Application of TALLY

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.