Frequently Asked Question
Tally Accounting Software FAQS
1. What Is Tally Accounting Software?
Tally accounting software is a business application that provides customers with tools necessary to record, archive, review and analyze data. The software enables all organizations---including government institutions, nonprofits and businesses---to prepare accounting statements and budget reports at the end of each month and quarter.
2. What are the major features Tally accounting software?
Tally accounting software incorporates modules and interfaces such as financial management and controls, inventory administration, purchases and payables, sales and receivables, point-of-sale manufacturing costing and job costing. Other features include payroll management, branch management, statutory compliance, data synchronization, security and access control and data audit. The accounting software's Special Needs feature helps users specify report criteria, such as multi-company, multi-period and multi-cost/profit centers.
3. How Tally accounting software helps Bookkeeping?
With Tally accounting software, bookkeepers and accounting clerks can easily record operating data from pre-established accounts, according to Tally's website. Bookkeepers use the software to debit and credit financial accounts, including assets, liabilities, expenses, revenues and equity. A bookkeeper debits an expense or asset account to increase it and credits the account to reduce its balance. The opposite is true for a revenue, liability or equity account.