Company Project accounting

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Mohammed Sumer Hussain (Querist)
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30 June 2022 Hi,

The query is , A company name Infra is having a Project Green Venture, Receipts( Received in Infra a/c) and Payment( Paid through Infra a/c) entries related to Green Venture entered in Tally. Now the Management wants to move this Project and all transactions related to Green Venture in Pears Constructions. How can I do that?

Ex: Infra Closing balance is Rs. 1,50,000/- now I want to transfer this amount in Pears Contructions. Which under group should I Select for Pears and the same for Infra in Pears.

Please Help to sort out this issue.

Thankyou

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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06 July 2024 To transfer the project "Green Venture" and all related transactions from the company "Infra" to "Pears Constructions" in Tally, you can follow these steps:

### 1. Create Ledger Accounts for "Pears Constructions"

First, ensure that you have appropriate ledger accounts set up for "Pears Constructions" in Tally. If not already created, you can create them under the appropriate groups:

- **Create a Bank Account (if needed):** If "Pears Constructions" will have a separate bank account, create a new bank ledger under "Bank Accounts."

- **Create Other Relevant Ledgers:** Create any other necessary ledgers such as Sundry Creditors, Sundry Debtors, or any specific expense or income accounts under the relevant groups.

### 2. Transfer the Closing Balance from "Infra" to "Pears Constructions"

Since you want to transfer the closing balance of Rs. 1,50,000/- from "Infra" to "Pears Constructions," follow these steps:

#### For Infra:

1. **Open Ledger:** Go to "Gateway of Tally" > "Accounts Info" > "Ledgers."
2. **Select Infra Ledger:** Find and select the ledger account for "Infra."
3. **Alter the Ledger:** Press "Alter" (shortcut: `Alt + E`) to edit the Infra ledger.
4. **Transfer Balance:** In the "Opening Balance" screen, adjust the balance to zero (if there are no other transactions to be carried forward).
5. **Save** the changes.

#### For Pears Constructions:

1. **Create New Ledger:** Go to "Gateway of Tally" > "Accounts Info" > "Ledgers" > "Create."
2. **Enter Details:** Enter details for "Pears Constructions" (e.g., under Sundry Debtors, Sundry Creditors, or Bank Accounts as applicable).
3. **Enter Opening Balance:** Set the opening balance as Rs. 1,50,000/- for Pears Constructions.

### 3. Transfer Transactions Related to Green Venture

For transferring transactions related to the Green Venture project from Infra to Pears Constructions:

1. **Identify Transactions:** Identify all transactions in Tally related to the Green Venture project under the Infra ledger.
2. **Re-enter in Pears Constructions:** Manually re-enter these transactions under the ledger accounts of Pears Constructions. This ensures that the financial data associated with Green Venture is correctly attributed to Pears Constructions going forward.

### 4. Adjust Grouping (if needed)

Ensure that the ledger accounts under Pears Constructions are appropriately grouped in Tally. For example:

- **Bank Accounts:** If Pears Constructions has its bank account, ensure the bank ledger is under "Bank Accounts."
- **Sundry Debtors/Creditors:** Place these under the respective groups (e.g., Sundry Debtors or Sundry Creditors).

### 5. Verify and Finalize

- **Review:** Double-check all entries and balances to ensure accuracy.
- **Finalize:** Once everything is transferred and adjusted correctly, finalize the changes.

### Notes:

- Ensure proper documentation and backup of data before making significant changes in Tally.
- It's advisable to consult with a Tally expert or your accounting team if you're unsure about any specific entries or procedures.

By following these steps, you should be able to transfer the project and associated transactions from Infra to Pears Constructions in Tally effectively.