Accounting:

Accounting's primary goals are to determine profit or loss over a given period, to display the company's financial standing as of a specific date, and to exercise control over its assets. In other words, an account is a systematic record of all transactions involving a person, an asset, a liability, an expense, or an income. Another name for the account is A/C. To communicate information and measure the business's income, such accounting records must be kept. so that the manager, the owners, and other parties can use it.

Double Entry System:

The main purpose of accounting is to ascertain profit or loss during a specified period, to show the financial condition of the business on a particular date, and to have control over the firm's property. Or to put it another way, an account is a meticulous record of all transactions involving a person, an asset, a liability, an expense, or an income. Additionally known as A/C, account. Such accounting records must be kept to communicate information and calculate the business's income. Managers, owners, and other parties can use it.

Rules of Double Entry System/Golden Rule Of Accounting:

There are separate rules of the double entry system in respect of personal,         real, and nominal accounts which are discussed below…… 

  1. Personal account: These accounts record a business’s dealing with persons or firms. The person receiving something is given a debit and the person giving something is given credit. In another word personal account records transactions with a person or firm.

Personal Account Rule

Debit the Receiver

Credit the Giver

 2. Real account: These are the accounts of assets entering the business that is given debit and assert leaving the business is given credit. In another word real account is the A/C of property or possession E.g. Goods A/c, furniture A/C, etc. For example, when goods are sold for cash, the cash account will be given a debit as cash comes in and the Goods account will be credited as goods go out. So, the rule 

Real Account Rule

Debit What Comes In

Credit What Goes Out

 3. Nominal/ Fictitious Account: This account deals with expenses, income, profit, and losses. For example, when rent is paid to the landlord, the rent account will be debited as it is an expense, and the cash account will be credited as it goes out. Other example commission A/C, Advertising A/C, Discount A/c, wages A/C. 

Nominal Account Rule

Debit All Expenses & Losses

Credit All Income & Gain
 

Tally versions:
  1. Tally 4.5: This MS-DOS version supports the financial accounting system. It only handles accounting activities such as entrance ledger classification vouchers. It provides simple financial reports and accounting analyses of company debtors and creditors.
  2. Tally 5.0: This version is an upgraded version of Tally 4.5 and works in the Windows operating system. This release introduces inventory modules that include detailed inventory, structured invoicing, and integration of accounting and inventory records.
  3. Tally 5.4: This version is an improved module over 5.0 percale to convert previous data formats to current formats. This is possible via Import or Data Facility.
  4. Tally 6.3: Tally 6.3 is a complete enterprise system where it communicates with other systems via ODBC (Open Data Base Connectivity).
  5. Tally 7.2: This version is an integrated business system that offers different types of taxes such as VAT, TDS, and TCS and Service Tax modules introduced in this version.
  6. Tally 8.1: Tally 8.1 is multilingual support software. It supports 10 languages ​​among which is introduced in this version. Tally 9.0: This version is an improved model compared to version 8.1. It supports 13 languages ​​(including foreign languages). payroll and POS (Point of Sales) modules are introduced in this version.
  7. Tally.ERP9: This is the latest version which offers various features such as remote access, much stronger data security, tally.net, and many more.

History Of Tally

After their family's cotton business was destroyed by fire in 1986, Shyam Sunder Goenka and his son Bharat Goenka co-founded Tally Solutions. It began as Peutronics Financial Accountant, an accounting software application. The company was incorporated in 1991 and was renamed Tally Solutions in 1999.