Month: February 2024
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Record Composite Supply under GST in TallyPrime: 9 Easy Steps
Composite supply refers to supplying two or more goods or services bundled together where separating them isn’t feasible in the ordinary course of business. Recording such transactions in TallyPrime requires specific steps to ensure accurate tax calculations and reporting. Here’s a detailed guide: 1. Identify Principal Supply: Determine the main or dominant element of the…
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Exploring Tally Capital for Indian SMEs: 5 Steps + 3 Benefits
Running a small or medium-sized enterprise (SME) in India comes with its share of challenges, especially when it comes to accessing credit. Fortunately, platforms like Tally Capital are emerging to bridge the gap, offering convenient and tailored financing solutions exclusively for Tally Prime users. 1. What is Tally Capital? Think of Tally Capital as your…
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What is Tally Edge: A Simple 4 Step Explanation
Tally Edge is an RBI-licensed Account Aggregator (AA) platform in India. It acts as a secure hub for all your business’s financial asset information, allowing you to easily manage and share it with authorized institutions with your consent. Here’s a breakdown of what Tally Edge does: Consolidates financial data: It gathers your financial information from…
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Sale of Works Contract Services in TallyPrime: 9 Easy Steps
Recording the sale of works contract services in TallyPrime involves specific steps to ensure accurate tax calculations and reporting. Here’s a detailed guide: 1. Configure Stock Items (if applicable): 2. Create a Sales Voucher: 3. Enter Basic Information: 4. Add Service Item: 5. Set Tax Details: 6. Optional Configuration: 7. Record Advance Payment (if applicable):…
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GST Sales – Different “Ship To” & “Bill To” Addresses in TallyPrime: 2 Ways
For GST sales involving different “Ship To” and “Bill To” addresses, TallyPrime offers flexible approaches to ensure accurate record-keeping and tax calculations. Here are two scenarios and approaches: Scenario 1: Buyer Pays, Consignee Receives (Common Scenario) 1. Create Sales Voucher: Use F8: Sales voucher type. 2. Enter Basic Information: 3. Add Sale Items: Select relevant…
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GST B2C Sales (Small & Large Invoices) in TallyPrime: 2 Easy Steps
TallyPrime differentiates between small and large B2C (Business to Consumer) sales for GST reporting purposes. Here’s how to record them: 1. Identify Threshold for Large Invoices: The current threshold for “large” B2C invoice in India is ₹2.5 Lakhs. Any sale exceeding this amount falls under the “Large B2C Invoices” category. 2. Recording Process: Both small…
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Record Deemed Export GST Sales in TallyPrime: 8 Easy Steps
Recording deemed export sales in TallyPrime involves using the “Deemed Export” nature of transaction while considering any specific state-specific requirements. Here’s a detailed guide: 1. Check Eligibility: Before proceeding, ensure your state is included in the list of states eligible for treating certain sales as deemed exports. Common examples include Delhi, Haryana, Maharashtra, etc. You…
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How to Record Exempt GST Sales in TallyPrime: 6 Easy Steps
Recording exempt GST sales in TallyPrime involves similar steps to recording nil-rated sales, but with slight differences. Here’s a detailed guide: 1. Configure Stock Items: 2. Create a Sales Voucher: 3. Enter Basic Information: 4. Add Sale Items: 5. Set Tax Details: Crucial Distinction: 6. Save and Print: Additional Notes while Recording GST Exempt Sales…
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How to Record Nil Rated GST Sales in TallyPrime: 6 Easy Steps
Here’s how to create nil-rated GST sales in TallyPrime: 1. Configure Stock Items: 2. Create a Sales Voucher: 3. Enter Basic Information: 4. Add Sale Items: 5. Set Tax Details: 6. Save and Print: Additional Notes while Recording Nil Rated GST Sales in TallyPrime: Important Tips: By following these steps and tips, you can effectively…
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Configure Voucher Numbering for GST in TallyPrime: 3 Easy Ways
TallyPrime offers flexible options for configuring voucher numbering for GST transactions. Here’s a breakdown of different approaches and considerations: 1. Automatic Numbering: 2. Manual Numbering: 3. Customized Numbering Series: 4. Configuration Steps: Additional Tips while Configuring Voucher Numbers for GST in TallyPrime: By understanding these options and carefully configuring voucher numbering, you can ensure it…