Key Accounting Features in Tally ERP 9

Managing accounts and inventory can be a daunting task for all business organisations. The accounting and inventory features in Tally ERP 9 helps businesses in recording their daily transactions and managing their accounts. All types of organisations ranging from small businesses to large multi-national companies and non-profit organisations can benefit tremendously from these highly effective accounting features that the Tally ERP 9 software offers:

Voucher Entry: Flexibility and ease of its unique voucher entry system can be extremely useful for diverse transactions. According to the accounting terminology, a voucher is described as a document that contains the details of a particular business transaction. The software is loaded with a range of accounting vouchers, and each one of them is designed for a particular purpose.

Calculation of interest: It offers interest calculation methods that can be defined by the user and customised for every transaction. The user can also obtain reports on the basis of interest calculated, which can be useful in knowing the balance amounts that are receivable and payable.

Ledger Integration: General Ledger, Sales Ledger, and Purchase Ledger are integrated into a single ledger in this software, and classified into different groups for achieving the required ease in management. This concept of Unified Ledgers allows for the ease of entering data and creating records.

Bill-by-Bill Tracking: This software allows bill-wise tracking of trading as well as non-trading accounts. All the new bills raised, receipts, payments and adjustments made against the bills can be tracked without any hassles.

Use of regular names for accounts: Management of complex ledger systems can be made easy using this software, as it does not use any codes for computerised accounting. Anyone can operate this system without having any knowledge of the accounting codes.

Access Control, Auditing, and Budgeting: Users can have unlimited periods and budgets, while the software’s superior audit capabilities allow them to track changes and make the required corrections without any difficulty. They can also define security levels that result in robust access control.

Receivables and Payables: Bill-wise information is provided by the software of the amounts that are receivable as well as payable, which helps organisations to allocate payments against invoices and track the amounts paid by customers and the ones that are overdue. They can also segregate good customers and bad customers on the basis of payments made and the amounts due.

Support for multiple currencies: Several companies, especially the ones involved in the business of International Trade conduct transactions that involve multiple currencies. With fluctuating exchange rates, it becomes a challenge to record such transactions. Multi-currency support in this software facilitates easy management of transactions that involve foreign currencies.

Besides these excellent features, there are several others that businesses can benefit from, with the use of Tally ERP 9 software. Companies can get their Profit and Loss Accounts, Balance Sheets, Trial Balances and other statements ready in no time. With the help of ratio analysis, business owners can have total control over their business operations. The software also has certain provisions that can help record provisional entries and make comparisons with the actual accounts.

Riyaz Tamboli is a Director at Antraweb Technologies Pvt. Ltd., a leading provider of Tally ERP solutions built on the Tally platform.