Create Company in Tally 9 (part-3)

  

Create Company in Tally 9

What is Company in Tally?

A Company is a business firm like a legal entity formed by a group of individuals to engage in and operate a business—commercial or industrial—enterprise. A company may be organized in various ways for tax and financial liability purposes depending on the corporate law of its jurisdiction.

Lets See Create Company in Tally:-

• Directory: Folder of Our Company Data

• Name:  Name of your Company

Primary mailing details

• Mailing name:- In this field, we are required to type the name of the company, for example. AR EXPERT TEAM.

• Address:-  In this data field, we are required to enter the address of the company.

• Country:- Here we are required to select the country from the list in which the business operates.
• State:-In this data field, we have to select the state in which we would comply with statutory laws.

• Pincode:- Pincode of the location where the office exists.

Contact details

• Phone no:-Enter the Company contact number which we would like to display on the Invoices

• Mobile no:-Enter the Contact number of the Managing Person to whom any queries related to Invoicing or Delivery of the product, or complaint about the product could be reached to

• Fax No:-Enter the Fax number to which any confirmation statements, ledger copies, etc., could be sent and received

• E-mail:-Enter the company’s email address to which any product inquiry and other communications could be made.

• Website:-Enter the company’s web address if any

Books and financial year details

• The financial year begins from:- In this data field, you have to type the financial year in which you want to create a company. Suppose you may be starting the company on September 01, 2022, you should enter the financial year from 01.04.2022.

• Book beginning from:-In this data field, you have to type the financial year in which you want to create a company. Suppose you may be starting the company on September 01, 2022, you should enter the financial year from 01.04.2022.

• Starting in the middle of the financial year.

Security control

• Tally Vault password (if any):-This data file is for security purposes. By enabling this field, Tally Converts tally data into an encrypted format. To encrypt means converting data from a recognized format to an unrecognized format.

By entering the Tally Vault password we can prevent unauthorized access to company data. Now in Latest Tally, There is a password strength indicator, which will help you to set a strong password. Red color indicates a weak password whereas peach-orange color: is fair, Yellow is good and Green color indicates a strong password.

CAUTION: FORGETTING THE TALLY VAULT PASSWORD WILL RENDER THE DATA INACCESSIBLE

Use security control?:-Enabling this data field, we will get complete control over the data, and we can assign users for specific purposes, for example :

• We can assign data entry operators who can access only voucher entry screens.
• We can assign billing clerks who can access only Sales invoice voucher
• We can give Financial managers who can access financial data and reports as the administrator controls his access.

We will be asked for the administrator's name and password in this data field.

Base currency information

• Base currency symbol 

In this data field, the currency symbol of the country is auto-selected based on the country of origin fed by you in the previous data field. There is no need to change this data field if you are using the same currency for accounting.

• Formal name

This is the formal name of the currency selected in the previous field

• Suffix symbol to amount?

This data field will ask you whether a currency symbol is required for example: prior to an amount like Rs. 5,000

• Add space between the amount and the symbol?

This data field is like Rs. 5,000 space in between currency symbol and amount.

• Show the amount in millions?

If we set this data field to Yes, Tally will display the amount in millions that are in the Balance sheet or other reports. The amount for example 100,00,000 will be shown as 10. [One million equals 10,00,000].

• Number of decimal places

It is a general practice to use 2 decimal places, for example :

• for using Paisa in Indian currency we use 2 decimal places.
• for using Philis in Kuwait Deenar currency we use 3 decimal places
• The word represents the amount after decimal

This data field is used in printing, in Indian currency decimal portion is said to be Paisa. Set this field as per your formal name of the decimal value in your currency. For KD it is Philis. Thousand Philis makes one KD.

• Number of decimal places for the amount in words

If we set this data field to 1 decimal place in Indian currency, then while printing 65 Paisa. It Will print as seventy Paisa, if we set this to 2 decimal places, then it will print the second fraction like seventy-five Paisa.

To save the details entered in the company creation screen

If you have entered all the details and after verifying it seems to be right, then you have to accept the screen by pressing Enter and again Enter to accept and save the details.

• Free Tally Course Notes

  • Part - 1 What is Tally ?
  • Part - 2 What Types of Tally Account?
  • Part - 3 Create Company
  • Part - 4 Tally Group