Tally Questions and Answers

Explain what is Tally and where it can be used?

Tally is a software for accounts and inventory management, which is used for performing many functions like

  • Performing all basic accounting functions
  • Estimating job costing
  • Storing details and managing inventory items
  • Managing payroll
  • Filing tax return, managing profit, and loss statement, preparing a balance sheet, VAT forms, trial balance, cash-flow report, etc.
  • Maintaining budget scenarios
  • Calculating interest on the outstanding amount
  • Managing data over different locations and synchronize it