Company Creation -Tally Prime-Frequently Asked Questions

How you can maintain Financial Accounts only?

Ans :To maintain Financial Accounts only, at GoT, press F11, at Company Features screen, under Accounting section, at Maintain Accounts, set Yes.  Under Inventory section, set No at Maintain Inventory, set No.

How I Can change Accounting modules mid year?

I set Accounts Only in Company Features (F11) and created Accounting Vouchers from April (Start of Financial year) to July. Now I want to main Inventory also, from Aug till the end of Financial Year. How do I do?

Ans: While Starting Accounts, you must conclusively decide that you like to maintain Accounts only for the entire Financial Year. You should not set Yes at Maintain Inventory in middle of Year, to start Inventory, after having entered Accounts Vouchers. In that case, the Inventory details will be available only for the part period, and the Inventory Reports may not be upto date and correct.

What is Financial Year ?  How do you set Financial Year ?

Ans : Financial Year is the 1 Year period (normally one year from the Date as entered at Financial Year Beginning From at Company creation. In India, Financial Year starts form 1st April, and so ends at 31st March ( 1 year period) of the next year.

However, you are free to start from any Date, to create a Financial Year of 1 complete Year. For example, you may enter any date as Financial Year From Date (like 24.10.2014) and Tally would create the Financial Year exactly 12 months from the Financial Year From date (e.g. 23.10.2015).

Can you Change the Financial Year period later on, after Company creation?

Having created a Company, setting the 1 year Financial Period by default, you may shorten or extend the period, by setting the Current Period.

Never Change the date at Financial Year Beginning From, through Company Alteration. So, the Financial Year Start Date remains fixed after Company creation, until data is entered.

Company Particulars Alteration

After Company creation and some data entry, how can I change some data in Company Particulars, and

fill up some data which remained unfilled at the time of Company creation.

Ans :To Modify (Alter) Company Particulars, (NOT voucher data), select K:Company>Alter.

Now at Company Alteration screen alter data as desired,  or enter data not filled up while creating the company. You should not change Books Beginning From date after voucher entry. Normally, you may enter / change Address, Mailing Name, Telephone, e-mail address etc (or even change Company Name), or fill up any such field that remained unfilled at the time of Company creation.

How to Delete a Company?

Ans : There is no Menu option or Button for Company Deletion. However, you may delete the company profile through following steps :

  • Select K:Company>Alter. Company Alteration screen of the selected Company would appear
  • Press Alt+D, A confirmation ‘Delete ? Yes or No’ appears. Type Y (Yes) to proceed to Delete the Company
  • A further Confirmation ‘Are You Sure?’ would appear . Type Y to Delete the Company

The Data files of the Company are Deleted (permanently removed) from computer.

What is Active Company?

Active Company is the last selected Company (which you are currently working with). It is shown at top (in bold face) in the List of Selected Companies (at the left Part of Gateway of Tally). Names of other selected Companies appear next in the list, shown in regular font.

When you select / re-select another Company, that becomes the Active Company. You can do any work with the Active Company only.

How to select / activate / re-activate  a Company to work for?

Ans :You may select / activate  / re-select a Company in following ways :

  • To select a  Company :Click K:Company>Select (or press Alt+F3) to get the list of companies on disk. Now select the Company from the list.
  • To reselect a selected company : At the list of selected Companies appearing at the left Part of Gateway of Tally, click on the Company to be re-selected.

The selected / re-selected Company becomes the Active Company. Its name appears in bold at the top in the list of selected Companies. You can now work for the selected Active Company.

How to Shut a Company

Ans : When you select a Company, that company remains selected, till you Shut it. So, at one instance, multiple Companies may remain Selected, till you shut them.

To Shut a Company, select K:Company> Shut (or press Ctrl+F3) and select the company to shut from the list of selected Companies. The company will be unselected and will no more appear in the list of selected companies. To work with that company next time, select the Company again.

Do not keep a Company selected, unless you want to work with it simultaneously, particularly, when you are making voucher entry. You may enter data in the wrong Company by mistake.

You may need to keep several companies selected to view reports of multiple companies, get Inter Company comparative reports (figures of several company in one report). Otherwise, Shut the inactive companies. Select the one as and when required.

What is Tally Educational Module? How to work with Educational Module ?

Ans : Educational Module (freely downloadable) is a restricted mode used as Trial or Learning Tally. You can enter date 01, 02, and 31 only (and not other dates). Some other options (like Multi Account Printing etc), may not be activated (but such Reports are available through other options in Educational Version also). But almost all features of single user licensed modules are available in Educational Module also.

On loading Tally Educational Module, click the option T:Continue with Educational Mode to work with Educational Module.