Tally is one of leading accounting management software and better enterprise resource planning software and most of organizations use it to manage better management of GST and other calculations in order to manage payment vouchers, journal entry and other forms of management. Double click on Tally Prime icon and then after loading it will show the list of companies and here we are talking about multiple companies in one single tally.
How to transfer one fund of one organization to the other organization in Tally prime
It is expected that as a company you should be installing Tally Prime in the network mode and this will automatically back up all data and you do not have to worry about it at all. Select the company and enter it and it will enter into Tally Prime dashboard.
How to select the year in Tally Prime in companies:
Select Tally Prime and then click ALT + F2 . It will show CHANGE PERIOD . Here, you have to fill the blanks of FROM and TO. If you want to chose the current period of this financial year then, it will be FROM 1-4-2022 TO 31-3-2023 This means that this current year. We have to remember the short cut to chose or select the current year. After choosing the current year, or this financial year, this means that now we select the company and then enter into dashboard and then we have selected companies into current year.
Her consider one set upsituation. Yiu have two properties and both accounts are done in single unit and suppose at one point of time, the payment of A is done in B company. SO how to add it to Tally. It is to be shown that B company provides Loan to A company and then it is done in payment voucher means that it is done in cash transactions. So in the B company on the date it is to be shown as Loan to A company and the mode of payment is done in cash to be credited.
Actually this is the expenses of company A and it is done by company B, so in company Bit is shown as Loan to company A and in payment voucher of company B it is debited as Loan to Company A and credited as cash the same amount. Now we should be going to Tally of company A and this can be done by staying at payment voucher and then from keyboard ALT + F3, here you will find list of companies and here you can select company A and then from Tally dashboard click ALT + F2 and select the financial year and then click on voucher and then here in company A journal entry to be done as in company B payment voucher entry and for company A journal entry to be done.
How to provide journal entry in Company A to balance double payment entry:
Journal entry into company A to be done in order to manage that same amount and this will also delete journal entry. On payment voucher click ALT + F3 and then select Company A and then enter. And then you will reach to Tally dashboard and their click ALT + F2 and then select the year from and then to. Then enter and then select voucher and then enter and then click F7 to change payment to journal entry and then in Company A, journal entry; first detect what is loan to company A is about suppose purchase of ledger MILK & CURD PURCHASE. In company B which paid it but this is expenditure of company A paid by company B.
This to mean that company A and company B belongs to one group. So for this company B entry is loan payment voucher entry to company A and for company A entry into MILK & CURD PURCHASE and this entry into journal entry. Here MILK & CURD PURCHASSE ledger to be debited with the same amount that of loan to Company B, written in the Company A payment voucher. Then in the credit area loan from Company B with the same amount and in this way it is shown that the same amount is paid in company B for company A
In short the payment voucher entry into Company B and journal entry into company A is done to make the calculations even.
Open TallyPrime:
When, Company A’s payment done from Company B
This means that it is to be done in
Company B Payment Voucher
Debit to Loan to Company A
Credit to Cash the same amount
Then, open Tally of Company A
go to voucher and then click F7
Now, in Journal
Debit Milk & Curd purchase
Here write same amount company B as amount on Loan to Company A
Then in credit loan from Company B the same amount
and then narration.
