After learning about the “List of Important Keyboard Shortcuts to become Master” in TallyPrime, now it’s time to learn about something interesting like creating a group company in TallyPrime.
What is a Group Company?
Group company consists of a collection of companies, like branches, sister concerns, subsidiaries, and member companies, etc.
With the help of TallyPrime, you can monitor the health of member/subsidiary companies. You can create a group company in TallyPrime. After you create a group company, you can track/compare the performance of the member/subsidiary company.
Points to be taken care of before creating a group company
The Member/subsidiary companies have:
- The same “Base Currency Symbol” and “Formal name”.
- Uniform books/ Charts of accounts like masters/ledgers should have the same names across companies.
It will help in proper consolidation of accounts and accuracy of MIS reports.
Let’s Create a “Group Company”
From the “Gateway of Tally” press “Alt+F3” or select “F3:Company” from the top right corner of Tally and select the company for which you want to create a group company. as shown below:
After selecting the company open the “Group Company” screen
- Press “Alt + K” and click on Create/enter or click on “K: Company” and click on Create/enter.
2. “Company Creation” screen will be visible from there press “Alt+R” or select “R: Group Company” from right corner screen.
Group Company creation screen will be visible now. Enter/select the following details:
Company Name, Mailing name, Address, State, Country, Pincode, Telephone, Mobile, Fax, E-mail, website and Members Companies.
Press “CTRL + A” to save that group company. After creating group company you can see from the “Gateway of Tally”
You can add more member companies to your group company by altering the group company. Similarly you can delete them.
Note: If you have only two member companies in the Group Company, you cannot remove any of the companies. To form a group company, you require a minimum of two companies.
If you face any issue while creating “Group Company” in TallyPrime, please do write your query below in the comment box.