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 companyGo 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.