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
Take Tally Course in Visakhapatnam
Accounting and Inventory vouchers in Tally