Author: Rishit Shah
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Advance Receipts from Customer under GST in TallyPrime: 7 Steps
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…
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How to Pass GST Payment Voucher in TallyPrime: 8 Easy Steps
Here’s how to pass a GST payment voucher in TallyPrime: 1. Open Vouchers Window: Go to Gateway of Tally > Accounting Vouchers. 2. Choose Payment Voucher: Press F5 or select Payment from the voucher types. 3. Enter Basic Information: 4. Payment Details: 5. Tax Payment Details: 6. Tax Amounts: 7. Optional: Bank Allocations: If using…
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Recording Sales Returns under GST in TallyPrime: 2 Simple Ways
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…
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Record Export Sales under GST in TallyPrime: 7 Easy Steps
Recording export sales in TallyPrime involves specific steps to ensure accurate tax information and GST compliance. 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: 6. Optional Configuration: 7. Save and Print: Additional Notes while Recording Export Sales under…
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Sales of Mixed Supply Under GST in TallyPrime: 8 Easy Steps
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.…
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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…