How to Create a Company in Tally

How to Create a Company in Tally

To create a company in Tally Software , you need to know about following points. 

1) Name :- Name of the Company as it will be known in company . If we have several companies to create with similar names. we will need to distinguish between them to provide a unique name for tally . 

Name can exceed the visible space but should not exceed 51 characters.

2) Mailing Name :-  The correct name of the company for the mailing purposes. we may give different mailing name . This name may be printed in all financial statements.

3) Address :- Address of the company _________. Tally will automatically adjust the spacing between the characters and lines entered to ensure the details into the space available.

4) Statutory Compliance for :- Select the name of the country . The statutory obligations differ from the country to country.

5) State  :- This option should be used when VAT is to be implemented.

6) Pincode :- Type the Pincode of the address .

7) Telephone Number :- write the telephone number of the company. 

8) Email :- The email addres of the company is most important requied to fill .

9) Currency Symbol :- This tells to Tally , the symbol to use for monetary values. Enter Rs, for indian currency here.

10 ) Maintain :- We get options to maintain accounts namely 

a) Accounts Only

b) Account with Inventory

While Accounts with Inventory enable to maintain both Inventory and financial Accounts Simulataneously. We have also option to maintain only Accounts.

11) Financial Year From :- Enter the beginning date of the financial year for which we wish to keep accounts for . for example of the financial year 2008 - 2009 type as 01-04-2008 .

Books are closed exactly 12 months after this date.

12 )  Books beginning from :- The date from which we actually  wish to maintain our accounts in Tally. By default this is the date , we specify for the financial year Beginning we may however, give a different date to maintain books only from that date.

for example :- our financial year may start from 01-04-2008 . but we may decide to start accounting on Tally only from 01-06-2008 onwards . So give this date here.

13) Tally Vault Password :- Tally  Vault is an enhanced security system which allows for encryption of the company data. Encryption means the converting normally accessible . 

 

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