As new Financial year started and many Tally users prefers to create a new company and new books of accounts.
Though I prefer to keep up accounts in the same company as it saves a lot of hurdle in creating new sets of accounts plus, I can view the continuous accounting reports. After finalization of my accounts I prefer to split data for two-year.
However its again a matter of personal choice whether to start new year in the same company or create a new company. If you create a new company, problem is always that you have again to create all ledgers manually which is a boring and time-consuming job.
BUT Thanks to Tally’s R & D team as it provides us a wonderful tool that is import and export and you no more need to create new ledgers in your newly created company.
One of my client has recently asked my help on this matter how to Import ledgers of old company to new company. and here is the solution that I provided her which work fine.
First of all, create a new company in your Tally for the new year.
Now open your old Company in Tally than Go to Display
Than List of Accounts
Now click export
Select format as xml
type name as master.xml or any other name of your choice but don’t forget the extension should be .xml
complete the export procedure
now open your new company
on main menu there is an option Import Data
select it and then choose Master import
type the name here as master.xml or the name you have preferred while exporting of ledger from your old company
just wait for few minutes. it will show an indicator of progress. as soon as it completes, the ledger now imported to your new company
It’s all. Start your work in New company.
and yes, don’t forget to share with us how you start your new company in Tally ?