Tally Company Details.pptx
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This document provides an overview of setting up a company in Tally, including details on: 1) Creating a company by providing its name, address, statutory compliance details like country, currency, etc. 2) Setting the currency details like symbol, decimal places, and representation system. 3) Defining the fiscal year vs book year of the company. 4) Specifying if the company deals with goods, services, or both and selecting accounts with or without inventory accordingly. 5) A video is provided on demonstrating the company creation process in Tally. 6) Hands-on practice is suggested for teams to create and alter company details without actually deleting the company.
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- 1. Tally Overview, Details of Creation of Company
- 2. LEARNING OBJECTIVES Set up Phase (Contd..) Create Company Learn Masters creation Create Groups Create Ledger Accounts
- 5. CREATE COMPANY - WHY Basis of Tally Architecture Company is the identification of the business One place to record and consolidate all the business transactions On consolidation, Reporting is made feasible
- 6. COMPONENTS OF COMPANY CREATION Name of the company – The Legally registered name of the Organisation Address – Permanent address where the business is located Statutory Compliance includes providing details of – Country Currency State Pin code Telephone Mobile Email
- 7. CURRENCY Currency Symbol Name of the currency Number of Decimal Places Symbol for Decimal Portion Amounts to be shown in Millions – International or Indian System of Currency Representation Once the country where the business operates is selected, the default currency of the country in which the business operates are updated The following are the requirements for currency field
- 8. FISCAL YEAR VS BOOK YEAR Fiscal Year – An accounting period followed by the company for computation of its profit and tax Fiscal year may correspond to calendar year (January – December) or financial year ( April – March) Book Year – Is the period from which the company has begun its first transaction or the date of incorporation of the company Book year may be a part of the fiscal year or the complete fiscal year in the first year of incorporation of the company
- 9. GOODS AND SERVICES ‘Goods’ are things which can be touched and are either manufactured or purchased for selling them and making profits. Fast Moving Consumer Goods Heavy Industrial Goods Infrastructure Machinery
- 10. GOODS AND SERVICES ‘Services’ are provided by “people” in exchange for money. Services are intangible i.e you cannot touch them Doctor Banker Photographer Teacher
- 11. ACCOUNTS – WITH / WITHOUT INVENTORY • Inventory are nothing but goods maintained by the organisation. • Companies involved in manufacturing and trading deal with goods and hence will have to use Accounts with inventory • This will facilitate in the automatic calculation of the closing and opening stocks of inventory in Tally • Companies providing services will opt for Accounts without Inventory
- 12. COMPANY CREATION – VIDEO
- 13. HANDS ON PRACTICE • You will work in teams of 2 • Each team will get one company details to work on • Round 1 – Create Company • Round 2 – Alter Company • Delete company is just for understanding… • The company created WILL NOT BE DELETED!!!!