What is Tally Software?
Tally Software is a business accounting tool for managing financial transactions, invoicing, payroll, and inventory. It streamlines bookkeeping tasks, offers real-time reporting, and facilitates compliance with tax regulations. Tally simplifies complex accounting processes, ensuring accurate financial records and enabling informed decision-making for businesses across various industries. This blog will discuss Tally Software, its versions, and the significance of undertaking a Tally Course in Chennai.
The Versions of Tally Software
Tally Software has undergone various iterations, resulting in different versions. Here’s a brief overview of how Tally has evolved from its early versions to the present day.
Tally 3.0
The software program was first introduced in 1990 as an essential accounting tool that could meet the requirements of small businesses. This software edition relied on a few fundamental predefined operating commands to operate. This program was developed exclusively using the Microsoft Disk Operating System (MS-DOS).
Tally 3.12
The 1991 version introduced some accounting features but remained broadly similar to its predecessor, with only a few updates.
Tally 4
The Tally4 version, which supported DOS-based accounting, was released in 1992. Minor differences exist between this and the other versions.
Tally 4.5
This 1994 version emphasizes accounting tasks like organizing ledgers and entering vouchers. It offers basic financial statements and a detailed analysis of the business’s debtors and creditors.
Tally 5
The Tally application was upgraded in 1996 and became the first version to be compatible with the Windows operating system. This update allowed users to manage inventory in detail, structure invoices, and integrate accounting and inventory records.
Tally 5.4
A new version of the Tally 5.0 application was released in the same year. This updated program could import data, which made it possible to convert older data formats into the current format. Furthermore, the new version had a graphical interface. For those looking to enhance their skills with Tally 5.0, considering a Training Institute in Chennai could be beneficial.
Tally 6.3
This version of Tally was launched in 2001 as an extension of enterprise systems. The Open Database Connectivity (ODBC) feature enabled communication with other systems.
Tally 7.2
This type, released in 2005 with new features, was much faster than the previous versions, allowing for quicker operations. It stood out from the other versions with additional characteristics like statutory compliance features and VAT values. Moreover, it includes various types of taxes, such as Central Sales Tax (CST), Value Added Tax (VAT), Tax Deduction at Source (TDS), Tax Collection at Source (TCS), and Service Tax.
Tally 8.1
In 2006, Tally introduced version 8.1 with a new data structure that included Point of Sale (POS) and Payroll modules. This version also had multi-language support for up to 10 languages.
Tally 9
An upgrade to the Tally 8.1 version was launched in the same year. It includes features related to accounting and inventory management. This version supports 13 languages.
Tally ERP 9
Tally ERP9, introduced in 2009, is an Enterprise Resource Planning software with sophisticated functionalities. It includes GST calculations, payroll and invoice handling, remote accessibility, multi-user logins, and transaction management. ERP 9 enhances business efficiency by offering heightened security measures. It enables convenient data access via web browsers and mobile devices, streamlining GST return filing processes.
Tally Prime
In 2020, Tally Prime took the place of Tally ERP 9. Tally Prime is an improved version of its predecessor with faster speed and advanced features. It comes with various advanced features that simplify accounting operations, enhancing productivity. Those interested in mastering Tally Prime can benefit from an Online Tally Course.
With Tally Prime, you can access the financial data that your accountant or an outsourced one maintains. The software generates financial statements and reports securely without needing a third party. A web browser lets you easily view reports such as Profit and loss, Cash/Bank Book, Sales/Purchase Register, and Stock Summary.