How To Carry Forward The Tally Data To Next Financial Year

How to Carry Forward the Tally Data to Next Financial Year

From First April Everyone would be looking for the solutions to carry forward the tally data to the new financial year without wasting time

You can easily and quickly close the Books of Accounts in Tally for a Financial Year to move your company data to the next financial year without any complexity. Tally ERP 9 Has multiple ways to Carry forward the Tally Data to handle your Tax liability or Input Credits by splitting the data at the beginning of the new financial year.

The first method to Carry Forward the Tally Data To New Financial Year

Change Current Period

To move your data to the new financial year, change the current period to:

  • Continue the voucher entry in the same company data.
  • Carry forward all ledger balances without creating a new company.
  • Compare the reports from different financial years.

To change the current period

● Go to Gateway of Tally > click F2 : Period and enter the dates.

new fy 18 19 1

The Current Period appears as shown below:

new fy 18 19 2 1

When the Current Period is changed, the balances from the previous financial year are carried forward. Retain the Financial year begins from and Books begining from dates in the Company Alteration screen.

To record the GST transactions from 1st April 2020, you can restart the voucher numbering with unique voucher numbers for all your voucher types.

Other Methods of Moving to New Financial Year

You can also do one of the following to move your data to the new financial year:

Split Company Data

Split company data , this will help you to:

  • Reduce data size.
  • Secure old data and start work in a different folder.
  • Maintain separate folders for each financial year.

When you split the data, the original data is retained, and two new companies with unique names and dates are created. You can rename the split company as required, and save the original data in another location.

Before splitting the data:

  • Ensure the analysis or audits of the books of the previous financial year are complete.
  • Adjust all the adjusted Forex gains/loss displayed on the balance sheet for multi-currency transactions.
  • Check the profit and loss account or inventory statements for pending purchase and sales bills, and adjust them to the respective accounts.

To split and move the data to the new financial year:

  • Verify the data
  • Split the data
  • Take a backup of your data
  • Update tax references for transactions

To verify the company data

  • Go to Gateway of Tally > F3 : Cmp Info. > Split Company Data > Verify Company Data .
  • Select the required company.
  • Press Enter to view the Possible Errors screen.
  • Rectify the errors before you proceed to split the data.

To split the company data

  • Go to Gateway of Tally > F3 : Cmp Info > Split Company Data > Select Company .
  • Select the required company for which the data has to be split.
  • Enter or retain the Split from date.
  • Press Enter to split the data. Data will split into two periods.

The synchronization rules are carried forward in the split data, in both the server and client. The new company name is automatically updated in the Client Rule. If you have renamed the split company, update the same in the Client Rule on the server.

To update tax references

If you are splitting data having transactions of two or more years, with taxation transactions of pre-GST regime, the tax references are not carried forward in the split data. You need to record the transactions for the following:

● TDS: Fourth quarter TDS payment transaction

Create New Company and Import the Opening Balances

If you have created a new company, export the closing balances of the ledgers and stock items of the old company, and import them as opening balances into the new company. You can also import the audited closing balance of the previous year, as the opening balance into the current year.

To export closing balances from old company

  • Go to Gateway of Tally > Display > List of Accounts > E : Export .
  • Select the Format as XML (Data Interchange) and provide details as shown below:
new fy 18 19 3
  • Press Enter to export the data.

To import closing balances as opening balances in new company

  • Go to Gateway of Tally > Import Data > Masters .
  • Enter the path and name of the file containing master data in the Name of file to be imported (XML) field.
  • Select the required option for Treatment of entries already existing .
new fy 18 19 4
  • Press Enter to import.

Create New Books of Accounts

You can create a new company and start recording the transactions without any opening balances for the ledgers.

To create new books of accounts

  • Go to Gateway of Tally > F3: Cmp Info > Create Company .
  • Enter 1-4-2020 as the Financial year begins from date. The same date appears in the Books beginning from the field.
  • Create the masters and record transactions.

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