What is tally accounting?

Tally ERP is an accounting software used to record the financial transactions and events. This is a multi function software which includes inventory management, accounting, payroll preparations, cost centre management, multiple godowns management, multiple currency function etc. It is simple accounting software which is user friendly and can be configure according to your business requirements

Tally Accounting is a software used for accounting purposes. It is provided by Tally Solutions and is a standard business accounting software. Tally ERP is a very robust ERP product and is a complete business management solution. Tally is defined as record, count (as verb) or a record of debit and credit or an account.

Accounting in business refers to the comprehensive compilation of financial transactions. The process also involves the reporting of such information and helps in the analysis of a business’s health and performance. To standardize the process of accounting, businesses employ Generally Accepted Accounting Principles (GAAP) to prepare the accounting reports. Accounting comprises several sub-fields that inform different goals within an institution which include financial accounting, management accounting, tax accounting and auditing.

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Accounts can be defined as business customer relationships. The classification helps in ensuring the business process and relationships are systematic and manageable. For example, in a marketing firm the different clients procuring services from the said firm will likely have separate client accounts with the firm.

Accounts can also be defined as records in a ledger holding information about debit and credit transactions. For instance, when preparing the general ledger several accounts are included such as the cash account, accounts payable and receivable and purchase accounts among others. The general ledger forms the basis of an institution’s accounting process and provides the information used in the preparation of financial reports.

 

Maintaining the books on accounts of the company to know the facts and figures of the company.

Tally Accounting is a software used for accounting purposes. It is provided by Tally Solutions and is a standard business accounting software. Tally ERP is a very robust ERP product and is a complete business management solution. Tally is defined as record, count (as verb) or a record of debit and credit or an account

It is the software used for accounting in small business and shops for managing routine accounting transactions.