New financial year brings in new challenges for Tally users. This presentation will help you create a new company for a new financial year and many other functions that will help you to use Tally more effectively.

1. Key things to take care of
before the start of new
financial year.

2. Introduction
The new financial year is just around the corner and it is
the perfect time to plan and make yourself ready for
seamless transition of your company data into the new
financial year using Tally.ERP 9. Year-end is always a
challenging period for businesses as the company
needs to close the books of the current financial year
and prepare themselves to start afresh from the new
financial year. Thus we have come up with key things
which will help while preparing for the new financial year

3. Ways to handle books of accounting in
Tally for the new Fiscal Year
• Change the Period
• Create a New company in Tally
• Split the company

4. Change the Period
Every business can start their company
in Tally irrespective of their finalization of
books just by Changing the data period
manually in Tally. In order to start fresh
in the same company, you can simply
change the date. That is the financial
year ends on 31st March and you can
begin a new financial year from 1st April.
This will enable you to see different
financial year reports together.

5. Create a New company in Tally
Creating a new company in Tally and importing all the
masters and closing balances to start afresh in the new
financial year.

6. Split the company
The company can split the Company from the New Financial year and
directly start working in the newly split company on Tally. The benefit of
creating a new Company folder every financial year is it improves the
performance of Tally and also it splits the data thus the data load gets
divided. Another benefit is that the closing balance is transferred in both
the companies as per the fiscal year.

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But there are some precautions that must be taken care of, before
splitting the company in Tally
• Pending Purchase Order and Sales Order to be closed in the
Previous financial Year, as we cannot carry forward the pending orders
in the new financial year.
• All Bank transactions are Reconciled with Company Books
• Clear all the Pending TDS References
• Adjust all the unadjusted forex gain and loss using Journal Entries
• All statutory transactions are properly closed.
Any business using Tally can opt from any of the three options to
seamlessly start their company in the new financial year.

8. Key things to take care before the
start of the new financial year which
is as under:
1. Check and file GST Transactions before 31st March 2019, for
claiming transitional credit against the sale of stock for which tax paid
documents are not available.
2. Verify the monthly Purchases made from registered dealers with
records of purchases made in the books. This will help towards taking
necessary steps to reconcile the books properly, as part of year-end
tax planning.
3. Reconcile sales and purchases as well as the GST tax liability along
with the Form GSTR 3B returns. Any differences in the same can be
brought into the Form GSTR 3B of March 2019.

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4. Reconcile the cash ledger, credit ledger and liability ledger updated
in the GST Portal, with the books of accounts
5. Ensure debit notes, credit notes, rate differences, discounts etc.
have been accounted for in the company books and the effect of these
have been reflected in the returns being filed.
6. Aging analysis of the debtors and creditors should be done, and all
old invoices which have been issued should be paid before the 31st of
March, 2019.

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7. Check the annual GST turnover in FY 2019-19. The turnover under
GST will be an integral part of year-end tax planning for the business in
FY 2019-20.
8. Define new Series of Numbering for Tax Invoice – If anyone wants to
change the series or numbering for invoicing or billing in the new
financial year, he can do that from 1st April 2019. It is suggested to
define Suffix and prefix in the voucher numbering in case you are
continuing in the same old company just by changing the period.

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9. Depreciation on Capital Assets – If ITC (Input Tax Credit) has been
claimed on the purchase of fixed assets or capital assets, then a
business should not include the same in the cost of the asset, while
calculating the value of depreciating assets.
- Be ready for Annual filing of GST return. Currently the Due date for
filing GSTR-9, GSTR-9A and GSTR-9C is extended till 30th June 2019
by CBIC for FY 2018-19

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Remember Important Return Filing Dates – There are various
important return filing dates in April and May which businesses need to
be aware of:
10th April – Monthly GSTR 1 to be filled by Regular Dealer for
February 2019
18th April – GSTR 4 to be filled by Composition Dealer for Jan to
March 2019
20th April – GSTR 3B to be filled by for March 2019
30th April – Quarterly GSTR 1 to be filed by Regular Dealer for Jan to
March 2019
10th May – Monthly GSTR 1 to be filled by Regular Dealer for March
2019

13. Address:
1st Floor, B-Wing, Steel House Off
Mahakali Caves Road, Near Paperbox
Andheri (E), Mumbai – 400093
Telephone no. : +91-022-40864087
Website: https://www.antraweb.com/