Creation/ Setting up of Company in Tally.ERP 9

 

Creation/ Setting up of Company in Tally.ERP 9

 

 Creation/ Setting up of Company in Tally.ERP 9

 

The first step towards understanding Tally.ERP 9 is to create a company in Tally.ERP 9. Create a company using the Company Creation screen.

 

 2.3.1 Creation of a Company

 

Go to Gateway of Tally > Company Info. > Create Company

 

Fields Description Directory Tally.ERP 9 assumes that the company is to be created in the data path given in the Tally.INI file, which is displayed by default. This field is skipped by default. However, you can change this path, if you want to, by using the backspace key, so that Tally.ERP 9 saves the data to a different directory specified by you.

Name This specifies the name of the company as it appears inTally.ERP 9. If you have several companies to create with similar names, you will have to distinguish between them to provide a uniquename for Tally.ERP 9. Mailing Name The company name given in the Name field automatically appears in this field. This can be changed according to your requirements. The correct name of the company for mailing purposes should be entered. Address The address of the company (The mailing name and address details are  picked from here for any report such as balancesheet and statement of accounts). Statutory Compliance for Select India from the list of countries. State Select the appropriate State from the list of States. Pin Code Enter the PIN code of the specified address. Telephone No. Enter the telephone number of the company. E- Mail E-mail address will be used to e-mail documents, reports and data from Tally.ERP 9. Mobile No. Enter the mobile number of the company. Currency Symbol This refers to the currency symbol Tally.ERP 9 will use for monetary values. By default, Tally.ERP 9 displays Rs. Maintain Select the nature of the company i.e, Accounts only orAccounts with Inventory. Financial Year From Specify  the  Financial  Year  (FY)  for  the  company.  Tally.ERP  9 considers 12 months from the date you give here as the Financial Year. For example, if you give 1st April 2009, your FY will be April to March - in this case, ending with 31st March 2010. Books Beginning From The date given for ‘Financial Year From’ is automatically displayed. However, we can specify the actual date on which the books of accounts start. In case our accounts are opened mid-way during the financial year specified, we can enter the required date and start the books of accounts accordingly. TallyVault Password TallyVault  is  an  enhanced  security  feature  utilised  to  protect company data in an encrypted form by means of a Password.The TallyVault password entered ensures that the data is maintained permanently in an encrypted form without retaining information of the  password used. Data is not accessible without the TallyVault password.  Remember to keep this password private and known only to those who need to know. If the password is lost, your data cannot be recovered. Use Security Control Tally.ERP 9 has a range of security controls, which can define the authority of various users to access the information and to enter/ alter/delete the vouchers.

Note : ‡   Tally.ERP 9 will automatically adjust the spacing between the charac- ters and lines entered to ensure that the details fit the space available.   ‡   Accounts Only: Financial Accounts of the company only   ‡   Accounts-with-Inventory: Both Financial Accounts and Inventory of the company.   ‡   Tally.ERP 9 recognises a wide range of date formats, e.g. 1-4-09, 01/04/09, 1 Apr 2009, and will convert what you enter, to a standard format.

2.3.2 Base Currency Information   Tally.ERP 9 needs to know the default currency for the company and how the amounts should be shown on the screen and in the reports.   BASE CURRENCY INFORMATION Fields Description Base currency symbol Pre-set as a default currency — Rs. (as specified earlier). Formal name Complete name for the currencysymbol. By default, this is set to Indian Rupees. Number of decimal places By default, this is set to 2. Is symbol suffixed to amounts? By default, this is set to No. For example, in India, we place the Rs symbol in front of amounts. Symbol for Decimal Portion Enter the  decimal  portion  for  the cur- rency mentioned. Enter Paise. Show amounts in millions? Tally.ERP 9 caters to currencies where the  different parts of largeamounts are called by special names.By default, this is set to No. Put a space between amounts and symbol? By default, this is set to Yes. Decimal  Places   for   Printing  Amounts   in words You can specify the number of decimal places to print the amount in words.  This number should be equal to or lesser than the number specified inNumber of Deci- mal places field.

Note : Base Currency Information is set to the default values as given in the Table. However, if the Multi-currency feature of Tally.ERP 9 is activated - then Tally.ERP 9 allows the user to alter the Base Currency Information as required.

Let us create a company in Tally.ERP 9 taking the example of National Traders who purchases computer equipments, components and softwares and sells it to other companies and to the direct customers. Create a Company as per information provided below :   Go to the Gateway of Tally > Company Info. > Create Company   Enter the following information to create a company:   Field Data to be entered Directory Accept what is displayed on the screen Name National Traders Mailing Name National Traders Address No 24, Phase 1, Peenya Industrial Area Bangalore Statutory Compliance for India State Karnataka Pin Code 560089 Telephone No 080 - 41237890 Mobile No. 9845293752 E-mail sales@national.com Currency Symbol Rs. Maintain Accounts with Inventory Financial year from 1 April 2009 Books beginning from 1 April 2009 TallyVault Password (if any) Skip the Field – don't enter any details. Use security control No Formal name Indian Rupees Number of decimal places 2     Show amounts in millions? No Is symbol suffixed to amounts? No Put a space between amounts and symbol? Yes   Press Y or Enter to accept the screen.   Working with Multiple Companies For a group of companies, you can maintain the details of each company separately. You can select thecompany to work with and close the company when it is not required. However, you can also open manycompanies at the same time and switch between companies without closing the application.   2.3.4 Exercise to Create another Company   Before looking at how to view and amend company details, let us create another company to experiment with. Name your company as Indus Enterprises, Financial Year as 1 April 2009 & Book beginning from 1 April 2009 and you may enter the company details as you like,   To create Indus Enterprises follow this procedure:   1. From the buttons bar select Alt + F3: Create Cmp or simply press Alt + F3 to bring up the Company Info. Menu. 2. Select Create Company from the menu to bring up the Company Creation screen. 3. Enter Indus Enterprises in the Name field and experiment with entering other data of your choice (for example, the address details).      4. When you have finished, Press Y or Enter to accept the screen Notice that Indus Enterprises is highlighted. This indicates that it is the currently selected company from the list of open companies.   You can now practice selecting, closing and altering company information.   Practice Exercise 1. Select a Company 2. Shut a Company    3. Alter a Company   To Select a Company   1. Go to the Gateway of Tally > Alt + F3 > Company Info. > Select Company OR Press F1. Tally.ERP 9 displays the List of Companies screen. All the companies created are displayed in an alphabetical order. Select the company name from the list given. 2. In case two or more companies are loaded (like National Traders and Indus Enterprises), click on the company which you need to work on so that the selected company will be highlighted and will appear on top of the list.     To Shut a Company   Go to the Gateway of Tally > Alt + F3 > Company Info. > Shut Company. Select the Company which you  need to shut from the List of Companies. You can also use Alt + F1 to shut a Company from the Gateway of Tally screen.     To Alter Company Details   Go to the Gateway of Tally > Alt + F3 > Company Info. > Alter. Select the company which you need to  alter fromthe List of Companies and press Enter to view the Company Alteration screen. Alter the company details as required and accept the screen. Note : You can also access these functions, by selecting the appropriate button  from the button bar.   Points to Remember ‡Tally.ERP 9 pioneered the ‘no accounting codes’ concept. ‡Tally.ERP 9 mimics the human thought process. ‡Tally.ERP 9 is multi-platform compatible and supports multi-user acces- sibility. ‡Tally.ERP 9 has multilingual capability and new features such as Payroll and Point of Sale. ‡Tally.ERP 9 is ODBC compliant