Sometimes, the intricacies involved in managing accounts as well as inventory can prove difficult for business organizations. For this reason, the accounting and inventory features in Tally ERP 9 assist these businesses in recording transactions made daily and also, managing accounts. There is a lot of benefits to be gained from these highly very effective accounting features, by both small businesses, large multinational companies as well as non-profit organizations, and may include:
It possesses a unique voucher entry system and the use of this system can be very useful when it comes to diverse transactions. A voucher, in accounting lingo, is a document which contains details or a specific business transaction. The Tally ERP 9 software has a vast range of accounting vouchers which are all designed for different purposes.
CALCULATION OF INTEREST
There are available calculation methods which can be specified by the user and even customised for various transactions. Reports based on the calculated interest can also be gotten and can prove useful in knowing what balance amounts are expected and also payable.
The software integrates ledgers such as the General, Sales and Purchase Ledgers into one single ledger and furthermore, classifies them into different groups for easy management. This concept ensures ease when it comes to entering data as well as creating records.
The software gives a chance for trading and non-trading accounts to be tracked, bill-wise. The new bills raised, the receipts, payments and also, the adjustments made against the bills can all be easily tracked.
USE OF REGULAR NAMES FOR ACCOUNTS
This software allows the easy management of complex ledger systems because it doesn't use codes for computerized accounting. The system can be operated without knowing the accounting codes.
ACCESS CONTROL, AUDITING, AND BUDGETING:
The software's superior audit capabilities allow for users track changes and make necessary corrections easily while enjoying unlimited periods and budgets. Security levels can also be defined which gives way for a robust access control.
RECEIVABLES AND PAYABLES:
Furthermore, the software provides bill-wise information relating to the amounts which are both receivable as well as those that are payable. This system assists the various organizations and businesses with the allocation of payments against invoices. It also helps them in tracking the amounts that have already been paid by the various customers and also to note those that are past payment time. The system also allows businesses and organizations to divide their customers into good and bad, based on the payments they have made, as well as the amounts that are due.
SUPPORT FOR MULTIPLE CURRENCIES:
A lot of companies and organizations, particularly those ones who are involved in International Trade, carry out transactions that involve several currencies. As a result of the fluctuating exchange rates, recording such transactions may become unnecessarily complex. The software has multi-currency support and this allows the easy management of these transactions that involve different foreign currencies.
Aside from the above features, there are many others that businesses and organizations can enjoy benefits from while making use of the Tally ERP 9 software. Using the software, businesses and organizations can have their Profit and Loss Accounts, Balance Sheets, Trial Balances along with any other statement completed and ready as soon as possible. Using the ratio analysis, it is possible for business owners to have complete control as relates their business operations. There are also some provisions made available by the software, which helps to record provisional entries and also compare them with the actual accounts.