- Open the Tally Prime software by searching for “Tally Prime” by clicking on the start button and opening the start menu
- Select Create company in the List of Companies gateway
Entering company basic information
• Selecting keyboard keys “Alt” and “R” (Alt+R), to change from regular company to group company in the company creation gateway. Therefore, we can create either a regular company or a group company by providing the requisite details.
• Enter the name of the company, in our example, the name of the Company is ABC India (P) Ltd.
• Give the financial year as per the rules of the country of incorporation. In our case, the financial period is January to December, and the first financial year is Jan 2020
• Represent the books beginning as the period from when the books have actually been prepared from
• Kindly give the Mailing Name and Address as per the Memorandum of association
• Under the State row, specify the emirate of the UAE where the business is being conducted or proposed to be conducted. In our example, the emirate where the business is conducted in Dubai
• In the Country row, give the country of incorporation. In our example, the country of incorporation is the United Arab Emirates
•Mention the Pincode, telephone, mobile, fax, email, and website of the company
• Input the base currency symbol as “AED”
• Write the formal name of the currency as the currency name is given by the United Arab Emirates, i.e UAE Dirham
After giving the company details, select the keyboard keys “Ctrl” and “A” (Ctrl+A), to accept the changes and create the company
Now, once the company has been created, it will ask for additional details to configure your company data entry
Select keyboard keys “Ctrl” and “I” (Ctrl+I). As a result, it will show more details in regards to configuring your company.
The more details available for your company are
- Create Multiple Addresses for your company
- Ability to set Price levels for different products in your company
- The ability to create Cost Center classes in your company