
We face few questions while entering new year data like :-
- How to put opening balances as closing balances for last year are not available at this moment?
- What to do with those ledgers which are not going to be used in next year?
- How to get rid of last years mistakes or errors?
- How to include inventory in this year's books?
Splitting the company
Another better solutions is to continue entering data in existing company by changing the period in gateway of tally. When ever you have to make changes in previous period just enter the last year's period and record the entry.
When ever you get you company balance sheet finalized after entering the closing transactions just split the company on 31 march.
This way you would automatically get the opening balances of the all ledgers and there would be no difference in opening balances. But a word of caution here is that do this after finalizing the balance sheet, because once split you will not be able to make changes in last year
s company. What ever entries you would make would reflect only current company. Later on you can delete all those ledgers which are having zero balance or dead.
This method has all the advantages.
When ever you get you company balance sheet finalized after entering the closing transactions just split the company on 31 march.
This way you would automatically get the opening balances of the all ledgers and there would be no difference in opening balances. But a word of caution here is that do this after finalizing the balance sheet, because once split you will not be able to make changes in last year
s company. What ever entries you would make would reflect only current company. Later on you can delete all those ledgers which are having zero balance or dead.
This method has all the advantages.
6 Comments
Regards,
Sheriff
gateway of tally--account info-ledger--after--select ledger-then alt+d
yes to delete