Creating a company in Tally is easy and it only takes 5 minutes to create a company. But to alter or edit company details in Tally requires a somewhat good understanding of Tally.
People easily create a company in Tally.
But after creating a company in Tally, they need to alter or edit the company details in Tally for many reasons.
Some of the reasons for editing or altering company details in Tally are as under.
Why to Alter or Edit Company Details in Tally
I have listed down some of the most common reasons that you or I have and for that we need to alter or edit a company.
Changing the company name or address
The number one reason is for changing the company name or address.
At the time of creating a company we put a name without much thinking.
Even there is no accurate address when we start a new business.
But after the business is started on a daily basis and proper legal documentation is done the name as well as the address of the company are often changed.
At this time, we need to change the name of the business even in Tally.
And therefore we need to alter or edit company details.
Changing the contact details
Second and the most frequently used option is changing the contact details.
Phone numbers change with time. Even website name changes with the new name of the company.
And therefore we need to edit or in terms of Tally, alter the contact details of the company in Tally.
Contact details in Tally includes:
- Phone number
- Mobile Number
- Fax Number (if you still have one 🙂 )
These are all the means of contacting a company or any other person for a matter of fact and hence they are called contact details in Tally.
Changing Security Controls
If you are creating a company in Tally for the first time, you would probably not use the security controls which are provided at the time of the creation of company.
Because by default they are set to NO.
They are set to no by default because a new user would not be able to understand the security controls for the first time.
But you can always come back later and change the security settings.
And for that you have to alter or edit company details.
Above were the most common reasons why we need to edit company details in Tally.
Now, we will see how you can edit company details in Tally step by step.
How to Alter or Edit Company Details in Tally
As I said at the beginning of this post, it is very much easy to alter the company details in Tally.
The thing is you have to know the exact process.
Let us go into the step by step process of editing or altering the company details in Tally.
Firstly go to the company for which you want to alter the details.
I am presuming you are already in that company.
Now from Gateway of Tally, go to Company Info. which is situated at the right hand side of the screen as shown in the picture below.
Or you can simply press ALT+F3 as it is a shortcut for the same.
Once you are in the Company Info. menu, you have to go to Alter option.
You can see it in the image below.
You can also press just A which is a shortcut for Alter in this menu.
After selecting Alter, you will see a list of Companies which you have created in Tally.
In the list, select the company for which you want to alter the details.
In this case, I will select TallySchool. In your case, you can select your own company.
After selecting the company, you will see the screen exactly same as you saw while creating your company.
The only difference is that it will be Company Alteration Screen this time.
At the time of creation of company, it was Company Creation Screen.
You can see the difference on the top left of the screen.
See it in the image below for better clarity.
Check out the top left corner of the screen. It says Company Alteration instead of Company Creation.
Now you can easily edit or alter all the details you want.
Just go to the field whatever you want to edit and rename or edit it.
It is same as you are creating a company. But this time it is alteration of a company since you have already created a company.
Alteration of a company is easy but you have to take care of its after effects.
By after effects, I mean that changes you will do here will have effect on everything you do in Tally.
After Effects of Alteration or Change of Details in Tally
If you change the name of the company, it will be changed in every ledger, every report and everything you print from Tally that has company name on it.
If you change the contact details of your company, it will have the same effect.
Everything you change will have its effects on your company in Tally.
Altering company details in Tally will have more effects since you are changing the core of your company.
My suggestion to you is that if you alter any of the Company Details, keep it in mind that the after effects would be everywhere in each report and each ledger in Tally.
The effects are not bad, but it will change.
For example, if you change your company name, it will change in each account, ledger and report.
If you have to submit a report somewhere with the old name, you will have to look after that.
This is what I am trying to say as after effects.
Just keep in mind the changes. That’s all.
Of course, you can change it back to old name so it is not that a big issue. 😉
If you have any suggestions or questions, comment it below and I’ll be happy to answer it.