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Creating a Company
Creating a Company involves providing basic information about the company whose books of accounts are to be maintained in Tally.ERP 9. Go to Gateway of Tally > (Alt+F3) Company Info. > Create Company
Directory
The data path where you want the company to be created is specified in the Directory field. This field is skipped by default when you create the company in the data path given in the Tally.INI file. If you want to change it, use the backspace key and modify it to the path required. This is referred to as the Tally Anywhere concept which is the ability to create/load companies in separate directories. The Directory field is displayed while selecting Select, Create, Backup,
Restore and Rewrite options for a company. By default, the cursor will skip the field, presuming that you wish to use the default data directory for your work. You may press Backspace to give a new path and work from there. For example, the default Tally.ERP 9 data directory could be C:\TALLY.ERP\DATA. You may now wish to create a new company on C:\TALLY.ERP\PERSONAL, and some other companies on C:\TALLY.ERP\BRANCHES. The next time, the default directory displays C:\TALLY.ERP\DATA, and if you wish to work on the data of your branches, press Backspace and enter C:\TALLY.ERP\BRANCHES for the directory name. This displays the companies whose data is stored in that location in the List of Companies. You can even give the path of a network server or any other storage device.
Name
Enter the name of the company whose books are being opened. If you are a professional accountant and are maintaining the books of your clients, give the Client Company's name.
Tally.ERP 9 does NOT restrict the number of lines for the address details. Tally.ERP 9 accommodates all the entered information and vertically compresses the same.
Note: In the space provided for the Address details, observe the vertical compression as compared to the Mailing Name field where there is horizontal compression.
You can specify any length for the mailing name and you are permitted to give any number of lines for the address. The information is completely visible.
Tally.ERP 9 handles compressed information correctly while printing. It adjusts the reports accordingly.
State
You can select the appropriate state from the predefined list.
PIN Code
Specify the PIN Code (Postal Index Number) of the specified address.
Telephone
Enter the Telephone number.
Mobile No
Enter the mobile number of the company.
E-mail Address
Enter the E-mail address that will be used to e-mail documents, reports and data from Tally.ERP 9. Enable Auto Backup Set this to Yes, if you want to enable the automatic backup of Tally.ERP 9 data (per company). Else, set this to No. The data backup is stored in the data folder of the respective company.
Currency
Currency symbol is the symbol of the base currency, that is, the currency that will be used to maintain the books of account. The symbol Rs. appears by default for India/SAARC Companies and the field is left blank for International Companies.
Maintain
Tally.ERP 9 displays a drop down for the Type of Company with two options Accounts only and Accounts with Inventory Select Accounts only if you do not have any inventory transactions (suitable for professionals and corporate offices). However, at a later date (if required) you can choose to alter the information as Accounts-withInventory. Select Accounts-with-Inventory, to maintain both financial accounts and inventory.
This concept can be applied even when you are migrating to Tally.ERP 9 from any other system or from a manual accounting system on any day during the Financial Year. Close books in that other system on the previous day and start books on Tally.ERP 9 from this day. You are allowed to give opening balances of all Ledger accounts including Revenue accounts.
TallyVault Password
TallyVault is an enhanced security system, which allows for encryption of the company data. Encryption involves converting normally accessible Tally information into unrecognisable information, which can only be reconverted by authorised persons. Give a password here and repeat the same in the Repeat field. This basically results in the creation of an encrypted company whose information is not accessible to users other than the password holder.
Name of Administrator, Password, Repeat Assuming the Tally Vault Password and Use Security Control is set to Yes enter the Name of Administrator, Password and Repeat in the respective fields.
Then Tally.ERP 9 prompts you to enter the Name of User and Password (if any). After verification Tally.ERP 9 imports the latest statutory masters. Wait till the screen shows that 100% of import is complete. This completes the Company Creation process in Tally.ERP 9. An explanation on the fields on the bottom of the Company creation screen follows:
Formal Name
Formal Name is the full name of the currency specified. The Formal Name for the base currency is set to Indian Rupees for Indian Companies.
For countries, which specify the symbol after the amount (value) this facility is provided. For example, Yen is specified after the amount (5000 Yen) unlike in India where the symbol is specified before the amount (Rs.5000)
Gateway of Tally
The Gateway of Tally screen is separated into 2 sections Main Area (Ctrl+M) and the Button Bar.
Main Area
The left side of the Main Area gives information on: 1. Current Period which is the currently loaded company's accounting period. 2. Current Date This is the date of the last Voucher Entry for the selected company.
3. List of Selected Companies This displays the name of the loaded company. The Main Area gives information on: 1. Creation of Accounting Masters and Importing Master information 2. Creation of Accounting Vouchers and Importing transaction information 3. Viewing and printing financial reports using the information given in Masters and Transactions.
Button Bar
The Button Bar Contains two sections: 1. Top Button Bar 2. Right Side Button Bar Top Button Bar Contains: Buttons Print Export E-Mail Upload Language Keyboard Control Centre Support Centre Shortcut Key Alt + P Alt + E Alt + M Alt + O Alt + G Excise Excise Excise Usability Navigate to Print Menu As it is not used from Main Screen, these buttons are disabled To change the Language To change the Keyboard Language Login to Control Centre To post the queries of the product.
Right Side Button Bar Contains: Buttons Select Cmp Shut Cmp Date Period Shortcut Key F1 Alt + F1 F2 Alt + F2 Usability To select a company To shut or close the company To change the current date To change the period
Company
F3
To select a different company which is already loaded. (If one company is Loaded in Gateway of Tally, this button is disabled) To access the Company Info. Menu To connect companies on Tally.NET To disconnect companies from Tally.NET To access the Company features for a company To access the configuration settings
In Accounts-with-Inventory Company, additional inventory related menus will be enabled, 1. In Master Level Inventory Info. 2. In Transaction Level Inventory Vouchers 3. In Report Level - Stock summary
General Numeric Symbols Accts / Inventory Info. Voucher Entry Invoice / Orders Entry
Payroll Configuration Printing E-Mailing Data Configuration TDL Configuration Advanced Configuration Licensing
General
You can configure Country Details, Style of Names, Style of Dates, Configuration of Numbers in the General configuration screen. Go to Gateway of Tally > F12: Configuration Menu > General
For setting the accounting terminology, select India/SAARC or International from the List of countries.
Style of Names
By default, the name style of a Ledger is Name Only. You can change the name style by selecting from the List.
By default, the stock item name style is Name Only. You can change name style by selecting from the List.
Style of Dates
By default, date format is dd-mm-yy. You can change the date format by selecting a format from the List.
Configuration of Numbers
Table Configuration
Use Common Table for Stock Items
If this option is set to Yes, Tally.ERP 9 allows you to select the required details from List of Stock Items based on the full or partial search keywords like Item name etc.
Note: The option Apply for all Columns is a sub- option and is displayed only when the option Use Reducing List for Tables is enabled.
Table Configuration screen can also be invoked by pressing Ctrl + Alt + F12 from Gateway of Tally
Import/Export Options
Overwrite vouchers during import By default, this option is set to No. If you set this option to Yes , Tally.ERP 9 overwrite the existing vouchers while importing data instead of duplicating the same. Export Base Currency Symbol along with Amount
This facilitates the export of the currency symbol along with the amount into XML format.
Other Options
By default, this option is set to No. If you set this option to Yes, a separate Menu Final Accounts will be displayed in Gateway of Tally. Under this menu, Balance Sheet, Profit & Loss A/c, Cash Flow, Funds Flow and Ratio analysis options are available.
Always show Info Panel If this option is set to Yes, Tally.ERP 9 will always display the Information Panel in all the screens or reports, but the user can hide the Info Panel using the [x] close button based on his requirement.
Numeric Symbols
This enables you to set the number styles. The default styles and symbols are specified. However, you have the option of changing them in the respective fields according to your preference. For example, change negative sign from (-) to (+). Go to Gateway of Tally > F12: Configure > Numeric Symbols
Voucher Entry
This option allows you to configure the vouchers entries in Tally.ERP 9, both the Accounting and Inventory Vouchers can be configured from this menu for additional information.
By default, the above configuration options are displayed in the Voucher Entry configuration screen, which can be changed as per requirements. Note: Depending upon the Company Features, options get added in Voucher Entry configuration. For instance, if you enable Allow Multi Currency option in F11 : Accounting Features, Show Forex Gain/Loss as on Voucher Date option gets added in voucher entry configuration.
Accounting Vouchers
Inventory Vouchers
By default, Tally.ERP 9 displays expiry batches in the List of Active batches during Voucher Entry. If you set it to No, expiry batches will not be displayed in the List of Active batches.
Note: Depending upon the Company Features, options get added in Invoice/order Entry configuration. For instance, if you enable VAT option in F11 Statutory Features, Allow selection of VAT/TAX Class during entry, Warn on Mismatch in VAT Rates and Activate E1 or E2 Transaction option gets added in Invoice/Order entry configuration.
General Options
On setting this option to Yes, Tally.ERP 9 Prints the Party Ledgers Mailing Name and address details given in the Ledger master in the Invoice. On setting this option to No the invoice printout will display only the Party Ledgers Name without address details.
However, if this option is set to No Tally.ERP 9 prompts the user for bill-wise details at the end of the entry.
Exporters Options
Place of Receipt Vessel / Flight No. (the transport used to send the goods) Port of Loading (from where the goods are despatched) Port of Discharge (where the goods will be finally offloaded) Country To (to which country the goods are being sent)
By default, this option is set to No. If set to Yes Tally.ERP 9 allows you to specify Marks details for every item selected in the invoice.
Inventory
Statutory
If you add another line, Tax 1%, it will calculate 1% on 3000 (on Total Item value) giving 30 as Tax value. However, if you opt for calculating on the current sub-total, Tax value will be calculated on 2700 [3000-300] giving 27 as Tax value.
Payroll Configurations
The generic Payroll related Configurations can be set using the Payroll Configurations screen along with the Pay Slip Note and Pay Slip Message. For more details on the configuration options refer to Payroll Configurations.
Go to Gateway of Tally > F11: Features The F11: Features menu is displayed as shown.
Note: In Tally.ERP 9 Auditor Edition, Audit Features menu will be available. The menu consists of the following options.
Accounting Features
Inventory Features Statutory & Taxation Tally.NET Features Audit Features (Applicable only for Auditor Edition)
General
If set to No, it ignores the inventory books figures and picks up manually entered closing stock balances from the ledger account created. This facilitates the maintaining of accounts and inventory separately. Stock records often contain compensating errors caused by wrong allocation to items. This feature enables finalisation of financial books without waiting for the reconciliation of stocks.
Allow Multi-Currency
By Default, this option is NO. Set this option to Yes, if you want to create multiple currencies and the Menu Currencies is displayed in Gateway of Tally > Accounts Info. menu.
Outstandings Management
If you want to maintain bill wise details for Non-Trading Accounts also, set this option to Yes. Bill wise Details for Non-Trading Accounts is useful in those cases where one needs to track either an installment to be paid or a loan amount to be received over a certain period of time.
Set this option to Yes to enable Tally.ERP 9 to calculate interest automatically based on the interest rate and style of calculation specified. Enabling this option allows interest calculation on outstanding balances for any ledger account or on each invoice for the period it is outstanding completely or partly.
Use advanced parameters
The advanced parameters are useful when interest rates change from time to time. Set this option to Yes to enable this function.
Maintain Payroll
Set this option to Yes if you want to maintain Payroll information on Tally.ERP 9 for the selected company .
Set this option to Yes to track all income and expenses for a Job/Project.
More than ONE Payroll/Cost category
Set this option to Yes to create more than one Payroll or Cost Category.
Use Pre-defined Cost Centre Allocations during Entry
Set this option to Yes to define Cost Centre Allocations. Refer Cost Centres and Cost Categories for details.
Show Opening Balance for Revenue Items in Reports
Set this option to Yes to display the opening balance in Cost Centre Report for the cost centres which are allocated to the Ledgers, grouped under Income and Expenses Group.
Invoicing
Allow Invoicing
Set this option to Yes, to create Sales and Purchase vouchers in the invoice format. The advantage of using the invoice format for sales invoice entry is that it enables automatic calculations of Duties and Taxes accounts.
Enter Purchases in Invoice Format
Set this option to Yes, to enable voucher class option in purchase voucher type.
Other Features
If this option is set to Yes, Tally.ERP 9 will allow you to alter the Cheque Printing Configuration
General
Set this option to Yes, if you want to set expiry dates for the batches. This displays an additional field Use Expiry Dates in the Stock Item Creation screen. This is useful for businesses that deal in goods that have expiry dates like medicines, food and other perishables. During voucher entry, by default the date of the voucher is considered as the date of manufacture of the product. This date can be changed, but not to a date later than the voucher date. At the same time, the Expiry date cannot be a date prior to the voucher date.
Order Processing
Invoicing
Allow Invoicing
This field performs the same function as explained in Accounting Features.
Purchase Management
Sales Management
Create
The Create option is used to create new masters.
Display
The Display option is used to view the Master information. Master information cannot be modified in Display mode.
Alter
The Alter option allows you to view and make the necessary changes to the master information. This does not allow the creation of masters.
Groups
Groups are collection of Ledgers of the same nature. Account Groups are maintained to determine the hierarchy of Ledger Accounts which is helpful in determining and presenting meaningful and compliant reports. Tally.ERP 9 has the flexibility of setting user required chart of accounts. You can group the Ledger accounts under the required Groups at the time of creating the chart of accounts or you can alter them at any time. The Group behavior is classified into Capital or Revenue and more specifically into Assets, Liabilities, Income and Expenditure. The Groups ascertain whether the same will affect Profit and Loss Account which is revenue in nature or Balance Sheet which is capital in nature.
Current Assets
Current Assets record the assets that do not belong either to Bank Accounts or to Cash-inHand sub-groups.
Bank Accounts
Current account, savings account, short term deposit accounts and so on.
Cash-in hand
Tally.ERP 9 automatically creates Cash A/c in this group. You can open more than one cash account, if necessary.
Note: An account under Cash-in-hand group or Bank Accounts/Bank OCC A/c group is printed as a separate Cash Book in the traditional Cash Book format and does not form part of the Ledger.
Deposits (Asset)
Deposits contain Fixed Deposits, Security Deposits or any deposit made by the company (not received by the company, which is a liability).
Stock-in-hand
This group contains accounts like Raw Materials, Work-in-Progress and Finished Goods. The balance control depends on whether you have selected Integrated Account-cumInventory option while creating the company. (refer to Company creation section for more details) Let us consider these options:
Integrated Accounts-cum-Inventory
This option has a significant effect on the Balance Sheet and Profit & Loss Account. If set to Yes, it brings the stock/inventory balance figures from the inventory records and provides a drill down to the Stock registers from the Balance Sheet. You are not allowed to directly change the closing balance of an account under this group. You are allowed to pass transactions in Inventory records and the account balances are automatically reflected in the Balance Sheet as Closing Stock.
Non-integrated Accounts-cum-Inventory
If Integrated Account-cum-Inventory option is set to No, it ignores the inventory books figures and picks up manually entered closing stock balances from the ledger account created. This provides the facility to maintain accounts separately and inventory separately. You are not allowed to pass transactions if your accounts that come under this Group. It allows you to hold opening and closing balances only. Since no vouchers can be passed for these accounts, they are the only accounts for which the closing balances can be directly altered (by an authorised user only).
Sundry Debtors
For customer accounts refer to common and possible errors in grouping of accounts section.
Current Liabilities
Accounts like Outstanding Liabilities, Statutory Liabilities and other minor liabilities can be created directly under this group. Sub-groups under Current Liabilities are Duties and Taxes, Provisions and Sundry Creditors
Provisions
Accounts like Provision for Taxation, Provision for Depreciation and so on are recorded under Provisions.
Sundry Creditors
For trade creditors, refer to common and possible errors in grouping of accounts section.
Investments
Group your investment accounts like Investment in Shares, Bonds, Govt. securities, long term Bank deposit accounts and so on. This allows you to view the total investments made by the company.
Loans (Liability)
Loans that a company has borrowed, typically long-terms loans.
Secured Loans
Term loans or other long/medium term loans, which are obtained against security of some asset. does not verify the existence of the security. Typical accounts are Debentures, Term Loans, and so on.
Unsecured Loans
Loans obtained without any security. Example: Loans from Directors/partners or outside parties.
Suspense Account
In modern accounting, many large corporations use a Suspense Ledger to track the money paid or recovered, the nature of which is not yet known. The most common example is money paid for Traveling Advance whose details will be known only upon submission of the Travelling Allowance bill. Some companies may prefer to open such accounts under Suspense Account.
Branch/Divisions
This maintains ledger accounts of all your company's branches, divisions, affiliates, sister concerns, subsidiaries and so on. Tally.ERP 9 permits Sales and Purchase transactions to take place with accounts opened here. Remember, these are their accounts in your books and not their books of accounts. Just treat them as any other party account. If you wish to maintain the books of a branch/division on your computer, you must open a separate company. (Tally.ERP 9 allows maintenance of multiple company accounts).
You can even open an account as Sales Returns under the group Domestic Sales to view your net sales after returns (or the returns may be directly passed through Journal against the specific Sales account). Note: Do not create customer accounts under this group. For more details, refer to common and possible errors in grouping of accounts section.
Purchase Account
This is similar to sales accounts, except for the type of transactions.
Common and Possible Errors in Grouping and Account Classification Debtor/Creditor classification
Accounts of parties with whom your company is trading should be opened under any of the following groups (or sub-groups under them):
Sales and Purchase account groups are meant for revenue accounts and are reflected in the Profit & Loss Account. If you open party accounts under these groups, it becomes difficult to pass sales or purchase voucher transactions. For example, in a sales voucher transaction entry, you must debit an account, which can be sundry debtor, branch/division or even a sundry creditor. Moreover, other facilities like bill-wise allocation and tracking will not be available unless the accounts belong to one of these groups.
Therefore, you need not open two accounts for the same party - one under Sundry Debtors and another under Sundry Creditors. Tally.ERP 9 restricts opening of two identical ledger accounts. In such cases, you may decide to circumvent by marking one account as "A & Co - S/Dr" and another "A & Co - S/Cr". This will allow you to have two accounts of the same party under two groups, but you will lose the advantage of analyzing net position at a single instance. It is always better to maintain a single account to obtain best benefits. Expenditure items are entered under Liabilities group. For example, the expenditure item Rates & Taxes under the group Duties and Taxes. The group Duties and Taxes is specifically meant to handle taxation liabilities of your company. Rates & Taxes and other statutory expenses should be placed under Indirect Expenses. Simply adhering to the reserved groups may be sufficient for many organizations. For greater diversity, Tally.ERP 9 allows you to create your own groups, either as sub-groups or primary groups. Groups can be sub-classified to practically an unlimited level, giving you a virtual accounting tree. At the lowest level, of course, would be the ledger account.
Note: While it is necessary to assign every ledger to a group/sub-group, it is not essential to have your own sub-classification of accounts; you may simply use the reserved groups for grouping your ledger accounts.
More : Pre-defined Groups in Tally.ERP 9 Creating a Group with advanced usage Creating Multiple Groups Displaying a Group Altering a Group Managing Groups in Multiple Companies
Creating a Group
In Tally.ERP 9 there are two options for creating Groups: 1. Single Group We can create only one Group by using Single Group creation screen. 2. Multiple Groups We can create multiple Groups by using Multiple Group Creation screen.
Ledgers
A Ledger is the actual account head to which you identify a transaction and must be used in all Accounting Vouchers. Without a ledger we cannot record any transactions. Ex: Purchase, payments, sales, Receipts, etc, all these accounts heads are ledger Accounts. All Ledgers have to be classified into Groups. Classification of Ledgers to the appropriate groups is very important. These Groups and Ledgers are classified to Profit & Loss or Balance Sheet. The creation and usage of Groups in Tally.ERP 9 has been explained earlier. Now you will learn how Tally.ERP 9 works with Ledgers.
Predefined Ledgers in Tally
Cash
This Ledger is created under the Group Cash-in-hand. You can enter the opening balance as on the date of books beginning from. You can also alter the name and even delete the Ledger.
Sales and Purchase account groups are meant for revenue accounts and would be reflected in the Profit & Loss Account. If you open party accounts under these groups, you will find it difficult to pass sales or purchase voucher transactions. For example, in a sales voucher transaction entry,
you must debit an account which is a sundry debtor, branch/division or even a sundry creditor (why a creditor? - it will be explained soon). Moreover, other facilities like bill-wise allocation and tracking will not be available unless the accounts belong to one of these groups.
3. Placing expenditure items under a Liabilities group, e.g., the expenditure item 'Rates & Taxes' under the group 'Duties and Taxes'.
The group Duties and Taxes is specifically meant to handle taxation liabilities of your company. Rates & Taxes and other statutory expenses should be placed under Indirect Expenses.
More : Creating a Single Ledger Creating Ledger in Normal Mode Creating Ledger with Advanced Usage Creating a Purchase / Sales Ledger Creating a Expenses / Income Ledger
Creating a Party Ledger Creating a Duty & Taxes Ledger Creating a Current Liabilities / Assets Ledger
Voucher Types
By default in Tally.ERP 9, there are 18 different pre-defined Voucher types (where Payroll feature is enabled, the number of pre-defined voucher types will be 20). Voucher type pertains to Accounting, Inventory and Payroll. These are used for recording various transactions according to the user needs. Examples include Cash Payment Vouchers and Bank Payment vouchers where the relevant predefined voucher is Payment Voucher. You may have two or more sets of Sales Vouchers for different kinds of sales transactions e.g. Credit Sales, Cash Sales, etc. If a voucher type is created, you can:
Have the different Voucher numbering methods. Give own prefix and suffix details for the voucher numbering. Use the Effective Dates for the vouchers. By default, make some vouchers optional if required. Decide to have the Common Narration or Narration for each entry. Automate the printing immediately after saving the vouchers. Get separate reports for each type of voucher.
INVENTORY INFORMATION Inventory Vouchers: Inventory Vouchers perform the function in the inventory system that accounting vouchers do in the accounting system. Inventory Vouchers are also means of entering transactions. Accounting vouchers will update only Accounts, but Inventory vouchers will update both Accounts and Inventory. Inventory vouchers record the receipt and issue of goods/stock (Movement of goods), the transfer of stock between locations and physical stock adjustments. If you have not integrated accounts with inventory, inventory vouchers will not have any impact on the Balance Sheet stock figures. The stock balances will be maintained separately.
Purchase order Sales order Receipt note Delivery note Rejections Out
Contra Voucher Payment Voucher Receipt Voucher Journal voucher Sales Voucher / Invoice Debit Note Voucher Credit Note Voucher Purchase Voucher / Invoice
Contra Entry As per the Accounting Principles, a Contra entry is a transaction involving transfer of cash between one Cash A/c to another or one Cash A/c to another Bank A/c i.e., is a transaction indicating transfer of funds from: Cash account to Cash account Cash account to Bank account Bank account to Cash account Bank account to Bank account To view the Contra Voucher Entry Screen: Go to Gateway of Tally > Accounting Vouchers Select F4: Contra from the Button Bar or press F4
Payment Entry
Payment voucher is used to account all the payments made by the company by way of Cash/Bank. . Payment voucher can be passed using Single Entry or Double Entry mode by configuring the setting Use Single Entry mode for Pymt/Rcpt/Contra in F12 configuration.
Receipt Entry
Any money received from debtors against sales Invoices or on Account and for all transactions where money is received are accounted or entered into Tally.ERP 9 using the Receipt Voucher.