This should be ideally your final step for closing your last year accounting transaction. Although by this time tally users have started transaction in new financial year but balance sheet for last year would be in final stages.
Here are some pre requisite of splitting a company:
- You should have posted all entries pertaining to last financial year like closing balances, adjustment entries, depreciation entries etc. Else Wait!
- You should have adjusted all Forex Gaines/Losses. you can verify that no unadjusted forex gain/ loss is shown in balance sheet.
- There should be no purchase bill or sales bill pending . Go to profit & Loss statement or go to inventory statements to see any purchase bill pending or sales bill pending. The path is :
Open the company to split. From Gateway of Tally press Alt+F3. Select SPlit Company Data from menu option and Select the Company to split. You would find following screen.
Just enter the date and its done!
It would create two new companies based on your date. You have to continue working in the second company. It is worth noticing that your current company is still there. So you have three companies and you have to continue working in the company ending (From 1-Apr-2008). You would find all the openings are there for respective ledgers.