Tally Prime is the latest version 2022 of Tally ERP 9 that has some advanced features. Creating Company in Tally Prime is necessary as it records all the Company's financial transactions in it. In simple words, it's just like how you create a book for registering your business transactions; you need to create a company to record the transactions in TallyPrime. In this article, you will learn about Company Creation in Tally Prime:You can view and update all the transaction entries when needed and get the financial reports through the company. You may also check Tally Ledgers Groups List.
Steps to Create Company in Tally Prime
- After launching TallyPrime from your desktop and selecting Educational mode (if not Purchased the license), select Create Company in Tally Prime.
- If you already have one company registered in Tally software and would like to create another company, press Alt+K (Company) > Create.
- One can create multiple companies in TallyPrime, maintain transactions separately for each business, and manage each company's returns accordingly.
- Enter your company's Name: In TallyPrime, this name will appear whenever you need to select the company. For example, Max Electronics.
- Enter Mailing Name and Address: Your mailing name and Company name can be the same if you want. This mailing name & address will be printed in all the invoices and reports. For example; Company Name- Max Electronics, Mailing Name- Max Electronics Pvt Ltd.
- Enter the State, Country, and other contact details: You need to enter your company's State, Pincode, Mobile number, email, Period of financial year and currency. An example has been shown in the sample image below. These details can be printed on your invoices if needed.
- Security: You can also enable security features such as TallyVault and User controls for your company. If you do not see the Security option, press F12 (Configure): > set the following options to Yes:
- Use TallyVault Password to encrypt Company Data
- Use User Access Control - You can create different usernames and passwords to secure company data for different users.
- Set the Show more features option to Yes.
- Set the Show all features option to Yes.
- You can make the changes to the features anytime by navigating to the features screen> pressing F11 for features.
- Click ‘Yes’ to features that are required, according to your company requirements. To enable GST, click yes on GST. A screen will open as shown in the image below
- Now Set your company GST details and click Ctrl+ A
- Load the Company: Open TallyPrime > Alt+F3 (Select Company) > and select the company from the List of Companies.
- If you have created more than one company, you can browse to the data path and select the required company to open.
Delete a Company in Tally Prime
- Go to Gateway of Tally> Press Alt+K → Alter → Alt+D
- The company information will display on the screen after using Alt+K keys.
- Now, click on the alter option.
- Click on Select Company > click Alt+D. After this, click on the YES option to delete the company.