Background: Reports help in decision making process. It can be used to study the present situation of a business. In our previous blog we spoke about Automation - The Future of E-commerce. Here’s a list of some of the important reports available in Tally.
Reports are an essential part of every business be it a startup or an MNC. Reports provide you an overview of the current situation of the business or a project. An overview provides you with the support required to take a decision in the most accurate way possible.
Tally provides a number of different reports which can be utilized by most businesses to evaluate the efficiency of their various processes. Reports such as the Balance sheet, Profit and loss etc are some common business financial reports available in Tally. Other than these there are many other reports in Tally that can be utilized to improve your business efficiency.
Reports can help in critically analyzing performance to find out the cause of a good or bad performance. This helps the business to take actions in improving or maintaining the level of performance.
Few reports that are available in Tally -
Outstanding report in Tally.ERP 9, shows user the receivables which are pending with customers. The user can check the report ledger-wise as well as bill-wise. The user can see the ageing analysis on the basis of the due date on the bills. The ageing analysis helps the user to take timely follow-ups for the payment and can clear his outstanding receivables as soon as possible.
To check outstanding report in Tally, go to Gateway of Tally -> Display -> Statement of Accounts -> Outstanding -> Ledger
Profit and Loss report
The Profit and loss report shows all the incomes as well as the expenses for a particular time period. It displays whether the expenses are exceeding the incomes causing a loss or the income is exceeding the expense causing a profit. Profit and loss report is also available in Tally.
To check Profit & Loss report go to Gateway of Tally -> Profit and Loss.
Cash flow/ Fund flow report
Cash flow statement is a report that shows the inward and outward flow of cash in the organization. It shows how the cash is spent and from where it is earned. Tally has this made for you. You do not have to spend time creating this report.
To check the Cash flow report: Go to Gateway of Tally -> Display -> Cash/Funds Flow -> Cash Flow
Ratio Analysis report
Ratio Analysis report is another performance based report that provides insights regarding the financial health of the business. Tally provides a ratio analysis report that can be viewed from
Gateway of Tally -> Ratio Analysis.
A balance sheet shows the assets and liabilities of the company. It helps to understand the performance of the business. Tally.ERP 9 shows the balance sheet of the company.
To check Balance Sheet Gateway of Tally -> Display -> Final Accounts -> Balance Sheet
Stock summary report
The stock summary report in Tally.ERP 9 provides a summary of the stock/inventory available on a specified date. It shows the current availability of stock. This helps you to check the available stock before hand and then plan accordingly. The quantity of stock can be kept in level with the demand so as to avoid overstocking of inventory. This report also helps to avoid wastage of inventory.
To check stock summary, Go to Gateway of Tally -> Stock Summary
Stock Ageing analysis report
The stock ageing analysis report in Tally helps the user to understand which of his/her goods are fast moving and which of them are slow-moving. This helps the user to develop strategies regarding procurement of raw materials or to decide whether to liquidate the stock on the basis of its age or not.
To check Stock ageing Analysis report in Tally, Go to Gateway of Tally -> Display -> Inventory Books -> Ageing Analysis -> Select the group.
Tally provides various reports such as GSTR-1, GSTR-2, GSTR-3B related reports. GSTR-1 report in Tally is same as the GSTR-1 form. This makes things easier for the user at the time of return filing.
Reports show details of:
- All transactions in the GSTR-1
- Which transactions are not eligible for returns
- Non-participating transactions
- Tally serial number-wise details of values as mentioned in GSTR-1
If there are any mismatches or incomplete information, the user can correct it and then include it in the return filing. Thus in this way, Tally ensures, that its users file accurate returns.
To check the various reports under GST in Tally, Go to Gateway of Tally -> Display -> Statutory Reports -> GST -> Select the report you would like to check.
E-way Bill reports
Tally can be used to generate e-way bills. Not just that tally also provides reports of these e-way bills which is consolidated to provide valuable insights to the user.
Following are the various benefits this report provides:
- It shows all the transactions which have been considered for e-way bills
- It also shows all the transactions that need to be considered for e-way bills.
- Details of all the transactions for which e-way bills were generated
To check E-way Bill report: Gateway of Tally -> Display -> Statutory Reports -> GST -> e-Way Bill -> e-Way Bill Report
Other than these, there are many other reports that can be generated from Tally, which can help the user to take quick and accurate decisions.
The management of a business may ask for certain unique reports during an evaluation. Some of these reports may not be available in Tally. One way of generating these reports is to copy the values and create a report in a Spreadsheet. Another way of doing this is to use a MIS Reporting Tally addon called the Sheet Magic. Sheet Magic generates reports in minutes and tghe hassle of manually creating the report is solved.