Tally is an ERP accounting software package that is used to record day to day business data of a company. The latest version of Tally is Tally ERP 9. Tally ERP 9 Software is one of the most financial accounting systems used in India. For small and medium enterprises, it is complete enterprise software.
The 8 steps in the accounting cycle are:
- Identification of business transaction
- Recording of transactions in the books of accounts.
- Ledger posting.
- Prepare un-adjusted trial balance.
- Post the adjustment entries.
- Prepare the adjusted trial balance
- Prepare financial statements
- Closing the books of accounts.
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