Accounting is a crucial aspect of managing any business or organization, as it involves the systematic recording, analysis, and reporting of financial transactions. The main objective of accounting is to provide an accurate and complete picture of the financial health of an organization, which helps in making informed decisions and planning for the future. There are several principles, concepts, and rules that govern the practice of accounting, and understanding these is essential for maintaining accurate financial records and preparing financial statements.
In this blog, we will discuss one of the most widely used accounting software, Tally, and the different types of Tally software available. We will also cover the three golden rules of accounting, which are the foundation of the accounting system and crucial for any business or organization.
Tally is a popular accounting software that is widely used in various industries. It helps businesses to manage their financial transactions efficiently and effectively. Tally has different versions and each version has its own features and capabilities. Here are the types of tally software:
Tally. ERP 9 is the most popular and widely used accounting software for small, medium, and large businesses. It is a complete business management solution that helps businesses to manage their finances, inventory, sales, purchases, payroll, and more. Tally. ERP 9 is a powerful tool that allows businesses to generate reports and statements for better decision-making.
Tally Silver is a single-user version of Tally. ERP 9 that can be used on one computer at a time. It is suitable for small businesses that require basic accounting functions. Tally Silver has limited features compared to Tally. ERP 9, but it is more affordable.
Tally Gold is a multi-user version of Tally. ERP 9 that can be used by multiple users simultaneously. It is suitable for medium-sized businesses that require advanced accounting functions. Tally Gold provides more features compared to Tally Silver, including remote access, data synchronization, and user-level security.
Tally Server is a powerful tool that allows businesses to manage their financial data on a central server. It is suitable for large businesses that require high-level security and data backup. Tally Server provides features like data synchronization, remote access, user-level security, and data backup.
Tally on Cloud is a cloud-based version of Tally. ERP 9 that allows businesses to access their financial data from anywhere in the world. It is suitable for businesses that require remote access and real-time data. Tally on Cloud provides features like data synchronization, user-level security, data backup, and scalability.
Tally Developer is a powerful tool that allows developers to create customizations and add-ons for Tally. It is suitable for businesses that require specific accounting functions or integration with other software. Tally Developer provides features like customizations, integration with other software, and automation of accounting processes.
The 3 golden rules of accounting are the foundation on which the entire system of accounting is based. These rules are used to record financial transactions in a consistent and standardized manner. The three golden rules of accounting are:
This rule is applied when recording transactions related to assets, such as cash, property, and equipment. When an asset is acquired, it is recorded as a debit (increase in asset) in the account and when an asset is sold or disposed of, it is recorded as a credit (decrease in asset) in the account.
This rule is applied when recording transactions related to liabilities, such as loans, accounts payable, and salaries payable. When a liability is incurred, it is recorded as a credit (increase in liability) in the account and when a liability is paid, it is recorded as a debit (decrease in liability) in the account.
This rule is applied when recording transactions related to expenses, revenues, gains, and losses. When an expense is incurred or a loss is suffered, it is recorded as a debit (increase in expense or loss) in the account, and when an income or gain is earned, it is recorded as a credit (increase in income or gain) in the account.
These rules ensure that every transaction is recorded accurately and consistently, which helps in preparing financial statements that provide an accurate and complete picture of a company's financial performance. The 3 golden rules of accounting are fundamental to understanding and applying accounting principles in any business or organization.
If you are looking for affordable tally GST course fees in Kolkata then you should choose GTIA, which is a well-known coaching center in Kolkata that offers training in Tally with GST. GTIA provides comprehensive study material, including books, notes, and practice papers. The study material is designed to cover all the important topics and concepts of Tally with GST.
To sum up, understanding the types of Tally software and the 3 golden rules of accounting is crucial for businesses to manage their financial transactions efficiently and effectively. Tally provides different versions suitable for businesses of all sizes, from small to large, while the golden rules of accounting serve as the foundation for recording transactions consistently and accurately.
By following these rules and utilizing Tally's software, businesses can make informed decisions based on accurate financial data and ultimately achieve their financial goals. Also, GTIA provides most affordable tally with GST course in Kolkata.