Moving to the Next Financial Year

Transcription

1 Moving to the Next Financial Year

2 The information contained in this document is current as of the date of publication and subject to change. Because Tally must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Tally, and Tally cannot guarantee the accuracy of any information presented after the date of publication. The information provided herein is general, not according to individual circumstances, and is not intended to substitute for informed professional advice. This document is for informational purposes only. TALLY MAKES NO WARRANTIES, EXPRESS OR IMPLIED, IN THIS DOCUMENT AND SHALL NOT BE LIABLE FOR LOSS OR DAMAGE OF WHATEVER NATURE, ARISING OUT OF, OR IN CONNECTION WITH THE USE OF OR INABILITY TO USE THE CONTENT OF THIS PUBLICATION, AND/OR ANY CONDUCT UNDERTAKEN BY PLACING RELIANCE ON THE CONTENTS OF THIS PUBLICATION. Complying with all applicable copyright and other intellectual property laws is the responsibility of the user. All rights including copyrights, rights of translation, etc., are vested exclusively with TALLY SOLUTIONS PRIVATE LIMITED. No part of this document may be reproduced, translated, revised, stored in, or introduced into a retrieval system, or transmitted in any form, by any means (electronic, mechanical, photocopying, recording, or otherwise), or for any purpose, without the express written permission of Tally Solutions Pvt. Ltd. Tally may have patents, patent applications, trademarks, copyrights, or other intellectual property rights covering subject matter in this document. Except as expressly provided in any written licence agreement from Tally, the furnishing of this document does not give you any licence to these patents, trademarks, copyrights, or other intellectual property Tally Solutions Pvt. Ltd. All rights reserved. Tally, Tally 9, Tally9, Tally.ERP, Tally.ERP 9, Tally.Server 9, Shoper, Shoper 9, Shoper POS, Shoper HO, Shoper 9 POS, Shoper 9 HO, TallyDeveloper, Tally Developer, Tally.Developer 9, Tally.NET, Tally Development Environment, Tally Extender, Tally Integrator, Tally Integrated Network, Tally Service Partner, TallyAcademy & Power of Simplicity are either registered trademarks or trademarks of Tally Solutions Pvt. Ltd. in India and/or other countries. All other trademarks are properties of their respective owners. Version: Moving to New Financial Year/Dec 2016

3 Contents Starting a New Financial Year... 4 Changing Current Period... 5 Splitting Company Data... 5 Synchronisation after Splitting Company Data... 6 Exporting Closing Balances and Importing as Opening Balances... 7 Importing Closing Balances as Opening Balances... 8 Creating New Books of Accounts... 8

4 Moving to the Next Financial Year Moving company data to the next financial year can be done by following any one of the following methods: Go to Gateway of Tally and change the Current Period. Split Company Data after finalization of accounts. From Tally.ERP 9 Release 3.0 and above, Export closing balances and Import as opening balances in the newly created company. All Date examples used in this guide are samples. Use dates that are valid when you move to the new financial year. Starting a New Financial Year Steps When should it be done? Why should it be done? Change Current Period Beginning of the new financial year. For example, for a financial year starting from April, change the period to 1 st April. If the financial is starting from January, the period should be 1 st January. Split Company Data after finalization of accounts Export closing balances and Import it as opening balance in the newly created company After analysis/audit of reports from previous financial years If data accumulation has resulted in increased data size When a new company is created To import the audited opening balance to current year s financial data To continue voucher entry in the same company data To carry forward all ledger balances without creating a new company To compare reports from different financial years To reduce data size To secure old data and start work in a different folder To have separate folders for different financial years To carry forward all ledger/stock item balances to the newly created company To start new company and continue voucher entry

5 Changing Current Period To change the current period: 1. Go to Gateway of Tally 2. Click F2 : Period 3. Change the period The Current Period is displayed in the Gateway of Tally as shown in Figure 1: Figure 1 Gateway of Tally Once the Current Period has been changed, balances from the previous financial year will be carried forward. When the Current Period is changed in Gateway of Tally, the Financial Year from and Books Beginning from dates in Company Alteration screen do not have to be changed. The Current Period shown in the image is for reference. While changing the period use the dates applicable to your data. Splitting Company Data Tally's flexible period-independent accounting permits the entry of data for any number of years. However, the presence of voluminous old data creates unnecessary load on the system. Splitting a financial year enables you to retain most of the benefits while overcoming this system overhead. When you split the data: New companies are created for the respective split periods. The entire data is retained in the original company. Before splitting the data, ensure the following: 1. If your company is enabled with Multi-currency feature, ensure that the item Unadjusted Forex Gains/Loss does not appear in the balance sheet. Click here to know how to adjust Unadjusted Forex Gain/Loss. 2. There are no pending purchase bills/sales bills. Check the profit and loss account and inventory statements for pending purchase/sales bills. You may account them to the respective party accounts or to the respective bills pending accounts.

6 3. Ensure that you have created a manual backup of your data. 4. If you are on release 3.0 and above, verify company data as follows: Go to Gateway of Tally > F3: Cmp Info. > Split Company Data > Verify Company Data Select the required company Press enter to view the Possible Errors screen Rectify the errors and proceed with splitting your data Note: From Tally.ERP 9 Release 3.0 onwards, all un-reconciled transactions (for BRS) will get carried forward into Split Company. Click here for more information & scenarios about verify company data. Synchronisation after Splitting Company Data After splitting the data, the old synchronization rules are carried forward in both the server and client. However, after splitting the data, the company name will be changed and this is updated in the Client Rule automatically. You can change the Company Name on the server in Client Rule. If you are using Tally.NET for Synchronisation, you can change the Connect Name in F11: Features of the server. The carry forward of Sync Rules after splitting of data is available from Tally.ERP 9 Release 2.0 onwards. To split company data: 1. Go to Gateway of Tally Click F3: Cmp Info Select Split Company Data. 2. Here select the required company for which the data has to be split. 3. Tally recommends the Split from date to be based on the existing data. Any date can be entered as the split point, but it is recommended that the beginning date of the latest financial year to be set as the spilt point. 4. Splits occur in sets of two periods. Hence, start with the latest. For example, if you need to split a company's data of seven years ( to ) into seven separate companies, each with a different financial year, then select the beginning of the latest financial year first ( ). 5. On confirming the periods, two new companies will be created - one with data from to , i.e., for six years, and the other for the period to The historical data, for one or more financial years, will be preserved as a single company, and the current financial year, will be preserved as another company To split the data of the earlier years, repeat the steps mentioned above for the earlier period ( to , to , to , to , to , to ). All the companies are complete companies in their own rights. Data can be entered, displayed and altered. Key financial reports (Trial Balance, Balance Sheet, Profit & Loss, and Stock Summary etc.) for each company for relevant periods can be printed and compared for accuracy. Once the data is successfully split, it is recommended that a backup of the original company is taken the data is permanently deleted from the hard disk. 6. Alter the names of the two freshly created companies as per your requirement.

7 Click here to view FAQs on Splitting Data. Exporting Closing Balances and Importing as Opening Balances In Tally.ERP 9 Release 3.0 and above, you can export the closing balances of the ledgers or stock items or both on any given date, and import the same as opening balances to new company. To export closing balances for Tally.ERP 9 Release 3.0 and above: 1. Go to Gateway of Tally > Display > List of Accounts Click Alt + E: Export. 2. In Exporting List of Ledgers, select Default (All Languages) in the Language field. 3. Select the Format as XML (Data Interchange). 4. In Export Location field enter the path where the file is to be exported. 5. In Output File Name field enter the required output file name or accept the default file name. 6. Set the option Open Exported Folder to Yes. 7. In Type of Masters field select the required masters from the Type of Masters displayed or select All Masters to export all the masters available in the respective company. 8. Set the option Export Closing Balances as Opening to Yes to export the closing balances. 9. In To Date field specify the date up to which the closing balances are to be considered for exporting. The completed Exporting List of Ledgers screen appears as shown below. Press Enter to Export the file. Figure 2 Exporting List of Ledgers Screen

8 Importing Closing Balances as Opening Balances Create the new company to import the exported closing balances as opening balance. To import data: 1. Go to Gateway of Tally > Import of Data 2. Select the option Masters 3. In Import of Masters screen, specify the path and the name of the file from which the data is to be imported in the Import File Name (XML) field 4. In the Treatment of entries already existing field, select the option Modify with New Data Figure 3 Import of Masters Screen On successfully importing the data, you can view the balances for ledgers and stock items. Creating New Books of Accounts To create new books of accounts: 1. Go to Gateway of Tally> Create Company. 2. Enter as the Financial Year from date. 3. In the Books beginning from field, the same date will appear as default. This can be changed as per requirement. Figure 4 Company Creation Screen For support queries write to us at: support@tallysolutions.com or contact us on: for UAE, Bahrain, Qatar, Oman. Kenya: Other Countries: +91 (80)