Why is Tally the best for basic Financial Management?

 

Why is Tally the best for basic Financial Management?

Why is Tally the best for basic Financial Management?

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2.8 Scenario Management

Scenario Management is the management tool provided in Tally.ERP 9 with the help of which you can create multiple scenarios for the purpose of forecasting or to view provisional reports. This can be done by selectively including certain types of vouchers, which will in no way affect the regular books. The vouchers that are used in scenario management are

1. Optional Vouchers

2. Memorandum Vouchers

3. Reversing Journals

To configure for Scenarios,

Go to Gateway of Tally > Features > Accounting Features

Set Use Reversing Journals and Optional Vouchers to Yes

To create a Scenario:

Go to Gateway of Tally > Accounts Info. > Scenarios > Create

Specify the name of the scenario

Set parameter Include Actuals to Yes/No (as required)

Set parameters relating to Exclude forex gains/loss and Exclude inventory tracking to
Yes/No (as required)

Specify the voucher types to be included/excluded (Use Exclude option only for those Voucher Types that have been included previously).

To view Scenarios,

Select any report (Balance Sheet, Profit and Loss A/c, Cost Centre and so on)

Select Alt + C (New Column)

Select the scenario

Set parameter Show Variance to Yes/No

Reversing Journals and Optional vouchers are both non-accounting vouchers and hence will not affect your books of accounts in any manner. The reversing Journal is a separate Voucher Type.

This voucher is effective only when called for in reports as a part of the scenario management. In case of Reversing Journals, you can specify the date till which it is applicable.

To enter a Reversal Journal,

Go to Gateway of Tally > Accounting Vouchers > F10: Rev Jrnl.

Complete the transaction and specify a date till which it is applicable

To select an optional voucher,

Go to Gateway of Tally > Accounting Vouchers >

Press Ctrl + L: Optional to mark the chosen voucher as optional

This voucher is used when you have to enter a transaction but have incomplete information or the transaction is not yet completed. It can be regularized at any time, by going into the alteration mode and clicking on Regular (Ctrl+L) option.

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