How to create a company in TALLY ERP 9?

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How to create a company in TALLY ERP 9?

How to create a company in TALLY ERP 9?

To create a company in Tally ERP 9, follow these step-by-step instructions:

  1. Open Tally ERP 9: Launch Tally ERP 9 software on your computer.
  2. Select the Appropriate Directory: Tally will ask you to select the data directory where your company’s data will be stored. Choose the desired location or the default directory and proceed.
  3. Click ‘Create Company’: In the Gateway of Tally screen, select “Create Company” or press “Alt + F3” shortcut key.
  4. Enter Company Details:
  • Name: Provide the name of your company.
    • Mailing Name: Enter the name that you want to use for mailing purposes (optional).
    • Address: Enter the address of your company.
    • Financial Year: Choose the applicable financial year for your company.
    • Books Beginning From: Enter the date from which you want to start maintaining your company’s books.
  • Enable Goods and Services Tax (GST) if applicable: If your company is registered under GST, choose ‘Yes’ for GST Applicable and provide the necessary GST-related details.
  • Select the Appropriate Statutory Compliance: Choose the applicable statutory compliance option based on the nature of your business.
  • Enter Security Control Details (optional): Set a password for your company data if required.
  • Review the Information: Double-check all the entered information for accuracy.
  • Save the Company: Once you are satisfied with the details, press ‘Enter’ or ‘Y’ to save the company.
  • Confirm and Proceed: Tally will display a confirmation message. Press ‘Enter’ to confirm and create the company.

Your company is now created in Tally ERP 9, and you can start using the software to manage your company’s accounting and financial data. Remember to back up your company data regularly to ensure data security and avoid any potential data loss.

How to maintain company data in Tally?

Maintaining company data in Tally ERP 9 involves regular data entry and updating of financial transactions. Here are the key steps to effectively maintain company data in Tally:

Data Entry

a. Create Masters: Set up various masters such as ledgers (accounts), stock items, and parties (customers/suppliers). b. Voucher Entry: Enter financial transactions using different types of vouchers, such as payment, receipt, sales, purchase, journal, and contra vouchers.

Bank Reconciliation

a. Reconcile Bank Accounts: Regularly reconcile bank accounts to match the transactions in Tally with bank statements to ensure accuracy and identify any discrepancies.

Inventory Management

a. Stock Transactions: Record stock-related transactions like stock purchases, sales, transfers, and adjustments. b. Maintain Stock Levels: Keep track of stock levels and perform periodic stock checks to ensure accurate inventory management.

Accounting Reports

a. Financial Statements: Generate financial statements like balance sheets, profit and loss statements, and cash flow statements to assess the financial health of the company. b. Trial Balance: Verify the accuracy of accounts by generating a trial balance report. c. Ledger Reports: View detailed ledger reports to monitor individual account transactions.

Tax Compliance

a. GST Filing (if applicable): Ensure timely filing of GST returns and maintain accurate GST records. b. TDS Deduction and Payment (if applicable): Record TDS transactions and remit the deducted amount to the government within the due dates.

Backup and Data Security

a. Regular Backup: Back up company data at regular intervals to protect against data loss due to hardware failures or other issues. b. Data Security: Set up appropriate access control and security measures to safeguard company data from unauthorized access.

Periodic Auditing

a. Internal Audit: Perform internal audits to verify the accuracy and compliance of financial transactions. b. External Audit (if applicable): Prepare necessary data and documents for external audits, if required.

Closing Financial Periods

a. End-of-Period Activities: Perform end-of-period activities, such as closing the books, transferring profit or loss, and carrying forward balances to the next financial year. b. Year-End Closing: Close the financial year and start a new financial year for reporting purposes.

Data Cleanup and Maintenance

a. Regular Data Cleanup: Remove unnecessary or outdated data to keep the database clutter-free and improve system performance. b. Data Compaction: Periodically compact the data to optimize database storage and improve system efficiency.

By following these steps and maintaining accurate and up-to-date data in Tally, businesses can ensure that their financial records are well-organized, compliant, and readily available for analysis and decision-making.

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