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TallyEssential Level 3

This book from the house of Tally, India’s leading business management software solution company, is a comprehensive book for TallyEssential Level 1 certification program. The content is created on our new product ‘TallyPrime’. The new product TallyPrime is a revolutionary product which has been created with the objectives of Simplify the Simplest, Greater Flexibility, New Look and Feel and our book also describe the same. It provides step-by-step instructions starting from download and installation, company creation, maintaining chart of accounts, recording business transactions and generation of financial reports, banking solutions and securing business data. The book is enriched with numerous real business scenarios, charts, screenshots, observations, solved illustrations and practice scenarios to help the learner experience the simplicity and the power of technology of working on TallyPrime. Upon solving these live business scenarios, the learner will be able to understand the intricacies of business operations and would be equipped to handle such transactions in the daily work environment with ease. This book is highly recommended for learners who aspire to build a successful career in Finance and Accounts or as an entrepreneur

Features

Author Tally Education Pvt. Ltd.
Language English
Binding Paperback
Publisher Sahaj Enterprises
ISBN
Year of Publishing 2021
Pages 336
Dimensions

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Table of Contents

  • 1.1 Introduction to GST2
    • 1.1.1 Why GST? 2
    • 1.1.2GST Tax Structure 2
    • 1.1.3Determination of Tax3
    • 1.1.4GST Registration 3
    • 1.1.5Managing HSN CODE/SAC6
    • 1.1.6GST Rate Structure6
    • 1.1.7Supply of Goods and Services7
      • 1.1.7.1Place of Supply7
      • 1.1.7.2Time of Supply8
      • 1.1.7.3Value of Supply8
    • 1.1.8Invoicing8
      • 1.1.8.1Tax Invoice9
      • 1.1.8.2Bill of Supply9
    • 1.1.9Debit Note, Credit Note/Supplementary Invoice10
    • 1.1.10Receipt Voucher11
    • 1.1.11Transportation of Goods without Issue of an Invoice12
    • 1.1.12Input Tax Credit13
  • 1.2E-Way Bill13
    • 1.2.1Components of E-Way Bill15
    • 1.2.2Who must generate E-Way Bill15
    • 1.2.3Validity of E-Way Bill15
    • 1.2.4E-Way Bill Process Flow15
  • 1.3GST e-Invoicing16
    • 1.3.1Benefits of e-invoice to the businesses17
    • 1.3.2Date of implementing GST e-invoicing17
    • 1.3.3Entities exempted for e-invoices17
    • 1.3.4Generating E-Way bill with e-Invoice18
    • 1.3.5Modification of e-Invoice18
    • 1.3.6Role of e-Invoice in GST Returns18
    • 1.3.7Various modes of generating e-invoice18
    • 1.3.8Role of IRP in e-Invoice18
    • 1.3.9The practice of Generating GST e-Invoice19
    • 1.3.10E-invoice Details20
    • 1.3.11Invoice Reference Number (IRN)20
  • 1.4GST in TallyPrime21
    • 1.4.1Creation of Company and Activating GST21
    • 1.4.2Introducing Capital into the Business27
    • 1.4.3Creation of Masters in TallyPrime29
      • 1.4.3.1Creation of Accounting Masters29
      • 1.4.3.2Creation of Inventory Masters34
      • 1.4.3.3Displaying Chart of Accounts36
  • 1.5Hierarchy of Calculating Tax in Transactions36
    • 1.5.1 Defining GST Rates at Company Level37
    • 1.5.2 Defining GST Rates at Stock Group Level37
    • 1.5.3 Defining GST Rates at Stock Item Level40
    • 1.5.4Defining GST Rates at Accounting Group Level41
    • 1.5.5Defining GST Rates at Ledger Level42
    • 1.5.6Defining GST Rates at Transaction Level44
  • 1.6Recording GST compliant transactions45
    • 1.6.1Accounting Intrastate Supply of Goods & Services 46
      • 1.6.1.1Intrastate Inward Supply of Goods46
      • 1.6.1.2Intrastate Outward Supply of Goods51
      • 1.6.1.3Intrastate Inward Supply of Services62
      • 1.6.1.4Intrastate Outward Supply of Services64
    • 1.6.2Accounting Interstate Supply of Goods & Services67
      • 1.6.2.1Interstate Inward Supply of Goods67
      • 1.6.2.2Interstate Outward Supply of Goods70
      • 1.6.2.3Interstate Outward Supply of Services73
    • 1.6.3Accounting Purchase and Sales Returns of Goods with GST75
      • 1.6.3.1Purchase Returns of Goods75
      • 1.6.3.2Sales Returns of Goods78
    • 1.6.4Supplies Inclusive of Tax 80
  • 1.7E-Way Bill Report in Tally86
    • 1.7.1Export for e-Way Bill Report86
    • 1.7.2Update e-Way Bill Information89
  • 1.8Input Tax Credit Set Off against Liability90
  • 1.9GST Tax Payment94
    • 1.9.1Timeline for payment of GST tax94
    • 1.9.2Modes of Payment94
    • 1.9.3Challan Reconciliation97
  • 1.10Generating GST Returns for Regular Dealer in Tally98
    • 1.10.1 GSTR-198
    • 1.10.2 GSTR-3B100
    • 1.10.3 GSTR-9 – GST Annual Computation102
  • 1.11 Filing GST Returns in Tally104
    • 1.11.1 Filing GSTR-1 Returns104
      • 1.11.1.1 Generating the JSON file from Tally and uploading the same in the GST portal105
    • 1.11.3 Filing GSTR-9 Returns - GST Annual Computation106
  • 1.12 Generating e-Invoice in TallyPrime106
    • 1.12.1 Recording Outward Supply and Generating e-Invoice without e-Way Bill107
    • 1.12.2 Recording Outward Supply and Generating e-Invoice with e-Way Bill115
    • 1.12.3 E-Invoice Report123
      • 1.12.3.1 Export Bulk Invoices using Online Method123
      • 1.12.3.2 Export Bulk Invoices using Offline Method125
      • 1.12.3.3 Update Details in TallyPrime and Print QR Code125
  • 1.13 Quarterly Return Monthly Payment Scheme132
    • 1.13.1 Creation of Company and Activating GST in TallyPrime125
      • 1.13.1.1 Company Creation and Introducing Capital in the Business133
      • 1.13.1.2 Creation of Accounting Masters136
      • 1.13.1.3 Creation of Inventory Masters138
    • 1.13.2 Accounting Intrastate Supply of Goods & Services139
      • 1.13.2.1 Intrastate Inward Supply of Goods139
      • 1.13.2.2Intrastate Outward Supply of Goods142
    • 1.13.3Input Tax Credit Set Off against Liability and Tax Payment150
    • 1.13.3Input Tax Credit Set Off against Liability and Tax Payment150
    • 1.13.4 Invoice Furnishing Facility(IFF) in QRMP scheme152
      • 1.13.4.1Exporting Section-Wise JSON Files from TallyPrime for IFF153
      • 1.13.4.2Uploading B2B Invoices for IFF in GST Portal156
      • 1.13.4.3Filing Quarterly Return -GSTR-1157
  • 1.14Composition Dealer under GST Regime160
    • 1.14.1Introduction160
    • 1.14.2Conditions to be satisfied under the scheme160
    • 1.14.3Creation of Company and Activating GST in TallyPrime161
      • 1.14.3.1Company Creation and Introducing Capital in the Business161
      • 1.14.3.2Creation of Accounting Masters163
      • 1.14.3.3Creation of Inventory Masters166
    • 1.14.4Accounting Intrastate and Interstate Supply of Goods167
      • 1.14.4.1Intrastate Inward Supply of Goods167
      • 1.14.4.2Interstate Inward Supply of Goods 169
      • 1.14.4.3Intrastate Outward Supply of Goods 170
    • 1.14.5 Generating GST Returns for Composition Dealer in Tally 173
      • 1.14.5.1GSTR-4 173
      • 1.14.5.2GST CMP-08 174
    • 1.14.6GST Tax Payment 175
  • Conclusion181
  • Key Takeaways181
  • Shortcut Keys182
  • Practice Exercises183
  • 2.1 Introduction to TDS186
  • 2.2 Basic Concepts of TDS186
  • 2.3 TDS Process189
  • 2.4 TDS in TallyPrime194
    • 2.4.1 Activation of TDS in TallyPrime195
  • 2.5 TDS Statutory Masters197
  • 2.6 Configuration of TDS at Different levels199
    • 2.6.1 Configuration of TDS at Group level199
    • 2.6.2Configuration of TDS at Ledger level211
  • 2.7Recording TDS Compliant Transactions in TallyPrime219
    • 2.7.1Expenses Partly Subject to TDS219
    • 2.7.2Booking Expenses and TDS deduction on crossing Exemption Limit228
    • 2.7.3Accounting Multiple Expenses and Deducting TDS later 237
    • 2.7.4TDS on Expenses at Lower and Zero Rate 243
      • 2.7.4.1TDS on Expenses at Lower Rate243
      • 2.7.4.2TDS on Expenses at Zero Rate250
    • 2.7.5TDS on Expenses at Higher Rate254
    • 2.7.6Recording Transaction when TDS Exemption limit is not crossed260
  • 2.8TDS Exceptions265
  • 2.9TDS Payment to Department266
    • 2.9.1Resolving Uncertain Transactions267
    • 2.9.2TDS Outstanding267
    • 2.9.3Payment of Tax to the Income Tax Department269
    • 2.9.4Generating TDS Challan (ITNS 281)272
    • 2.9.5Interest Payment to Income Tax Department on Delayed Tax Payment276
  • 2.10TDS Report280
    • 2.10.1Challan Reconciliation281
    • 2.10.2Form 26Q286
      • 2.10.2.1Total Voucher287
      • 2.10.2.2Payment Details290
    • 2.10.3E-Return291
      • 2.10.3.1Form 26Q291
      • 2.10.3.2TRACES Portal296
  • 2.11Changes in TDS rates from 1st April 2021296
  • Conclusion297
  • Key Takeaways297
  • Key Takeaways298
  • Practice Exercises298
  • 3.1 Introduction302
  • 3.2Exporting of data in available formats302
  • 3.3 Export and Import of Data303
    • 3.3.1 Export and Import of Masters from one company to another in XML format304
    • 3.3.2 Export and Import of Transactions from one company to another in XML format314
    • 3.3.3Exporting Reports to MS Excel315
    • 3.3.4Exporting Reports to PDF317
  • 3.4Open Database Connectivity (ODBC)319
  • 3.5Printing of Company Logo on Vouchers, Invoices & Reports325
  • Conclusion331
  • Shortcut Keys331
  • Key Takeaways332
  • Practice Exercises332
  • 4.1 Introduction334
  • 4.2 Changing Current Period and continue voucher entry in the same company data334
  • 4.3 Company data handling through Export and Import of data336
  • 4.4 Split Company Data342
  • 4.5 Create a new company and maintain books of accounts for the new financial year346
  • 4.6 Creating Group Company Data346
  • 4.7 Comparative Final Accounts Reports of Two Companies351
  • Conclusion354
  • Shortcut Keys354
  • Key Takeaways354
  • Practice Exercises355
  • Key Answers for Practice Exercises356

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