by The term “Single Entry” in Tally Prime is not a standard feature or concept within Tally accounting software. Instead, Tally primarily follows a “Double Entry” accounting system, which is the standard method for maintaining accurate financial records.
In double-entry accounting, every financial transaction involves at least two accounts: a debit and a credit. This system ensures that the accounting equation (Assets = Liabilities + Equity) remains in balance at all times. Double-entry accounting provides a more accurate and comprehensive view of a company’s financial health compared to single-entry accounting.
