Category: Intermediate

In TallyPrime, Journal vouchers are used to record non-cash transactions like expenses, provisions, adjustments, and depreciation. If you’re not making a direct payment (via cash or bank), but want to record the expense for accounting purposes, the Journal voucher is the right tool. Let’s walk through how to record an expense using a Journal voucher…

If you invest in shares, you might receive bonus shares from the company. These are additional shares given free of cost to existing shareholders. Although there’s no cash transaction involved, you still need to record this in TallyPrime to maintain accurate stock and investment records. In this blog post, you’ll learn how to pass a…

When a business purchases capital goods, like machinery or equipment, it can claim Input Tax Credit (ITC) on the GST paid for those purchases. This helps reduce the GST liability on outward supplies. TallyPrime makes it easy to record the purchase of capital goods and avail the ITC, while also ensuring accurate GST return reporting.…

TallyPrime helps businesses stay GST-compliant by allowing them to record and manage GSTR Effective Dates. Sometimes, a voucher’s actual transaction date and its return filing date (GSTR Effective Date) may be different. In such cases, TallyPrime allows you to change the GSTR Effective Date easily. In this post, you’ll learn how to do that, why…

Sometimes, after recording a purchase in TallyPrime, you may need to make changes. These changes could be due to corrections in GSTIN, invoice number, date, or tax amounts. In GST terms, these are known as amendments. TallyPrime makes it easy to manage these GST amendments for purchases, and ensures that they are reflected correctly in…

When recording purchases under GST, the assessable value plays an important role. GST is calculated on this value, not just the base price of goods or services. Sometimes, the assessable value of a purchase may change because of additional costs like freight, loading, unloading, or packing. These costs must be included if they are charged…

When you are dealing with goods in GST, using the correct HSN code is mandatory. HSN stands for Harmonized System of Nomenclature and it helps classify goods in a systematic way under GST. In TallyPrime, you can set HSN codes either at the stock item level or the stock group level. Let’s go through each…

Setting up GST rate details correctly in TallyPrime ensures accurate tax calculations for sales and purchase transactions. You can specify GST rate details at different levels, such as Stock Items, Stock Groups, Accounting Groups, Sales/Purchase Ledgers, and GST Classifications. 1. Why Specify GST Rate Details in TallyPrime? 2. Specify GST Rate Details for Different Masters…

Viewing the GST rate setup for masters in TallyPrime helps businesses verify the applied GST rates across stock items, stock groups, accounting groups, and ledgers. This ensures that correct tax rates are applied while recording transactions, preventing compliance issues. 1. Why View GST Rate Setup for Masters in TallyPrime? 2. Steps to View GST Rate…

In TallyPrime, businesses must record expenses with GST applicability to claim Input Tax Credit (ITC) correctly and maintain compliance with GST regulations. This guide explains how to create expense ledgers with GST, record transactions, and analyze GST reports. 1. Why Book Expenses with GST in TallyPrime? 2. Common Business Expenses That Attract GST Expense Type…