By : M.S.Yatnatti Editor and Video Journalist Bengaluru : Reportedly GST and mid market are the main target for ERP players and among them are Tally and SAP Business Suite and People Soft J D Edwards by Oracle and Baan and Ramco and ESS and SYMCO by private players and Navision by Microsft are top players . Learning these applications provides jobs to many people as entire India is poised for GST as all companies and enterprises need to follow GST.Tally Solutions Pvt. Ltd., is an Indian multinational company that provides Enterprise Resource Planning software. It is headquartered in Bangalore, Karnataka India. The company reports that its software is used by more than 10 Million customers. Tally Solutions, then known as Peutronics,was co-founded in 1986 by Shyam Sunder Goenka and his son Azad . Azad was running a company that supplied raw materials and machine parts to plants and textile mills in southern and eastern India. Unable to find software that could manage his books of accounts, he asked his son, Bharat Goenka, 23, a Maths graduate to create a software application that would handle financial accounts for his business.The first version of the accounting software was launched as an MS-DOS application. It had only basic accounting functions, and was named Peutronics Financial Accountant. It was known as the first code less package, a feature that made it easy for most people to use. Tally main product is its Enterprise Planning Software called Tally.ERP 9 with single and multi-user licences. For large organisations with many branches, Tally.Server 9 is offered. The software handles accounting, inventory management, tax management, payroll etc.Accounting or book keeping is an important aspect of running a business successfully. With up-to-date, accurate financial data, be on top of your tax liabilities, manage payables and receivables, be aware of the financial health of your organization, and address any query from stakeholders - all this because information is at your disposal. Tally.ERP 9 provides simple-to-use accounting features that enable you to record business transactions easily. You can record transactions necessary for your business by creating and maintaining masters, vouchers, and generating reports. It also allows you to perform and manage all of the major accounting operations in your business.Tally your books accurately! With Tally.ERP 9, automate your invoicing processes or customise invoices, using predefined accounting classifications and classes. Create and print accurate GST bills using the in-built error detection and correction capability in our GST-ready software. Experience simple, fast, meticulous accounting management . Accelerate compliance activities by effortlessly recording statutory transactions. Tally.ERP 9 gives you great flexibility in setting up your chart of accounts. It allows you to group your ledger accounts right at the time of creating your accounts chart. Your reports and statements reflect the desired classification at all times. You can create more ledgers and groups, as per your business requirement. What's more? Generate, view, and automate your reports to view data that help you analyse and foster financial status.
Your Balance Sheet is a snapshot of your company's financial condition. View the Balance Sheet on a date specified by you to improve visibility and call for necessary action. You can also configure to view your balance sheet in diverse ways - compare financial statement of different periods for different branches, and view them quarterly for improved insights and analysis. Furthermore, you can integrate your accounts with inventory. Inventory balance figures are updated on your balance sheet and P&L automatically. Analyse the movement of funds/cash and change in the financial position of your company between two accounting periods. Set up necessary controls and budgetary allocations that aid in deciding future financial policies. Gain deeper visibility on the sources from which additional fund were derived and for which these funds were used. Create as many bank accounts as you want in Tally.ERP 9 and maintain all details effortlessly. Details like account number, IFSC, and address are maintained. Configure your cheque book details for each bank and enable auto bank reconciliation. One-time entry of bank details for your parties enables smooth transfer of e-funds. By just selecting the bank of your party, Tally.ERP 9 identifies if the transfer is to the same bank as the company, or inter-bank. Choose from a wide range of transaction types like cheque/DD, Electronic Cheques, e-fund transfers. Generate cash deposit slips for depositing cash and print deposit slips with the denomination details. With Tally.ERP 9 generating and printing payment advice to be sent to suppliers or other parties along with the cheques or other instruments is also easy. Also, generate deposit slips for payments received through cheque or demand draft which need to be deposited into the bank. Tally.ERP 9 provides effective cheque management systems by allowing creation of multiple cheque books with unique ranges for every bank. You can also keep track of your post-dated cheques. Maintain multiple cheque books with cheque range and use it to auto-increment cheque number during voucher entry. This, along with duplicate cheque number validation, will reduce manual error and increase the speed of data entry. Cheque register is a tool to manage cheques through their lifecycle - from issue to reconciliation. Identifying unreconciled cheques and reconciling them is just a click away. Tally.ERP 9 provides more than 350 cheque formats (powered by TSS). Enjoy the flexibility in defining cheque dimensions as per your requirement. Use the cheque printing report and print multiple cheques in one go. Difference in book balance and bank balance is very common but the differences could result in bounced cheques or exhausted bank balances. Reconciling your books of accounts with your bank accounts is critical. With Tally.ERP 9, you can easily access accurate information by using the Bank Date to mark your vouchers. View statements of verification based on the clearing date for smooth and hassle-free reconciliation. The convenience of making your payments anytime, anywhere, is now possible with Tally.ERP 9. Tally.ERP 9 syncs your bank master, party master and voucher entry into a common platform sending the payment transaction to the bank. The e-Payments feature in Tally.ERP 9 allows you to make electronic fund transfer from one bank to another. You can choose to make payments through e-Fund Transfer, Electronic Cheque or Electronic DD/PO. You can send completed payment transactions to the bank, with accurate bank details, either during voucher creation or from an intuitive e-Payments report. e-Payments in Tally.ERP 9 is supported for both vendor and payroll payments.