From Tally to signed statements

How it works

Every client year goes through the same four steps. The software does the arithmetic and the layout; you make the judgments and sign.

The four steps

Step 1Pull from Tally

What the software does

  • Finds the TallyPrime companies open on your computer through the Tally Connector and suggests the one that matches your client.
  • Pulls this year's and last year's trial balance, with the Tally groups, the stock summary and bills outstanding.
  • Shows a summary: how many ledgers, total debits and credits, and whether the trial balance balances.
  • If you pull again, it replaces that year's trial balance, keeps your mappings, and shows what changed.

What you do

  • Open the company in TallyPrime.
  • Choose the company here and start the pull.

Step 2Map ledgers

What the software does

  • Maps each ledger to its ICAI line: first from the mappings you saved for this client in earlier years, then from its rules on the ledger name and group, and last from the Tally group.
  • Marks how each mapping was made, and flags every ledger that was mapped only by its group, or not at all.
  • Keeps running Balance Sheet and Profit and Loss totals beside the table, so you can see whether the Balance Sheet balances as you go.
  • Flags ledgers whose balance is on the unexpected side, such as a debtor with a credit balance.

What you do

  • Confirm or change the flagged ledgers. You can select several and assign them together.
  • Link capital, current account, remuneration and interest ledgers to each partner or owner, and mark MSME creditors.
  • Confirm the closing stock value.

Step 3Review statements

What the software does

  • Builds the Balance Sheet, the Statement of Profit and Loss, the notes, the Brief Profile and the Accounting Policies, with a cash flow statement for entities classified as Large.
  • Links every figure to its note, and every note row to the ledgers behind it.
  • Runs the checks listed below and shows each one with a link to where it can be fixed.

What you do

  • Read each statement and note.
  • Fill in the schedules a trial balance cannot supply, such as the fixed-asset grid, partners' capital movements and contingent liabilities, in the note they belong to.
  • Switch accounting policies on or off, pick a variant, or edit the wording.
autofs.in/clients/sharma-traders/2025-26/review/balance-sheet

Balance Sheet as at 31 March 2026

Excerpt · (Amount in ₹)

Particulars31 March 202631 March 2025
I. OWNERS' FUNDS AND LIABILITIES
Owners' Funds
Partners' Capital Account7,98,000.007,10,000.00
Non-current liabilities
Long-term borrowings1,50,000.001,80,000.00
Current liabilities
Trade payables1,40,000.001,25,000.00
Other current liabilities20,000.0015,000.00
Total11,08,000.0010,30,000.00
II. ASSETS
Non-current assets
Property, Plant and Equipment3,26,000.003,40,000.00
Current assets
Inventories2,00,000.001,75,000.00
Trade receivables3,77,000.003,20,000.00
Cash and bank balances2,05,000.001,95,000.00
Total11,08,000.0010,30,000.00

Check passed: the Balance Sheet balances, both years

Note 16 · 3 ledgersTrade receivables, traced to the ledgers behind it

Step 4Download and finalise

What the software does

  • Produces an Excel workbook whose totals are live formulas, and a PDF with the signature block.
  • Marks every download DRAFT until the year is finalised.
  • Allows finalising only when no blocking check fails, then freezes the statements and locks the year.

What you do

  • Enter the signing details: partner name, membership number, UDIN, place and date.
  • Download the files and finalise. An owner or admin can reopen a finalised year with a reason, and that is recorded.

Setting up the Tally Connector

  1. Add the Tally Connector from the Chrome Web Store, in Chrome or Microsoft Edge on the computer where TallyPrime runs.
  2. Press F1 (Help) → Settings → Connectivity. Set "TallyPrime acts as" to Both and Port to 9000, then restart TallyPrime. 9000 is TallyPrime's default port. If you use another, set the same port under Settings > Tally Connector in the software. If antivirus or a firewall asks, allow TallyPrime.
  3. In TallyPrime press F3 (Select Company, Alt+F3 on older releases) and open the company.
  4. In the software, open the year and choose Pull from Tally. The first time, click Link connector to link the extension to your account.
Not connecting? The fixes for the common problemsWrong port, no company open, a firewall, more than one Tally.

The connector only reads from TallyPrime. It never writes to Tally, and it works only with your account once linked.

Get the Tally Connector

What the software checks

A year cannot be finalised while any of these fails. Drafts can still be downloaded, marked DRAFT.

  • Passed: The trial balance balancesFor this year and last year, and every ledger with a balance is mapped to a line.
  • Passed: The Balance Sheet balancesFor this year and last year.
  • Passed: The profit reaches the ownersThe profit for the year is carried in full to the owners' accounts or reserves.
  • Passed: Every note equals its lineEach note total matches the figure on the face of the Balance Sheet or Profit and Loss.
  • Passed: Capital accounts tieFor each partner or owner, opening balance plus additions less withdrawals equals the closing balance.
  • Passed: Assets, stock and deferred tax agreeFixed assets tie to the trial balance, the closing stock is confirmed, and deferred tax sits on one side of the Balance Sheet only.
  • Warning: Warnings that do not blockLast year's figures that differ from last year's finalised statements saved here, and a ledger balance on the unexpected side.

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