Tally follows the modern way of managing accounts called 'Single Ledger' concept of accounting. This is in direct contrast to Subsidiary Ledger Accounting. All financial entries are made using ledgers or account heads. Ledger accounts are created to identify transactions.

Accounts Information contains the masters. Each master has create, alter and display functions.

Single Group option is useful when you wish to work on one Group at a time. Multiple Group option is very useful when you are working on many sub-groups at a time and saves a lot of time. Once a sub-group is created, it behaves exactly like a Group.

Create

The Create option is used to create new masters. Any modification to the masters can be done only through Alter mode.

help you to organize the information and the level of details as per requirement. You can modify/alter the settings in F12: Configure and F11: Features at any point of time.

F12: Configure

To set F12: Configure for Accounts and Inventory Masters

Go to Gateway of Tally > F12: Configure > Accts/Inv Info.

Accounts Info menu lists the masters through which you can provide Tally the details of your company’s accounts.

Go to Gateway of Tally > Accounts Info

The different features of a company can be selected or modified by F11: Features button. This button is available in almost all screens of Tally as you might wish to modify it as your requirements change. Unlike F12: Configure, F11: Company Features is specific to the current company only. Therefore, each company may have different features active. For example, a company in your group may need multi-currency whereas another company may not.

The procedure for splitting financial years is as follows:

1. Go to Gateway of Tally, select F3: Cmp Info

2. Select Split Company Data.

3. Select the Company whose data is to be split from the List of Simple companies.

4. Tally recommends the split-off date based on the data existing. It is recommended that the Split from date is set as the beginning of the latest financial year though Tally permits any date.

Tally's flexible period less accounting permits entry of data for any number of years. This in itself has tremendous benefits. However, presence of old data in cases where they are voluminous causes greater overhead on the system. Splitting financial years enables you to retain most benefits while overcoming this overhead.

When you split the data, two things happen:

1. New companies are created for the respective split periods.

2. Full data is retained in the original company.

It is preferable NOT to restore a backup onto the original data directory primarily to ensure that No data is overwritten unintentionally.

The procedure for restoring data is as follows

1. Go to Gateway of Tally, select F3: Cmp Info > Restore

2. The Restore Companies on Disk screen appears.

    

3. The Source and Destination paths displayed in the screen are those that were used last.

Restore literally means to bring back. Similar to backing up of data, Tally allows restoring of data from any medium into any other storage medium. The Restore Companies on Disk screen is displayed as shown below: