Reason: The scenarios when a ledger account’s closing balance will be printed twice are:
- If the ledger balances are carried forward to multiple financial years
-During print of the ledger, if the period selected is for more than one financial year
-In company creation screen, if Financial Year from specified is wrong
Note: A financial year is a period used for calculating annual (yearly) financial statements in businesses and other organizations. In all jurisdictions, regulatory laws regarding accounting and taxation require such reports once per twelve months, but do not require that the period reported on constitutes a calendar year (that is, 1 January to 31 December). Financial year varies between businesses and countries. The "Financial Year" may also refer to the year used for tax reporting.
In Tally, while creating the company, ensure that the date specified in ‘Financial Year from’ is correct as per the country’s norms.
In India, the Financial Year begins on 1st April. In Tally, a user has configured Financial year from as 1st March 2013 instead of 1st April 2013.
Hence, 12 months will be completed in February 2014. The financial year of the company will be 1st March 2013 to 28th February 2014 as shown below. However, the actual Financial Year of the country ends on 31st March 2014.
When the user tries to pass transactions in March 2014, Tally will show an error that the date is below starting of books as shown below.
Since it is easy to change the period (From Gateway of Tally>Alt F2: Period), the user has the option to make transactions in March 2014 also.
In this scenario, print a Ledger Account for the period 1st March 2013 to 31st March 2014 or 1st April 2013 to 31st March 2014 with the following print configuration.
The closing balance will be printed twice as transactions are available from March to March (13 months) instead of 12 Months. Hence, Tally considers that the ledger balances are carried forward to multiple financial years.
Change the ‘Financial Year from’ of the company to 1st April from the company alteration screen (Gateway Of Tally>Alt F3:Cmp Info>Alter) as shown below and save the changes.
Note- It is suggested to take a backup of the data before changing the ‘Financial Year from' date.