Setting up Companies

In Tally, the term Company represents any entity for which an independent set of accounts is maintained it may be a Company, Partnership Firm, H.U.F, Individual, NGO or even a Branch Office for which a set of Account is maintained.

Tally Company Creation:

1) Press ALT+F1 key from Gateway of Tally to shut an existing company, if any.

2) The Company Info Menu appears.

3) Click Create Company to get Company Creation screen.

4) Fill the details of company information like name of the company, company mailing name, address, email and etc. 

5) Select Accounts with Inventory from Type of Company list under Maintain field.

6) At the Financial Year From field, enter the Beginning Date of Financial Year. If you follow April-March .Financial year, enter 1st April of the beginning year (e.g. 01-04-2015).

7) At the Books Beginning Date field, enter the Books Beginning Date. Normally the Books Beginning Date is same as Financial Year Starting date, so Tally proposes the Financial Year Starting Date at Books Beginning From field. You should change the date when you start books from mid period (e.g. from 01-08-2015 in respect of Financial Year 01-04-2015 to 31-03-2016.

8) Finally Tally asks for your confirmation to save the Company Profile as entered. Click Yes (or press Y) to save the information. You may also press Ctrl+A to save quickly.

9) The new company created is auto selected and Gateway of Tally appears. Name of the Company is now displayed under List of Selected Companies.