How to create a Company in Tally.ERP 9 with all settings
In Tally.ERP 9 Accounting Software we can create a Company to maintain the Books of Accounts of an Enterprise. And this is the primary unit that we must create to start Recording Accounts. And here we are going to look at a deep discussion about the options available in Company Creation screen.
We have already learned in Getting Started with Tally.ERP 9 guide that the Company is the primary unit for holding all the Accounting information pertaining to a particular Business Unit. Therefore, we have to create Company in Tally.ERP 9 Accounting Software for recording the business information.
In the Main Area of Application User Interface, we can see the Company Info. menu. But some people might find the Gateway of Tally menu instead of Company Info. menu, do not panic because someone might have created a company.
Tally.ERP 9 will open a default Company, because of the reason we will be visiting this menu, in that case hold the Alt Key and press Function Key F3 or click on F3: Cmp Info button from Button Toolbarto reach the Company Info. menu.
From here you can start creating Company by selecting the Create Company option. Then you can see the Company Creation screen. Here we will learn each and every element available in the screen.
Here you have to provide
- Your Organization Name
- Mailing Address
- Contact information.
After that you can skip all the other elements available in the screen, but it is recommended to understand them and fill as per your requirement, which indirectly affect the Statutory, Inventory, and Security settings of your company.
Directory
It is the Hard Disk location of the Accounting Data of your Company. Whenever you select a company it will be fetched from that location and as well when you close the Tally the modified data is replaced back in that location only.
Statutory compliance for
Based on the country you chose the Base Currency and Statutory Features are applied automatically to your Company.
Enable Auto Backup
By enabling the Auto Backup, Tally backups your data frequently while working with Tally.
Maintain
If you have to maintain Inventory Accounts select Accounts with Inventory, otherwise you can select Accounts Only. Even you can change this option to Accounts With Inventory afterwards if it required.
Financial Year from
You can set the beginning date of the financial year i.e. 1-4-2011 or 1-1-2011 or anything it would fit for your firm or government imposed accounting period.
Books beginning from
This could be date equal or less than the date of starting date of the Financial Year, Where the actual books of accounts you want to start recording. i.e. 15-7-2011, 30-7-2011 or 1-7-2011.
TallyVault Password (If any)
It is an enhanced security system, which allows the Tally.ERP 9 to encrypt the data, which involve conversion of data from normal Tally information to unrecognizable information. If you give the password for it, only authorized person can access to reconvert it to normal Tally accessible format.
Use Security Control
If the books of accounts in Tally.ERP 9 are maintaining in a computer where it is been accessing more than a person then it is better to set to Yes otherwise No.
After that you can alter the Base Currency Information as per your Accounting figures and currency. When you reach the last element just press the Enter Key and accept it to create a Company in Tally.ERP 9.
