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Tally Advanced Financial Management
 

Fund Flow

Funds Flow is a statement, which reflects the movement in working capital as well as, Flow due to operations, movement of capital and acquisition and sale of fixed assets. Tally automatically tracks all the transactions entered and readily provides Funds Flow Statement.

Procedure:

-> select Display -> Cash / Funds Flow -> Funds Flow -> select any month

 
 

Receivables Turnover (Payment Performance of Debtors)

Tally tracks the payment performance of all debtors and hence generates a report where-in the user can get information of average time taken by the debtors to pay back their debts. The payment performance of debtors is calculated in two ways.

1. Using Receivables formula:

Tally calculates the payment performance of debtors using the formula which is mentioned below:

Payment performance by formula: (closing balance / total sales ) * nos of days.

2. Using actual bill clearance dates:

Tally calculates the performance of the debtors using the actual bill cleared date.

Procedure:

-> Select Ratio Analysis from ‘Gateway of Tally' screen. Select ‘Receivable Turnover in days'.

Branch Accounting

Tally provides a convenient method of handling Branch accounts. Each branch can handle their individual accounts. If there is any transaction or transfers between branches or offices then the user enters a transaction by debiting the other branch account and at the other branch a reverse entry is made (ie first branch is credited). When these branches are grouped together then there is no net effect on the books is nil. In case there is a difference it can be easily used for branch reconciliation.

Eg.Create two branch companies, Branch A and Branch B. Now if funds are transferred from Branch A to Branch B

In Branch A's accounts books, Branch B is debited and in Branch B's books, Branch A is credited.

Now when the two braches are consolidated there is no net effect on the combined books.


 

* Please note that the Branch accounts needs be created under the group ‘Branch and Divisions'.

Flexible Period Accounting

Tally is one of the most flexible accounting packages available and this can be illustrated by the fact that Tally can handle multiple periods in a single company. Once a company is created the user can specify any range of dates and obtain reports for that range. These date range can also be across multiple financial years. I.e. the user can get a report for 18 months, 24 months etc. Different countries have different financial periods. Hence if a particular company has its parent company in another nation, which has a different financial year, the user can generate a report as per financial periods of the parent company. Also different years can be used such as fiscal year for taxes, any other internal way e.g. Start of new year on the first day of Chinese new year or calendar new year.

Procedure:

-> select any Report (e.g. Profit and Loss) -> select Period (F2) -> specify date range and save.

Consolidation of Companies

Yet another outstanding feature in Tally is its ability to handle Group companies. Tally allows the user to create multiple companies which could be either branch companies or sister concerns. These companies could be grouped together to get consolidated reports so as to enable the management to analyse the performance of the group company. Any changes done in any one of the branch companies, is automatically updated in the group company. At any point of time a new company could be included in the list of companies of a particular group. Tally also allows the user to create multiple levels of group companies.

Procedure:

-> Create multiple companies and load those companies, which have to be grouped together -> select Company Info (Alt + F3) -> select ‘Create Group Company' ---> specify name of the Group Company and other information's -> select companies that are to be grouped together and save the screen. A group company is automatically created

 
 

Budgeting and Control

Tally provides a wonderful tool to the user to have a control over his business through the feature of budgets. The user can hence compare the actual performance of the company with the budgeted figures and also get a Variance report. The user can define multiple budgets (e.g. Optimistic Budget, Realistic Budget) or even create budgets for different periods. The budget values can be defined for each Group as well as all Ledgers.

Procedure:

-> select Features (F11) and activate ‘Budgets and Controls' -> now select Accounts Info -> select Budgets -> select Create -> specify name for the budget -> specify the date range for the budget -> activate Groups -> select groups A/c -> assign budget value and save -> activate ledger -> select ledgers and assign budget values and save the screen.

To view Budget Reports : select any report (B/S, P/L, T/B etc) -> select new column (Alt + C) -> select period -> select type of Budget -> activate Variance and save screen.

Cost Centers / Profit Centers With Multiple Cost Categories

Tally provides 18 predefined vouchers and also allows the user to define (create) new accounting/inventory vouchers types as per his/her needs. E.g. the user can further classify Payment Vouchers by creating vouchers by the name Bank Payment and Cash Payment Vouchers. The user can also set the voucher numbering as per his needs, which can be either automatic numbering or manual numbering or have no numbering at all. Further the user can also assign Prefix and Suffix for voucher numbers and numbering can restart either from beginning of the year or month.

How to create a new Voucher Type ?

->Select ‘Accounts Info' -> select ‘Voucher Type' -> select ‘create' option -> Now enter the Voucher name, specify the type of voucher, specify the method of numbering, activate or deactivate the other functions as per needs.

 
 

Cost Category:

In many cases the user would like to allocate a transaction to more than one cost Centre. Tally provides a facility called Cost Categories. This facility enables the user to allocate cost to Parallel sets of Cost Centres i.e. the same amount can be allocated to more than one cost center. The same is explained with an example.

Create two categories one by the name Projects and another by the name Executives. Now create a Cost Centre called Project A under Cost Category ‘Projects' and also create another Cost Centre called Salesman A under category ‘Executives'. Now enter a transaction, after specifying the amount -> select Category (Project) -> select Cost Centre (Project A) -> next select another Category (Executives) -> select Cost Centre (Salesman A) and complete the transaction. To view reports -> select Display -> select Statement of Accounts -> select Cost Catogories -> select any particular category.

 
 

Variance Analysis

Tally provides complete variance analysis reports. This report provides information of variance of actual figures from the budgeted figures. The user can get a variance analysis report once he has activated Budgeting and Control options. This option hence will help the management in taking critical management related decisions. This will help giving exception reports to management. The drill down feature can be used to go to the voucher level details to understand the problem better.

Procedure:

-> select Trial Balance / Group statements -> select Budget Variance (Alt + B) -> select type of Budget -> accept the screen.

Ratio Analysis

Ratio Analysis provides management with reporting tools that can give you the pulse of the corporate health. They convey more useful information than absolute numbers. Tally helps the user in analyzing ratios and performance of the company. The Ratio Analysis report provides information on all major Ratio's and also information's like Operating Cost figures, Return on Working Capitals etc which will help the management in taking critical decisions. This report helps the company provide useful information not only to internal management use but also external agencies such as banks etc.

Procedure:

-> select Ratio Analysis from ‘Gateway of Tally'

 
 

Scenario Management, Including Reversing Journals and Optional vouchers

Scenario Management is the latest management tool provided in Tally by which the user can create multiple scenarios for the purpose of forecasting or to view provisional reports. This can be done by selectively including certain types of vouchers, which will in no way affect the regular books. The vouchers that are used in Scenario management are

1. Optional Voucher
2. Memorandum Voucher
3. Reversing Journal

Procedure:

-> select F11 (Feature) -> activate ‘Use Rev. journals and Optional Vouchers -> accept screen -> select Accounts Info -> select Scenarios -> select Create -> specify ‘Name' of the scenario -> activate or deactivate ‘actuals' as per requirements -> specify the type of vouchers to be included (use Exclude options only when you need to exclude voucher types which have been included previously) -> accept the screen

To view Scenario -> select any report like B/S, P/L, Cost Centre, Ledgers etc -> select New Column -> Select Scenario -> accept screen.

Reversing Journals and Optional vouchers are both non-accounting vouchers and hence will not affect the books of accounts in any manner. The reversing Journal is a separate Voucher Type. This voucher is effective only when called for in reports as a part of the Scenario management. In case of Rev. Journal the user can specify the date till which it is applicable.

Procedure:

-> Select Voucher Entry -> select F10 -> select Rev. Journal -> complete the transaction and specify the date till which it is applicable. For Optional Vouchers select any Voucher and select ‘Optional (Ctrl + L)'. This Voucher is used when the user has to enter a transaction but has incomplete information or the transaction is not yet completed. This Voucher can be regularized at any time by going into voucher alteration mode and clicking on regular option in the voucher. 

 
 
 
       
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