Do you know what are the features of Tally.ERP 9?
Many people know what Tally is and that Tally is used for accounting but let me tell you a secret today.
Tally.ERP 9 or Tally is much more than just accounting. The three big letters ERP makes the whole lot of difference.
Meaning of Tally ERP stands as Enterprise Resource Planning in very technical terms. In simple words, it loosely means you can manage your entire business in Tally. 🙂
That’s the power of Tally but the sad part is most of the people don’t know about this. 🙁
Today, I am going to unleash this power to you by explaining various features of Tally.ERP 9.
Also, we will be discussing advantages and disadvantages of Tally.ERP 9.
So let’s first start with the features of Tally.
F11 – Features of Tally.ERP 9
Before we directly jump on to the features of Tally.ERP 9, let me show you where you can exactly find the features we are going to discuss in this post are in Tally.
- Open up your Tally
- From Gateway of Tally, press F11 or click on Features which is situated at the bottom right hand corner in the right hand side green bar.
Boom! You’ll find all the features of Tally here which I’ve explained below in this post in a detailed way.
Salient Features of Tally.ERP 9 – Point wise Explanation
There are many features of Tally.ERP 9 so I have decided to split them up point wise because that will be easy for you to understand as well as remember.
First feature that I am going to explain you is simple and you must be knowing this.
Accounting Features or Accounting Management in Tally
Tally is popularly known for its easy accounting worldwide and therefore it is used by more than a million customers globally.
I always say that Tally is nothing but accounting in digital format. That’s completely true for the accounting part of Tally.
In manual accounting, we write accounting entries as debit and credit. In Tally, we create entries the same way.
There are some basic accounting vouchers in Tally which you can create and you will know that passing accounting entries in Tally is almost same as writing accounting entries manually.
In Tally, there are many other features like accounting entries which makes it even more interesting. Here are they:
Outstanding Management in Tally
This accounting feature is used when you are doing business or handling accounting of your client who buys and sells on credit.
It covers most of the businesses. Outstanding Management contains main feature called bill wise details and interest calculation.
You can easily track all the bills in Tally which are on credit till they are finally no more pending.
With interest calculation, you can set the interest rate and Tally will auto calculate the interest if the bills are pending above the due date.
You can also calculate interest on loans given or taken in Tally. That’s pretty interesting, right?
Let’s move on to the second Accounting Feature of Tally.
Cost / Profit Centres Management in Tally.ERP 9
This is an advanced feature of Tally.ERP 9 in which you can maintain payroll and use cost centres for job costing.
Payroll is in itself is a big feature because you can maintain everything about your employees.
You can maintain your employee records of salary details, payslips, employee provident fund, leaves, attendance and so on.
Basically, you have to enter the details one time and then you just need to click a button for creating entries related to payroll in Tally.
Next Accounting Feature in Features of Tally is Invoicing.
Invoicing in Tally.ERP 9
It is again counted as a basic functionality of Tally in which you can record purchases and sales entries in Tally in invoice mode.
You can also manage debit and credit notes in Tally which is an essential part of any business because people in business regularly issue credit and debit notes.
Do you remember that you said to a shopkeeper to give you credit of ₹500 and you returned the item.
He immediately gave you a note and in there what was written was ₹500 due to you and you can purchase anything from his shop for ₹500 using that written note.
That was a credit and a debit note in itself.
Budgets and Scenario Management in Tally
Did you know that you can actually create a budget in Tally? I am sure most of you do not.
But that’s why we are here to share our knowledge with each other. What you know, I may not know and what I know, you might not know. 🙂
You can create budgets in Tally and then compare it with actual figures to know the differences which in technical terms called variances.
You can also use Reversing Journals and Optional Vouchers in Tally which is in this accounting feature apart from budgets.
Banking Features in Tally
With the latest banking features in Tally.ERP 9, you can print cheques right away from Tally. That’s cool! 🙂
You can also create post dated transactions in Tally with this feature. We regularly issue post dated cheques and that’s where this feature will be useful.
You can easily do bank reconciliation in Tally too.
Other Features in Tally – Accounting Features
These are some other accounting features which are small in functionality but still are useful for many people.
Other Features include:
- Zero-valued transactions – transactions with zero value – for example, donation of land to a trust.
- Maintaining multiple mailing details is useful if you have multiple branches and you issue bills from multiple branches.
- You can also enable Company Logo and put your own logo on the invoices.
Now, we will look at one other type of accounting features.
Inventory Features or Inventory Management in Tally
With inventory features, you can manage your stock in Tally. Whatever stock you have in your business, you can easily manage that in Tally.
In fact, you can even maintain your stock in Tally if you are investing stock markets or mutual funds.
Okay, without much ado, let’s directly jump on to individual features of Inventory in Tally.
Storage and Classification in Tally
If you have a godown or multiple godowns, you can manage them all with the help of this inventory feature.
Some people have stock categories as well as batch wise manufacturing and that can also be easily accounted for in Tally.
You can also set the expiry dates for batches.
You can also use separate actual and billed quantity columns in Tally if you have that kind requirements in your or your client’s business.
What if you are working on the basis of orders? Well, that is the next feature we are talking about.
Order Processing in Tally
By enabling this option, you can easily create and track orders in Tally as well as set the order expiry dates.
With the use of this option, you can manage purchases and sales orders and then assign them with actual sales and purchases as well as payments and receipts on the respective orders in Tally.
For example, if you or your client takes a big order, receives a small token amount and then starts working on the order. After the completion of the order, you receive the full payment and then, you dispatch the goods from your shop or godown.
This all can be easily done in Tally.
Invoicing in Tally
Invoicing is one of the most used and important feature of Tally.
With the help of invoicing in Tally, when you create a voucher in Tally, an invoice is automatically created and you can print it if you require so.
With the help of this feature, you can also use Debit and Credit Notes in Tally which is again a fantastic feature to have.
You can also use a separate discount column in invoices in Tally if you want. This will display a column of discount while create a purchases and sales invoices.
There are two types of invoices in Tally. Accounting Invoice and Item Invoice.
Purchase Management in Tally
With this option, you can track additional costs of purchases with in the inventory vouchers in Tally.
Sales Management in Tally
With this feature of Tally, you can use multiple price levels for sales in Tally.
Other Features in Tally – Inventory Features
Other Features in the Inventory Features include using tracking numbers for tracking delivery and receipt notes.
Using rejection inward and outward notes is also one of the features of Tally that you can use if you are having many rejections in inwards and outwards i.e. goods rejected and returned.
If you or your client are in the business of manufacturing, then the option of material in and out vouchers will come in quite handy to track the materials cycle efficiently.
If you want to go in more detailed costing of a stock item and you want to track the costs of the stock item, you can also do that in Tally.
This way, you will be tracking the costs of the stock items as well as the same stock items in Tally too.
Now, we will move on to third most important mega feature of Tally. It is called:
Statutory and Taxation or Tax Compliance in Tally
You will be very much happy to know that you can create and almost file your or your client’s GST returns in Tally.
Right from creating invoices with GST in Tally to entering your own details about GST in Tally to creating GST returns to even printing them. Everything can be done in Tally.
Also, you can see the exceptions or errors in GST returns so that whenever you file a GST return, it will be error free.
The power of Tally can only be realized once you start using it
These were all the basic as well as advanced features of Tally.ERP 9 and I have tried to give as much as Tally specific information as possible.
I have a special surprise for you!
Tally.ERP 9 Features PDF – Free Download
The PDF contains:
- Tally.ERP 9 Accounting Features PDF
- Tally.ERP 9 Inventory Features PDF
- Tally.ERP 9 Statutory and Taxation Features PDF
Now, let’s talk about the advantages and disadvantages of Tally.ERP 9.
Advantages of Tally.ERP 9
Tally has many advantages that you will be amazed to see how such a simple software can do these kinds of multiple tasks.
Yes, Tally really feels like a fresh breeze of air in the field of accounting, taxation and management of inventory.
Let me tell you what are the advantages of Tally in my own words.
Can Manage Accounting, Inventory & Compliance in Tally
Tally is not just accounting software but it is much more than that and I tell this every time I talk about Tally.
This way, you will save time because you do not need to look at 3 different software but just one and that too, everything interconnected.
Tally.ERP 9 is GST Ready
Tally.ERP 9 is fully functional with all the features needed to create, file and print the GST returns.
You can easily create GST invoices in Tally and that automatically creates GST returns in Tally.
After that, you can check and if everything is okay, you can export the data in GST compliant format and easily file your GST returns with the GST Offline Utility Tool.
Tally is Simple to Use & Easy to Learn
Tally is very simple to use and easy to learn. Even if you know basic accounting, you can learn Tally in a matter of days.
It is also very simple to use. If you remember just a few shortcuts in Tally, you can operate Tally entirely with the use of just the keyboard.
Yes, that is possible and I use it like that every time I use Tally unless I am explaining Tally to you.
Tally works Remotely
Tally works in a vert seamless way remotely.
Multiple users at multiple times can easily login into the same Tally and can create different entries at the same time.
Even after that, Tally won’t crash or even budge. Everything works smoothly.
For example, if you have a few employees at another branch which is located at a different location, you can easily assign them usernames in Tally and they can access what is allowed to their work.
This is one of the security features in Tally.
Well, these were all the advantages of Tally. Now, let us look at some of the disadvantages of Tally.
Disadvantages of Tally.ERP 9
Tally is an awesome software but that doesn’t mean it does not have any disadvantages.
Although, I must tell you that in comparison to advantages, disadvantages are very few.
Let’s start with the disadvantages.
Limited Import Capabilities of Tally
If you want to export anything from Tally, it’s perfectly fine but what if you want to import something into Tally?
You have to import masters and vouchers in XML format and Bank Details for bank reconciliation in Tally in Excel format.
Other than that, you cannot import anything in any other type. This limitation of imports often turn users away.
Particularly those users, who want to migrate from some other software but cannot import their data to Tally.
If Tally Solutions (the company behind Tally) solves this, they can really increase their user base and capabilities of Tally will reach an entire new place.
I cannot find any more disadvantages of Tally because whenever I think of a disadvantage about Tally, it turns out, it is far more advantageous than a disadvantage.
If you happen to know any kind of disadvantage, you can comment down below and if it is truly a disadvantage, I’ll include it here in the post.
If we do a quick recap here, we have talked about:[thrive_custom_box title=”Quick Recap” style=”light” type=”color” color=”#3facd6″ border=”#3facd6″]
- Features of Tally.ERP 9 or in other words, Functions of Tally
- Accounting Features or Accounting Management
- Inventory Features or Inventory Management
- Statutory & Taxation or Statutory Compliance
- Advantages of Tally.ERP 9
- Disadvantages of Tally.ERP 9
Now, let us look at the Tally Software Price and the two versions of Tally.ERP 9 which you can get online or from your Tally Partner.
Tally Software Price – Discounted
The price of Tally Software is a bit high in comparison to other accounting software and tools. But in reality it is very low.
Let me tell you why.
For buying Tally, you just have to make one time payment while with other software you might have to pay low one time fees but then, you have to make payment every year.
That’s why, Tally seems a bit expensive in the beginning but in the coming years, it will save you all of the money on upgrades plus there is no fixed yearly payments.
That means, FREE Upgrades and No yearly payments.
There are two versions of Tally. They are:
But if you go on Amazon India, you will definitely find discount in between 5% to 15%.[thrive_link color=’orange’ link=’https://www.tallyschool.com/tally-single-user’ target=’_blank’ size=’medium’ align=’aligncenter’]See the Current Discount on Tally on Amazon[/thrive_link]
This was the Tally.ERP 9 Online Purchase Price and if you buy this from a Tally Partner, you may find the price of Tally to be less or more.
Also, you will be getting support from Tally Solutions itself.
Like I said, you may find the cost of Tally.ERP 9 a bit high or expensive in the beginning but it is worth it in the long run.
Tally is similar to most of the good things in life. Both are only worth it in the long run. 🙂
At the End…
At the end of the day, Tally is a great software if you like accounting and the fact that it is mostly used all over India and many places abroad, makes it even more demanding.
If you know even some of the features of Tally, you might clear an interview and if you know Tally’s basics, you might get a job.
The Features of Tally.ERP 9 are many but I have confined it to what Tally itself calls it a feature. It is also called a function in Tally.
If you want to say something or have any questions or doubts, please comment down below and I’ll be happy to help.