This article provides a comprehensive guide on setting up the new financial year in TallyPrime for 2024. It outlines three methods—changing the current period, creating a new company, or splitting company data—and explains the importance of aligning accounting records with the designated financial year. Users are advised to back up all Tally data before making any changes. The guide includes step-by-step instructions for each method to facilitate a smooth transition into the new financial year, ensuring accurate financial reporting and regulatory compliance throughout 2024.

1. Setting Up the New Financial Year
in TallyPrime 2024
TallyPrime is a leading accounting software solution. As the new financial year begins, it's crucial to align accounting records
with the new year for smooth operations.
- By Antraweb Technologies Pvt. Ltd.

2. Understanding the Financial Year
1
Organize Financial Data
Setting up the new financial year allows businesses
to accurately organize their financial data within
TallyPrime. 2 Align with Accounting Period
It ensures that financial reports reflect transactions
specific to the designated accounting period.
3
Establish Time Frame
Users establish the time frame during which all
accounting activities will be recorded and
monitored.

3. Methods to Set Up New Financial Year
1 Change Current Period
This method carries forward ledger balances and
pending documents from the previous year.
2 Create New Company
This method requires setting up masters and voucher
numbering again, but with imported opening balances.

4. Key Considerations
Data Backup
Take a backup of all Tally data before implementing any
changes to safeguard against data loss.
Financial Year Start
The financial year start date can vary by country, typically
st January or st April.

5. Method 1: Changing the Current Period
1
Change Period Dates
Go to Gateway of Tally > Press Alt+F and enter the start and end dates of the new financial year.
2
Reset Voucher Numbering
Go to Voucher Type screen and set "Use advanced configuration" to Yes. Enter the Restart Numbering as required.

6. Method 2: Create New Company
Export Closing
Balances
Go to Chart of Accounts > Ledgers > Export > Current.
Configure to export data in XML format.
Import Opening
Balances
In the new company, go to Import Data > Masters. Select the
XML file and import behavior option.

7. Benefits of Setting Up New Financial Year
Organized Records
Ensures financial records are organized
and aligned with the designated
accounting period.
Regulatory Compliance
Helps businesses meet regulatory
standards by maintaining accurate
financial records.
Performance Analysis
Allows businesses to assess their
financial performance for the specific
accounting year.

8. Transitioning to the New Financial Year
Update TallyPrime
Follow the steps to update TallyPrime for
the new financial year, either by
changing the period or creating a new
company.
Review Financial Data
Review and verify the accuracy of
financial data carried over or imported
into TallyPrime for the new year.
Organize Records
Organize and maintain financial records
in TallyPrime for the new financial year,
ensuring compliance and easy access.

9. Method 3: Split Company Data
When you split the data in TallyPrime, the original data remains unchanged, and two new companies are created with unique
names and dates
To split and move the data to the new financial year follow the steps :

10. Verify Company Data before Splitting
1 Review Thoroughly
Thoroughly review your company
data to identify and rectify any
potential errors before proceeding
with the split.
2 Access Possible Errors
Use the "Possible Errors" screen to
pinpoint and address any issues in
your financial records.
3 Ensure Accuracy
Maintaining accurate data is
crucial for a seamless transition to
the new financial year.

11. Splitting Company Data in TallyPrime
1 Select Company
Choose the company for which you want to split the data.
2 Set Split Date
Specify the date from which you want to split the data.
3 Create New Companies
TallyPrime will generate two new companies with unique names and dates.

12. Benefits of Splitting Company Data
Maintain Accurate Records
Splitting the data ensures that your
financial records remain accurate and
up-to-date for the new year.
Facilitate Smooth
Operations
The split process allows for a seamless
transition, enabling your business to
continue operations without
disruption.
Comply with Regulations
Proper data management through
splitting helps you adhere to regulatory
standards and reporting requirements.

13. Maximize the Power of TallyPrime
Efficiency
TallyPrime streamlines your financial
processes, saving you time and
resources.
Insights
Robust reporting and analytics tools
provide valuable insights to guide your
business decisions.
Compliance
TallyPrime helps you maintain
compliance with regulatory
requirements.

14. Want to Explore more about Setting Up the New Financial Year in TallyPrime
2024
Click on the Link below for the Full Blog & Website Visit Tally
Setting Up the New Financial Year in TallyPrime 2024
Best Tally Software Support Customization & Solutions Provider