What are the features of Accounting Software Tally?

    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.