Introduction to Tally — Flashcards

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Tally is accounting software designed to integrate and automate business transactions. It is used mainly by small and medium businesses and shops to handle accounts and reports more easily.

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Tally simplifies, integrates, and streamlines business transactions. It helps maintain accurate and up-to-date accounting and inventory records and makes report preparation quicker.

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Tally ERP 9.0 is the latest version of Tally to date. It includes enhancements that make handling and processing of business transactions easier and quicker.

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Tally can handle the accounts of more than one company simultaneously. This makes it useful when separate business accounts need to be maintained together.

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Tally maintains primary books of accounts like Cash Book and Bank Book. These help in recording day-to-day money transactions clearly.

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Tally maintains registers like Purchase Register, Sales Register, and Journal Registers. These registers help in recording different types of business transactions in an organized way.

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Tally maintains statements of accounts including Balance Sheet, Profit and Loss A/c, Trial Balance, Cash Flow, Stock Statement, and Ratio Analysis.

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Cash Flow shows the flow of cash, including inflow and outflow of cash. It helps in understanding how money moves in the business.