Learn How to Create a Company in TallyPrime?

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After downloading and installing TallyPrime, for recording transactions of business you need to create a company in TallyPrime.

Let’s Create a Company

1. Launch/Open TallyPrime

2. From the Gateway of Tally press “Alt + K” (Company) > Create/ Enter or Press “F3” click on “Create Company”

OR

Post click on “Create”/ “Create Company” The “Company Creation” window will open as shown below:

3. Enter the following deails:

Company Name, Mailing Name, Address, Select the “State”, Pincode, Telephone, Mobile, Fax, E-mail, Website, Financial beginning from, books beginning from, Base Currency Symbol, Formal name.

Note: The Country field is prefilled depending on the country specified during the installation of TallyPrime.

Set/Enable Company features

After click on “Yes” or press “Ctrl + A”, the company will be created successfully. Now set/enable the features of the company as per your business needs.

By default Accounting, Inventory, and Taxation features are available for setting. To enable more features select “Yes” in “Show more features”.Set and the Show all features option to Yes.

Accounting Features:

Maintain Accounts:

Maintain accounts option is set “Yes” by default. If you set it “No”, it will disable the options related to the accounting of your company.

Enable Bill-wise entry:

Enable this option to display the option Maintain balances bill by bill created under sundry debtors and creditors.

Inventory:

Maintain Inventory:

Maintain Inventory option is set to Yes by default. This option allows you to maintain your stock or inventory. If you this option to No, it will disable Inventory-related features for your company.

Integrate Accounts With Inventory:

Set Show more features to Yes. Maintain your stock or inventory along with your books of accounts.

Taxation

Enable Goods and Service Tax (GST):

If GST is applicable, then set this option to “Yes”. After you set “Enable Goods and Service Tax” to Yes, the GST Details screen will appear as shown below:

Enter/ select the details in the “GST Details” window as applicable in your case after that save it.

Enable Tax Deducted at Source (TDS):

If TDS is applicable in your business then set this option to Yes, “Company TDS Deductor Details” window will appear and specify the details and save it.

After enabling all the features save it. Accept? “Yes” or Press “Ctrl + A”

Load/ Launch Company

After you created company, you can open the company as shown below

To Select the company that you want to launch/Open

Open TallyPrime press Alt+F3 (Select Company) > and select the company from the List of Companies.

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Source: Tally Solutions

If you face any issue while creating company in TallyPrime, then please do ask your query in the below comment box.