Tally stands for Total Accounting Leading List Year is the most frequently used software for maintenance of Accounts in an organization. Tally was invented by Bharat Goenkaa and Shyam Sundar Goenkaa in the year 1988 in Bangalore (now Bangaluru). The first version of Tally during the time of inception was Tally 4.5, which has gone through various up-dation over the years. The subsequent Tally releases are Tally 5.4, Tally 6.3, Tally 7.2, Tally 8.1 and Tally 9.0.The latest version of Tally is ERP 9 (6.0.3.). It is the most user friendly software in the field of Accounting. Divided into 28 groups which are again sub-divided into 15 primary groups and 13 sub groups. After the release of ERP version of Tally, the capability and the functioning of Tally is much more widened and extended to a great extent.
It is mainly used in Small and Medium business houses. After the inception of GST (Goods and Services Taxes) in India one can say the use of Tally software in India will take huge surge.
If we particularly talk about accounting, Tally has segmented it further into 6 different functions. They are:
1. Contra (Only for cash and bank related entries)(Short- cut key F4). 2. Payment (For payment entries) )(Short- cut key F5). 3. Receipt (For receipt entries)(Short- cut key F6)). 4. Journal (For entries which doesn’t include cash or bank and for closing entries) (Short- cut key F7). 5. Sales (For sales billing) )(Short- cut key F8). 6. Purchases (For purchase billing)(Short- cut key F9).