This topic lists out the prerequisites for splitting company data and how to split company data based on financial years.
Before splitting the data, the user must ensure that:
● A backup of the data exists.
● All unadjusted forex gains/losses have been fully adjusted by recording journal entries.
● No purchase/sales bills are due. Check the Profit & Loss A/c and inventory statements (purchase/sales bills pending). You have to account them in the respective party accounts or in the bills pending account.
● The company data is verified to ensure that no errors occur during splitting using the Verify Company Data option.
To split the company data
1. Go to Gateway of Tally > F3 : Cmp Info . > Split Company Data > Select Company .
2. Select the required company from the List of Companies .
3. Enter the required date in the Split from field.
The Split Company Data screen appears as shown below:
4. Press Enter to split the company data.
Important points to remember:
● The Split from date is based on the existing data, and is considered as the beginning of the current financial year.
● Once the company data is split, two separate companies will be created and opened, without any changes to the original data.
● After the split, all the companies act as separate companies. You can make entries, display reports and, alter any data in these companies.
● You can alter the names of the companies that are created as a result of splitting, if required.