RTGS, and deposits. Bank reconciliation feature. Supports e-payments and bank feeds.
Cost Centres & Categories Helps track expenses by departments/projects. Useful for cost analysis and budgeting.
Budgeting & Controls Define budgets for different heads. Monitor actual vs. budgeted performance. Set variance alerts.
Security & Backup Password-protected companies. User-level access control. Data backup and restore options.
Reports in Tally Balance Sheet Profit & Loss Account Trial Balance Cash Flow & Fund Flow statements.
Advantages User-friendly interface. Supports multiple currencies. Reliable and accurate financial reports.
Limitations Requires basic accounting knowledge. Limited customization options. Desktop-based though now cloud-enabled.
Future of Tally Integration with AI & automation. Cloud-based real-time data. Improved analytics and insights.
Conclusion Tally Prime simplifies business accounting. Essential tool for professionals and enterprises. Strongly relevant in modern financial systems.