Year closure in Tally

Tally 3506 views 7 replies

Anil

1638 Points Joined October 2007

The financial year has been closed in Tally 7.2 version.

I do not want someone to accidentally make any more entries in that financial year as all the figures have been finalised and audited. Now I would like to block the accounting staff from making any more entries or edit entries for that financial year.But they should be able to view the transactions.How should I do it in tally. Please explain step by step.

Thanks.

Replies (7)

shailesh agarwal

professional accountant

7647 Points Joined September 2008

yes you can

account info- security control---types of security----data entry make password -------enter-----------------------chose the list and disallow the facilities listed which you want

simple

Anil

1638 Points Joined October 2007

Thanks for your suggestions.

But unfortunately in When I go Accounts Info I see only these options:

Groups

Ledgers

Cost categories

Cost centres

Budgets

Scenarios

Voucher types

Quit.

I am not seeing Security control, types of security etc..

What do you suggest I do?

Thanks.

shailesh agarwal

professional accountant

7647 Points Joined September 2008

FIRST MAKE PASSWARD IN TALLY----THEN CLOSE TALLY

THEN RE OPEN TALLY--

NOW ---PRESS F3 BUTTON ----NOW IT WILL SHOW YOU IN

ACCOUNT INFO---SECURITY CONTROL

subramanya

Professional

907 Points Joined March 2008

Originally posted by :Anil
"	The financial year has been closed in Tally 7.2 version. I do not want someone to accidentally make any more entries in that financial year as all the figures have been finalised and audited. Now I would like to block the accounting staff from making any more entries or edit entries for that financial year.But they should be able to view the transactions.How should I do it in tally. Please explain step by step. Thanks.	"

Anil,

Split the company data

Assume you have a company data having data from 1/4/2005 to till date (3/5/2009).

Right now till 31/3/2008 finalization is over.

Now Split the company data from 1/4/2008

you will have two data

1) one data contains data from 1/4/2005 to 31/3/2008

2) second data from 1/4/2008 to till data

Cut and paste the previous data in a different folder or CD and continue using the second company.

So Simplee.. (smile).

Subramanya

Nitesh

service

136 Points Joined November 2008

Dear Subramanya,

Befor splitting the data what check and balances need to be done. Eg. one chek is whether all knocking off has been properly done. What is the other cheks and balances before splitting the data?

subramanya

Professional

907 Points Joined March 2008

Originally posted by :Nitesh
"	Dear Subramanya, Befor splitting the data what check and balances need to be done. Eg. one chek is whether all knocking off has been properly done. What is the other cheks and balances before splitting the data?	"

Pre split activities:

Before you split data ensure that:

1. All adjustment forex gains/losses have been fully adjusted by Journal entries. Verify that the item "Unadjusted Forex Gains/Loss" does not appear in the balance sheet

2. There are no purchase bills/sales bills to come. Check the profit and loss account and inventory statements for purchase/sales bills pending. You may account them to the respective party accounts or to respective “bills pending” account.

3. Accept all Tally audit vouchers goto Gateway of TallyàDisplayàStatement of Accounts à Tally Audit à vouchers à F7 (Accept One) or Alt + F7 (Accept All) vouchers.

4. Ensure that a backup of the data exists.

Procedure to Split the Financial Years

1. At the Gateway of Tally, Select [ALT]+F3: Cmp Info

2. Select Split Company Data.

3. Select the Company whose data is to be split.

4. Tally recommends the split-off date based on the data existing. It is recommended that the Split Point is set as the beginning of the latest financial year though Tally permits any date as the split point.

5. Splits occur in sets of two periods. Hence, start with the latest. For example assuming that three years data – from 1-1-2001 to 31-12-2004 for a company and you want them split into three separate 'companies' each with a financial year. First, select the beginning of the latest financial year (1-1-2003, that is what Tally would prompt you to do).

6. On confirming the activity, two new companies will be created – one with data from 1-1-2001 to 31-12-2002, i.e., two years, and the other for 1-1-2003 to 31-12-2004.

7. Typically, this is all you need to do. Your historical data, whether of 1 or more financial years, will be preserved as one company, and your current financial year, as another. There is, normally, no reason or benefit to split the prior years again into separate years. However, if you wish to do so, repeat the above steps for the prior period company (1-1-2001 to 31-12-2002).

All the companies are full companies in their own right. Data can be entered, displayed and altered. Please display or print the key financial reports (Trial Balance, Balance Sheet, Profit & Loss, Stock Summary etc.) from each of the companies for the relevant periods and compare them for accuracy.

Once you are satisfied that you have a successful split, it is advisable to backup the original company onto diskettes and permanently delete its data from your hard-disk. This will ensure that you do not accidentally use it to enter fresh data.

I think this much is enough....

subramanya