MProfit - Tally Utility User Guide

In this tutorial, we will explain the tally utility in MProfit.

MProfit's Tally utility automatically creates ledgers, groups, and vouchers using voucher report downloaded from the MProfit platform.

The MProfit Tally utility converts voucher report downloaded from your MProfit account into Tally Ledger, Group, and Transaction files, which can be seamlessly imported to Tally.

This automation eliminates the need for hundreds of hours of manual work by creating ledgers and vouchers in Tally automatically.

Default Folder:

Ensure you create a default folder, for example, "Tally—MProfit—Data," to save all the journal report files you download from your MProfit account. 

Creating a sub-folder for each of your accounts maintained in Tally is also important. 

For instance, if you have accounts named A Mehta and B Mehta in Tally, create sub-folders with the same names under the default folder.

Steps to follow:

Step 1: Folder Selection

Select the folder where you'd like to save the voucher report files of the individuals you downloaded from your MProfit account. 

Then click Continue. 

For instance, if you want to import voucher report file to A Mehta in Tally, select the default folder named A Mehta. 

All Tally import files of A Mehta will be saved in this folder after the process is completed.

Step 2: File Selection

Select the voucher report file that you downloaded from your MProfit account and click Process File.

If you do not want the utility to create individual stock investment ledgers (for example Infosys, TCS) and prefer to map all stocks to a single Share Investments ledger, then choose the option Consolidate All Stocks.

Step 3: User Input Required:

This is one of the most important steps in creating the final Tally import files.

There are two files created in this process:

• Masters – New.xlsx  

• Unassigned Ledgers.xlsx.

Master – New.xlsx

This file includes ledgers and groups to be created in Tally based on the voucher report file downloaded from MProfit. 

You do not need to modify this file if you wish to create groups and ledgers according to MProfit settings.

If you already have Tally ledgers and groups created and want to continue using them, you must map MProfit ledgers and groups to Tally ledgers and groups. 

This file needs to be modified for this one-time exercise. 

This utility will keep track of your mapping history.

Unassigned Ledgers – New.xlsx

This file includes a list of asset categories and asset names. 

You must assign a bank to each asset name or category in the document.

For example, the JV file contains information regarding purchasing the mutual fund scheme HDFC Top 100 Regular Growth, with the payment from Axis Bank. 

When viewed under MProfit voucher report files, this information will be displayed as Unassigned Bank. 

To normalise this, you must map Axis Bank to HDFC Top 100 Growth Regular in this file so that the relevant payment voucher can be created in Tally upon importing the transaction file.

If you link the asset category Mutual Fund to Axis Bank, all mutual fund schemes will be linked to Axis Bank by default. 

This means you won't have to link each mutual fund scheme individually to a bank.

However, if you want to make an exception for a specific scheme and link it to a different bank, you can do so by assigning a new bank to that particular scheme. 

The remaining mutual funds will continue to be linked to Axis Bank.

In Tally, the amount for any asset's purchase, sale, or income will be credited or debited to the respective bank mapped in this file.

Step 4: Success – Creation of Tally Import Files

This step indicates that you have successfully created the Tally import files, which can be directly imported into Tally. 

Three Excel files, Tally Groups, Tally Ledgers, and Tally Transactions are created.

Tally Groups and Tally Ledgers files will not be created if no new Groups or Ledgers exist in the voucher report file downloaded from MProfit.

Click Open Folder to view the path of the folder and files. 

Use these files to import into Tally. 

Make sure to import in the same order as listed on the screen. 

You must import the Groups file, the ledgers file, and the transactions file in the same order.

Step 5: The Archive process after you imported the file to Tally

Once these files are successfully imported into Tally, click Restart Process to import the next voucher report file downloaded from MProfit. 

You will notice the following window. 

The steps are self-explanatory.

Successfully Uploaded:

Clicking the Successfully Uploaded button indicates that you have confirmed that the previous file has been imported correctly in Tally. 

This button archives the last imported file and is also used to check duplicate transactions in your subsequent import process.

Restart:

If you have not imported the files in Tally and would like to regenerate the import files from the start for whatever reason, click the Restart button. 

This will not archive the Tally import files and will delete all temporary files generated in the last process.

This is all about tally utility in MProfit!