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Tally Basic Financial Management

Multiple Companies

Tally provides its users the facility for creating and maintaining any number of companies. Hence the user can maintain all his companies / Branch companies as well as his own Personal accounts in Tally. The Tally user can also handle companies concurrently i.e. the user can load more than one company and simultaneously work on all or any of the companies loaded by shuffling between companies as and when required. Tally also allows users to group companies and hence provides a consolidated report for the companies grouped.

How to create multiple companies? To create a Company -> select 'Create' option (in company info menu) -> now, Specify Company Name and other related details. Once one company is created, to create a new company -> Press F3 (Comp Info). Now the user will be able to create another company (follow the above procedure). Once, the user has created more than one company he could load and work on any of the companies that is created.

Multi Currency

Tally maintains books of accounts in base currency. Tally also allows users to enter transactions in multiple currencies and view reports in any of the currencies that have been created in Tally. The user can thus invoice his foreign customers in their currency as well receive payments in their currency. If there is any forex gain / loss, then it reflects the same immediately in the concerned parties ledger account. The gain or loss hence derived can be transferred to a forex account by using a Journal (use voucher class). The user can also view and print ledger accounts in the currency the transaction has been entered. Tally also allows the user to view & print all reports in any currencies.


Press Alt+C -> select currency -> specify 'Rate of Exchange').

Procedure to use Multi Currency:

-> Click on features (F11) -> activate Multi Currency -> select 'Accounts Info' -> Currencies -> Create -> specify Currency symbol and other details required. Then, select 'Rate of Exchange' -> specify rate (selling and buying rate) for a particular date. Now you can enter a transaction in any currency.

Lets illustrate this further with an example

Lets assume a sale is made to a Party in U.S. on 1st of April for U$ 100 @ S$2 / US$ (selling rate S$ 2 / US$). The receipt for the same sales is rec'd on 2nd of April @ S$2.5 / US$ (selling rate S$ 2.5 / US$ on 2nd April). Now Tally shows a gain of S$ 50 (base currency), which is displayed in Party ledger. The gain now can be transferred to a forex Gain / Loss A/c using a journal (use voucher class in journal).

Multiple Financial Year

Tally allows the user to have any number of financial years in one company itself. At the time of creating the company it is only necessary to mention the beginning of the financial year. There after the user is free to maintain accounts for any number of periods e.g. lets assume the user has created a Company starting from 1st of April 2001. Now if he needs to change to the next financial, the user has to select Period (F2), from Gateway of Tally) and specify the date range 1-4-2001 to 31-3-2002 and he can continue with the transactions for the next financial year.
Once the user has information for multiple years in a single company he can easily shift between different financial periods by selecting 'Period' (Alt + F2) option or can view reports for a period which could span multiple financial Years for e.g. the user can view a report which could consist transactions for the second half of the previous financial year and first half the current financial year.

Comparison of Data Using Multi-Columanar Reporting

Tally allows the facility for comparing information / reports by using the multi-columnar reporting facility. The user can view / compare information for multiple periods (year, month, qtr or user defined period), currencies etc for the same company as well a compare information for two or more companies on the same screen instead of toggling between different periods / companies. This facility of easy comparison of information will help the management do meaningful analysis and will help bring out any exceptions very easily.

Option 1

->Select any report (e.g. Balance Sheet) -> select 'auto column' (Alt + N) -> select any option (company, yrs, month, qtrly etc) and press enter. Tally now displays comparisons based on the option selected


Option 2

-> Select any report (e.g. Balance Sheet) -> select any range of period -> select 'new column' (Alt + C) ->select company to be compared with (if the user wishes to compare bet'n companies -> specify period.

Memo Vouchers

This is a non-accounting voucher and the entries made using it will not affect your accounts. That is, Tally does not post these entries to ledgers but stores them in a separate register. You can alter and convert a Memo voucher into a regular voucher when you decide to bring the entry into your books. Memo vouchers are used when the user has to make Suspense Payments or he has to make a transaction for which the user does not have complete information. To enter a Memo Voucher, select 'Voucher Entry' then press F10 (memo vouchers) and complete the transaction. Memo vouchers can be effectively used when they are included in Scenarios. Entries made through Memo vouchers can be made part of a Scenario management and scenario reports can be viewed by including these memo vouchers.

To view a report of all Memo Vouchers -> Select Display ->Exception Reports -> Memorandum Vouchers -> select any month (to view memo vouchers for different periods, click on Date (F2) and specify the date range).

Post Dated Vouchers

Tally users can use this facility for entering vouchers in advance for future transactions that are definite in nature. The voucher marked as post dated does not affect the books of accounts till the date specified in the voucher. This facility is extremely useful when the user has issued or received post-dated cheques.

How to enter a Post dated Voucher?

-> select 'Voucher Entry' in 'Gateway of Tally' screen -> select any voucher (e.g. Payment F5) -> press Ctrl + T (Post dated Vouchers) complete the transaction and save.

How to view Post dated vouchers?

-> Select Display -> select Exception Reports -> select Post dated Vouchers.


Used Defined Vouchers

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.

Sales and Purchase Extracts

Tally gives a facility to get an extract report of the Sales and Purchase register. The extract report gives the user the consolidated figures of all groups as and ledgers for both debit as well as credit side. With this report the user gets the complete Sales Turnover figures for any period as well as complete but consolidated tax return figures which help him in filing his Tax returns.


-> select Display -> select Accounts Books -> select Sales Register -> select particular month -> press F6 (Extracts).

Daily Balances& Transactions Value

Tally provides a facility of viewing certain reports (cash books / bank books) and ledgers in daily breakup basis. The user can thus have information for total transaction value for all days as well as closing balances for all days. In the same report the user can also get daily average details as well as high and low details for the month (press F12).


-> select Display -> select Cash/Bank Books or Ledger -> select particular month -> select F6 (Daily Break Up). -> select F12 (Configuration) -> Activate 'Show Average Details' and show 'High / Low Details' -> Tally displays Average details for the month as well as High and Low details for the month.

The user can also drill down from this level to voucher level.

Cash Flow

Tally provides with a cash flow statement using which the user can track the movement of cash flow ie cash inflow as well as cash out flow (both cash & bank included) in his business. The report also displays a net flow for any period. The user can also get a daily cash flow statement (F4). By selecting F12 (configuration) option the user can also activate average details and hence get average cash inflow/out flow for any period.


-> select Display -> select Cash / Funds Flow -> select Cash Flow -> press F4 (for daily flow).


Interest Calculations

This is one of the most powerful features available in Tally. Tally automatically calculates interest based on the information furnished by the user at the time of creation of ledgers. The user can now view the impact of interest accumulated against each ledger and in turn against each transaction. Although Tally provides exhaustive information on interest implications, the interest amounts are not brought into books. The user now has the option to book the interest calculated as per his requirements. Interest is calculated on simple and compound basis and can be entered into books by passing debit notes for interest receivables and credit notes for interest payable.

Procedure :

-> Firstly activate interest calculation (including advanced parameters) for the company by pressing F11 (features). Then, activate the interest calculations option for each specific ledger for which interest has to be calculated. Also specify the % of interest along with the interest style. The user can specify different %'s for different periods.

-> Select Ledger from 'Accounts Info' menu -> Alter -> select any ledger for which interest calculation has to be activated -> set interest calculation to yes -> now provide information regarding 'rate of interest (%)' and style as per requirements. -> accept the same.

Tally automatically calculates interest for ledgers for which interest calculations is activated. To view report,

-> select Display -> Statement of Accounts -> Interest Calculations -> select Receivables / Payables or ledger wise.

In case the user opts to specify or change the Rate of interest at the time of entering the transaction, then he do so by activating the option 'Override interest parameters' in Ledger creation mode.

Percentage Based Reporting

Tally provides % based reporting on all financial statements like Balance Sheet, Profit & Loss, Cash Flow, Sales register etc. You can activate the option show %'s by pressing F12 (Configuration) in any report and then view the report on a % basis. For e.g. If the user opts to view Profit and Loss report by activating %'s, then all groups are shown as a % of Sales.

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