Tally Prime allows users to manage multiple companies simultaneously, making it easier to handle multiple business entities. This step-by-step guide explains how to manage multiple companies in Tally Prime with a real-world example.
Launch Tally Prime on your computer. The Gateway of Tally screen will display the list of loaded companies or prompt you to load one.
Example: Ajay, who owns two businesses—Ajay’s Electronics and Ajay’s Furniture—opens Tally Prime to manage their accounts.
If the companies are not yet created, use the "Create Company" option to set them up. If they are already created, load the companies using the "Select Company" option.
Example: Ajay loads both of his companies—Ajay’s Electronics and Ajay’s Furniture—from his Tally Prime data folder.
When multiple companies are loaded, you can switch between them easily. Press "Alt + F3" to access the Company menu and select "Select Company." Choose the desired company to switch to it.
Example: Ajay switches to Ajay’s Furniture to review its sales reports while keeping Ajay’s Electronics active in the background.
You can record transactions in each company independently. Ensure you are working in the correct company by checking the company name displayed at the top of the screen.
Example: Ajay records a sales transaction for Ajay’s Electronics and then switches to Ajay’s Furniture to record a purchase transaction.
Tally Prime provides options to consolidate financial reports across multiple companies. To do this:
Example: Ajay creates a Group Company to consolidate the financial data of Ajay’s Electronics and Ajay’s Furniture, providing him with an overview of his businesses' performance.
To manage multiple companies securely, you can set up user roles and passwords for each company. Use the "Security Control" option under the "Alt + F3" menu to enable this feature.
Example: Ajay creates separate user roles for his accountant and sales manager to restrict access to sensitive data in both companies.
Regularly back up data for all companies to ensure its safety. Use the "Backup" option in the Data menu to create a backup file for multiple companies.
Example: Ajay schedules weekly backups of Ajay’s Electronics and Ajay’s Furniture to an external drive for data security.
Managing multiple companies in Tally Prime is straightforward, allowing you to switch between companies, record transactions, and consolidate reports seamlessly. By following these steps, you can efficiently manage multiple businesses using Tally Prime, saving time and improving productivity.