How To Change Financial Year In Tally Prime?

Changing financial year in Tally Prime is a straightforward process. You can do this by altering the company’s financial year settings.

Always exercise caution while making such changes, and be sure to take backups of your data before performing any significant alterations to your company’s settings.

How To Change Financial Year In Tally Prime?

To change financial year in Tally Prime is to make sure your accounting records are aligned with the correct fiscal period.

Here’s a step-by-step guide on how to change the financial year in TallyPrime:

1. Open Tally Prime.
2. Go to the Gateway of Tally.
3. Press Alt+F2 (or click on the Change Period button).
4. In the Financial Year Beginning From field, enter the start date of the new financial year. For example, if the current financial year is 2022-2023 and you want to change it to 2023-2024, then you would enter 01-04-2023 in this field.
5. In the Books Beginning From field, enter the start date of the new accounting period. For example, if you want to start the new accounting period on 1st April 2023, then you would enter 01-04-2023 in this field.
6. Press Enter.

The financial year will be changed to the new one that you have specified.

Things to remember

Here are some additional things to keep in mind when changing the financial year in Tally Prime:

• You can only change the financial year at the beginning of an accounting period. This means that you cannot change the financial year in the middle of an accounting period.
• If you have any transactions that have been posted in the old financial year, you will need to close those transactions before you can change the financial year. You can do this by going to the Voucher Register and closing the transactions that you want to close.
• If you have any outstanding balances in the old financial year, you will need to carry those balances forward to the new financial year. You can do this by going to the Ledger and adjusting the balances of the relevant ledgers.