Category: Advanced
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How to Create/Alter Multiple Masters on Single Screen in TallyPrime
TallyPrime offers a convenient feature for creating or altering multiple masters (accounts, stock items, etc.) simultaneously, saving you time and effort. Here’s a detailed guide on how to achieve this: 1. Creating Multiple Masters in TallyPrime: 1. Go To Chart of Accounts: Press Alt + G (Go To) and select Chart of Accounts or navigate…
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Validate Changes and Deletion of Masters in TallyPrime: 2 Ways
TallyPrime offers functionalities to track and validate changes made to masters (accounts, stock items, etc.) Here’s how you can achieve this: 1. Verifying Changes with Edit Log (For Users with Edit Log Enabled): 1. Enable Edit Log (if not already): This feature needs to be activated during company creation or alteration. You can’t enable it…
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Altering a Group Company in TallyPrime: 4 Easy Steps
TallyPrime allows you to modify the details or member companies associated with an existing group company. Here’s a detailed guide on altering a group company: Prerequisites: Steps to Alter the Group Company: 1. Access Company Alteration: 2. Select Group Company: 3. Modify Details (Optional): 4. Manage Member Companies: 1. Add Members: 2. Remove Members: 3.…
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Consolidated Financial Data of Group Companies in TallyPrime
TallyPrime allows you to view the consolidated financial data of your group companies, providing a comprehensive picture of your entire business group’s financial health. Here’s a guide on how to access and analyze this consolidated data: 1. Prerequisites for viewing consolidated financial data: Ensure you’ve already created a group company in TallyPrime that includes all…
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Purchase from URD: Reverse Charge Liability Report in TallyPrime
This report in TallyPrime specifically assists businesses with understanding and managing their reverse charge liability arising from purchases made from unregistered dealers (URDs) under GST. Here’s a breakdown of the report’s purpose and functionalities: 1. Understanding Reverse Charge: 2. Key Features of the Report: 1. Filtering and Threshold: 2. Transaction Details: 3. Tax Liability Summary:…
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Journal Voucher for Refund of Tax Credit under GST in TallyPrime: 2 Ways
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.…
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Journal Voucher for TCS Adjustment in GST in TallyPrime: 2 Ways
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…
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Journal Voucher for TDS Adjustment in GST in TallyPrime: 2 Ways
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…
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Journal Vouchers for Adjustments Against Tax Credit under GST in TallyPrime
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…
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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…