Before You Start (Quick Checklist)
- Company details: Legal name, address, contact, email.
- Financials: Financial year start (e.g., 01-Apr-2025), books beginning date.
- Tax info: GSTIN, registration type, state code (if applicable).
- Currency: Symbol (₹), formal name (INR), decimals (2).
- Data path: Folder to store company data (e.g., D:\TallyData).
Tip: Keep data on a separate drive for easy backup & migration.
Step 1 — Open TallyPrime & Choose “Create Company”
- Launch TallyPrime → from the startup screen, select Create Company.
- Alternatively, press Alt + K (Company) → Create.
Step 2 — Enter Basic Company Info
- Company Name & Mailing Name
- Address, State, Country, PIN
- Phone, Email, Website (optional)
- Base Currency: Symbol (₹), Formal name (INR), Decimals (2)
These details appear on invoices, ledgers, and reports.
Step 3 — Set Financial Year & Books Beginning
- Financial Year begins from: e.g., 01-Apr-2025
- Books beginning from: same as FY start (or a later date for mid-year adoption)
If you are migrating mid-year, enter opening balances for ledgers after creation.
Step 4 — Security & User Controls (Optional but Recommended)
- TallyVault Password: Encrypts company data. Remember this; it cannot be recovered if lost.
- Enable Security Control: Create an Admin user and set roles for data entry vs. approval.
- Auto Backup: Configure periodic backups to an external or cloud location.
Step 5 — Enable Features (GST, Inventory, Banking)
| Area | What to Do | Notes |
|---|---|---|
| GST (India) | Enable GST; set Registration type, GSTIN, State, HSN/SAC defaults | Can be enabled later from F11 / Company features |
| Inventory | Select “Accounts with Inventory” if you manage stock items | For services only, choose “Accounts only” |
| Banking | Enable bank ledgers, cheque printing, and reconciliation | Set bank details for payment/receipt vouchers |
| Payroll | Turn on if you need salaries, PF, ESI compliance | Configure pay heads & employee masters |
Step 6 — Save & Verify Company Creation
- Press Ctrl + A or choose Create to save.
- From Gateway of Tally, confirm the company name appears at the top.
- Create a test Ledger (e.g., Cash) and post a Receipt voucher to verify.
Managing Your Company (Alter, Select, Split)
| Action | How | When to Use |
|---|---|---|
| Alter Company | Alt + K → Alter → Edit details (FY dates, GST, address) | Correct typos, update contact or tax details |
| Select Company | Alt + K → Select → Choose from list | Switch between multiple companies |
| Shut Company | Alt + K → Shut | Close company from the current session |
| Split Company Data | Use Split Company utility (post-year-end) | Create a new data set for the next FY after audit/finalization |
| Backup/Restore | Alt + Y (Data) → Backup / Restore | Regular backups protect from data loss |
Troubleshooting (Common Issues & Fixes)
| Issue | Cause | Quick Fix |
|---|---|---|
| Company not visible in list | Wrong Data Path | Set correct path from Alt + K → Select (browse to your data folder) |
| Can’t enable GST | Company not in India/State missing | Update state & country, then enable GST from Company Features |
| Forgot TallyVault password | Encryption enabled | Cannot be recovered. Keep a secure record; use backups if locked out |
| Date not permitted | Voucher date outside FY or period locked | Adjust FY/books dates or voucher date accordingly |