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UNIVERSITY ROLL NO.-

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SIGNATURE OF INTERNAL EXAMINER SIGNATURE OF EXTERNAL EXAMINER

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 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.