Accounting Automation and Tally Software
24 Questions
0 Views

Accounting Automation and Tally Software

Created by
@WholesomeHyena

Podcast Beta

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What significant feature was introduced with Tally ERP 9 in 2009?

  • Inventory management
  • FBT calculation
  • E-TDS filing
  • GST calculations (correct)

    • Which of the following Tally versions supports multitasking?

  • Tally Prime (correct)
  • Tally 9
  • Tally ERP 9
  • Tally ERP 9 Silver

    • Which of the following is not a feature of Tally software?

  • Remote access from different locations
  • Instant report generation
  • Automate employee record management
  • 3D reporting capabilities (correct)

    • How many companies can Tally maintain records for?

    <p>99,999</p> Signup and view all the answers

    What is the purpose of Tally ERP 9 Gold?

    <p>Used for multi-user access in large organizations</p> Signup and view all the answers

    Which Tally version was developed with features for TDS calculation?

    <p>Tally 9</p> Signup and view all the answers

    What functionality allows Tally to work across different languages?

    <p>Multi-language support</p> Signup and view all the answers

    Which software version is best for small organizations wanting a single-use option?

    <p>Tally ERP 9 Silver</p> Signup and view all the answers

    What is the primary purpose of accounting automation?

    <p>To streamline and automate accounting tasks</p> Signup and view all the answers

    Who were the co-founders of Tally Solutions?

    <p>Mr. Shyam Sunder Goenka and Mr. Bharat Goenka</p> Signup and view all the answers

    Which version of Tally was compatible with Windows?

    <p>Tally 6.3</p> Signup and view all the answers

    Which feature was introduced in Tally 7.2?

    <p>More enhanced features</p> Signup and view all the answers

    What does Tally software primarily help businesses to do?

    <p>Record day-to-day transactions</p> Signup and view all the answers

    What significant award did Bharat Goenka receive for his contribution to Tally?

    <p>Padma Shri</p> Signup and view all the answers

    Which version of Tally offered a graphic interface?

    <p>Tally 5.4</p> Signup and view all the answers

    When was Tally 3.0 founded and what features did it offer?

    <p>Founded in 1990, offered basic accounting features</p> Signup and view all the answers

    What is a primary characteristic of blockchain technology?

    <p>It is a shared, immutable ledger.</p> Signup and view all the answers

    What does XBRL stand for?

    <p>eXtensible Business Reporting Language</p> Signup and view all the answers

    What does Big Data facilitate in accounting practices?

    <p>Real-time analysis and predictive insights.</p> Signup and view all the answers

    Which of the following best describes cloud accounting?

    <p>It hosts accounting software on a remote server.</p> Signup and view all the answers

    What describes RPA in accounting?

    <p>Technology that automates processes to enhance efficiency.</p> Signup and view all the answers

    What is a benefit of using XBRL?

    <p>It simplifies the communication of financial data.</p> Signup and view all the answers

    What type of businesses typically utilize cloud accounting?

    <p>Small businesses with limited IT infrastructure.</p> Signup and view all the answers

    Which statement accurately describes the role of Big Data in financial reporting?

    <p>It enables dynamic reporting and trend analysis.</p> Signup and view all the answers

    Study Notes

    Accounting Automation

    • Process of using technology to perform accounting tasks with minimal human intervention.
    • Aims to:
      • Streamline processes.
      • Enhance efficiency.
      • Reduce human error.
    • Examples include:
      • Data entry.
      • Invoicing.
      • Financial reporting.

    Tally Software

    • A popular accounting software used by businesses globally.
    • Features:
      • Records day-to-day transactions.
      • Analyzes business-related data.
      • Provides financial accounting capabilities.
    • Developed by Tally Solutions Private Limited.
    • First version was "Peutronics Financial Accountant," offering basic accounting features.
    • Over 20 lakh businesses use Tally across 100 countries.

    History of Tally Software

    • Founded in 1986 by Shyam Sunder Goenka and Bharat Goenka.
    • Various versions have been released throughout the years, adding new features and functionalities.
    • Notable versions:
      • Tally 3.0 (1990)
      • Tally 3.12 (1992)
      • Tally 4.5 (1994)
      • Tally 5.4 (1996)
      • Tally 6.3 (2001)
      • Tally 7.2 (2005)
      • Tally 8.1 (2006)
      • Tally 9 (2006)
      • Tally ERP 9 (2009)
      • Tally Prime (2020)

    Features of Tally Software

    • Easy to install and navigate.
    • Can solve complex business functions.
    • Allows creating and managing records for up to 99,999 companies.
    • Automates employee record management.
    • Synchronizes transactions and records across multiple office locations.
    • Helps Chartered Accountants perform audits.
    • Generates instant reports for any given month or year.
    • Generates consolidated financial statements for an organization.
    • Offers online assistance to support users.
    • Supports multiple languages, enabling viewing reports in different languages.
    • Manages inventories, invoices, sales, and purchase records.

    Types of Tally Software

    • Single-Use Tally Software:
      • Can be used on one operating system.
      • Suitable for small organizations and startups.
      • Tally ERP 9 Silver is the best example.
    • Multi-User Tally Software:
      • Can be used on multiple systems.
      • Suitable for large organizations, schools, colleges, hospitals, and multinational companies.
      • Allows for access across multiple office locations.
      • Tally ERP 9 Gold is the best example.
      • Requires Tally servers for increased speed and efficiency in large corporations.
      • More expensive than single-use Tally software.

    XBRL (eXtensible Business Reporting Language)

    • An open, royalty-free software specification for the electronic communication of business and financial data.
    • Facilitates data exchange globally, benefiting the preparation, analysis, and communication of business information.
    • Developed by XBRL International, a collaboration of accountants and technologists, representing over 650 members.

    Blockchain

    • A shared, immutable ledger for recording transactions and tracking assets within a business network.
    • Provides immediate, shared, and observable information, accessible only by permissioned network members.

    Cloud Accounting

    • Uses accounting software hosted on a secure remote server.
    • Allows access to accounting systems, reports, and financial documents from any location with an internet connection.
    • Suitable for small business teams.

    Big Data

    • Large volume of information coming from various sources, analyzed using intelligent tools for insights.
    • Revolutionizes accounting by facilitating real-time analyses, robust fraud detection, and predictive insights.
    • Enhances financial reporting by providing dynamic, secure, and forward-thinking capabilities.

    RPA (Robotic Process Automation)

    • Software technology that automates repetitive tasks, augmenting human capabilities.
    • Combines disparate actions into smooth, automated processes.
    • Captures user actions like clicks and entries to create automation workflows.
    • Can transform accounting workflows by automating repetitive tasks.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Related Documents

    Computerized Accounting PDF

    Description

    Explore the role of technology in accounting through automation and the features of Tally software. This quiz highlights the evolution of Tally, its global reach, and the key benefits it offers to businesses in streamlining accounting processes.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser