Tally Checklist for New Financial Year (2020)

#DataSplitintally #NewfinancialyearinTally #howtostartnewfinancialyear #Splitingofcompanydate

There are 2 way to start new financial year in Tally.ERP 9

1. Continute the same company for new financial year

2. Split the existing company for new financial year.

Benefits- If you go through Point 1

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If you choose to continue the same company for new financial year then you get multiple benefits.

1 You can start new year working in less than 2 Minutes.

2. There will only single company where you can view transaction of old financial year and new financial year.

3. No multiple companies selection which is coming when you do split.

4. Your sale invoices number automatically start from 1 Number.

5. You can split as and when your books finalised.

Challenges

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1.Your users can change pass date transaction also if tally security is not properly implemented.

2.Sometime mistakenly admin did any changes in past financial year which is difficult to identified and it will trace when we match our balance sheet with books or return with books.

3.As you continue the past year data it may impact performance of Tally.

Benefits- If you go through Point 2

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If you choose to Split company for new financial year then you get multiple benefits.

1 New Company is created with latest balance of Ledger in Opening balance.

2. Both financial year is separate company hence change or alteration in past year financial data comes to zero.

3. Complete settings of Users, Security inherit to new company.

4. Your Voucher numbers automatically start from 1 Number.

5. You get improved performance as there are no transaction of past financial year.

Challenges

1. You have to manually update opening balance once your book finalised

2. Past year transaction is not available for view you have to check last financial year data.

3. It need some hours to split your data so if you plan to split do it after 31st march day end.

You can also referes to our below given video link to get detailed idea on point number 1 scenario . we also sharing article of GST Ready Accounting & ERP Software by Tally - Download Free Trial for step by step process of Data Split and New financial year change.

Steps if you want to Split the Company data on 01-APR-2020

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https://www.youtube.com/watch?v=Y3duoHPOJVo&t=1s

Steps if you want to continue Company data for New financial Year 2020-21

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https://www.youtube.com/watch?v=0GvD7VCrszo&t=35s

https://help.tallysolutions.com/article/Tally.ERP9/Data_Management/DM_Moving_to_Next_Financial_Year.htm

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