It means maintaining accounts in tally of a company which is already in operation during previous period.

Cases where this normally happens

  1. Accounts were maintained by someone else in some other tally
  2. Accounts were maintained manually
  3. Earlier New tally was used ,now old tally is being used etc

 

How to carry forward closing balance in Tally ERP 9?

Example

Suppose we are starting accounting of some company from 1 April 2016.

We will take balance sheet as on 31 March 2016 and put as opening balance in Tally as on 1 April 2016

BALANCE SHEET AS ON 31 MARCH 2016

LIABILITES

AMT

ASSETS

AMT

SHARE CAPITAL

100000

MACHINE

50000

 

 

 

 

PROFIT AND LOSS A/c

5000

FURNITURE

110000

 

 

 

 

UNSECURED LOANS

 

SUNDRY DEBTORS

 

DK & Co 14%

200000

AK TRADERS

50000

 

 

RAVI & Co

20000

SUNDRY CREDITORS

 

ZAREEN IMPEX

15000

MTNL

3000

 

 

 STAR EXPORTS

 22000

Advance to Director  

 

CA RK JAIN

15000

Sanjeev Oberoi

20000

 

 

CASH

80000

 

345000

 

345000

 

 

Procedure

We have to Create Ledgers in Tally

and

put their opening  balances in tally seeing Balance sheet of previous period

(Liabilities have Cr Balance,Assets have Dr Balance,Tally is smart enough to take it automatically)

  After putting balances,we can check the Balance sheet at homepage

After Balance sheet opens,we can click detailed format 

(Shortcut Click B and Press Alt F1)

 

Error “Difference in Opening Balances” in Balance Sheet

After putting all the balances, we need to check Balance sheet in tally

If it is showing error

“Difference in Opening Balances” in tally

It means

Some account balance not entered at all

or

Some account balance not entered correctly

  1. Accounts Tax
  2. Tally
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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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