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Related Topics Backup & Restore |
You can easily prepare for a bank merger or acquisition by updating your ledgers, cheques, and e-payment transactions in Tally.ERP 9.
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Bank details such as name and IFSC are saved in bank ledgers. Therefore, updating bank ledgers is the first step in preparing for a merger.
● If your bank has not merged : You do not have to make any changes. Cheque payments and bank reconciliation will continue to work seamlessly.
● If your bank has merged : Create a bank ledger to add the new IFSC, name, and other details. You can also choose to update the existing ledger, although this is not the recommended method.
● If your customer’s or supplier’s bank has merged : Update the party ledger to add a new bank/beneficiary for the customer or supplier. Here, you can add the new IFSC and set the new bank as default.
However, the banks that have merged will continue to appear in the list of banks in Tally.ERP 9. You can use them to create books for previous periods or maintain back-dated transactions.
● If you have created a new bank ledger : Continue to print cheques for your previous as well as new bank. We recommend that you cancel the cheques of the previous bank, if you don't want to see them every time during transaction entry.
● If you have used the existing bank ledger (by overriding details) :
o Cheques will be printed in the new bank’s format. However, if you use the cheque leaves of the previous bank, you might face printing issues.
o If you want to retain the existing cheque payment transactions and print on older cheques, undo the changes made previously on the bank ledger, and print the pending cheques. After printing the cheques, update the bank ledger with the new IFSC, name, and other details.
Note : Transactions (such as e- payments , receipts and payments) already passed won’t be affected by any change to the masters.
● When e-payments are supported for the old bank, but not for the new bank :
Payments pending on your older bank portal will no longer be valid. You will have to use your new bank account to make these payments. We recommend that you modify these transactions with the new bank details. As e-Payments for your new bank are not supported in Tally.ERP 9, you will have to record and process these transactions on the new bank portal.
● When e-payments are not supported for old and new banks :
Update pending payments with the new bank details. You will have to process the payments on the new bank portal.
● When e-payments are supported for the new bank :
Update pending payments with the new bank details. You will have to use your new bank account to make these payments. You can take the help of your new bank for any access/activation-related requests, and start using the e-payments feature in Tally.ERP 9.
Note: This solution will hold good irrespective of whether e-payments are supported for your old bank or not.
While using the e-payments feature, also note the following:
● If your customer’s or supplier’s bank is getting merged, update the party ledger to add a new bank/beneficiary along with the IFSC code.
● If your bank still accepts older IFSC codes, retain the older bank as default and process e-payment.
● If you have set a new bank as default, then the pending transactions (with older bank details) will be marked for your action, as the bank details in the transaction will not match the details in the party master. You have to accept these transactions and proceed with e-payment.
● If your bank no longer accepts older IFSC codes, update the pending transactions with the new bank details, mark the new bank as default in the party master, and process e-payment.
● If you have created a new bank ledger : Continue to reconcile bank statements from your old as well as new bank.
● If you have used the existing bank ledger (by overriding details) :
o Undo the changes made previously on the bank ledger. You have to do this when you want to import and reconcile your books using the previous bank statements.
o After reconciliation, update the bank ledger with the new IFSC, name, and other details.
If you do not have statements of the previous bank, you can download them online:
o Log in to the portal of the new bank.
o Download the bank statements of the previous periods. If your previous transactions are not available, then contact the customer service department of the bank.
o Import the bank statements into Tally.ERP 9 and reconcile.
You can also choose to manually reconcile your data.
If you have lost your business data (bank ledgers and transactions), you can easily restore it . If the default cheque printing options were changed, or if new cheque formats were defined before the backup, you need to reconfigure the same after restore, as the cheque configurations are not backed up.
