Physics Wallah is an Indian edtech platform that provides accessible & comprehensive learning experiences to students from Class 6th to postgraduate level. We also provide extensive NCERT solutions, sample paper, NEET, JEE Mains, BITSAT previous year papers & more such resources to students. Physics Wallah also caters to over 3.5 million registered students and over 78 lakh+ Youtube subscribers with 4.8 rating on its app.
We Stand Out because
We provide students with intensive courses with India’s qualified & experienced faculties & mentors. PW strives to make the learning experience comprehensive and accessible for students of all sections of society. We believe in empowering every single student who couldn't dream of a good career in engineering and medical field earlier.
Our Key Focus Areas
Physics Wallah's main focus is to make the learning experience as economical as possible for all students. With our affordable courses like Lakshya, Udaan and Arjuna and many others, we have been able to provide a platform for lakhs of aspirants. From providing Chemistry, Maths, Physics formula to giving e-books of eminent authors like RD Sharma, RS Aggarwal and Lakhmir Singh, PW focuses on every single student's need for preparation.
What Makes Us Different
Physics Wallah strives to develop a comprehensive pedagogical structure for students, where they get a state-of-the-art learning experience with study material and resources. Apart from catering students preparing for JEE Mains and NEET, PW also provides study material for each state board like Uttar Pradesh, Bihar, and others
A company in Tally refers to a digital setup where all financial transactions, inventory details, and accounting records are maintained. It helps businesses organize their financial data efficiently for better management and compliance.
How to create a new company in TallyPrime?
To create a new company in TallyPrime, go to “Gateway of Tally,” press Alt+F3, select “Create Company,” and enter details like company name, address, financial year, and currency. Once done, save the information to start managing accounts.
Can I modify company details after company creation in TallyPrime?
Yes, you can modify company details in TallyPrime by going to "Gateway of Tally" > "Alt+F3" > "Alter" and updating company info, such as name, address, and financial year settings.
How many types of companies can be created in Tally?
Tally allows the creation of multiple companies, including individual businesses, branch offices, and group companies. Users can also manage multiple firms within a single Tally software by switching between them.
How to learn TallyPrime?
Learning TallyPrime requires practice and structured guidance. Start with basic accounting concepts, explore tutorials, and use practical exercises. The PW TallyPrime Basic Course and PW TallyPrime Advance Course cover transaction management, GST compliance, and financial reporting to help you gain hands-on expertise.
How to Create a Company in TallyPrime? Step-by-Step Guide
TallyPrime simplifies business accounting, and the first step is setting up your company. Learn how to create a company in TallyPrime with easy steps to manage transactions efficiently!
Nikita Aggarwal9 Apr, 2025
How to Create a Company in TallyPrime: Have you just started using TallyPrime and need to set up your business records? In TallyPrime, a company acts like a digital ledger where all financial transactions are recorded. Whether you are using TallyPrime for the first time or switching from another version, company creation is the first step.
This guide will walk you through how to create a company in Tally, covering the steps to create a company in TallyPrime, security settings, and more. You can also manage multiple businesses by creating group companies. Let’s explore company creation in TallyPrime with examples to help you understand the process better.
Understanding Company Creation in TallyPrime
Company creation in TallyPrime means setting up a digital accounting profile to record and manage a business’s financial transactions. This includes entering company info in Tally, such as name, address, contact details, financial year, base currency, and security settings.
For example, if you run two businesses, you can create a new company in Tally for each and manage them separately. Once set up, you can record transactions, manage ledgers, and generate reports. TallyPrime simplifies business accounting by keeping all financial data organized and accessible in one place.
Step-by-Step Guide to Creating a Company in TallyPrime
Creating a company in TallyPrime is the first step to managing your business transactions digitally. It involves setting up company details, configuring financial settings, and enabling necessary features. Follow these steps to complete company creation in TallyPrime. Here's How You Can Create a Company in TallyPrime:
Step 1: Open TallyPrime
Launch the TallyPrime software on your computer. If another company is already open, press Alt + F3 to access the Company Menu.
Step 2: Select “Create Company”
From the Company Menu, choose the "Create Company" option. This will take you to the company creation screen where you can enter business details.
Step 3: Enter Company Info in TallyPrime
Fill in the basic company details, including:
Company Name: Enter the official business name. Example: XYZ Traders
Mailing Name: If different from the company name, enter it here.
Address: Provide the complete business address.
State and Country: Select the correct state and country.
PIN Code: Enter the postal code of your location.
Contact Details: Add a phone number and email address.
Step 4: Specify the Financial Year
Financial Year Start Date: Mention the date from which you want to record transactions.
For example, in India, the financial year begins on April 1 and concludes on March 31 of the next year.
Books Beginning Date: If your records start from a different date, specify it here.
Step 5: Set the Base Currency
Select the currency in which your business operates. For Indian businesses, the default base currency is INR (₹).
Step 6: Enable GST (If Applicable)
If your business is registered under GST, enable this feature by selecting "Yes" under tax settings. Enter the GSTIN number to allow automatic tax calculations in transactions.
Step 7: Configure Security Settings (Optional)
Enable User Access Control to protect your financial data.
Set up user roles and permissions to restrict access based on responsibilities.
Use a strong password for added security.
Step 8: Configure Additional Features
Enable Inventory Management if your business deals with stock and goods.
Activate Payroll Management to track employee salaries.
Use Cost Centers if you need to allocate expenses to different departments.
Step 9: Save and Confirm
Move to the last field on the screen and press Y to save the company settings. If any edits are needed, press N to modify details.
Your company is now successfully created in TallyPrime, and you can start recording financial transactions.
Why Company Creation in TallyPrime is Important?
Creating a company in TallyPrime is essential for managing financial records, tracking transactions, and ensuring compliance with tax regulations. It simplifies accounting tasks, making it easier for businesses to maintain organized and secure financial data. Here, check out the significance of creating a company in TallyPrime:
1. Organized Financial Records: TallyPrime acts as a digital ledger where all financial transactions are recorded systematically.
For example, if a business records daily sales and expenses, TallyPrime keeps them structured for easy tracking and reporting.
2. Simplified Transaction Management: With TallyPrime, businesses can record sales, purchases, payments, and expenses under a single company profile. This makes it easy to monitor cash flow and maintain accurate financial statements.
3. Security and Access Control: TallyPrime allows businesses to control user access based on roles.
For instance, an accountant may have full access, while a sales executive may only view invoices. This prevents unauthorized access to financial data.
4. Efficient Inventory Management: Businesses can track stock levels, monitor movements, and generate inventory reports.
For example, a retail store can use TallyPrime to check available stock and reorder products before they run out.
5. Tax Compliance Made Easy: TallyPrime supports tax calculations such as GST and TDS, ensuring businesses comply with regulations. If a company needs to file monthly GST returns, TallyPrime helps generate reports with accurate tax data.
6. Comprehensive Financial Reporting: Users can generate reports like profit and loss statements, balance sheets, and cash flow reports to assess business performance. For example, a business owner can review monthly reports to make informed financial decisions.
7. Payroll and Salary Management: TallyPrime helps businesses manage payroll by calculating salaries, deductions, and taxes. A company with multiple employees can automate salary processing, reducing manual effort and errors.
8. Managing Multiple Companies: Businesses can create multiple companies in TallyPrime and manage transactions separately. Additionally, a group company can be created to view the combined financial health of multiple businesses under one platform.
Company creation in TallyPrime lays the groundwork for smooth financial management. It helps businesses record transactions, manage inventory, ensure tax compliance, and generate insightful reports—all within a secure and organized system.
Whether you're a startup or an established business, TallyPrime makes accounting efficient and hassle-free. Also, mastering this skill enhances career opportunities in accounting and finance, making you proficient in business financial management.
