- E – Payments from tally
Generally, in any business, the process of making bank payments is tedious – involving paperwork, separate platform for making the payment & for accounting it in the accounting software.
In tally, the bank payments can be made directly from tally.
Once the necessary setups are made in tally, when the bank payment entry is passed, the payment entry will be pushed from tally to the bank portal by the user. The bank notifies the authorized person regarding the transaction & asks for approval to process the payment. Once the transaction is approved, the payment is processed.
The status of the payment (processing/completed/failed/others) can also be viewed directly from tally itself.
Tally provides support for the following banks:
- DBS Bank (India)
- Standard Chartered Bank (India)
- Standard Chartered Bank (UAE)
- Kotak Mahindra Bank (India)
- YES Bank (India)
- ICICI Bank (India)
- Tokyo & Mitsubishi (India)
- HDFC Bank (India)
- Bank of Baroda (India)
- Citi Bank (India)
Using this feature will save time spent on bank reconciliation, saves time spent on banking work, ensures payment being made to the intended recipients only, etc.
- E-Invoicing Facility
Newly introduced facility of E-Invoicing is applicable to all businesses with turnover of more than 50 Cr. It is mandatory to generate E-Invoices for all supplies made by the business to other registered businesses (irrespective of value of supply) & affix the QR Code (containing details of the unique number generated from the E-Invoicing portal called IRN) on the Invoice – without which the invoice is considered as invalid.
Once an invoice is raised, the information of the invoice needs to be updated on the E-Invoicing portal to generate a E-Invoice (with the QR Code). This E-Invoice needs to be attached to the regular invoice & QR code to be affixed on the regular invoice – this is a long process involving duplication of work, much more data entry.
Tally has come with E-Invoicing in Tally Prime – which, once everything is set up & a sales entry is passed, tally will automatically send the required information to the E-Invoicing portal through an API, generate the E-Invoice, gets the IRN, captures it on the sales entry in tally & print the invoice along with the QR Code.
This is a huge time saver for businesses.
- GST & TDS Compliances
GST & TDS Configurations are available on tally which once done, will enable auto-calculation of GST & TDS amounts (provided the correct settings are made & correct ledgers are selected) in the entry itself.
Further the GSTR 1 JSON File can also be generated directly from tally & uploaded on the portal for filing – reducing the time & effort spent on manually preparing GSTR 1 workings & generating the GSTR 1 JSON file.
The necessary workings for filing of TDS Return can be generated from tally saving the effort to manually go through multiple ledgers & prepare the TDS workings.
- Invoice Mode for Data Entry
Many feel that tally can be used only by persons with good accounting knowledge & has a grip over the concept of debit & credit & other rules of accounting. However, that is not true
In tally, a lesser known feature of Invoice mode for data entry is available in which the user updates the entry (like purchase, sale or expense) like how see an invoice. This entry mode does not use debit or credit & can be easily passed with minimal training.
This feature coupled with the GST & TDS Automation can simplify even the most complex of entries in tally.
- Easy access to business reports
Previously, for accessing tally reports, we need to have access to a system with the required tally company.
However, Tally has, with its latest versions, has introduced online reports, where the reports can be viewed from Tally.NET website (using login ID & password received at the time of subscription for license) on any computer or mobile phone anywhere in the world.
Reports such as Balance sheet, Profit & Loss, Trial Balance, Cash flow statement, Customer & supplier ledgers, Bill by bill reports, etc. can be accessed using this method.
Tally also has tie-ups with private app developers who have designed apps to access & display custom reports on mobile platforms.
- Security features in ERP Software
For any business, data is the key concern – data of the company should not be accessed, modified, copied by unauthorized personnel.
Tally has following features to safeguard against security breaches:
- The Tally Vault password hides the tally company name while trying to open the company so that unauthorized persons do not know which company to access
- User-level access and controls can be defined by configuring the User Management settings. Restrictions like following can be set for each user:
- Restriction of access to pass certain entries
- Restriction of access to view entries passed
- Restriction of access to reports like balance sheet, profit & loss account, trial balance, customer reports, etc.
- Restriction of passing back dated entries
- Backup of data so that in case the main data gets corrupted, a secondary data is available
Tally Audit features to keep track of entries or masters created, altered, deleted
Author
Punepalli Kumar
