Month: February 2024

There are two primary scenarios for recording a journal voucher for a GST tax credit refund in TallyPrime: 1. Refund Received from Government: This scenario applies when you receive a direct refund from the government authorities following a successful claim. 1. Create Journal Voucher: Go to Gateway of Tally > Accounting Vouchers > F7: Journal.…

Recording a Journal Voucher for TCS Adjustment in TallyPrime involves specific steps depending on the nature of the adjustment. Here’s a breakdown of two common scenarios: Scenario 1: Claiming Additional TCS Credit: 1. Identify Additional Credit: This occurs when you discover previously unclaimed TCS credit applicable to your purchases. 2. Create Journal Voucher: 3. Tax…

Recording a Journal Voucher for TDS Adjustment in GST in TallyPrime involves specific steps depending on the nature of the adjustment. Here’s a breakdown of two common scenarios: Scenario 1: Claiming Additional TDS Credit: 1. Identify Additional Credit: This scenario occurs when you discover previously unclaimed TDS deductions applicable to your business. 2. Create Journal…

There are several scenarios where you might need to record journal vouchers for adjustments against tax credit under GST in TallyPrime. Here’s a detailed guide to navigate those situations: 1. Identifying the Need for Adjustment: Before making any adjustments, understand the reason for the correction. Common scenarios include: 1. Erroneous credit claimed: You mistakenly claimed…

Recording an advance receipt from a customer under GST in TallyPrime involves specific steps to ensure accurate tax treatment and reporting. Here’s how to do it: 1. Identify Advance Type: 1. Regular Advance: Received before any supply of goods or services. 2. Advance for Specific Supply: Received against a confirmed order for specific goods or…

There are two primary methods for recording sales returns under GST in TallyPrime: 1. Using Credit Notes: This is the common method for B2B transactions and intra-state B2C returns within the same GST return period. 1. Create a Credit Note: 2. Set Tax Details: 3. Save and Print: 2. Using Debit Notes (Reverse Sales): This…

Recording sales of mixed supply in TallyPrime requires careful attention due to the combined presence of goods and services, each potentially subject to different tax rates. Here’s a detailed guide to help you handle it effectively: 1. Identify Components: 2. Configure Stock Items (if applicable): 3. Create a Sales Voucher: 4. Enter Basic Information: 5.…