“When you waste one hour of your time, you have wasted your life.” ― Sunday Adelaja
Banking is the single most USABLE feature in TallyPrime used across All Continents (Asia, Africa, Europe, etc.), Business types (Trading, manufacturing, Services, etc.) and organizations (Proprietorship, LLP, Ltd companies). However, most are contented by using only 40% of its capabilities.
The following are the benefits of Banking in TallyPrime.
1) Direct E-Payment module with 7 banks
You can generate direct payment for vendors as well as employees. Currently, online payment can be initiated with seven banks i.e. DBS, Standard Chartered, Kotak Mahindra, Yes Bank, ICICI, HDFC, and Bank of Baroda. For DBS Bank it is auto-configured and for all other banks connect with your relationship manager and get the e-payment activated on the bank website.
2) Auto Bank Reconciliation bank statement with books of accounts.
Save at least 1 hour each week by auto reconciling bank dates with voucher dates for each transaction in a few minutes. TallyPrime directly recognizes formats from banks that are providing excel download of the account statement. Users can create a voucher from the reconciliation screen itself for a direct transaction and bank charges not reflected in books of accounts.
3) Cheque book management.
Maintain multiple cheque book series so as to the status of each cheque can be tracked. Easy reporting of Issued, Staled, and Unreconciled, etc. ensures that missing cheque information is quickly generated.
4) Deposit slip and Payment advice Printing.
Users can save time and energy by only accounting for receipts and then take a printout for deposit slips. TallyPrime provides for single and multiple deposit slip printing. Professional print out of payment voucher can also be obtained.
5) Cheque Printing of 550 banks globally.
The software provides for printing of multiple formats (2-5 formats each) of all the 233 banks from India as well as 327 International banks from all over the world. Be it any bank from the UK, UAE, or Singapore. Trust Tally Solutions to provide a precise format for printing. No other software in the world provides for the print configuration of such a large number of banks.
6) Post Dated Transaction management.
Manage all the receivables/payables considering the impact of receipt/ issue of post-dated cheques along with real-time accounts. Further, eliminate the need for additional transactions at the time of realization and most importantly Avoid delay in revenue realization by presenting the PDCs in time.
7) A configuration of multiple payment types for each ledger.
Ensure operation of all payment types (Electronic payments, NEFT, RTGS) information for each customer in their own ledger master.
We are also happy to share a few of our client live case studies on the banking feature.
- NSCI (NATIONAL SPORTS CLUB OF INDIA).
Ms. Chaitali from NSCI shared that they have to deal with multiple transaction types and reconciling them manually is a challenging task. They use Auto Bank Reconciliation to reconcile their bank statements and it approximately takes 5-10 minutes in a week. Thus it is a huge Time Saver. They also use deposit slip and payment voucher printing which have eased their work. Also, she said, “We have many departments and also we have n number of employees, therefore during the pay period we use cheque printing directly through Tally rather than doing it manually. We also get post-dated Cheques from our clients which is accepted by TallyPrime and hence is a bonus for us.”
- OPTIMYSTIX ENTERTAINMENT PVT. LTD.
Mr. Rahul of Optimystix Pvt. Ltd. shared how Auto Bank Reconciliation fastened his work and saved his precious time and efforts. He also stated that dealing in multiple transactions becomes very stressful but reconciling them is very easy and speedy.
- KRISHNA BRIGHT STEEL
Mr. Gawde from Krishna Bright Steel mentioned that he uses Auto Bank Reconciliation to reconcile his bank statements which help him save ample of his time. By auto reconciling bank statement he gets perfect and accurate data which is a plus point. Even if there is an error while reconciling he can immediately rectify the same and when any data is missing, also that can be found out within a span of time.
Thus from the above live case studies, we get to know that using this extraordinary feature has saved your exquisite thing called “Time” which is an essential one.
As can be seen, the module is easy to implement, however not many people are using it on probing with the Tally team they have informed that for the Banking module they are making the feature more user-friendly with complete and secured connectivity with major banks soon. This shall be a great productivity booster for an organization using TallyPrime.
Do let us know about your usage for the BANKING feature in TallyPrime. Mail us at email@example.com