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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 TallyPrime, 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 TallyPrime.
You may do all that is possible to close your books on the 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 start the books from the 1st Day of the new financial year. With Tally, moving into 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:
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.
To split the company data, again click on 'Data' available in top menu >Split > Split 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:
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 in the new company. This helps you to clean your data by removing redundant masters such as inactive ledgers, obsolete stock items etc.
On completing the import process, you can compare the masters of both importing and exporting company from the statistics report. To view statistics, press Alt + G for Go To > Type and select statistics report from the list. If you wish to clean up the redundant or inactive ledgers or stock items, you can delete those.
At Tally, we come up with regular releases to make the product even more useful and provide an amazing experience for users. To make sure you’re not missing out on any important feature, it is important to always stay updated.
TallyPrime, our new business management simplifies the lives of business owners through simple to use business software, insightful reports, multi-tasking & much more. Yet to upgrade? Here is the link to download the latest release of TallyPrime
Already in TallyPrime but yet to upgrade to the latest release of TallyPrime? Here is how you can upgrade.
Click 'F1:Help' option available in top menu >Upgrade>Select the latest release and press 'Enter' > Select 'Update' > Say 'Yes' to confirmation message > Again, say 'Yes' to restart the TallyPrime with administrator rights. Next, TallyPrime will 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.
Here is the list of new changes or policies related to GST and other statutes to be applicable from 1st April 2021
Watch Video on How to Move to the New Financial Year in TallyPrime