Post transaction
accounting
TALLY is
principally and solely a FINANCIAL ACCOUNTING SOFTWARE. It is a POST
TRANSACTION system. This means, than the information being fed into TALLY
as vouchers, have already been executed. This is
better explained with an
example. Assume that a payment is to be made. A
PRE TRANSACTION system would create the voucher for you,
which you would probably get
signed by the payee, and then complete the transaction by actually making
the payment. Such systems
require to provide
for cheque writing, voucher printing on pre-designed
forms, creation of the internal entry in case the transaction DOES
get completed (which the program
cannot assume), etc In a
POST-TRANSACTION system like TALLY, the
payment is first made based on your existing methods (i.e. against a cash
bill, against a voucher, etc.) and that information is fed into the
program. This is identical to entering a voucher into the CASH BOOK after
the payment is made.
