Page 292 - DMGT104_FINANCIAL_ACCOUNTING

Financial Accounting Pretty Bhalla, Lovely Professional University

Notes Unit 14: Introduction to Tally

CONTENTS
Objectives
Introduction
14.1 About Tally
14.1.1 Gateway to Tally Menu
14.2 VAT Features in Tally ERP 9

14.3 Starting the Tally
14.3.1 Creating VAT Ledger
14.3.2 Creating a Party Ledger
14.4 Reports and Day Book
14.4.1 Profit & Loss Account
14.4.2 Trial Balance
14.4.3 Journals, Day Books and Registers

14.5 Balance Sheet
14.6 Summary
14.7 Keywords
14.8 Review Questions
14.9 Further Readings

Objectives

After studying this unit, you will be able to:

 Understand About Tally
 Explain VAT Features in Tally ERP 9
 Discuss Starting the Tally

 Discuss Balance Sheet
Introduction

Tally is versatile and massive software package. It is used by various types of trade and industry.
Tally Software business was set up in 1986 by late S.S. Goenka, who was the founder of the
company Peutronics Private Limited., Bangalore. He mentors his son Bharat Goenkar in creating
software that would handle the financial accounts for his business. Bharat Goenkar spends a lot
of months to develop path breaking technology. Tally is user friendly software used to solve all
the complicated accounting structure.
Tally offers extremely high reliability data. Tally uses a flexi-field, flexi-length, self indexed
weighted file structure for an extremely compact and fast database. Tally is robust and will not
be affected even if there is a power failure or if the machine is shut down while the system is still
functioning and hence there will be no data loss. Tally uses signaling quality data integrity

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