How to create a company in Tally?

0
18

 

A short introduction to Tally

how to create company in tally

To begin with accounting in Tally the most important thing one needs to be informed about is how to create company in Tally ERP 9. The people who have multiple business running can make use of this smart feature to add up multiple companies in the Tally software at the cost of just one software. The Tally ERP application has theseays evolved itself from the concept of just being limited to a n accounting application.

It provides an active support for improved for legislative observance by overhauling these files at tally solution site. One can operate tally remotely while using the Tally.net smart features. The latest version of Tally ERP 9 is packed along with the GST advancement. Nevertheless addition of the companies is the best feature that the ERP has rolled out with.

For creating a company : Quick Guide

  1. Start with opening the Tally application on tally ERP 9.0
  2. If is it so that you are accessing tally ERP 9, for the very first time you will be able to see a menu which can also be considered as company info.
  3. Shortcut for doing that is reach out to the gateway of Tally and right after that Alt+F3 and you will be able to see the menu.
  4. Select the icon which shows the symbol of creating a company and push the enter button.
  5. The very next screen that pops up after selecting the create company icon is the company creation in tally screen.
  6. The user needs to enter the company name, address, the financial year beginning and end which includes all the other essential details which may be required in the company creation.
  7. After all information is fed into the required fields  press enter which will ask for confirmation, Yes or No.
  8. To create and save company hit enter or press Y key.
  9. Finally the company creation is complete.

(I) Creating a company step by step in detail

Step 1

  1. Open the Tally application by double clicking on the desktop.

tally erp 9

2. For those who are using it for the very first time after installation one will have a screen like this.

tally erp 9 select company

This will be the first screen of company. On the right handside one will come across a menu box which will be having Company Info, Company info Screen company info.

Step 2

Let’s say you land in the company info menu. To get this done one needs to choose the option create company from menu with help of up and down arrow keys and press enter key.

Create company in tally

what can now be seen is company creation screen

company creation screen in tally

In the company creation/generation screen one will need to enter all the mandatory details of the screen. Let us take a look on all the informative details

(A) Directory:-

Directory can be explained as the location of the data storage. To put it more simply it could be understood as a place where tally stores all the data which has been fed into Tally ERP 9.

Read:- Tally ERP 9 Tutorials Basic & Advanced online guides & classes

The data by default will be stored in the installation folder which can be changed to desired location manually.

(B) Name:-

Enter the name of the company in the field, for example XYZ Ltd.

(C) Address:-

The field where the address of the company could be entered.

(D) Country:-

Choosing the company’s origin country where from the business operates primarily.

(E) State:-

Choose the state where the mandatory operations are carried on.

(F) Pincode:-

The pincode of the location is where the company’s office exists.

(G) Phone Number:-

Feed the telephone number.

(H) Mobile number:-

Enter the mobile number

(I) Fax No:-

Enter the FAX details if any.

(J) Email:-

One needs to enter the official communication mail ID.

(II) Financial Year and book Details

1. The financial year starts from: Enter the financial year according to which you wish to create the company. For example let’s take the beginning of the year for the company is October 01 2016 Then the financial year start date should be 01.04.2016

2. Book starts from: Majority of the company have a book beginning date just as similar to the financial year beginning date which may vary from one company to another.

3. Those which start in mid of the financial year.

4. The firms which move from Manual Accounting to Tally ERP 9 in mid of the financial year.

(III) Control of Security while company creation in Tally ERP 9

1. Vault password for Tally:-

The vault password for Tally is basically for security reasons. When enabled the Tally ERP transforms the entire data in protected (encrypted) format. Encryption can be explained as the activity in which Tally transforms the data from a recognised to an unorganized format.

Read:- How to Create Journal Entries in Tally

If the password of the Tally is Tallyman@47857 it will encrypt the password into something like @28484154%^&$#@(&^. The advantage of this encryption is that it is very tough to get a read on what is written or stored if the data is stolen.

By making use of vault password one can prevent the unauthorized access if company crucial data.

2. Financial Year and book Details:-

A. The financial year starts from: Enter the financial year according to which you wish to create the company. For example let’s take the beginning of the year for the company is October 01 2016 Then the financial year start date should be 01.04.2016

B. Book starts from: Majority of the company have a book beginning date just as similar to the financial year beginning date which may vary from one company to another.

C. Those which start in mid of the financial year.

D. The firms which move from Manual Accounting to Tally ERP 9 in mid of the financial year.

Security Control

The use of security administering:- When enabled the user will acquire a complete access over the data wherein the users can assign for specialised use, for instance.

One can allot data entry executives who have the access to entry screens

One can allot the billing executives who are limited only by the access of the sales invoice voucher

An individual can also allot financial executives who have the access for financial reports and data as admin administer the access.

In the below module you will be prompted about the admin and password info. Tally will furnish the user with a cautionary message’ Forgetting the password will lead to loss of the data which will be inaccessible for some time as mentioned below in the image.

Tally epr9 software

Making use of the Audit features of Tally:-

By sanctioning this option the admin will have the access to the auditor information as he will have the access to the advantage of the auditor changes made by the user.

Prohibit the opening of educational mode:-

One cannot have the access to company is the program has pushed itself to the educational mode. As we all are aware that the Tally is a liberate option for the educational application in which one can feed in the transactions only in the last and first dates of every month.

Step 3

Authorize the upcoming screen when you have fed in all the details, tally vault password will be asked. So one needs to enter the Tally Vault password here.

Tallyvault password

Here you need to enter the password which will grant you the security control. Make sure to enter those details as well.

Enter password in tally

Now the Tally ERP will create a company which will provide you the access of Menu Gateway of Tally as it will authorize to create master and enter the numerous transactions.

Tally erp 9

On the left hand side it is visible that the current time and date including the name of the company and details of the last entry. This all comes under Name of the company where the name of the newly created company is visible. This means that the company which is visible is loaded. While on the right handside there are multiple menus where the company creation option is available.

(IV) GST composition and regular dealers

Right after the GST was implemented or brought to action and implementation both in tally the users were very much struck with the question of company creation for GST dealers. It is created very much normally and can be created by following the above mentioned steps. Following the steps you will finally be able to get started with GST in Tally ERP 9. While right after that the activation screen of GST one will be having the option for setting the GST regular dealer, composition dealer etc.

This all is accessible at

  1. F11 Features > Statutory F3
  2. Enable GST : Yes
  3. Set alter GST details : Yes

Conclusion

With the above mentioned information one can come to know how a company is added to Tally. Tally ERP has been evolving right since it was designed. People who are confused with how to add other companies or how to create company in tally while the option to add GST is an additional feature that was packed along the ERP version.