SIGNATURE OF INTERNAL EXAMINER SIGNATURE OF EXTERNAL EXAMINER
DATE- DATE- INTRODUCTION
Accounting software manages financial functions for
businesses. Finance and accounting teams use accounting tools to manage expense and cash flow, as well as functions like billing, payroll, general ledger, accounts receivable, and accounts payable.It may depends on virtual thinking. Depending on the purpose, the software can manage budgets, perform accounting tasks for multiple currencies, perform payroll and customer relationship management, and prepare financial reporting] Work to have accounting functions be implemented on computers goes back to the earliest days of electronic data processing. Over time, accounting software has revolutionized from supporting basic accounting operations to performing real-time accounting and supporting financial processing and reporting. Cloud accounting software was first introduced in 2011, and it allowed the performance of all accounting functions through the internet. Creation of company in tally prime is equivalent to the books of accounts that you maintain manually, in the absence of an accounting application. You can specify the details of your business like name of company, the business name that need to be printed in documents, the state and country where your business operates, the financial year followed, the date from when the books are maintained, base currency of your business, and so on. PROCEDURE FOR CREATING COMPANY IN TALLY PRIME The steps to create company are as follows: 1. To create a company in tally prime, press alt+k>create. Alternatively, at the Gateway of tally, press f3>create company.The screen creation appears.
2. Enter the Name, Mailing name, and Address. Specify the
company name as customers recognise your business in general. In TallyPrime, this name will appear whenever you need to select the company. This name & address will be printed in all the invoices and reports. This can be the same as the company’s name. However, if you want a different name to be printed in your invoices and reports, you can specify a different Mailing Name. Enter the State, Country, and other contact details. A sample image is shown below. The Country field is prefilled depending on the country specified during installation of TallyPrime.you can also give Telephone, Mobile, and E-mail. 3. Accept the screen. As always, you can press Ctrl+A to save the details and create the company. 4. Specify the Base Currency Information.You can set up the base currency depending on the currency used in your business to record transactions.To view all the options related to base currency, press F12 (Configure) > set Provide Additional Base Currency details to Yes. 5. Accept the Company Creation screen. As always, you can press Ctrl+A to save.Saving the company takes you to the Company Features screen, which displays that the company is created successfully. COMPANY FEATURES (F11) 1. ACCOUNTING: Depending on your bookkeeping needs for your company, you can enable other accounting features, such as cost centre and interest calculations. Additionally, if your sales transactions need to be maintained bill-by-bill, TallyPrime helps with all such business preferences . 2. INVENTORY: You can set up your inventory-related preferences. In TallyPrime, you can manage your Inventory independently or choose to update your books of accounts with stock details. You can set up other Inventory features – Price Levels, Batches, Job Work, Job Costing, and so on depending on your business practices. 3. TAXATION: If your business needs to comply with statutory requirements, you can set up your tax details for invoicing purpose. With TallyPrime, you can define details for GST, VAT, Excise, Service Tax, TDS or TCS, as applicable to your business. All invoices that you create will continue to refer to the statutory details you define here. 4. ONLINE ACCESS: If you also need to access your Company data on the go, especially when you are travelling or at a client location, TallyPrime has it all. You can enable the Reports in Browser feature to view key reports from any other device. Additionally, you can access your Company data remotely and also synchronise data available at different locations. 5. PAYROLL MANAGEMENT: Does your business require you to manage salary and pay heads for employees? If yes, you can enable the Payroll feature for your company, including the related statutory features.