TALLY PRIME

DAY – 1- PRACTICAL / THEORY

Create a company :
1. On launching Tally Prime, select Create Company.
 If you already have one company open and would like to create another company, press Alt+K (Company)
> Create.
2. Provide the Company details.

a. Enter the Name, Mailing name, and Address. For more information, click here.

By default, your company data will be saved in the location specified under Company Data Path, which is
the same as the folder where TallyPrime is installed. For more information on configuring your data path,
refer to Manage Your Company Data .

b. Enter the State, Country, and other contact details. A sample image is shown below. These details can be
printed on your invoices, if

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c. Accept the screen. As always, you can press Ctrl+A to save the details and create the company. You can set up
the remaining company details (steps 3 and 4 below) anytime later.

The name of new union territory Dadra & Nagar Haveli and Daman & Diu is provided in Release 6.6.3. All
masters with Daman & Diu and Dadra & Nagar Haveli are automatically updated with the name of new union
territory. The state/union territory name before merger is captured in State (before reorganisation) field.
Retaining the pre-merger state/union territory name helps in managing transactions and tax returns from
that period.

3. Set up financial year details and security options.

a. Financial year beginning from: Tally Prime pre-fills this field based on the date settings of your computer and
the Country selected in the Company Creation screen. For more information, click here.
b. Books beginning from: By default, Tally Prime fills this field with the Financial year beginning from date.
You can update this, as needed. Say you started your business and have maintained all business transactions
since 1-Oct-2020. You can update the Books beginning from date to 1-Oct-2020, while the financial year will be
1-Apr-2020.
c. Enable Edit Log: This is optional, available from Tally Prime
d.
e.
f. Release 2.1 onwards. You can enable Set Edit Log applicability under F12 and enable Edit Log for the
Company. This will help you to view Edit Log for the future activities that you will perform in masters and
transactions.
Furthermore, Company-level activities such as enabling or disabling the Edit Log feature, data migration, or data
split that affect the Edit Log report of masters and transactions will be recorded in the Edit Log report under
Company.
g. Security: This is optional. You can enable security features such as TallyVault and User controls for your
company anytime later.
If you do not see the Security option, press F12 (Configure) > set the following options to Yes:
 Use TallyVault Password to encrypt Company Data

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 Use User Access Control

For more information, click here.
4. Specify the Base Currency Information.
You can set up the base currency depending on the currency used in your business to record transactions.
To view all the options related to base currency, press F12 (Configure) > set Provide Additional Base
Currency details to Yes.

o If your business includes transactions in multiple currencies, refer to the Multi-currency topic.
5. Accept the Company Creation screen. As always, you can press Ctrl+A to save.
Saving the company takes you to the Company Features screen, which displays that the company is created
successfully.

Set up company features

As you create a company in TallyPrime, you can set up the necessary features, either now or anytime later, based on
your business needs. The basic minimum key features required for you to start recording your business transactions
are enabled and displayed by default. To view other features in the Company Features screen

 Set the Show more features option to Yes.

 Set the Show all features option to Yes.

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Features Description

Accounting

This option is set to Yes, by default. Setting it to No will disable

Maintain Accounts
accounting-related options for your company.

Enable this option to display the option Maintain balances bill-

by-bill created under sundry debtors and creditors.

When you enter details of sales and purchases with the bill-wise
option activated, TallyPrime prompts you to identify the invoice
with an appropriate reference number.

Enable Bill-wise entry The reference number can then be used to allocate payments to
the correct invoice to maintain an accurate account of
outstanding.

Bill-wise details for non-trading accounts are useful when one

needs to track either an installment to be paid or a loan amount
to be received over a certain period.

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Set Show more features to Yes to view this option.

Enable Cost Centres
Used for maintaining and allocating expenses to cost centres.

Set Show more features to Yes to view this option.

Enable this option to calculate interest automatically based on

Enable Interest Calculation
the interest rate and the style of calculation specified.

This is useful when interest rates change from time to time.

Inventory

This option is set to Yes by default. This allows you to maintain

Maintain Inventory your stock or inventory. Setting this to No will disable Inventory-
related features for your company.

Set Show more features to Yes.

Maintain your stock or inventory along with your books of

accounts.

Integrate Accounts with Stock records may contain errors caused by wrong allocation to
Inventory items. This feature enables finalization of financial books without
waiting for the reconciliation of stocks.

You can drill down from the Balance Sheet to view the Stock
Register.

Set Show more features to Yes.

Enable multiple Price Levels
Create multiple price levels for your stock items.

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Set Show more features to Yes.

Enable Batches Maintain batch information pertaining to Stock Items. Setting

this option to Yes displays the Maintain in Batches field in the
Stock Item Creation screen.

Set Show more features to Yes.

Maintain Expiry Date for
Batches Set expiry dates for the batches. This displays the Use Expiry
Dates field in the Stock Item Creation screen.

Set Show all features to Yes.

Enable Job Order Processing
Create Job Work Out or Job Work In orders.

Set Show all features to Yes.

Enable Cost Tracking
Analyse and track the cost of an item in transactions.

Use Discount column in

Set Show more features to Yes.
invoices

Use separate Actual and Set Show more features to Yes.

Billed Quantity columns in Specify quantities that are different from those
invoices delivered/received when invoicing.

Taxation

Enable Goods and Services If your business is under the GST regime, set this option
Tax (GST) to Yes and specify the GST Details for your company.

Enable Tax Deducted at If your business considers TDS payments, set this option

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to Yes and specify the TDS deductor details along with the
Source (TDS)
applicable Rates and Exemptions.

Set Show more features to Yes.

Enable Tax Collected at If your business considers TCS payments, set this option
Source (TCS) to Yes and specify the TCS collector details along with the
applicable Rates and Exemptions.

Set Show all features to Yes.

Enable Value Added Tax
(VAT) If your business is under the VAT regime, set this option
to Yes and specify the VAT Details for your company.

Set Show all features to Yes.

Enable Excise
Allow considering excise-related details during voucher entry.

Set Show all features to Yes.

Enable Service Tax If you pay service tax as part of your business transaction, set
this option to Yes and specify the service tax details and set the
preferences for your company.

Online Access

Set Show more features to Yes.

Enable Browser Access for Once your company is connected to Tally.NET server, access the
Reports key business report from the broswer in any device using your
Tally.NET credentials.

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Enable Tally.NET Services Set Show more features to Yes.

for Remote Access &
Synchronisation Use features like Remote Access and Synchronisation.

Payroll

Set Show all features to Yes.

Maintain Payroll Maintain payroll information in TallyPrime for the selected

company.

Set Show all features to Yes.

Enable Payroll Statutory
Maintain payroll-related statutory information.

Others

Set Show more features to Yes.

Enable multiple addresses Add multiple addresses for your company, as per your business
needs.

Set Show more features to Yes.

Mark modified vouchers For audit purposes, view all vouchers that are altered after
creation.

After you have created the company, in the Gateway of Tally screen, under Name of Company, the company name
appears in bold.

Multiple companies: Do you have multiple businesses to track and manage? You can create as many companies in
TallyPrime and manage your business transactions in each company separately. If you also prefer to get a consolidated

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view of the health of multiple businesses or submit summarised reports for auditing purpose, you can use the Group
Company feature in TallyPrime.

Load company
Once you have created a company, you can load the company in one of the following ways:

Select company

 Open Tally Prime > Alt+F3 (Select Company) > and select the company from the List of Companies.
 If you have created more than one company, you can browse to the data path and select the required company
to open.

Load company on startup

If you wish to load one or more companies by default, whenever you open TallyPrime, you can configure the same.

1. Open the Startup Settings screen: Press F1 (Help) > Settings > Startup.

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2. Set the option Load companies on startup to Yes, and press Enter on Companies to load.

3. In the List of Companies to Load on Startup screen, select one or more companies, based on your need.
4. Select End of List, after your have selected the companies to be loaded on startup.

The companies that you select here will be loaded by default next time you open TallyPrime.

Update Company Details | Alter Company

If your company address, phone number, or any other contact information was not provided earlier or has changed, you
can update such details in TallyPrime. Any changes made to these details will be reflected accordingly in your reports
and printed invoices.

1. Press Alt+K (Company) > Alter.

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2. In the Company Alteration screen, make the necessary changes.

3. Accept the screen. As always, you can press Ctrl+A to save.

If you do not need the company anymore, you can delete the company as well.

1. Press Alt+K (Company) > Alter.

2. In the Company Alteration screen, press Alt+D. The company will be deleted permanently.

If you want to access the business transactions recorded in the company at a later time, you can take a backup of the
company before you delete it. Note that once you delete the company, you cannot retrieve it, and therefore keeping a
back up of the company data is recommended.

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