How to Create a New Company in Tally Prime (Step-by-Step Guide) [2024]
Step-by-Step Guide to Create a New Company in Tally Prime
Tally Prime makes it easy to create and manage companies for accounting, inventory, and compliance purposes. Follow these steps to create a new company in Tally Prime.
Step 1: Open Tally Prime
1. Launch Tally Prime on your computer.
2. The Welcome to Tally Prime screen will appear.
Step 2: Select “Create Company” Option
1. From the Gateway of Tally, click on “Create Company” (or press Alt + K → Create).
2. This will open the Company Creation screen.
Step 3: Enter Company Details
1. Company Name: Enter your business name (e.g., XYZ Pvt Ltd).
2. Mailing Name: Auto-fills based on the company name (can be modified).
3. Address: Enter the business address.
4. Country: Select your country (e.g., India).
5. State: Choose the appropriate state for tax compliance.
6. Pincode: Enter the postal code.
7. Phone No. & Email: Enter the contact details.
Step 4: Set Financial and Book Start Dates
1. Financial Year Begins From: Choose the financial year start date (e.g., 1st April 2024).
2. Books Beginning From: Set the date from which transaction records will start.
Step 5: Configure Company Features
1. Base Currency Information:
- Currency Symbol: ₹ (or your local currency).
- Show Amounts in Millions: Select as per preference.
- Number of Decimal Places: Set as required (Default is 2).
2. Maintain Accounts & Inventory:
- If you need inventory management, set Yes to “Maintain Accounts with Inventory.”
- If only accounting is needed, select No for inventory.
Step 6: Enable Tax Features (If Applicable)
1. Enable GST (Goods & Services Tax)
- Set Yes for GST if applicable.
- Enter GSTIN and other required tax details.
2. Enable TDS/TCS, Payroll, and Other Features
- If your business requires TDS, TCS, or payroll management, enable these options.
Step 7: Save and Start Using the Company
1. After entering all details, press Ctrl + A to save.
2. Your new company is now created and ready for use in Tally Prime!
Additional Settings (Optional)
You can set up security controls by creating a password for admin users.
Configure backup settings to prevent data loss.