Description of current tally (7)
I believe the answer is:
account
'description' is the definition.
(I've seen this before)
'current tally' is the wordplay.
'current' becomes 'ac' (alternating current).
'tally' becomes 'count' (synonyms).
'ac'+'count'='ACCOUNT'
'of' is the link.
(Other definitions for account that I've seen before include "History" , "Invoice - story" , "Record of an event" , "Description; importance" , "Financial statement" .)