/** * The main template file * * This is the most generic template file in a WordPress theme * and one of the two required files for a theme (the other being style.css). * It is used to display a page when nothing more specific matches a query. * E.g., it puts together the home page when no home.php file exists. * * @link https://developer.wordpress.org/themes/basics/template-hierarchy/ * * @package WordPress * @subpackage Tally * @since 1.0.0 */ ?> Moving to New Financial Year for Business Owners | Tally Solutions

Moving to New Financial Year


Yarab A | Mar-25-2020

It’s that time of the year again, the business owners alongside their financial team hustle and bustle around to get their books and financial statement right. Yes, you rightly guessed! The new financial year is about to begin.

The extra push for businesses and their teams during the last few weeks of the financial year is nothing new. It’s the same every year. If you are a business using Tally.ERP 9, you can end the financial year with little drama as possible and be ready to welcome the new financial year.

With this in mind, we have put together different ways to be ready for the next financial year using Tally.ERP 9.  Don’t miss out to watch a short video on this.

Moving data to new financial year

You may do all that is possible to close your books on last day of the financial year, in reality, you will have spillover, or certain activity can only be carried out after the closure of the financial year.

While you got all the time to do that but what’s more important here is to move to the new financial year and starting the books from 1st Day of the new financial year. With Tally, moving to the new financial year is as simple as changing your period.

To change the current period, Go to Gateway of Tally > click F2: Period and enter the dates.

Doing this helps you:

  • Continue to enter vouchers in the same company data
  • Ensure zero downtime, helping you start the new year on a hassle-free note

Splitting company data

If you choose to separate your previous financial year into a different company, split company data will be helpful. Ideally, it is performed when the closure activities such as analysis, audits, all adjustments etc. in books of the previous financial year are completed.

To ensure the splitting activity is smooth, you need to perform the data verification process before splitting. This automatically detects possible errors in the data.

  • Go to Gateway of Tally > F3: Cmp Info. > Split Company Data > Verify Company Data
  • Select the company you want to split
  • If there are any errors, the list will be shown for you to correct it

To split the company data, Go to Gateway of Tally > F3: Cmp Info. > Split Company Data > Select Company. Once you’ve selected the company, enter the date in the Split From field and press Enter.

When you split the data, the original data is retained, and two new companies with unique names and date are created. You can rename the split company as required and save the original data in another location.

Splitting company data helps you:

  • Secure old data and start work in a different company
  • Maintain separate company for each financial year
  • Carry forward all ledger balances automatically
  • Accurately split your transactions of the previous financial year from the current financial year

Create new books and import the data

If you wish to create a new company, export the closing balances of the ledgers and stock items of the previous company, and import them as opening balances into the new company. This helps you to clean your data by removing redundant masters such inactive ledgers, Obsolete Stock Items etc.      

  • To create new books of accounts:
    • Go to Gateway of Tally > F3: Cmp Info > Create Company
    • Enter 1-4-2020 as the Financial year begins from 

  • To export closing balances from Previous F.Y company:
    • Go to Gateway of Tally > Display > List of Accounts > E: Export.
    • Select the Format as XML (Data Interchange)
    • Enable ‘Export closing balance as opening’
    • Mention 31-3-2020 in 'To Date'
    • Press Enter to export the details in  XML file
  • To import closing balances as opening balances in the new company
    • Go to Gateway of Tally > Import Data > Masters
    • Mention the XML file location along with the Filename ( E.g. C:\Tally.ERP9\Master.xml)
    • Select ‘Modify with New Data’ in Treatment of entries already existing
    • Press Enter to import

On completing the import process, you can compare the masters of both importing and exporting company by navigating to Gateway of Tally > Display > Statement of Accounts > Statistics. If you wish to clean up the redundant or inactive ledgers or stock items, you can delete those.

Upgrading to the latest release

At Tally, we come up with regular releases to add new functionalities in the product and improve your product experience even further. To make sure you’re not missing out on any important feature, it is important to always stay updated.

In our latest release Tally.ERP 9 release 6.6, a new capability to access your Tally’s Data on browser in mobile or any device is made available. Experience Now.

To upgrade to the latest release, Go to Gateway of Tally > F12: Configure > Product and Features. Click F12: Configure again and set Show All Releases? to Yes. Once you select the latest release, click F6: Update, post which the system will need to restart in administrator mode to update the product.

Note: You need to have an active Tally Software Services (TSS) subscription to upgrade to the latest release.

Business resolution for new financial year

Just like at the end of the calendar year, most of us decide on the new year’s resolution – a promise to change/improvise/accomplish etc, it’s a good practice for businesses to make a one.
In a lead-up to the beginning of the new year, businesses can take a look at their business operations and thinks about the key areas/aspects you would like to improve in the next 12 months.

Here are some suggestions you may want to do this new financial year.

  • Implementing budget - Plan-Set-and Track your Budget

    Set the budget for your organization, could be at the department level, project level, locations (branches) etc. and track the budget with actuals. This will help you to know the deviations and accordingly take suitable decisions. Know how to set and track budget in Tally.ERP

  • Setting-up inventory re-order level -Know when to order and how much 

    Having the right product at the right place and the right time helps you to meet the forecasted sales.  The simple re-order level in Tally helps business to determine inventory level at which a company would place a new order or start new manufacturing. Here is how you can set re-order level for inventories 

  • Profit and cost centre management - Beware of your spending's even on little expenses.

    Just like a small leak will sink a great a ship, little expenses when you put together has the potential to impact your business in several ways. Here is why cost centre management will be a great help to businesses.

    A cost centre can be a Unit/ Department/Brand/Branches/Salesman-wise/Brand etc. , to which the expenses are allocated and tracked. You can also do cost comparison across units and know ROI. Thus, helping you in identifying unprofitable activities and aid in decision making to optimize the cost.

  • Using accounting software - Digitization/Automation of your Books of Accounts

If you are business yet to automate your books of accounts using accounting software, the beginning of the new financial year is the right time to do so. This allows you to start fresh and alleviate all the potential risks of moving midway.

Most businesses like you who start their journey with digitization, do so during this time

Like the above, you can continue to think and decide one or more things you would like to do in this new financial year. Wishing you a happy financial year!

Yarab A | Mar-25-2020

Inspired by the way you work, Tally is designed to delight you. Try out the all new

Inspired by the way you work, Tally is designed to delight you. Try out the all new

`); console.log(cururllang); if(cururllang == 'hindi') { $(".clsEngContent").hide(); $(".clsHindiContent").show(); } else { $(".clsEngContent").show(); $(".clsHindiContent").hide(); } $("#idToHindi").click(function(){ $(".clsEngContent").hide(); $(".clsHindiContent").show(); }) $("#idToEnglish").click(function(){ $(".clsEngContent").show(); $(".clsHindiContent").hide(); }) })