INTRODUCTION ABOUT accounting packages (TALLY) There was a time when accounting transactions were manually recorded on large,

columnar sheets of green paper called ledger pads. Fortunately for business owners, accounting software helps make accounting efficient, accurate and compliant. Choosing accounting software is a major consideration for any business owner or management professional and should receive top priority. Coming on accounting packages tally is one of the most reliable and old ERP. I have chosen this as my project subject. Tally Solutions Pvt Ltd is a Bangalore-based ERP (Enterprise Resource Planning) software company that currently sells into more than 100 countries beyond its native India, including the United Kingdom, Bangladesh and the Middle East. Tally's software is mainly used for vouchers, financial statements, and taxation in many industries, and has specialised packages for retail businesses. More advanced capabilities are found in its ERP package. Tally.ERP 9 has advanced integration capabilities in the form of Application programming interfaces to make the software extensible. Tally can interact with Software application using XML, ODBC, DLL technologies. The language used to build Tally.ERP 9 is called Tally Definition Language, briefly touched upon in Internal Architecture & Design

NEED AND IMPORTANCE OF accounting packages TALLY

In todays world of fast computing the primitive methods of book accounting has vanished and can also be very tedious and to maintain upto date record can be a big task for a firm. So to make the work simpler ERP was the solution. TALLY is one of the most consumer friendly ERP systems which is made in very lucid language for layman to understand. IT IS A MULTI PLATFORM TOOL which is compatible with all operating systems The main advantages of a computerized accounting system are listed below: Speed data entry onto the computer with its formatted screens and built-in databases of customers and supplier details and stock records can be carried out far more quickly than any manual processing. Automatic document production fast and accurate invoices, credit notes, purchase orders, printing statements and payroll documents are all done automatically. Accuracy there is less room for errors as only one accounting entry is needed for each transaction rather than two (or three) for a manual system. Up-to-date information the accounting records are automatically updated and so account balances (e.g. customer accounts) will always be up-to-date. Availability of information the data is instantly available and can be made available to different users in different locations at the same time.

Management information reports can be produced which will help management monitor and control the business, for example the aged debtors analysis will show which customer accounts are overdue, trial balance, trading and profit and loss account and balance sheet. GST/VAT return the automatic creation of figures for the regular GST/VAT returns. Legibility the onscreen and printed data should always be legible and so will avoid errors caused by poor figures. Efficiency better use is made of resources and time; cash flow should improve through better debt collection and inventory control. Staff motivation the system will require staff to be trained to use new skills, which can make them feel more motivated. Further to this with many off-the-shelf packages like MYOB the training can be outsourced and thus making a particular staff member less critical of business operations. Cost savings computerized accounting programs reduce staff time doing accounts and reduce audit expenses as records are neat, up-to-date and accurate. Reduce frustration management can be on top of their accounts and thus reduce stress levels associated with what is not known. The ability to deal in multiple currencies easily many computerized accounting packages now allow a business to trade in multiple currencies with ease. Problems associated with exchange rate changes are minimized.

OBJECTIVES
The following are the main objectives of accounting: To keep systematic records: Accounting is done to keep a systematic record of financial transactions. In the absence of accounting there would have been terrific burden on human memory which in most cases would have been impossible to bear. To protect business properties: Accounting provides protection to business properties from unjustified and unwarranted us. This is possible on account of accounting supplying the information to the manager or the proprietor. To ascertain the operational profit or loss: Accounting helps is ascertaining the net profit earned or loss suffered on account of carrying the business. This is done by keeping a proper record of revenues and expenses of a particular period. The profit and loss account is prepared at the end of a period and if the amount of revenue for the period is more than the expenditure incurred in earning that revenue, there is said to be a profit. In case the expenditure exceeds the revenue, there is said to be a loss. To ascertain the financial position of business:

The profit and loss account gives the amount of profit or loss made by the business during a particular period. However, it is not enough. The businessman must know about his financial position i.e., where he stands; what he owes and what he owns? This objective is served by the balance sheet or or position statement. To facilitate rational decision making: Accounting these days has taken upon itself the task of collection, analysis and reporting of information at the required points of time to the required levels of authority in order to facilitate rational decision making.

References
1) Oxford dictionary 2) www.google.com 3) library sources 4) www. Tally/erp.com