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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 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.
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:
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, 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:
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.
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.
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.
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.
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!