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Creation of Company in Tally

Steps to Create a Company in Tally Prime

1. Launch Tally Prime

  • Open the Tally Prime application.
  • The Gateway of tally screen will be displayed, showing options such as creating a company, and more.

2. Select "Create Company" Option

  • From the gateway of tally, choose the option Create Company.

    • Alternatively, you can use the shortcut key: Alt + K (Go To) and select Create Company from the menu.

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3. Enter Company Information

Once you select the option to create a company, a new screen will open where you will need to enter the following details about the company:

  • Company Name: Enter the official name of the company.
  • Primary Mailing Details:
    • Mailing Name: This is the name that will appear in all printed documents. It can be the same as the company name or a variation.
    • Address: Provide the full address of the company.
    • Country: Select the country in which the company is located.
    • State: Select the state where the company is registered.
    • PIN Code: Enter the postal code or ZIP code.
    • Phone Number: Enter the company's contact phone number.
    • Email: Enter the official email address of the company.
  • Books and Financial Year Information:
    • Financial Year Begins From: Enter the start date of the financial year (e.g., 1st April).
    • Books Beginning From: This is usually the same as the financial year start date. However, it can be different if the company is starting accounting at a later date.

4. Set the Security Options

After entering the company information, you'll have the option to set security and access controls:

  • Enable Security Control: If you want to restrict access to certain areas of Tally Prime, you can enable security control.
    • Set a username and password for the administrator.
    • You can also define different roles and set privileges for different users.
  • TallyVault Password: This is an advanced feature that encrypts the company's data with a password for additional security. Once enabled, no one can access the company data without entering the TallyVault password.

5. Define Base Currency Details

Next, you will set up the currency details for the company:

  • Base Currency Symbol: Enter the currency symbol (e.g., ₹ for Indian Rupee, $ for US Dollar).

6. Activate GST and Other Features (Optional)

You can configure various statutory features like GST, VAT, and TDS if applicable to your business:

  • Enable Goods and Services Tax (GST): If your business is registered for GST, enable this option.
    • You will need to provide the GST registration number (GSTIN) for the company.
    • Set the appropriate tax rates as per your business requirements.

7. Save the Company Information

After filling in all the necessary details, press Ctrl + A to save the company information.

Tally Prime will now create the company with the details you have entered, and you will be taken to the main screen, where you can start entering vouchers, creating ledgers, and generating reports for the newly created company.

  • Multiple Companies: You can create and manage multiple companies within Tally Prime. You can also toggle between different companies easily without exiting the software.
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