Category: Advanced

1. Understanding GST Rates and HSN/SAC Codes in TallyPrime 1. GST Rates: These are the tax rates applicable to different goods and services. They can be Central GST (CGST), State GST (SGST), or Integrated GST (IGST). 2. HSN/SAC Codes: These are standardized codes used to classify goods and services for GST purposes. 2. Steps to…

Purchases made by SEZ (Special Economic Zone) companies in TallyPrime are treated distinctly under GST rules due to the benefits SEZ companies enjoy. This process requires proper setup and recording to ensure compliance with GST laws. 1. Understanding Purchases by SEZ Companies in TallyPrime 1. Zero-Rated Purchases: SEZ companies can procure goods and services without…

Supplies by GST SEZ (Special Economic Zone) companies are treated with distinct GST implications due to their tax benefits and compliance requirements. Here’s a comprehensive guide to handling such transactions in TallyPrime: 1. Understanding SEZ Supplies in GST in TallyPrime 1. Zero-Rated Supplies: Supplies to or by SEZ entities are generally zero-rated under GST. This…

1. Understanding SEZ GST in TallyPrime Special Economic Zones (SEZs) in India have specific GST rules and regulations. When setting up TallyPrime for an SEZ unit, it’s crucial to configure the software to accurately handle SEZ-specific transactions. 2. Key Steps for Setting Up TallyPrime for SEZ: 1. Company Creation: 2. Master Data Setup: 3. GST…

TallyPrime’s Edit Log feature captures detailed information about changes made to transactions and master data. It records the user, date, and time of the change, as well as the specific modifications made. 1. Key Concepts about Edit Log Versions in TallyPrime: 1. Previous Record: This is the original version of a transaction or master data…

The Edit Log Report in TallyPrime captures various activities that users perform on transactions and masters. These activities provide a detailed audit trail, ensuring accountability, transparency, and compliance. 1. Activities Captured in Edit Log Report in TallyPrime 1. Creation This activity records when a transaction or master is created for the first time. Example: 2.…

1. How to Use the Edit Log Report for Transactions and Masters in TallyPrime? TallyPrime’s Edit Log Report is a powerful feature that helps track changes made to transactions and masters. This is especially beneficial for auditing purposes, compliance, and ensuring data integrity. It captures details like the creation, alteration, or deletion of entries, along…

In TallyPrime, you can use the Purchase Voucher in Voucher Mode to record the purchase of stock items and allocate additional costs such as freight, taxes, or other charges. This ensures accurate inventory valuation by including the additional costs in the item’s landed cost. 1. Benefits of Recording Additional Costs in Voucher Mode in TallyPrime…

TallyPrime allows you to record and allocate additional costs incurred during the purchase of stock items, such as freight, customs duty, or insurance. Allocating these costs ensures that the accurate landed cost of the stock items is recorded, helping in proper valuation and decision-making. 1. Benefits of Allocating Additional Costs of Purchase on Stock Items…

1. Understanding Rejections Against Receipt Notes in TallyPrime A rejection occurs when a portion or all of a received shipment is returned to the supplier due to quality issues, incorrect items, or other reasons. In TallyPrime, you can record rejections against receipt notes to track the returned items and adjust the accounts accordingly. 2. Steps…