Easily and quickly close the books of accounts of a financial year, and move your company data to the next financial year. You can achieve this in multiple ways in Tally.ERP 9.
1. Change Current Period
To move your data to the new financial year, change the current period to:
- Continue the voucher entry in the same company data.
- Carry forward all ledger balances without creating a new company.
- Compare the reports from different financial years.
To change the current period
- Go to Gateway of Tally > click F2 : Period and enter the dates.
The Current Period appears as shown below:
When the Current Period is changed, the balances from the previous financial year are carried forward. Retain the Financial year begins from and Books beginning from dates in the Company Alteration screen.
To record the GST transactions from 1st April 2020, you can restart the voucher numbering with unique voucher numbers for all your voucher types.
2. Create New Company and Import the Opening Balances
If you have created a new company, export the closing balances of the ledgers and stock items of the old company, and import them as opening balances into the new company. You can also import the audited closing balance of the previous year, as the opening balance into the current year.
Export closing balances from old company
1. Go to Gateway of Tally > Display > List of Accounts > E : Export .
2. Select the Format as XML (Data Interchange) and provide details as shown below:
3. Press Enter to export the data.
- Format should be XML ( Data Interchange) and Output File Name may be any name but the extension should be .XML
- Type of Masters should be All Masters and Export Closing Balances as Opening must be set to Yes with last date of current Financial Year should be mention under To Date option.
- After Exporting complete, File location of TallyERP9 will be open automatically where the Export File Master.XML has been saved. This Export File will require to Import in case of a new company.
Import Masters of closing balances as opening balances in new company
You can import masters previously exported from Tally.ERP 9 in XML format into the data of a company. Before importing, ensure that all the same features are enabled and disabled in the Company Features as the company from which the data is being imported.
For example, if you want to import masters created in ABC Company to a new company – XYZ Company. The options Maintain stock categories and Maintain batch-wise details must be enabled in ABC company before exported the masters. To import masters into XYZ Company, you need to ensure that both the options Maintain stock categories and Maintain batch-wise details are enabled in XYZ Company before importing.
To Import Masters:
1. Go to Gateway of Tally > Import Data > Masters .
2. Enter the name of the .xml file to be imported, if the file is located in the Tally.ERP 9 application folder in the Name of file to be imported (XML) field.
3. Select the Behaviour to define the method by which the existing entries in the company will be treated.
● Combine Opening Balances : Select this option to import data of different branches and consolidate the opening balances. You can also select this option when the opening balances of existing masters are Zero and need to be overwritten by the balances in the data being imported.
● Ignore Duplicates : Select this option to import new masters along with the existing masters in Tally ignoring the duplicates.
● Modify with New Data : Select this option to replace the existing balances with those existing in the data imported and also override the other options available in list of behaviours available.
The Import Masters screen appears as shown below:
4. Press Enter to import.
3. Splitting Company Data in Tally.ERP9
This topic lists out the prerequisites for splitting company data and how to split company data based on financial years.
Before splitting the data, the user must ensure the following important points:
(A). The company data is verified to ensure that no errors occur during splitting using the Verify Company Data option because Verify Company Data automatically detects possible errors in the data. You can manually correct them and then split the data.
(B) Start the data verification process before splitting the data
1. Go to Gateway of Tally > F3 : Cmp Info. > Split Company Data > Verify Company Data .
2. Select the required company. The List of Possible Errors screen appears.
(C) The Split from date is based on the existing data, and is considered as the beginning of the current financial year.
(D) Once the company data is split, two separate companies will be created and opened, without any changes to the original data.
(E) After the split, all the companies act as separate companies. You can make entries, display reports and, alter any data in these companies.
(F) You can alter the names of the companies that are created as a result of splitting, if required
To Split the Company Data
1. Go to Gateway of Tally > F3 : Cmp Info . > Split Company Data > Select Company .
2. Select the required company from the List of Companies .
3. Enter the required date in the Split from field.
The Split Company Data screen appears as shown below:
4. Press Enter to split the company data.