Tally is a popular accounting software used in many countries, including India. Tally is a digital accounting format, and the entries are maintained similarly to the manual book of accounts. ERP 9 (release 6.6) is the latest release version, which will be replaced by the new version TallyPrime

Tally is powerful accounting software that provides a solution to all challenges a business can face. Tally takes care of all tasks essential for enterprise management. Meaningful activities like bank reconciliation, accounts receivable and payable, and record keeping are available in this software

Every transaction affects at least two accounts, with a debit and an equal and opposite credit, ensuring mathematical accuracy and error detection

Used specifically for transactions that transfer funds between a company’s cash account and bank account, or between two different bank accounts

• Payment Voucher: Records money paid out to vendors or suppliers. 
• Receipt Voucher: Records money received from customers or other sources. 
• Journal Voucher: Used for recording internal business expenses that don’t fit other voucher types

Ledgers are specific accounts (e.g., for a customer), while groups are broader categories that organize these ledgers, such as “Sundry Debtors” or “Bank Accounts”

Tally allows for tracking stock, managing product batches, units of measurement, and other elements

These tools help manage and allocate costs, improving the accuracy of ledger maintenance and financial analysis

Tally offers features to activate and manage Goods and Services Tax for Indian businesses.

Users can generate reports like the Trial Balance to verify the accuracy of ledger balances, as well as other key financial statements

Tally facilitates matching bank statements with the company’s entries to ensure all financial records are accurate and complete