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TallyPrime is a versatile, flexible, and very powerful billing and accounting solution that provides many different features to help you manage your business and make you save time regarding invoicing and accounting, inventory management, reports, cashflow and credit, banking, cost control and analysis, and more.
What are the key features of TallyPrime?
- Invoicing and accounting: You can easily create, customize, print, and e-mail professional-looking invoices. Also, it provides flexibility to suit purchases and sales processes so that purchases/sales orders and debit/credit notes are always up to date. In addition, it can handle multiple billing formats, currencies, price levels, and addresses.
- Inventory management: TallyPrime offers a flexible system for really excellent inventory management. It can handle multiple product lines, unlimited groups, categories, batches, and locations. It can also manage real-time complexities like the requirement to buy in one unit and sell in another, and more. The manufacturing journal is also very helpful as it records the entire cycle of manufacturing activity and tracks the raw material involved, the godowns from where it is dispatched, and their purchase costs. Many other features are available, like the Bill of Material (you can define raw materials, assemblies, parts, and components along with quantities of each inventory needed to manufacture a product), Re-order Level (ensure you don't run out of stock), Multiple Stock Valuation (you can value your closing stock using different stock valuations), and more.
- Reports: You can generate over 400 business reports to get a 360-degree view of your business, including accounting reports (ledger, cash/bank, purchases and sales, bills receivables and payables), financial reports (balance sheet, profit and loss, etc.), inventory reports, and management control reports. All of these reports will help you clearly define and analyze your business. Last but not least, you can customize your reports the way you want and configure information.
- Cashflow and credit: Using TallyPrime, you can manage your cash and credit very simply. Each invoice automatically has a unique bill associated with it so that you can track them easily and identify the bills which are from a long time ago and follow up. Using the Bill Settlement option, you can clear a party's bulk payments for multiple pending bills. Lots of other options are available, including Interest Calculations, Cash and Funds Flow, Cash Flow Projection, Credit Control Techniques, and more.
- Banking: Managing your banking needs can be time-consuming. Fortunately, TallyPrime will make it effortlessly. Thanks to Auto Bank Reconciliation, you can easily reconcile bank statements with a long list of transactions. In addition, Cheque Management allows you to manage cheques, create multiple chequebooks with unique ranges for every bank, and view, search, and track cheque details.
- Net capabilities: You can securely stay connected to your business from anywhere, consult business reports from a web browser on any device, and remotely access your data at any time. Moreover, even though you have your business at multiple places, your data is synchronized across locations to get consolidated information.
- Cost control and cost analysis: You can track, analyze, and optimize your business spending thanks to the Cost and Profit Centres Management, make informed business choices using the variance reports and realign your business strategies and plan budgets. In addition, you can enhance your business forecasting thanks to the different business scenarios and analyses for financial planning.
- Security management: TallyPrime offers a very secure and configurable environment. TallyVault allows you to keep your business data secure and encrypted and maintain the confidentiality of information. In addition, you can define multiple security levels and assign employees to specific user-level rights. Also, the edit log feature helps you follow the edit logs for each transaction with the date and time of each change (user's name and details of the transaction), and the password policy management feature allows you to define a good and reliable password policy to strengthen your data security.
- Payroll management: You can configure and manage employee payroll intelligently to build an error-free automation process. In addition, you can classify employees based on different parameters (job function, department, location, etc.) and define policies to apply common salary structures for entire departments. Also, Attendance and Production types are useful for processing employees' pay and tracking their presence and productivity.
How to use TallyPrime?
Create your company
- Once you have activated your license, you can create your company.
- Go to Create > Company or Gateway of Tally > Create Company.
- Enter the Company Name, Mailing Name, and Address.
- Select the State and Country. Based on the country selected, the statutory options will vary.
- Verify the Financial year beginning from and Books beginning from dates.
- Specify security details, if needed.
- Check the Base Currency details.
Record a transaction
- Open the voucher screen: Alt+G (Go To) > Create Voucher > press F8 (Sales).
- Specify the buyer details: In Party A/c Name, select Cash or Bank for cash sales. For credit sales, select the party name.
- Select the accounting ledger for item allocation: In Sales ledger, select the required ledger created under the Sales Accounts group. In any transaction, you can create ledgers on the fly by pressing Alt+C.
- Select item details.
- Add Narration, if any.
- Press Ctrl+A or press Y in the message box to save.
You can also consult the dedicated Quick Start Guide on the official website.
Is it free?
Although TallyPrime is a paid software, you can try it for free using the 'Educational Mode'. However, if you want to use it for professional purposes, you need to purchase one of the two available licenses.
Is it safe?