Tally Prime is an advanced version of Tally ERP 9, an accounting and business management software used by organizations for a variety of tasks like accounting, finance, inventory, payroll, and more. It's developed by Tally Solutions, and it aims to provide businesses with an intuitive, easy-to-use platform to manage their operations effectively.
Tally, developed by Tally Solutions, has a long and interesting history, evolving over several decades to become one of the most popular accounting software used by businesses worldwide. Here's a brief overview of the history of Tally:
1. The Early Beginnings (1986-1990):
- Tally Solutions was founded in 1986 by Shyam Sunder Goenka and Bharat Goenka in India.
- The company started as a small software development firm and initially focused on building solutions for accounting and business management.
- The first version of Tally was created as a simple accounting software. It was designed to help businesses automate their accounting processes, keeping track of sales, purchases, inventory, and general ledger.
2. Tally 4.5 (1990):
- The first version of Tally, called Tally 4.5, was introduced in the early 1990s.
3. Tally 5.4 (1996):
- In 1996, Tally introduced Tally 5.4, a major upgrade that included better features for inventory management and enhanced accounting capabilities.
4. Tally 6.3 (1999):
- Tally 6.3 was launched in 1999 and represented another significant milestone in Tally's evolution..
5. Tally 7.2 (2005):
- Tally 7.2 was released in 2005, and it marked another major upgrade. This version focused on improving the multi-user environment and provided better integration for VAT (Value Added Tax) compliance.
6. Tally 9 (2006):
- Tally 9 was a major leap forward for the software, offering several enhancements such as improved security, better multi-user support, and easier financial reporting tools.
7. Tally ERP 9 (2009):
- Tally ERP 9, launched in 2009, was one of the most revolutionary versions of the software.
- It combined accounting, inventory management, payroll, and taxation into a single integrated solution, making it an all-in-one business management tool.
- Tally ERP 9 also supported compliance with GST and TDS (Tax Deducted at Source) requirements in India, which became essential for businesses.
8. Tally Prime (2020):
- Tally Prime, the latest version, was launched in 2020. This version introduced a redesigned user interface that aimed to make the software even more intuitive and user-friendly.
- It was built on the foundation of Tally ERP 9, with improvements in usability, speed, and efficiency.
- Tally Prime focused on ease of access, real-time information, and customizable reporting, making it a powerful tool for business owners to manage their operations seamlessly.
Key Features of Tally Prime:
User-Friendly Interface:
- Tally Prime has an improved user interface that is designed to be more intuitive. It’s simpler and faster for users to navigate and manage various aspects of the software.
Inventory Management:
- Businesses can track and manage their inventory using features like stock valuation, re-order levels, and real-time stock updates.
GST Compliance:
- Tally Prime is designed to help businesses comply with GST (Goods and Services Tax) requirements. It allows users to generate GST-compliant invoices, track GST liabilities, and file returns.
Remote Access:
- With the introduction of Tally’s cloud functionality, users can access their data remotely. This makes it easier to manage the business from anywhere, providing more flexibility.
Powerful Reporting:
- Tally Prime provides a variety of reports, such as trial balances, sales and purchase registers, P&L statements, tax reports, etc., which can be customized as per the user’s needs.
Security Features:
- It offers strong data encryption and security measures to ensure that sensitive financial information is well-protected.
Uses of Tally Prime:
Accounting and Financial Management:
- Tally Prime is primarily used for managing accounts, including journal entries, ledgers, and trial balances. It helps in tracking day-to-day financial transactions and generates comprehensive financial reports.
Inventory Management:
- It helps businesses manage their inventory efficiently by tracking stock movements, calculating stock values, and maintaining accurate stock levels across various locations.
Invoicing and Billing:
- Businesses can create professional invoices and bills with Tally Prime. It also supports customization of invoices based on business needs.
Taxation:
- Tally Prime simplifies tax management for GST and other indirect taxes. It calculates the taxes automatically, generates GST-compliant invoices, and helps businesses with tax returns and filing.
Payroll Management:
- It automates payroll processing for businesses, helping calculate salaries, taxes, bonuses, and deductions for employees. Tally Prime ensures compliance with labor laws and generates payslips and reports.
Multi-User Access:
- Tally Prime allows multiple users to access the system simultaneously, improving collaboration within teams and departments.
Benefits of Using Tally Prime:
- Time-Saving: With its simple interface and quick access to features, Tally Prime helps save time on routine tasks.
- Accuracy: Automation of calculations reduces the risk of errors in financial statements, invoices, and tax filing.
- Scalability: Tally Prime is suitable for small, medium, and large businesses, and can scale as your business grows.
- Compliant and Secure: The software ensures that all transactions are compliant with the latest laws and regulations and provides robust security features to protect your data.