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
The Company Creation computer screen appears as shown:
A detailed explanation on each field is given:
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.
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, provide the Client Company's name.
Mailing Name and Address
In addition to the Company Name,
Tally.ERP 9 provides the facility to enter the Mailing Name field. It displays
the Company Name by default. You may change it as necessary, if the mailing
name is different from the Company Name. The mailing name and address details
are picked up for inclusion in any report that needs the company name and
address as heading. For example: Balance Sheets, Statement of Accounts, and so
on.
Tally.ERP's reports print the mailing name and address
as given:
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 firmness as compared to the Mailing Name field where there
is horizontal compression.
You can identify any length for the mailing name and you are
permitted to give any number of lines for the address. The information is
completely observable.
Tally.ERP 9 handles compressed information correctly while
printing. It adjusts the reports accordingly.
Statutory compliance for
Select the Country from the List
of Countries. The Statutory Features and Base Currency Symbol are enabled in
accordance with the country selected. For example, if the accounts belong to a
company in India,
the base currency would be Indian Rupees. The Base Currency will appear with esteem
to the Country selected.
Selecting India
from the List of Countries brings up a State, Pin Code and Telephone No. field.
State
You can select the correct state from the predefined list.
PIN Code
Specify the PIN Code (Postal Index Number) of the particular
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.
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 relevant company. The auto backup data can be
restored by pressing Ctrl+Alt+K from Company Info menu or Gateway
of Tally.
Note: Make sure that all the systems in a network have the
same date and time settings.
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 ` appears
by default in case India
for India/SAARC Companies and the field is left blank for International
Companies.
Note: The currency symbol changes based on
the country selected from the list for Statutory compliance for
field.
Click here to read about Indian Rupee Symbol Conversion.
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-with-Inventory.
Select Accounts-with-Inventory, to maintain both financial accounts and
inventory.
Financial Year From
In most countries, the books of
accounts of a company are maintained for a stipulated period like, 12 months,
15 months, and so on. This stipulated period is referred to as the
Financial Year.
The stipulated period of the
financial year is 12 months in most countries. Tally.ERP 9 automatically
considers 12 months from the date you give here as the Financial Year.
For example, if you enter April
1, 2014 as the date, the Financial Year will be from April to March ending with
March 31, 2015. If you enter October 1, 2014 as the Financial Year From then
the financial year will be from October 2014 to September 2014 ending with 30th
of September every year.
Tally.ERP 9 allows you to
maintain data for multiple years by changing the period (Alt+F2) at the
Gateway of Tally. In addition, you can also spell out the date of actual
establishment of the company (date of incorporation)
Books Beginning From
Tally.ERP 9 presumes that you
wish to maintain books from the beginning of the financial year. Hence,
Tally.ERP 9 displays the date given in Financial Year From field automatically.
The date for Books beginning from
can be changed, in case of companies, which are incorporated in the middle of
the year. If your company is new, you can opt to start the books of accounts
from the date of actual establishment of the company (date of incorporation)
but close books according to the Financial Year as specified by you. Tally.ERP
9 provides the required flexibility in such a case by allowing you to give the
date when the books of accounts essentially began. Tally.ERP 9 will open books
from this date and close as on the last day of the Financial Year.
For example, if your company is
established on August 19, 2008, the opening balances for all the accounts can
be given as on August 19, 2008 even though the Financial Year given is April 1,
2008 (April to March financial year). The company's books will begin on August
19, 2008 and close on March 31, 2009, which ensures smooth transition to the
next year.
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 permitted to give opening balances of all Ledger accounts including
Revenue accounts.
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