Tally Course Use In The Functioning Of A Business Organization
The busy-body corporate world era we live in is a cycle that demands us to run at a pace created along with time. And no one knows how or who sets but we all are in it. In order to keep up with this sped fast pace of the globe, various technologies aid in our growth as well as development. Whoever has the aid of the advancement in technology, is considered to be in the trend. Yes, there are various tools in various fields, and one such widely known tool in the field of accounting is Tally. With the Tally course use, you can advance your skills.
Tally is a short term used to denote ‘Transaction Allowed in Linear Line Yards’. This invention has contributed so much to the field of accounting over the years since 1986. Tally makes the transactions simpler and easier for the users to handle. This time-efficient software has been created without any code. The software is so easy, and the tally program is highly preferred in various departments in an organization.
Types of Tally available
There are three types of products available in Tally. Each version is used by different groups of users, and they all have their unique purposes. The three versions and their purposes are explained below:
1. The first one is the Tally ERP 9 or Tally Prime, this particular product has two versions: the Silver version and the Gold version. The Silver version is for single users and the Gold version is for multiple users. After availing of the Silver version, the user is given the freedom to switch over to the Gold version whenever they need it. The Gold version lets ten users operate the license, being connected to the same LAN. This is largely used in companies with small-scale operations.
2. The Tally Server 9 or Tally Prime Server provides the user with much more access to handle administrative control, which is highly demanded in medium and large-scale organizations. The cost of this product is slightly higher, relatively proportional to the extent of use of the software. This product gives access to multiple users working simultaneously, which is monitored and authorized by the owners and administrators using the same.
3. The other product of Tally is the Shopper 9. This helps the retailer to manage their day-to-day functions right from stock ordering, receiving, and promotion activities to sales operations. This management-friendly product is enabled with the flexibility to interface with Tally ERP 9. The activities of defining the business catalog and the reporting capabilities along with role-based user authorization to menus enhance security and ensure trust.
What is a Tally Training?
Tally training is the study of uses and access to the Tally software to enable your ability to add more contributions to complete the day-to-day tasks of an organization. This course can be learned both online and offline. The topics covered in the tally program are accounting, finance, tax, GST, inventory, and so on.
The software in the discussion can be learned either through a certificate course for a period of one month to two months. On the other hand, there are diploma and degree courses for a longer period of one year to two years.
The eligibility criterion for pursuing this course is very simple. One who has completed 10th and +12 can pursue the Tally program without any undergraduate or postgraduate degree. Tally course use is widely observed in the placement of students for accounting and finance jobs.
The basic knowledge of accounting and finance helps the students to get the bookkeeping and accounting processes quicker. The maintenance of journal entries and ledgers physically can be learned beforehand to avoid confusion about topics dealt with in the Tally program.
There are various institutions that welcome students with a diploma in Tally for data entry posts and the graduates who pursue higher studies can learn Tally to boost their capabilities while applying for employment.
Who Should Pursue Tally Training
The Tally training use is for those who wish to pursue a career in the accounting and management field. This is a very beneficial course prescribed to enthusiastic students with a great passion and goal to have a progressive career. This software has covered a lot such as accounting, bookkeeping, tax, GST, VAT, payroll, and so on.
This adds great weight to the efficiency and time management that recruiters require the certification in the Tally as a basic need. Professionals like chartered accountants to junior accountants should have the knowledge about the tally to carry on their day-to-day work.
An integral part of the business is stock management and the tally training is beneficial to the people who are in charge of inventory management. The receipt of goods, usage, and outgoing of finished products, each and every process is recorded and gives the balance remaining in the hands too.
When you sell, you bill, and so comes the Tally software. The Tally course use is in every process of an organization. Tally is used even in the process of billing and recording each entry of sale in order to find the overall gain of the day or month or any time period.
The tax which comes next, and GST are essential parts and they are also included in the tally software. Banking which plays a vital role in the digitalized world also uses tally. The direct tax and indirect tax, i.e., GST are calculated with the help of a Tally and even the returns can be filed online using a tally.
Accounting in Tally
The implication of accounting processes and rules manually in a book has got a lot of problems. This includes errors like clerical errors, errors of omission, errors of commission, and so on. The tally course use can be seen when these errors are avoided easily and effectively with the software as a replacement for your physical books and records.
Exactly How the Tally Training is Useful in Accounting
Let’s say, you are in charge of recording all the transactions in the books of an organization. When a purchase or sale happens, the first thing you do is post a journal entry. Then you open the ledger and make debit and credit entries in the respective accounts. The next one is to prepare an un-adjusted trial balance and you adjust the same to arrive at an adjusted trial balance.
The process doesn’t end just there. You have to prepare financials which include profit and loss accounts, balance sheets, and cash flow. All these are maintained manually, hence, there is no assurance that everything will be perfect. It is very natural for us humans to make mistakes.
The commercial world has grown so much that this accounting cycle has also grown and everyone wants everything quicker than usual. This has emerged the accountants to make use of the software. That is how the tally course use has grown into a basic need for accountants. Tally as software made it easier to take a quick look at the position of the business at any point in time and make necessary changes to the conduct of business.
Cost Accounting in Tally
What is Cost accounting? Let me answer that. Cost accounting is a process of recording and reporting all the costs incurred by the business by applying costing principles, methods, and techniques. This is also known as cost accountancy.
Exactly How the Tally Training is Useful in Cost Accounting
Cost accounting is a crucial part of manufacturing companies with enormous inventories and sales. The cost accountant takes up the part of recording, classifying, and summarising all the costs recurring in a business. The cost he arrives at gives an insight into the manufacturing process to the management.
When this process is digitalized, the complex process to arrive at different types of costs becomes simpler. There are various types of costs and each is calculated for various purposes. Various costs calculated in an organization are fixed cost, variable cost, semi-variable cost, direct cost, indirect cost, product cost, period cost, etc.
All these costs are calculated with different formulae. With the help of cost accounting, the management finds the cost of each and every process of manufacturing. It helps in price fixation and decision-making by the higher officials of an organization. This process of finding costs picks out the unwanted costs and appropriate remedies can be taken for a better result.
The Tally course use is not only seen in the accounting process, it is also proved that it is an essential part of decision-making too. Tally is a smart way to calculate and manage costs in a business.
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Banking in Tally
The pivot of the commercial world, Banking has many transactions which have become a hassle and time-consuming to do manually. Tally is enjoyed by bankers who are bound to discharge such duties to fulfill the needs of consumers without creating any friction in their smooth transactions.
Exactly How the Tally Training is Useful in Banking
Banks are organizations that accept deposits and provide loan facilities to their consumers. These organizations also provide locker facilities and such. The paper works of this organization have now been replaced with tally and this feature of banking is a great addition to digitalization.
In Tally ERP 9, there are two steps to create and make entries to banking. The first step is to create a ledger under the bank accounts and save them and the next step is to make entries. There are three entries comprising of payment entry, receipt entry, and contra entry.
The Basic Features of Banking in Tally Erp 9 Are of Four Kinds
- Cheque printing.
- Deposit Slips.
- Bank Reconciliation.
- Payment Advice.
Cheque Printing is availing of cheques in a printed form or in electronic form using the tally software. Sometimes we issue post-dated cheques, that is, cheques with a future date. Such cheques are issued because we do not have a sufficient amount in the account now, but we are sure that amount will be available at a future date and for some advance payment.
Such post-dated cheques shall make some variations in accounting treatments due to the future date. Tally software makes it smooth with a separate entry for post-dated cheques with the date noted in it. When the cheque is drawn, the amount drawn is reflected automatically in every accounting record without requiring us to make everything manually.
Deposit Slips is another feature available with Tally. Deposit slips are the slips drawn when some amount is deposited with the bank in monies or cheques.
The particulars of this slip include the name of the account holder, the account number, the value of the amount deposited in cheques, and the value of the amount deposited in monies. The deposit slip gets filled automatically with the details of the deposit without requiring us to manually fill up the slip.
Bank Reconciliation is prepared to find the difference between the amount recorded in the bank account maintained in our books and the amount in the statement provided by the banks. Tally course use here has really made things smoother by making this crucial task done with a click. Yes, with Tally, you can reconcile statements just by uploading the bank statement and clicking reconcile button to complete the bank reconciliation.
Payment Advice is a note sent to the seller to intimate that the invoice amount has been paid through cheque, NEFT, RTGS, or any other electronic mode. The payment advice should include the date of making such payment advice, the invoice number against which the payment is made, the amount of the invoice, and the mode through which the payment is made.
Tally allows you to generate various statements as an inbuilt feature and one such statement is payment advice. This helps you to find the outstanding bills and payment of outstanding bills.
Cash and Cash Flow Management in Tally
One of the Tally course uses is learning various aspects of commerce, accounting, and business. This software helps you with the management of cash flow in the business. Tally is a tool with the feature to manage the receivables and payables. The invoice can be tracked down with the unique number and it can be followed until the payment is done.
The bills which are standing due for a long time are identified with the tally’s aging analysis report. This makes us aware of dues and pending and helps us follow till the end. Tally is also faster and it can provide us with the feature to settle multiple bills at a go.
The interest on the outstanding to the party is calculated, be it in the method of simple interest or compound interest. This assists us in finding the accrued interest in the books.
With the cash and fund flow statements, the capital shall be put into the most efficient and profitable projects. Management is provided with reports which help them decide the investment plans and sets the credit limit for the customers.
Business Reports in Tally
Provided the number of reports this software can generate Tally course use is prominent in a businessman’s career. The software generates accounting reports, financial reports, inventory reports, and management control reports which are insightful. These aid in the analysis of business and decision-making. Every report gives additional information for the users to get the maximum benefit out of it.
- Ledger Reports.
- Cash/Bank Books.
- Purchase/Sales Register.
- Bills Receivables.
- Bills Payables.
- Receipts and Payments.
- Day Book.
- Balance Sheet.
- Profit and Loss Account.
- Trial balance.
- Ratio Analysis.
- Stock Summary.
- Stock Aging Analysis.
- Movement Analysis.
- Stock Transfers.
- Stock Item Cost Analysis.
- Location/Godown Summary.
- Stock-Item-Wise Profitability.
- Order Summary.
- Batch Summary.
- Re-order Status report.
Management Control Reports:
- Cost Centre.
- Cost Category.
- Cash Flow Report and Projection.
- Funds Flow.
Billing in Tally
The Tally course use is next seen in the billing process. The software lets us generate bills and enables us to track the payment process. Based on the type of business you carry on, the Tally software provides multiple modes of the invoice including accounting invoice, item invoice, voucher mode, transaction mode, etc.
With Tally, you can do various activities simultaneously without interrupting each other. Another aspect of billing is dealing with foreign currency. The exchange rate varies day-to-day and the calculations may bring us profit or loss based on the exchange rate prevailing on such date.
The software has an inbuilt feature to calculate the value on a daily basis so that you can find the difference anytime. You can include the features like a discount, tax, etc whenever needed. Tally course use in the billing department is the reduction of manual work and streamlined accounting process. This also ensures a faster billing process without any interruptions in multitasking.
Check here the courses you can take to learn Tally:
Taxation in Tally
The aspirants who want to become tax experts dealing with direct tax and GST shall know the Tally course use. The Tally software has various features to help the experts in the compliance aspect. The inbuilt capability of the software to detect errors and rectify them ensures that the returns are filed correctly.
The Tally also provides an option to generate e-Invoice and print IRN and QR codes without any manual interruption. The feature to generate bulk invoices and offline generation of invoices is a great help to tax consultants. The invoice once gets started to generate, is provided with a status of generated/ pending/canceled.
This feature avoids any kind of deletion by mistake. The MCA’s audit trail compliance is called the edit log feature in tally. Availing of this feature makes you audit trail compliant. The specialty of this feature is that it can track the deleted transaction entries and compare them with the other versions too.
The Composition dealers in GST are provided with a separate feature to file the returns of GSTR-4 and GSTR-8. And the TDS and TCS requirements are dealt with comprehensively to avoid errors. This software helps you rectify all errors to file the correct return with the authorities.
Careers After Tally
Tally is one of the basic requirements to land a job in the field of finance, accounting, banking, and management. Upon completion of the Tally training, there are so many opportunities in multinational corporations as an Accountant and other posts.
- Accounting Clerk
- Accounting Associate
- Assistant Accountant
- Junior Accountant
- Accounts Executive
- Accounts Officer
- Accounts Supervisor
- Accounts Manager
- Tally Operator
- Tally Accounts Manager
- Tally Accounts Executive
- Service Coordinator
- Tally Junior Accountant
- Tax Accountant
- Tally Financial Analyst
Other Higher Posts That Require Tally Qualification:
- Chartered Accountant
- Cost Accountant
- Company Secretary
- Financial Analyst
- Finance Manager
- Senior Accounting Executive
- Tax Consultant
- Internal Auditor
- Tax Associate
The Salary after completing the Tally training varies with the kind of certificate you obtain. The salary package for intermediate-level students who have certificates in tally is around ₹. 2,00,000 to ₹. 4,00,000. Whereas, the degree holders and those who have completed a diploma get an increment in salary package to earn around ₹. 5,00,000 to ₹. 7,00,000. Usually, the salary package differs with the experience of the individual and additional qualifications held by the respective person.
Frequently Asked Questions
Q1. What is the benefit of learning the Tally?
A tally is a significant tool in the day-to-day functioning of every organization regardless of its scale of operations. Obtaining skills and knowledge in this tool is a great addition to the skill set of emerging accounting aspirants.
Q2. Is Tally compulsory for students who pursue professional careers?
Of course! Professionals like Chartered Accountants are going through the process of accounting, taxation, and GST. They find the result of the Tally in their everyday lives and while managing various accounts.
Q3. How do I find the best course in Tally?
Go through the curriculum of the available courses and choose the one which you consider relevant to the career path you want to pursue.
Q4. Is it mandatory to have an accounting background to learn Tally?
It is not mandatory but you need to learn the basics quickly to catch up with the students with an accounting background.
Q5. Where do we use Tally?
Tally is software used by all kinds of organizations from small-scale to multi-national organizations having their operations spread on a large scale.
The tally course use is thus noticed not only in one part of an organization but it is found in every part. The integral functioning and the overall insight extracted from this software lets us observe the performance of the business with an eagle’s eye and take necessary measures for the growth of the organization.