What is Tally ?
Tally is the Financial Accounting, Inventory and Payroll management application software. Tally helps to maintain business accounting through recording transactions, classifying ledgers, summarizing ledger balances and finally MIS and statutory reports. In its recent versions, Tally has the statutory masters for VAT, TDS, TCS, Service Tax, FBT and Central Excise. Unlike manual accounting, Tally has no process in accounting. User needs to create masters to record transactions. Recording transaction is the first and very last process in Tally, which generates all the necessary reports.