Accounting features in Tally

Accounting features in Tally is a very important category in company features. It consists of several functionalities for accounting transactions and reports. It can be enabled by pressing function key F7 or go to company features and select accounting features

 

Accounting features are further divided into 7 parts

  1. General
  2. Outstanding management 
  3. profit centre management
  4. Invoicing
  5. budget 
  6. scenarios management
  7. other features

 

1. General

  • Maintain accounts only

               Select this option if you want to maintain inventory transactions

 

  • Integrate accounts and inventory

               Select this option to integrate inventory balances from inventory records

 

2. Outstanding management

 

Maintain bill wise details 

  • check this option if you want to maintain bills.
  •   It can be enabled for non-trading account also

 

Activate interest calculation

  • Enablers option to calculate interest during the time of voucher entry

 

Use advanced parameters

  • By enabling this option we can override parameters at the time of creating interest during voucher entry

 

3. Profit centre management

 

a. Maintain cost centres

  • Enable these options to maintain cost centres.
  • For defining predefined cost centres enable predefined cost centre allocation

 

b. Show opening balances

  • Enable this option to generate opening balances for revenue items

 

4. Invoicing

  • Enable invoicing to record the purchase in invoice mode and enable use debit and credit notes to record credit and debit notes in invoice mode

 

5. Budget and scenario management

  • Enable this  option to maintain budgets and control

 

6. Scenarios

  • Use reversing journals and option Journals
  • This option is enabled for creating memo vouchers, post date vouchers, optional vouchers, and reversing journal vouchers.

Banking

  • Enable cheque printing
  • When enabling these options we can print cheques
  • Set alter transaction type
  • Set alter posted transaction features
  • Set alter banking features

 

7. Other features

  • For entering zero value transactions you have to enable zero value transactions
  • Enable company logo
  • Maintain multiple mailing details
  • Mark change vouchers

 

Tally inventory features

  1. General 
  2. storage classification 
  3. order processing 
  4. purchase management 
  5. sales management 
  6. invoicing 
  7. other features

 

1. General

Integrate accounts and inventory:  

  • This option is used to integrate inventory balances and inventory records
  • It also enables zero value transactions

 

2. Storage and classification

  • It is used to maintain multiple godowns by enabling this option we can Store materials in multiple locations

Stock categories:

  • It is used to define for maintain stock categories
  • Use separate actual and billed quantity columns: this option enables separate columns for actual and billed quantity columns

Maintain batch-wise details:

  • This option is used to maintain batch-wise details for stock items

 

3. Order processing

Enable purchase and sales order processing:

  • These two options are used to enable sales order and purchase order

Enable job order processing:

  • This option is used for different job orders

 

4. Invoicing

Enable invoicing:

  • It records purchase in invoice mode

Use debit and credit notes:

  • When this option is enabled we can record credit notes in invoice mode

Use separate discount column in invoices:

  • This option is used to create separate discount column purchase or sales invoice

 

5. Sales management

Use multiple price levels:

  • By enabling this option we can create multiple price levels

 

6. Purchase management

Track additional cost of purchase

This is used to track additional cost when purchasing

 

7. Other features

Use tracking numbers

  • By enabling this option we can track receipt note and delivery notes

Use rejection inward and outward notes

  • This option is used to project purchase order and the sales order

Use material in and out vouchers

  • Use cost tracking for stock item


Statutory and taxation

This feature consists of configuration and functions related to taxation

 

The following features are available for statutory and taxation

  • Goods and service tax
  • Tax deducted at source
  • Tax collected at source
  • Value-added tax
  • Excise

 

Enable GST option to record GST

  • Enable set alter GST details to change the details of GST

Enable value-added tax

  • This option is used to enable Vat

Enable tax deduction at source

  • This option is used to enter TDS
  • Enable tax collected at source
  • This is used to enter TCS

Excise

  • Enable is the option to use the excise

 

Payroll configuration in Tally

 

Gateway of Tally ->payroll configuration

 

  • Weekend update the following details in payroll configuration
  • Add notes for employees select is an option to add notes for employees

 

Show statutory details

  • This option is used to enter PF details in the employee master record

 

Show contact details

  • Enable this option to display contact details
  • Show employee display name enable is an option to display the name of an employee

 

Provide passport and Visa details

  • Enables option to record the information regarding the passport details of employees and also the visa details of employees

 

Show resigned or retired employees

  • Select this option to enable which shows present and retired employees

 

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