How to Create MIS Report in Tally

Introduction

One of the most crucial tools for any organisation is the Management Information System Report or MIS report. It provides you with a clear picture of where your company is and where it needs to progress. At Jordensky, a leading accounting and tax service provider based in Mumbai, we understand the importance of efficient financial management for your startup or businesses. In this blog, we will guide you on how to create an MIS report in Tally, a widely-used accounting software.

Full Form of MIS Report - A management information system is abbreviated as MIS. Executives and senior management from all departments refer to MIS reports, which are generated after gathering, comparing, and analysing data linked to daily tasks and overall company processes.

What is MIS Report?

MIS reports, or Management Information System reports, are critical to company decision-making. The MIS report gives a bulleted summary of the several verticals that must be monitored for the effective operation of your firm. The primary purpose of this report is to compare the performance of business activities to defined parameters. They provide complete data insights, allowing managers to assess and interpret corporate performance. MIS reports are sometimes referred to as business intelligence or management information reports.

How MIS Report Works?

They provide a brief perspective of a company's performance in terms of revenue, orders, customer queries, human resource indices, employee performance, and attrition. It aids in the identification of issues, pressure points, and bottlenecks.

MIS is essentially an integrated solution of systems, hardware, processes, storage, and report generation for efficient organisation management. Businesses might implement new practises that result in greater performance by analysing the variation between the estimated target and the achieved results. These reports' key contribution is to compress different figures in order to provide insights into the business model.

Various types of Management Information System Reports

The following are examples of management information system reports. These MIS reports are simple to create in Excel and Tally. Among them are:

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Sales MIS Reports

‍The sales and marketing teams develop and manage sales MIS reports for transactional analysis of various products and services. The study is based on variance, which is the difference between expected and actual sales‍

MIS Reports in Accounts

‍Accounts reports give information on assets, liabilities, expenditures, and income. Developed for a variety of objectives by the production, marketing, and sales divisions. Cash flow statements, production reports that include production targets, and sales variation reports are all appropriate examples.

Budget Reports

A budget report is required in any organisation to manage assigned funds and to manage the expenses. Production budget, expense budget, cash budget, and other standard budget reports can be generated.

Production Reports

The manufacturing department is in charge of producing production reports that compare specified production targets to the final production count. The difference between the targeted and delivered output helps to quantify the overall process efficiency.

Cashflow Statement Report

The business operations department can use this Management Information System report to examine the inflow and outflow of cash during a specific time period. It also aids in tracing the sources of funds used for the outflows.

Trend Reports

Trend reports allow you to compare historical and present performance. These reports show how a business unit or product category is doing. Such management information system reports are necessary to compare actual performance to predicted numbers.

What are benefits of MIS Reports

Management information reporting is an essential component of business administration. Here are some of the benefits of reports for top management.

Data Administration and Trend Analysis

Mathematical tools are used in management information systems to assist with data administration, analysis, and storage. Such information provides precise insights for trend analysis, strategic planning, and company forecasting.

Goal Setting

Setting goals is made easier by MIS reports, which provide detailed data insights and analysis. Detailed studies assist in analysing current market patterns and forecasting future outcomes.

Identifying Problems

MIS system reports assist in calculating labour working hours and machine operating hours. The idle hours of both the machine and the crew are also mentioned in these reports. Thus, MIS reports come in handy if there is a problem with resources, work hours, or time management.

Increased & improved efficiency

MIS reports aid in increasing the efficiency of machinery and labour. Everything can be tracked, from sales, inventory, production, and cashflows through profits, losses, and so on.

Reduced costs & errors

MIS reports are built using OLTP, or online transaction processing, which allows for quick data collecting and processing. This helps businesses save time and money on data processing, which leads to faster decision making and goal planning.

MIS Report : Definition, Type of MIS, Example and How to Prepare and Analyse MIS

MIS Report : Definition, Type of MIS, Example and How to Prepare and Analyse MIS

How to create MIS Report in Tally

There is no limit to the amount of reports that Tally can generate for management. However, depending on how the report is generated and the unique demands of the report, it can be divided into two major types.

Generic/Preset MIS Reports

These are standard reports that top-level management frequently uses to analyse corporate performance. These MIS reports are simple to create in tally because users can access them immediately from the tally windows. Balance Sheets, Profit and Loss Statements, Inventory Valuation, Ratio Analysis, and many more common MIS reports are among the most popular.

Steps to Generate Standard/Preset MIS Report in Tally Prime

1. Log in to Tally Prime and open the Company for which you want to generate the MIS report.
2. Go to the Gateway of Tally
3. Select the required MIS Reports.
4. Click F2
5. Enter the required period for which you want to generate the report
6. Click F12: Configure
7. Configure the required options as per your need and click enter
8. The required MIS report will be displayed. Customized MIS reports
9. You can either print it by pressing “Ctrl +E” or export it by Pressing ” CTRL +E”

Customized MIS Reports

Customized MIS reports are those that are prepared to provide precise details about an item, ledger, account, or balance. To create a customised MIS report, first analyse the business requirements and then construct the report in tally accordingly.
For example, debtors with a past-due balance of more than six months, negative account payable balances, sales/purchases of specific items, and so on.

Steps to generate customized MIS Reports in Tally Prime

1. Log in to Tally Prime and open the Company for which you want to generate the MIS report.
2. Go to the Gateway of Tally
3. Select Display
4. Select the required Account Books, Ledgers, Day Book, Voucher, etc.

You can choose any statement, account or books based on your requirements

1. Click F2 and Enter the required period for which you want to generate the report.
2. Click F12 and Configure the required options as per your need and click enter.
3. Click Alt + F12 and Set rules to generate required specifics using filter
4. Press Enter to generate the Report

You can either print it by pressing “Ctrl +E” or export it by Pressing ” CTRL +E”

Examples of MIS Reports in Tally

Tally MIS reports ERP 9 aids with both excellent decision-making and strategic planning. Some good Tally MIS report examples are:

• Comparative and exception reports in a multi-columnar format
• Debtors’ payment performance
• Stock aging and movement analysis
• Ratio & job costing analysis
• Scenario management
• Income and expenditure statements

Factors to Keep in Mind While Developing MIS reports in Tally

• Create report templates in MS Excel and make sure that you are well-aware of how to use an excel sheet.
• Prepare MIS templates that are easy to read and comprehend for other staff and upper management.
• Collect all relevant data from the concerned departments.
• Mine the data so that all unnecessary information is removed.
• Use the Excel formula for connecting the above data with the MIS template.

Advantages of MIS Reports in Tally

• Tally guarantees accurate data collection and processing, which results in acceptable MIS reports.
• Users can  gain real-time insights into business performance, allowing for more rapid decisions.
• Customizable Reports: Customize the reports to match your specific business needs, including detailed and relevant information.
• Tally's MIS reports provide a full study of financial and operational factors, which aids strategic planning.

At Jordensky, we help businesses maximize the possibilities of Tally for their accounting and tax requirements. Creating a MIS report in Tally is simple and extremely valuable to any firm looking for growth and efficiency.

About Jordensky

At Jordensky, we are committed to providing an experience of the highest caliber while specializing in accounting, taxes, MIS, and CFO services for startups and expanding businesses.

When you work with Jordensky, you get a team of finance experts who take the finance work off your plate– ”so you can focus on your business.

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