The Tally

• The Tally is the financial accounting software, in which all types of business transactions are entered and displayed. Like Purchase, Sales, Debit Note, Credit Note, Payment, Receipt, Jouranals, etc.

• We can see in the tally software, the Trial Balance, Tredind Account, Profit And Loss Account, Balance Sheet and also our Stocks.

• The Tally software was developed by Shyam Sunder Goenka and his son Bharat Goenka, Peutronics Company in 1986.

• The Peutronics company is now known as Tally Solutions Pvt. Ltd.

• The Headquarter of the Tally Solutions Pvt. Ltd. is in Bengaluru, Karnataka India.

• The oldest version of Tally was Tally 4.5 and the latest version of Tally is Tally ERP 9.

• The other versions of the Tally are Tally 5.4, Tally 6.3, Tally 7.2, Tally 8.0 and Tally 9.0.

• The full form of ERP is Enterprice Resource Planning.

THE ACCOUNT

• The Account is the book in which all types of transactions are written.

• There are two types of the account, (1.) Personal Account and (2.) Impersonal Account.

• There are two types of the Impersonal Account, (1.) Real Account and (2.) Nominal Account.

THE PERSONAL ACCOUNT

• The account which is related to the persons, Firms, Organisations, Institutions, etc.is called the Personal Account.Like Ram Account, SBI Account, ISRO Account, Wizard-Tech Compuer Academy Account, etc.

THE REAL ACCOUNT

•The Account which is related to the things is called Real Account.Like Computer Account, Calculator Account, Furniture Account, etc.

THE NOMINAL ACCOUNT

• The Account which is related to the Expenses, Losses, Incomes, Profits, etc is called the Nominal Account.Like Salary Account,Wages Account, Rent Account, etc.

THE GOLDEN RULES

FOR THE PERSONAL ACCOUNT

• Debit the Receiver and Credit The Giver.

FOR THE REAL ACCOUNT

• Debit the incoming things and Credit the Outgoing things.

FOR THE NOMINAL ACCOUNT

• Debit the Expenses and Losses and Credit the Incomes and Profits.