Category: Advanced

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.…

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…

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):…

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…

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…