How to Put Opening Balances in Tally

It means maintaining accounts in tally of a company which is already in operation during previous period.

Cases where this normally happens

1. Accounts were maintained by someone else in some other tally
2. Accounts were maintained manually
3. Earlier New tally was used ,now old tally is being used etc

How to carry forward closing balance in Tally ERP 9?

Example

Suppose we are starting accounting of some company from 1 April 2016.

We will take balance sheet as on 31 March 2016 and put as opening balance in Tally as on 1 April 2016

BALANCE SHEET AS ON 31 MARCH 2016

Procedure

We have to Create Ledgers in Tally

and

put their opening  balances in tally seeing Balance sheet of previous period

(Liabilities have Cr Balance,Assets have Dr Balance,Tally is smart enough to take it automatically)

  After putting balances,we can check the Balance sheet at homepage

After Balance sheet opens,we can click detailed format 

(Shortcut Click B and Press Alt F1)

Error “Difference in Opening Balances” in Balance Sheet

After putting all the balances, we need to check Balance sheet in tally

If it is showing error

“Difference in Opening Balances” in tally

It means

Some account balance not entered at all

or

Some account balance not entered correctly