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—enterpr
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 product, complaint in 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 convert data from recognized format to 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, 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 to 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 symbol?
This data field is like Rs. 5,000 space
in between currency symbol and amount.
- Show
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.
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