Tally - Few Important Things

DIRECTORY

Give the date path where you want the company to get created. This field is skipped by default assuming that you wish to create the company in the data path given in the Tally.INI file. However, if you want to change it, simply use the backspace key and change it to whatever required.

This is basically referred to as the Tally AnyWhere concept - which is ability to create/load companies in separate directories. The 'Directory' field is found during Select, Create, Breakup, Restore, Split Data and Rewrite options for a company. By default, the cursor will skip the field, presuming that you wish to use the default data directory for your work. You may press backspace and give a completely new path and work through there.

For example, the default Tally data could be 'C:\Tally\Data'. You may now wish to create a new company on 'C:\Tally\My Folder', and some other companies on 'C:\Tally\Branches'. The next time, the default directory will continue to show C:\Tally\Data, and if you wish to work on the data of your branches, you would press backspace and enter C:\Tally\Branches for the directory name. This would bring up those companies whose data is stored there. We can even give the path of a network server or any storage device (example - TallyLocker).

INTEGRATE ACCOUNTS WITH INVENTORY 

F11 - F1 [Company Operations Alteration]

While creating the company, you have selected accounts-with-Inventory to be maintained. Tally will, now, allow maintenance of both accounts and inventory for the company but you may or may not integrate the two. The difference from accounts only and inventory only is that you need to create only one company in this case. In the other case, you can then select to integrate or not integrate at any time. The data is organized in a manner that the separation or merger is done without taking any time.

The effects of integrated and non-integrated is described below:

Integrated Accounts-and-inventory: 

You are allowed transactions in Inventory records and the account balances are automatically reflected in the Balance Sheet as Closing Stock. You are not allowed to directly change the closing balance of an account under this group.

Non-integrated Accounts-and-inventory 

Accounts that fall under the group 'stock-in-hand', are not permitted any transactions. It allows you to hold opening and closing balances only. Since no vouchers can be passed for these accounts, they are the only accounts for which the closing balances can't be directly altered (by an authorised user only)

REMINDER LETTERS 

Gateway of Tally - F12 (Configuration) - Printing - REMINDER LETTERS

Two paragraphs have been already provided which can be used as themselves or modified or extended. To view the reminder letter, simply print one out. Of course, you might want to make subtle changes thereafter. You may, as usual. The two paragraphs are followed by the account of the customer. Ledger and Outstanding details with Age Analysis of pending invoices serve as strong reminders to pay promptly.

CONFIRMATION STATEMENTS 

Gateway of Tally - F12 (Configuration) - Printing - Confirmation Statements

Confirmation Statements are not the same as Reminder Letters. These serve to confirm the account balances with customers, suppliers, lenders and borrowers. Their use is most at period ends, but can be produced for any period, at anytime. You can change the text as per your requirements.