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What all you should know while moving to New Financial Year in Tally

As the new financial year is round the corner, there are my questions and doubts in minds of accountants as well as Tally users. As the new financial year approaches the activities increase the business world. Many think of moving ahead in new financial year, while others think to shift from manual accounting to computerized accounting. As a user of Tally software few thing which comes up in the mind of people and their possible solution would be discussed here.

First thing which comes in mind of a Tally users during this period is, "Should I create a new company in new financial year to continue accounting?" This thought comes due to many reasons. One them is that we think new financial year should start in new company as this would ease the work.  Old troubles with company data would be left behind ans as the company created is new the entries would be faster in new company.
But this is totally a wrong approach unless and until you want a complete new fresh start. This start would be in form of creation of new company or new entity etc. Or you may be just starting  your accounts on computer. Otherwise we should never create a new company in new financial year
The solution is just change the financial year to the next one in Gateway of Tally screen by pressing Alt + F2.
The complete problem and the solution is discussed by me few years back in this link.

The second issue or question which comes in the mind of accountant is to start separate accounting on new financial year and they want to do it by splitting the company.  The reasons may be that they think they should not carry the burden of  last year problems to the new year. 
This is also a wrong approach. You need not to split the company on 1-4 of every year. You can do it later on when you have finalized the balance sheet. Till then what you need to do is just change the financial year from Gateway of Tally Screen  by pressing Alt +F2

The process of splitting a company is explained here.

Third issue a Tally user faces is of Invoice numbering. As he moves up to new financial year he may face duplicate invoice number issue. As in new year invoice numbering starts with 1 and in previous year too it was one , it would give error if you are using bill wise bill referencing in Tally. As you may have created a ref. of 1 as the bill number is default ref number used by Tally you can get error message for same bill reference no. as 1. To avoid this problem you should use bill number prefixed by or suffixed.
The process of avoiding duplicate invoice number is explained here:

Moving to New financial Year with coputerization

If you have decided to move to computerized accounting in new financial year then you must be having some questions.You can read this article by Tally on How Computerization can help you in GST regime. You may be having some fears also, like the biggest one is I don't Know how to operated computers. I don't know the software. I don't have knowledge of GST, Who can help me out  etc. 
Here ApniTally is here for help. We would give you software as well as help to manage your accounts. It includes free training to work in Tally as well as how to generate GST Reports.
Know about our complete package here :

   Leave a comment below if you need any kind of help for starting your new financial year in Tally.

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