Accounting Features In Tally ERP 9

Accounting features in tally ERP 9 are crucial sections of business features. Tally ERP 9 comprises the various configurations and processes that are helpful for transactions between the accounts and generating the reports. Accounting features can be started with one tap (F11) function key. Tally Course in Chennai aims to cover the topics in Accounting Features in Tally ERP 9, Inventory, Sales Order, GST, etc.

Accounting features in tally ERP 9 software can be segregated into 6 different sections, they are:

1. Common or General
2. Leading Management
3. Cost/ ROI Centre Management
4. Invoicing Feature
5. Budgets Estimation Management
6. Other features of tally accounting

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Follow these steps to initiate and manage Accounting Features in Tally ERP 9:

Step 1: Navigate to Tally Main > Gateway > F11 > Accounting Features. Step 2: Tap F1 from your keyboard to access Accounts.

After completing the above steps, the screen displayed will contain options for configuring your accounting setup. Here’s a breakdown of the available features:

General Settings

• Manage Important Accounts Only: Opt for this feature to control inventory account transactions, making sure you only deal with essential accounts.
• Combining Inventory and Accounts: This option allows you to add inventory balances from inventory management records, providing a more detailed overview of your business’s financial data. Choose ‘Yes’ if this feature is required.
• Utilize Revenue and Expense Account Rather Than Profit & Loss Account: Select this option to display revenue and expenditure accounts as a menu, instead of the traditional profit and loss account. It’s a more specific way to track financial data, providing easier management of your finances.
• Approve Multi-Currency: If your business involves multiple currencies, enabling this feature allows you to perform transactions in various currencies, making it easier to manage international transactions.

To further understand how to maximize Tally ERP 9 for your business, enrolling in an Online Tally Course will provide expert training from industry professionals.

Leading Management Settings

• Controlling and Maintaining Bill-Related Information: Streamline your accounts payable and receivable by effectively managing your billing data.
• Initiate Yield Estimation: This feature allows you to estimate and track yields, giving you a better understanding of your business’s financial progress.
• Cost/ROI Centre Management: Track and manage the costs and return on investment for various sectors or divisions of your business.
• Manage Payroll Details: Efficiently manage employee salaries, wages, and other payroll-related information to ensure accurate accounting.
• Controlling the Cost Centre: Manage your cost centres to track specific expenses related to departments or projects.
• Consumer Cost Centre of Work Estimation: Estimate and track costs associated with specific consumer projects or work assignments.
• Utilize More Cost Categories Instead of Using One Cost Category: This option allows more flexibility in classifying and managing different types of costs, leading to more detailed financial reporting.
• Utilize Task-Specific Cost Centre Allotment in Transactions: Allocate specific costs to relevant tasks or projects for better control and reporting.

Invoicing Feature

• Allow Invoicing: Activate invoicing features to generate and manage your business invoices.
• Store Investments Details in Invoice Format: Store and display investment-related data within the invoice format for more precise accounting.
• Utilization of Credit and Debit Entries: Enable the option to use credit and debit entries in your invoices for more accurate record-keeping.
• Store Debit Entries in Invoice Format: This feature allows you to store debit entries directly in the invoice format.
• Store Credit Entries in Invoice Format: Similarly, store all credit entries in the invoice format for clear and accurate financial records.

Budgets Estimation Management

• Managing Cost Estimation and Control: Track and control your costs effectively by setting up detailed cost estimation and budgeting features.
• Utilizing Additional Vouchers and Shifting Accounts: Expand your voucher types and shift accounts as necessary to maintain proper financial tracking and reporting.

Banking Features

• Set/Change Transaction Model: Customize the transaction models to better suit your business’s needs.
• Set/Change Banking Model: Adjust the banking models used for transactions in Tally ERP 9.
• Activate Cheque Issuance: Enable cheque issuance to streamline your banking transactions.
• Fixed/Change Post Dates Transaction Peculiarities: Adjust transaction dates for greater accuracy in your accounting records.

Other Tally Accounting Features

• Activate Enterprise Logo: Personalize your Tally ERP 9 setup by uploading your company’s logo for branding purposes.
• Activate Zero-Rated Transactions: If your business deals with zero-rated transactions (such as certain tax-free goods or services), activate this feature to ensure accurate tax reporting.
• Manage Various Mailing Information for Ledgers and Enterprises: Set up and manage mailing information for ledgers and enterprise communications, improving workflow.
• Mark Replaced Statements: Ensure that outdated or incorrect statements are replaced with accurate versions for correct financial reporting.

After activating all necessary accounting features for your industry, press Ctrl+A to save your configured data. This will ensure that all the updates you’ve made are stored and applied across your Tally ERP 9 system.

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