What is Tally? Features, History, Advantage, Disadvantage, Type & Version list – Infographics – Beginners Guide
In an era where everything is just some clicks away, Tally has been developed to a whole new level. It is one of the most used and in-demand business accounting software in India. Now along with GST, VAT is also added as a tool in it. So today we are giving you a brief introduction starting from What is Tally ERP 9 to advantage-disadvantage, to types and versions of Tally.
WHAT IS TALLY ERP 9?
Whenever we hear the name Tally, the very first thought that comes to our mind is accounting software, because it’s the no. 1 accounting software in India which captures almost 90% of market share. Tally ERP 9, is the major latest version of Tally.
WHAT IS THE USE OF TALLY SOFTWARE?
If you are a business owner, then you have a need to manage your business accounting, and here Tally comes into picture. Tally is an accounting software, which is used to manage accounting of a business.It’s an accounting software used for Barcode Integration, Email Integration, Management, Inventory Management, VAT / CST / GST Reports, Service Tax, TDS / TCS and much more. It is used in almost all types of companies.After implementation of GST (Goods And Service Tax) in India, Tally incorporates it as a feature, hence it’s now being used by more and more people.
HOW MANY COUNTRIES USE TALLY SOFTWARE?
Tally is a simple, sweet, and successful business accounting software. As of now it is accepted by more than 140 countries across the globe. Here I am sharing few very known names: India, Pakistan, Bangladesh, Nepal, Sri Lanka,Kuwait, Iraq, Syria, Qatar, Saudi Arabia, Oman, UAE, Yemen,UK, Mauritius, Singapore, Malaysia, Indonesia, PhilippinesKenya, Libya, Nigeria, Morocco, Zambia, Zimbabwe, Algeria, Austria, Bahrain, Botswana, Comoros, Djibouti, Egypt, Ghana, Jordan, Lebanon, Mozambique, Somalia, Sudan, Tanzania, Tunisia, etc.
WHAT IS ERP 9 IN TALLY ERP9?
In Tally ERP 9, ERP stands for Enterprise Resource Planning. It is a very common software used to manage business accounting data by small and large business companies.The software is specially designed for accounting needs, but these days it can do a lot more than accounting.One of the additional function is Managing records of employees of a business group manually which is generally a very tough task as there is a very high risk of errors. But,Tally makes it very simple and decreases the chances of errors.
HISTORY OF TALLY [Infographic]
As we all know Tally is a very old software, it was first introduced in 1986. It’s a software which was designed by a Bangalore based Multinational company Tally Solutions Pvt. Ltd. It is a private company that used to deal with ERP software at that time.Tally was invented by Shyam Sunder Goenka and Bharat Goenka.
It’s basically an accounting software used by both small and large companies. Due to a business program like Tally, work has become easier & time saving. All those complex calculations have been made easier. It comes with different kind of versions, so that, a person can choose from one of them according to his/ her needs. It offers various versions from the Education version to Auditor version, which is specially designed for Chartered Accountants.
WHAT ARE TALLY ERP 9 FEATURES?
Tally Enterprise Resource Planning 9 or ERP 9 is just an updated version of Tally 9. As we know, the world is growing in communication, hence it becomes difficult for some companies to operate from different places. But due to the new features of ERP 9, it makes the communication gap pretty simple. Here are main features of Tally:
Some companies have their branches all over the world. And, operating from such geographically segregated locations becomes a challenge for such companies. Due to the new feature of Remote Access it makes working from different geographical locations pretty simple.Users need a Tally.Net subscription to work from different places or multiple locations.Users need to create a user ID and password for Tally.net when they are done with this, they can share this User ID and Password with different branches, and they can work from their respective locations.
It’s a secured channel developed by Tally Solutions for sharing business data.This secured channel uses end to end encryption which makes it so secure that even employees of Tally Solutions cannot see or use your data, only the users have right to see their respective data and share it with whomsoever they want to.So, it’s basically a safe medium to share and work on your business.
As we have already discussed creating User IDs and Passwords for remote access, the control center is the place where you can control your account. You can see all the connected users to a particular account, and manage them. You can control their security and the sharing of data from this feature.
It’s already a simple software to use but multiple selection features makes it more simple and easy.With this feature, the user can select multiple entries at once to cross-check them. By pressing the space bar on the keyboard one can select multiple entries at once.
It has made Chartered Accountants[CA] work very simple with this feature. Actually it’s not a feature only, it’s a totally different edition of Tally, which is specially designed keeping CA’s needs in mind. This is only available for Chartered Accountants. This edition has a Tax Audit and Statutory Compliance tool. With the help of Tally.Net, a CA can look upon his client’s work from his own office and do the required changes he wants to make. Even Tax Audit can be made by including Form 3CD from his operating system without any issues.
Cash and Profit & Loss Account are the two by default ledgers present in Tally. Ledgers are nothing but the overall record of the transaction of a particular account. We can ourselves create a Ledger depending on the account. Just Naming the ledger is important. We can know what it contains by seeing the name on top. If we will not name it correctly then it will be difficult for us to know what the particular ledger contains in it.
TALLY VERSIONS LIST WITH TIME [Infographic]
Whenever a software is first introduced, developers try to deliver the best of their knowledge. But later on, they want to add some more functionality or want to fix some problems of previous one. Then they introduce a new variant to that previous software, which is called the new version.In case of tally, Tally has majorly released 9 versions since 1986, when it’s first version was introduced. And the Latest version of Tally is Tally ERP 9 release 6.6.1.The details from first to the latest versions are shared in the form of infographic as shown below.
- In 1990, the very first version Tally 3.0 was launched which worked only on Microsoft DOS.
- A similar version of 3.0 was released in 1991, that was Tally 3.12.
- Tally 4 was released in 1992 which only operated on DOS.
- In 1994, Tally 4.5 came out which was used more in financial activities with the help of Ledgers and Classification vouchers entry.
- In the year 1996, they released its upgraded version as Tally 5 which could not only run on MS-DOS but on the windows operating system aswell. Inventory was added as a tool in it. It could perform the functions of inventory records, and accounting.
- In the same year 1996, Tally 5.4 was released with an update of importing data which helped in importing data from one operating system to another.
- In 2001, Tally 6.3 was released which was an upgrade to all the previous versions. Through open data connectivity, it was able to connect to other operating networks.
- In 2005, Tally 7.2 was released with a new tool of Taxes.
- In 2006, Tally 8.1 came out with multiple language support.
- In 2006, Tally 9 was launched which was an upgrade given to Tally 8.1. It included Payroll and POS which supported 13 Languages including some foreign languages too.
- In 2009, Tally ERP 9 was released, with high security features. Tally then became a work efficient and very useful software of new generation.
- After that they have just made various releases available with more additional features and the recent relase is Tally ERP 9 release 6.6.1 which was launched on 20 February 2020.
Most of us think that Tally Solutions has only one product to offer, which is Tally, but today here you will get to know about some more products which are also offered by Tally Solutions and you have sometime or the other heard their names as well. You can say, these are related products and offered by Tally.So here they are:
- TALLY ERP 9
- TALLY AUDITOR EDITION
- TALLY SERVER 9
- TALLY SHOPER 9
- TALLY DEVELOPER 9
TALLY ERP 9
IS TALLY ERP 9 FREE?
Let’s start with the most popular question which asks about Tally. So, the answer is Yes and NO both. So let me tell you how it’s FREE. Tally offers a one month trial absolutely free. If you want to use it for more than 1 month then you have to purchase it.
TYPES OF TALLY ERP 9
On a broader level, we can say, Tally has only two types of editions. One is the Silver edition, it is also commonly known as Single User Tally. And the other one is Gold edition, it is also commonly known as Multi User Tally.But if we go deeper, then you will also find one more edition, that is Auditor Edition. Auditor Edition is a C.A. only edition.So let’s discuss in details about all types of Tally:
TALLY AUDITOR EDITION
It’s an advanced version which is specially designed for Chartered Accountant as per their needs. The main key feature of the Auditor version is the Audit Function. The Auditor version has lots of extra features as compared to Multi-user Edition. But even with extra features, it costs cheaper than Multi user Tally.If you are a CA, you can claim your discounted Tally TODAY from this link.
TALLY SERVER 9
Tally ERP 9 is a very useful software worldwide. With Tally Server 9, We can increase the speed of the execution of the task. It converts the peer to peer data into the server based data. Which helps in making the execution and transfer of the data very fast and simple.
TALLY SHOPER 9
Tally Shoper 9 is a completely different software, it’s nowhere related to Tally ERP 9. Shoper is a POS(point of sale) software. It is mostly used by retails chains or retails shops, but frankly speaking it is not popular as compared to the popularity of Tally ERP 9.
TALLY DEVELOPER 9
ADVANTAGES AND DISADVANTAGES OF USING TALLY [Infographic]
India’s most used business software has some of its own disadvantages, and advantages.
ADVANTAGES OR BENEFITS OF TALLY ERP 9
- Depending upon the needs of the small or large business groups alongside, its different features make it a very useful software. It helps you to take your decisions easily with its wide range of features.
- You can remote access your account with the help of Tally.NET.
- With various language support, it is convenient for a user to use it in his own language.
- In the latest version, if your operating system shuts down suddenly due to some reason your data won’t be lost.
- In the past year’s people used to manage their accounts manually, all the complex calculations were done manually which had a high risk of error. But, as we now use Tally it’s pretty simple and easy to use and comes with less risk of errors.
- As it has numerous functions performing various tasks is made simple due to this software. Especially in the case of GST.
DISADVANTAGES OR DRAWBACKS OF TALLY ERP 9
- Retrieving the data after forgetting the user ID and password is a bit difficult. Fewer, data security is also one of the disadantages.
- It is complex software for beginners to use. It lacks back office support for the users who find some trouble using it.
- Backing up your data is also one of the issues users face while working with Tally. You have to manually back up your data at someplace. It won’t do the backing up by itself.
- It doesn’t allow you to open the same transaction sheet from various systems on a single operating system. It’s a single window software.
- As Tally has upgraded itself year by year there is no major update made in it. It has the same features as the ability to do some extra work.
“So, basically Tally is a very useful software for both small and large business organizations. It is a very complex software which is used globally but it is easier to use the software once you get used to it. It has many important and helpful tools that make your daily pile of work easier. It is the most helpful tool or software for GST purposes. As it ensures that you fill your data correctly there is less place for errors. Customers can choose between Silver or Gold Edition of Tally software depending upon their business needs.”