Tally is very popular software
package for Financial Accounting and Inventory Management. The salient features
of Tally are:
(1) It is simple and at the same time
can be customized according to the individual needs of the user. It can
prepare, compare and consolidate the accounts of different branches of the same
company as well as those of different companies under the same management
simultaneously.
(2) As the accounting information is
keyed in, Tally posts them to the respective ledger accounts.
(3) In Tally, it is possible to manifest
one single transaction in multiple currencies and to view all reports in terms
of one or more currency.
(4) Tally can record and maintain
various ledgers. It can prepare Trial Balance. It can also prepare income
statements, i.e. Trading Account and Profit and Loss Account as well as
financial statements including Balance Sheet. Cash flow and Fund flow
statements can also be generated as and when required.
(5) Tally can also prepare Bank
Reconciliation Statement.
(6) It can provide multiple reports
in different formats, such as classified and grouped.
(7) The user can set the maturity
dates of payables and receivables. Tally, then keeps a track of these due
dates.
(8) There are various options for
interest calculations available in Tally.
(9) It can maintain single location
or multi-location stocks. Multiple units of measure for each item are
available. With such unlimited classifications, it is possible to do multi
dimensional analysis and comparatives.
(10) This system facilitates budgeting
and ratio analysis much easier.
(11) Tally can measure the financial
strength and performances of the organization. It enables the management to
take remedial measures in case of shortcomings.
(12) In Tally, there are user
definable security levels for access control. Tally also has audit capabilities
to track erroneous entries and fraudulent methods.
(13) A user can also have graphic views of the various accounts statements in
the form of bar charts and graphs.