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Get Ready to Record Transactions of the New Financial Year in TallyPrime | Moving to the Next Financial Year

Published on: 14-04-2023

Existing users of TallyPrime can start recording the transactions for the new financial year in TallyPrime by changing the current period or by creating a new company. As you are aware, start of a new financial year is the right time for you to restart the voucher numbering.

Start date of the new financial period depends on the accounting guidelines in your country. Certain countries start their financial period from 1st January and end on 31st December. In certain countries the financial period starts from 1st April and ends on 31st March. You can easily manage this in TallyPrime.

When you change the current period. all your ledger balances, pending bills, pending orders, delivery notes, and receipt notes will be available for the continuity of business. If you are creating a new company, you need to set up the masters and voucher numbering.

In the existing Company data, you can just change the period and you are ready to start bookkeeping for the new financial year in the same Company data that you have been using so far. This also enables you to compare the reports from different financial years.

We recommend starting fresh series of voucher numbering for your New Financial Year by restarting the voucher numbers for all applicable voucher types used in your business. This helps implement a fresh set of numbering for your books in each financial year and manage your outstanding.

Go to Gateway of Tally > Press Alt+F2 (F2: Period) and enter the dates.

The Current Period and Current Date appear as shown below:

When the Current Period is changed, the balances from the previous financial year are carried forward. The Financial year beginning from and Books beginning from dates in the Company Alteration screen are retained.

Restart Voucher Numbering

To record the transactions from the first day of the new financial year with the new number series, you can restart the voucher numbering with unique voucher numbers for all your voucher types.

You can restart the numbering of your vouchers by entering the date from which you want to restart the voucher numbers.

  1. Gateway of Tally > Create/Alter > Voucher Type.
    Alternatively, Alt+G (Go To) > Create Master/Alter Master > Voucher Type.
  2. If you select the Method of Voucher Numbering as Automatic (Manual Override), a voucher number is generated automatically however you can also manually override the auto-numbering when required.
  3. Set the option Prevent duplicates to Yes, to ensure unique voucher numbers.
  4. Set the option Use advanced configuration to Yes, to open the Voucher Type Creation (Secondary) screen.
  5. In the Starting Number field enter 1, if you want a fresh batch of voucher numbers.
  6. Enter the Restart Numbering as required.
  7. Enter the Prefix Details and Suffix Details as required.

Now you can easily record your transactions with a new series of voucher numbers.
A sample sales voucher with the new series of voucher numbers appears as shown below:

The invoice appears as shown below:

Similarly, voucher numbers for all other voucher types can be configured. 

Move to the Next Financial Year by Creating New Books of Accounts

You can create a new company, create masters and start recording the transactions. Instead of creating masters, you can export the masters from your previous year’s company and import them into the new company.

  1. Go to Gateway of Tally> press Alt+K (K: Company) > Create.
  2. Enter 1-4-2023 as the Financial year beginning from date. The same date appears in the Books beginning from field.

To know more about company creation refer to the topic Create a Company to Record Business Transactions

After creating the company, you can create the masters, configure voucher numbering and record transactions.