TALLY Full Form is Transactions Allowed In Linear Yard, is the most widely used accounting software in India. TALLY has been used in the accounting department of many corporations.

Gone are the days when the accountants used to perform the accounting tasks manually. The long calculations have been substituted by the efficiency of the computer mechanics. A software named TALLY, Transactions Allowed in a Linear Line Yard has completely revolutionised the accounting sector. Nowadays, this powerful software is substituting the hard work and time required to perform the accounting functions and is increasing the efficiency of the accounting team in the organisations.

Nowadays, training of TALLY is being provided in the graduation years itself if the candidate chooses to major in the accountancy subjects. Anyone can learn to use TALLY. Hundreds of online resources are available free from where the candidates can start learning TALLY from scratch.

Why TALLY ?

Transactions allowed in a Linear Line Yard, or TALLY, is a potent software built on a technology known as the concurrent multilingual accelerated technology engine. Following accounting conventions and principles, the developers have maintained an intuitive user interface and created a system that offers exhaustive solutions to accounting issues. The software also takes global enterprises into consideration, making the operation more comprehensive and user-friendly.

The software performs a multitude of functions, including inventory management, stock management, invoicing, purchase order management, discounting, and stock valuation methodology.

The adopted technology is so effective that it ensures the integrity and security of the entered data. The software has a drill-down feature that dissects every minute detail of the transaction, thereby facilitating the maintenance of fundamental account records such as ledgers, general accounts, etc.

The software is capable of utilising AI support to perform financial analysis and take financial management decisions. TALLY can perform branch accounting and even provides information regarding receivable turnover, cash flow statements, activity consolidation etc. The software can support multiple users in a single connection and facilitates building a team on the software itself.

Proper maintenance of the books of account is necessary for the businesses as the law requires and also for keeping a clear statement of the expenses, profits and earnings of the firm which can be used as a supporting document in several instances. Proper maintenance of the books also puts the firm in an advantageous position as the firm gets aware of its financial position and takes decisions accordingly.

The software takes into account the long hours of labour undertaken in the past to finish the accounting tasks and the higher probability of committing a mistake. It is designed in a way that aims to maximise efficiency and minimise errors in maintaining the transactions of the firm. TALLY empowers the accounting department of a firm to carry multiple transactions in different currencies, maintain different accounts, manage the payment and receiving of the interests.

Using TALLY: Detailed Instructions

Step 1 : Installation Procedure

The software is not open source and must be purchased from its official website. The website provides a 30-day trial period prior to making a purchase. The software can also be used in an educational mode that provides a step-by-step demonstration of its use. ‘TALLY 9’ is the best option for Windows.

Step 2: Controls for Navigation

Similar to coding, the software can be used solely with a keyboard and there is no need to purchase an external device. There are several keyboard shortcuts available for expert navigation in TALLY.

Step 3: Getting Started

After downloading and becoming familiar with the navigation controls, the user must create/register their business on TALLY. Even if they are not using TALLY for professional purposes, users will be required to establish a company.

After registering, the user will be required to input the company’s information, including its financing information, legal name, statutory compliances, telephone numbers, and email address. Register and select the same option if the only reason for using TALLY is to utilise its accounting functions. Choose the ‘Accounts with Inventory’ function if you wish to use the inventory function as well. Next, begin accounting functions by entering the date and year of the company’s financial accounting year.

Account Maintenance in TALLY

Ledger

To record transaction details for the same account, the user must establish a ledger for each account individually. The TALLY has two default ledgers: Cash and Profit and Loss Accounts.

To create an account in the TALLY ledger:

Gateway of TALLY>Accounts Info>Ledger>Create

Creating Vouchers

The vouchers are the documents that comprise all transaction-related information.

To create a Voucher in TALLY, follow these steps:

Gateway of TALLY>Accounting Vouchers

Choose the form of voucher you wish to create from the subsequent options.

Contra 
Payment 
Receipts 
Journal
 Sales 
Purchase
Enter the necessary information to generate the necessary voucher.

Learning TALLY: Resources

The internet has become a virtual encyclopaedia containing answers to every problem that a person may encounter in life. TALLY’s user interface is readily accessible through the following resources:

Free TALLY online learning courses at Udemy
Coursera provides online TALLY courses
GST and TALLY Channel: YouTube Resources available on Khan Academy Resources on EdX 

Conclusion

The introduction and development of Transactions Allowed in a Linear Yard (TALLY), an abbreviation for Transactions Allowed in a Linear Yard, has revolutionised the accounting departments of businesses. The software has made work more productive and error-free, while preserving the integrity of accounting conventions and principles. The software has maintained its user-friendly interface to assist users in operating the software easily.