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Form 27Q is a Quarterly return for deduction of tax in respect of payments made to non-residents other than salary.

Statistics of Vouchers displays the total number of transactions pertaining to a period which are categorised as Included in return, Not Relevant in this Return and Uncertain Transactions (Corrections needed). The drill-down report of Total Vouchers displays the Statistics report comprising of voucher types with the corresponding voucher count.

Displays all vouchers that have the requisite information in their corresponding masters and transactions to comply with the requirements for filing the returns. These vouchers will be a part of TDS forms as applicable.

Booking Voucher: Displays the count of booking voucher that are recorded without TDS deduction to book the expenses.

Booking with Deduction Voucher: Displays the count of booking voucher that are recorded with TDS deduction details.

Deduction Voucher: Displays the count of all the deduction entries passed during the report period.

Reversal: Displays the count of all the entries recorded for TDS reversal.

Overridden by User: Displays the count the TDS vouchers that were recorded and saved by overwriting the pre-defined tax details.

Displays the count of all vouchers which are not a part of returns.

Select Not Relevant in this Return.

Select the category or voucher type as applicable.

Press Enter. The Voucher Register screen will display the list of excluded vouchers for the selected voucher type.

Select the transaction and press Enter to view it in alteration mode.

Displays the count of all vouchers with insufficient information. These vouchers contain TDS related information that are not included in the count of Included in return and Not Relevant in this Return.

In this section

Unable to determine TDS applicability for ledgers or stock items: This exception occurs when the expense/purchase ledger that has been debited in a transaction, has not been enabled for TDS. Also, the expense ledger has not been tagged to a specific expense category for TDS. Select a nature of payment to resolve this exception. To set the nature of payment:

Press

Spacebar

to select a group.

Press F5 (Ledger-wise) to view Ledger wise report.

Press F8 (Show Vouchers).

Press Alt+B (Nature of Payment).

Select a TDS Nature of Payment.

Press Ctrl+H (Change View)

You can display the details of a report in different views with additional details or for a specific period. You can also view other reports related to the current report.

Unable to determine the deductee type for party: This exception occurs when the deductee type of the party ledger is set to undefined. Select a deductee type to resolve this exception. To set the deductee type:

Press Enter on Unable to determine deductee type for party.

Press Spacebar to select the Name of the Ledger.

Press Ctrl+F4 (Deductee Type).

Select the required Deductee Type.

PAN not available for party: This exception occurs when the party ledger selected has been enabled for TDS but PAN has not been specified. Specify the PAN, and the applicability of PAN or the status of PAN application for the party. To enter PAN Details:

Press Enter on PAN not available for the Party.

Alternatively

Press Enter in the PAN No. field to go to the field PAN Status.

Select the applicable PAN Status.

Notification is not available for zero or lower rate: This exception occurs when a lower rate or zero rate deduction is recorded for a transaction, and the corresponding notification number is not defined for the party/expense ledger. Specify the notification details to resolve this exception.

In the drill down report for this exception, party ledgers that have been used to pass the zero rate/lower rate TDS entries will be listed. Identify the parties for which lower deduction/zero rate is applicable, select the relevant TDS Category, and provide the exemption notification number, applicability period, and the rate.

Unable to determine TDS applicability for duty ledgers: This exception occurs when the TDS duty ledger has not been classified under a TDS Category. Select a specific TDS Nature of Payment of TDS duty ledger to resolve this exception. To select the Nature of Payment:

Press Enter on Unable to determine TDS applicability of ledgers.

Select the Default Nature of Goods.

Unable to determine the tax rate for nature of payment: This exception occurs when the tax rate for the nature of payment has not been specified. Provide tax rate for the nature of payment to resolve this exception. To provide the tax rate:

Press Enter on Unable to Determine the Tax Rate for Nature of Payment.

Select Yes in the column Is Zero Rated, if required. Else, specify the rate of duty in the column Rate.

Press Enter.

Unable to determine the nature of payment in transaction: This exception occurs when the nature of payment in transaction has not been specified. Provide the nature of payment to resolve this exception. To select the nature of payment:

Press Enter on Unable to determine the nature of payment in transaction.

Select the required transaction, press Enter.

Select the nature of payment, or create the required nature of payment.

Press Enter.

Accept the screen. As always, you can press Ctrl+A to save.

Press Enter on No link is available with collection voucher.

Select the transaction and press

Alt+L

(Link All).

Unable to determine deductee details in cash transactions: This exception occurs in transactions where Cash has been selected in the field Party A/C name, but deductee details are not available. Select the appropriate party ledger to resolve this exception. To select the party ledger:

Press Enter on Unable to determine deductee details in cash transactions.

Select the Deductee Type and enter the PAN, if the details are not available in the ledger master.

Press Enter.

Accept the screen. As always, you can press Ctrl+A to save.

TDS deducted but not linked with expense/purchase transaction and Expenses/purchase returns not linked with expense/purchase transaction. These exceptions occurs when:

Press Enter on TDS deducted but not linked with expense/purchase transaction.

Press Spacebar to select the required booking vouchers.

Press Alt+R (Auto Fill) or Alt+L (Full) or Alt+V (Partial), as required.

Press Enter.

Advance payment is done via third party.

Press Enter on TDS deducted but not linked with expense/purchase transaction.

Press Alt+S (Direct Mapping).

Select Advance Payment.

Transactions accepted with conflicts: This exception occurs when the transactions recorded have conflicts or mismatches. Resolve the conflict to resolve the exception. To resolve this conflict:

Press Alt+J (Accept as is).

Press Enter to accept the voucher as is.

Unable to determine TDS applicability for duty ledgers: This exception occurs when the Type of duty/tax of TDS ledger is set to Others, and the option Is TDS applicable is set to Not Applicable. Select the nature of payment to resolve this exception. To resolve this exception:

Press Enter on Unable to determine TDS applicability for duty ledgers.

Press Spacebar to view the list of natures of payment.

Select the required nature of payment.

Accept the screen. As always, you can press Ctrl+A to save.

Bank Details are not available in Payment Voucher: This exception occurs when the bank details are not provided while record the TDS statutory payment voucher. Enter the payment details to resolve this exception. To resolve this exception:

Press Enter on Bank Details are not available in Payment Voucher.

Enter all the details.

To set the challan details for all the transactions in one-go, press Alt+S (Update Details), and enter the relevant details.

Press Enter to save the Challan Details.

Press Ctrl+A to save the TDS Challan Reconciliation screen.

Paid but not linked with TDS deduction Vouchers: This exception occurs when the TDS payment voucher is recorded without linking to the TDS booking voucher (purchase or journal voucher). To resolve this exception:

Press Enter on Paid but not linked with TDS deduction Vouchers.

Press Ctrl+Enter on the transaction to view the voucher and make the changes as needed.

Accept the screen. As always, you can press Ctrl+A to save.

Not able to determine the Type of Payment: This exception occurs when the TDS payment voucher is recorded without using stat payment feature. To resolve this exception:

Press Enter on Not able to determine the Type of Payment.

Press Spacebar to select the transaction and correct it.

The Deduction Details section denotes the type of deduction under which each of the Included transaction is grouped. Select the required deduction under Deduction Details, and press Enter.

To view the PAN number of each deductee:

Press F12 (Configure).

This section contains details of all TDS payment vouchers of the current period. Payments made to party, petty expenses, or any statutory payments other than that of TDS are not displayed here.

Select the required voucher and press Enter to view all the deduction vouchers recorded for the selected party.

To save Form 27Q, you need to save the Form 27Q Return, recompute the corrected return, overwrite the corrected report, save the recomputed valued as revised return, and export Form 27Q.

In this section

If the count of Uncertain Transactions is zero, a message appears as shown below:

If any master or transaction is modified or added after saving the return, the values can be recomputed. The recomputed information can be overwritten on the Form 27Q saved earlier or saved as a revised return.

For example, if the return was saved for the period 1-Apr-2023 to 30-Apr-2023, view the report for the same period.

The message The return values might have been changed, press Alt+W to recompute appears with a new section comprising details of:

Modified Masters: Displays the count of purchase and sales ledgers in which tax rates have been modified. Press Enter on Modified Masters to view the details.

Modified Vouchers: Displays the total count of vouchers which are Created, Altered, Cancelled and Deleted. To view the list of transactions captured against each modification type, press Enter on Created, Altered, Cancelled or Deleted vouchers row in which transaction count is displayed.

Press Enter to display the voucher alteration screen.

On recomputing the values of modified transactions, Form 27Q report displays two buttons, Alt+B (Overwrite) and Alt+H (Save as Revised).

Press Alt+B (Overwrite).

To save the recomputed valued as revised return without overwriting the information, press Alt+H (Save as Revised).

Press Alt+H (Save as Revised).

You can export the Form 27Q in text format.

Press Alt+B (Save Return) in Form 27Q report, to save the return (Form 27Q can be exported only after it is saved). The report closes on saving. Open Form 27Q again.

Press Alt+E (Export) and select E-Return to view the Export Report screen.

By default, File Format is SDF (Fixed Width) respectively.

In Folder path field enter or select the path to where the txt file to be exported.

By default, File Name as chúng tôi t which can be changed by the users.

Enter the Date.

Specify the required option in Is Regular Return filed for previous period.

Enter the Receipt No. /Token No.

The exported file (Form 27Q) is required to be validated with the File Validation Utility (a freely downloadable utility from NSDL website).

The latest version of the File Validation Utility (FVU), 7.5/7.6, is available. Accordingly, you can generate the Form 27Q text file in TallyPrime for filing TDS returns. However, you have to make a few updates in the text file before validating it in the FVU and filing TDS returns. This will ensure that your returns comply with the latest requirements.

The latest updates are regarding deduction of tax in case of specified senior citizen (under section 194P). Accordingly, the following new fields under the batch header information have been added:

Field 70: Count of Section 194P Details Record (Not applicable)

Field 71:  Batch Total of – Gross Total Income as per Section 194P Details (Not applicable)

For these changes, it is recommended that you open the exported text file of the return, as you will be able to update the batch header information easily.

In TallyPrime, export Form 27Q text file.

In Form 27Q report, press Alt+E (Export), select E-Return.

In the Export screen, configure the Folder Path, as needed, and select Send.

Open the text file (in Notepad) from the Folder Path.

Save the text file.

Now the Form 27Q text file is ready as per FVU 7.5/7.6. You can validate it in FVU 7.5/7.6 and proceed to file TDS returns.

You're reading How To View Form 27Q In Tallyprime

How To Manage Outstanding Payables In Tallyprime

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When you make some purchases or obtain services from your vendors you need to keep track of all the payments that you have to make on the agreed timelines. All such pending or overdue payments to your parties are outstanding payables. You can manage outstanding payables in TallyPrime using Outstanding Payables report that gives you an overview of what your business owes for supplies, inventory, and services. Moreover, you can get an overview of the amount and the creditors to whom you owe money and how much you owe each creditor and how long the money has been owed. You can manage outstanding payables in TallyPrime that will help you to know the time-to-time expenses, avoid overseeing the outstanding payments that you owe to the creditors, and help you manage the cash-flow in your business.

Record and Track Dues: You can get an overview of the amount and the creditors to whom you owe money and how much you owe each creditor and the duration of such pending or outstanding payments. Managing your outstanding payables will help you to know the time-to-time expenses, avoid overseeing the outstanding payments that you owe to the creditors, and help you manage the cash-flow in your business.

Bill-by-Bill: At times, when you have made a credit purchase from your party, you can mutually agree with your party to make part payments and make the total payment within a specified time. In such a case, you can use the bill allocation capability in TallyPrime to create one or more bill references as per the breakup decided. Each bill reference can also be specified with a credit period or a due date.

In this section

When a company buys goods on credit or cash, Purchase voucher is used to record all the Purchase transactions of the company.

Open the purchase voucher screen.

Press

Ctrl+H

(Change Mode) to select the required voucher mode (Item Invoice, in this case).

Specify the supplier details.

Supplier Invoice No.

and

Date

: The invoice number and date should be the same as given in the corresponding sales bill.

Party A/c name

: Select

Cash

or

Bank

for cash purchases. For credit purchases, select the supplier ledger.

Note: You may want to maintain specific details about your suppliers, such as address with landmark, alternative contact number, and so on, in the invoices. In such cases, you can create party ledgers with the required details. In the

Suppliers

field of

Party Details

screen, select the required ledger.

In

Accounting Invoice

, you can select the purchase ledger under

Particulars

.

As in other transactions, you can create the item or ledger on the fly by pressing

Alt

+

C

.

In

Item Invoice

, select the stock item, enter the

Quantity

. The

Rate

will be auto-filled, if available for the stock item. However, you may choose to enter the

Rate

or

Amount

.

In

Accounting Invoice

, select the service ledger and enter the

Amount

.

Select additional ledgers, like transportation charges, insurance, or discount, if any.

What you see on the screen can vary based on your choices. Press

F12

(Configure) to change the options and

F11

(Features) to enable or disable features.

Set credit limit for parties

To set the credit limit in the party ledger:

On the party ledger screen, provide a value (in days or a date) for Specify credit limit. 

If you want to change the voucher date, press

F2

(Date).

Select the mode of receipt.

When you create a Company in TallyPrime, the system creates two ledgers by default –

Cash

and

Profit & Loss A/c

.

Select the ledger for which you are making the receipt and specify the amount. For example, Commission Received.

In TallyPrime, you will find patterns to do certain tasks, and these patterns are consistent across the product. For example, when recording a transaction, press

Alt

+

C

to create a ledger, without leaving the voucher. This pattern works across the product. Anywhere in the product, in ledger selection field, press

Alt

+

C

to create it.

Under

Amount

, specify the commission amount.

Provide

Narration

, if any, and accept the voucher. As always, you can use

Ctrl+A

to accept.

You can view a ledger account with the corresponding voucher details.

Select the required

Ledger

.

Press

Alt+F8

(Columnar) to view details of vouchers in separate columns.

Cumulative balances or running balance for Ledger Voucher reports

Press

F12

(Configure) on

Ledger Vouchers

screen.

Set the option

Show Running Balance

to

Yes

to see the running balances for Ledger Voucher report.

You can also access Ledger Vouchers by drilling down from different statements, such as Group Summary and Monthly Summary .

The group summary statement shows the closing balances of the accounts of a selected group for a specified period up to the current date. The default view is that of sub-groups within a group.

To view group summary

If you maintain bills with specific reference numbers for easy tracking in the future, you can use the bill-wise option in the party master. Next time you record a transaction for that party, TallyPrime will internally track the bill by using the voucher number as the reference number. All earlier transactions recorded for that party without the bill-wise option will be tracked as On Account. Whether there is a reference number or not, such dues can be settled by passing the corresponding payment entries.

In this section

In the Party Master screen:

Note: On maintaining balances bill-by-bill, all bills generated earlier are reflected as On Account.

To get the option in party master: 

Ensure that in

F12

of party master, the option

Provide bill-wise

details is set to

Yes

.

You can make payments to settle any specific purchase bill to ensure proper accounting for the credit transactions.

If you want to change the voucher date, press

F2

(Date).

Select the mode of payment.

When you create a Company in TallyPrime, the system creates two ledgers by default –

Cash

and

Profit & Loss A/c

.

Select the ledger for which you are making the payment and specify the amount. For example, Rent.

In case the ledger is not available, press

Alt

+

C

to create Ledger on the fly. In Ledger Creation (Secondary) screen, give ledger name Rent and select the group

Indirect Expense

in the Under field.

Alternatively, you can settle the purchase bill from the Ledger Outstanding report.

When you make a purchase of large amount and unable to pay at a time, and have agreed to make partial payments in regular intervals, you can split such purchases into multiple bills. This helps you to track the payment breakup against the bills created and manage your outstanding payables systematically.

In this section

In the Party Master screen:

Note: On maintaining balances bill-by-bill, all bills generated earlier are reflected as On Account.

To get the option in party master: 

Ensure that in

F12

of party master, the option

Provide bill-wise

details is set to

Yes

.

You can record a sale and split the amount into multiple bills using the Bill Allocation feature.

To split the sales bill into multiple bills, when recording a credit purchase: 

In the voucher screen, press

Enter

on the total amount field to open the

Bill-wise Details

screen.  

The bill name that you specify here can be used as the bill reference when you record a payment transaction to settle your dues.

Fill in the

Amount

based on how you want the total amount to be split.

The Ledger Outstandings report displays the details of the outstanding payables – Opening Amount, Pending Amount, Due Date and Overdue days for the selected party. All the purchases recorded bill-wise or without any bill references and the corresponding payment entries recorded are displayed in this report. You can make the payments that are pending with your parties using the report.

In this section

You can print or export Reminder Letters from the Ledger Outstanding report by enabling the option Print Reminder Letter in the Print Report or Export Report accordingly.

Press

Alt+F2

(Period): to change the period

Press

Alt+F4

(Ledger): to display the list of ledgers. Select the required ledger to view outstandings for the selected ledger.

Press

Alt+F5

(Detailed): De

tailed or press Alt+F5 to display the Ledger Outstandings report in the detailed view. In the detailed view, the following will be displayed:

Voucher details

: Voucher Date, Voucher Type(s),Voucher Number(s), and Amount

Inventory details

: Quantity, Stock Item, and Rate

Press

F6

(Ageing Method): To display the Age wise analysis of the Ledger Outstandings report.  For more information, refer Ageing Analysis report.

 

Press Ctrl+J (Exception Reports): You can view the exceptions related to the data displayed in the current report by pressing Ctrl+J (Exception Reports), without closing the report. 

Press

Alt+B

(Settle Bills): the Bill Settlement option helps to settle the selected or all bills from the Ledger Outstandings report.

Press

F12

(Configure): To change the report configurations, as required.

Press

Alt+F12

(Range): to use the Range Filter option to search for specific bills from the list of bills outstanding. Users may filter the transactions based on the Date , Original Amount, Pending Amount , Ledger , Reference number . etc. This is a useful tool, as it makes the process of finding specific bills fast, easy and simple.

Press

Alt+R

(Remove Line): To remove a line item from the Ledger Outstandings report.

This report helps to view the group-wise outstanding details, including the debit and credit balances. You can configure the report to see only the overdue payments and make payments to your parties accordingly.

In this section

You can print or export Reminder Letters from the Ledger Outstanding report by enabling the option Print Reminder Letter in the Print Report or Export Report accordingly.

Press

Alt+F5

(Detailed):

To view the report in detailed mode.

Press

Alt+F2

(Period): To change the period.

Press

Alt+F4

(Group): To display the list of groups. Select the required group to view outstandings for the selected group.

Press

F5

(Ledger-wise): To display only the ledgers and their debit & credit balances.

Press

Alt+F6

(Ageing Method): To display the Age wise analysis of the Group Outstandings report. For more information, refer Ageing Analysis report.

Press

F8

(Ledger-wise Bills): To display the ledger-wise breakup of the Group Outstanding report. 

Press

Ctrl+F8

(Bill-wise): To display all the bills outstanding from the ledgers falling under the selected group.

Press

F12

(Configure): to configure the Group Outstandings report. 

Press

Ctrl

+

F12

(Value) to filter the vouchers based on the conditions you specify. For example, if you want to view the godowns from which sales had happened, use the

Value

filter and set the voucher condition to

Sales

.

How To Record Sales Under Composition Gst In Tallyprime

 PDF

Sales under the Composition scheme are not much different than the regular GST. Like any other business, you need to sell goods or services to earn revenue. In the Composition scheme, the sales of goods and services are made within the state. You can sell the goods or services with discounts and records in case you have sales returns. As per business practice, after the sale of goods or services, you must print the invoices with all relevant GST details.

You must register as a composite dealer if your business generates less than 1.5 crores in revenue from the production or trade of goods or less than 50 lakhs from services. As a composite dealer, in contrast to a regular dealer, you might benefit from things like making payments and filing returns on a quarterly schedule rather than a monthly one. But there are also some limitations. You are not eligible to use the input tax credit as a composite dealer. Tax rates on the whole sales turnover range from 1% to 6%. 

Every business involves the sales of goods or services which can be either cash or credit sales. In TallyPrime, you can record the supply of goods using a sales voucher and you can also decide the mode to record the transaction. While recording for the sale of goods, you can record such a sale using Item Invoice mode. In Item Invoice mode, you can provide an item, quantity, and rate details. Similarly, you can use the accounting invoice mode if you are selling services. You do not have to charge tax on every invoice, as under the Composition scheme the tax is calculated based on the turnover. You can record the sales return using credit notes. 

In TallyPrime, you can record all these transactions by selecting the registration type as Composition while creating the company.

As a composite dealer, you can supply goods or services within the state. You don’t have to charge tax for every transaction as under the composition scheme you are not eligible to collect tax on your supplies. However, you need to pay tax only on your total sales turnover which is also nominal in the range of 1% to 6%.

In this section

When recording the sale of goods, choose cash or bank for cash sales and party ledger for credit sales. In TallyPrime, you can record sales of goods or stock items using the Item Invoice mode where you can provide the stock item details, quantity, and rate.

Open the sales voucher in the Item Invoice mode.

Specify the buyer details.

The Dispatch Details screen appears.

The Party Details screen appears.

Party Details: You can update the buyer details while recording the transaction and print the same in the invoice.

As always, you can press Ctrl+A to save and proceed.

In the Sales ledger, select the common sales ledger.

Enter the stock item details.

Name of Item: Select the stock item.

In case you do not see the required item in the list, you can create the stock item on the fly by pressing Alt+C.

Provide Narration, if needed, and press Ctrl+A to save.

Now that you have recorded a local supply of goods under the Composition scheme of GST, you can see the transaction in the Outward Supplies (including Exempt Supplies) of CMP-08.

When recording service sales, choose cash or bank for cash sales and party ledger for credit sales. In TallyPrime, record sales of services and the total amount using the Accounting Invoice mode. An accounting ledger is not required as there is no stock item to allocate.

Open the sales voucher in the Accounting Invoice mode.

Specify the buyer details.

The Dispatch Details screen appears.

The Party Details screen appears.

Party Details: You can update the buyer details while recording the transaction and print the same in the invoice.

As always, you can press Ctrl+A to save and proceed.

Under Particulars, select the service ledger and enter the Amount.

Provide Narration, if needed, and press Ctrl+A to save.

Now that you have recorded a local supply of goods under the Composition scheme of GST, you can see the transaction in the Outward Supplies (including Exempt Supplies) of CMP-08.

Once the sales voucher is recorded for the supply of goods and services, you can print the voucher immediately or later. If you need to print the voucher right away, enable the Print voucher after saving option from the sales voucher type. You can configure your sales invoice with the GST information and print it after previewing it.

The GST rates and HSN/SAC details get updated in the invoice.

Print the voucher with GST details.

Press I (Preview) to check the invoice before printing, if needed.

You have printed a sales voucher with GST and HSN/SAC details.

You can supply goods   services with discounts

Is GST applicable set to Not Applicable.

Include in assessable value calculation for is set to GST.

Goods

Goods and Services

Based on Quantity – apportions the expense value based on quantity of the stock item. More quantity means more share of expense value.

Based on Value – apportions the expense value based on value of each stock item/service ledger more value means more share of expense value.

When you supply goods or services, there can be instances of sales return for the entire supply or some of the items from the supply. There can be multiple reasons for such sales returns such as low-quality products, damaged goods, late delivery, surplus delivery and so on. You can record the sales return using a Credit Note in TallyPrime and also mention a reason for such a return. The sales returns can be after or before receiving the payment and the accounting method for both such cases are different. In TallyPrime, you can record both instances of sales returns.

Open the Credit Note in Item Invoice mode.

The Receipt Details screen appears.

The Party Details screen appears.

Party Details: update the original buyer details.

Select the Sales ledger to allocate the stock items.

Name of Item – Select the stock item that you have received as a sales return.

Specify Quantity and Rate.

Set the option Provide GST details to Yes. 

Provide Narration, if needed, and press Ctrl+A to save.

How To Round Off Invoice And Ledger Values In Tallyprime

 PDF

Round Off Invoice and Ledger Values

Rounding off values in Invoices or Ledgers helps in viewing the important digits in the financial statements. The need for rounding off may arise when the transactions are recorded together with different rates, discount percentages and even with tax rates. To round off the value of the invoice or the value of the tax ledger in the invoice, you can use the round-off feature in TallyPrime. You can also create a voucher class and when you are recording the voucher using that voucher class, the round-off ledger automatically appears in the voucher. 

In your business, while recording the transactions depending on the rates of the goods or the percentage of discount given or even at the time of charging tax percentage the total invoice value may appear in decimal. You can continue to have the invoice value in decimal, however, while viewing the financial statements such values with decimals may become difficult to read. To simplify the view of financial statements TallyPrime provides an option to round off such values and emphasize the important digit.

You may want to maintain a ledger exclusively to round off the invoice value when you record an invoice. For this, you can create an Invoice Rounding ledger under Indirect expenses in TallyPrime.

Create a ledger for round-off.

Create the ledger under Indirect Expenses.

Type of Ledger – Select Invoice Rounding.

In Rounding method, select the appropriate rounding method.

Not Applicable – Keep the invoice value as is.

For example, if the invoice value is 125.60, the invoice value is rounded off to 125 (when the Rounding limit is set to 1), and the round-off ledger will have the value (-)0.60.

Normal Rounding – Round off the invoice value to the following:

Nearest lower number that is a multiple of the rounding limit specified if the decimal value is less than 0.5. For example, if the invoice value is 125.30, the value is rounded off to 125, and the round-off ledger shows the value (-)0.30.

Nearest higher number that is a multiple of the rounding limit specified if the decimal value is more than or equal to 0.5. For example, if the value is 125.60, the value is rounded off to 126, and the round-off ledger shows the value 0.40 (when the Rounding limit is set to 1).

Upward Rounding – Round off the invoice value to the nearest higher number, a multiple of the specified rounding limit. For example, if the invoice value is 125.30, the value is rounded off to 126, and the round-off ledger shows the value of 0.70 (when the Rounding limit is set to 1).

For Rounding limit, enter the number to calculate the nearest number as a multiple of this number to round off. For example, if you mention 1, the invoice value is rounded off to the nearest number which is a multiple of 1. In this case, if the original invoice value is 12.30 and the Rounding Method is set to:

Normal Rounding: The invoice value will be rounded to 12.

Upward Rounding: The invoice value will be rounded to 13.

Downward Rounding: The invoice value will be rounded to 12.

As always, press Ctrl+A to save. 

Use the round-off ledger in the sales invoice. The invoice value is rounded off, and the difference in value due to rounding off is displayed as a positive or negative number.

As always, press Ctrl+A to save.

Similarly, if you mention 5 as the Rounding Limit, the invoice value is rounded off to the nearest number which is a multiple of 5. For example, if the original invoice value is 14 and the Rounding Method is set to:

Normal Rounding: The invoice value will be rounded to 15.

Upward Rounding: The invoice value will be rounded to 20.

Downward Rounding: The invoice value will be rounded to 10.

You may want the round-off ledger to appear automatically in the invoice to avoid selecting it every time you record a transaction. For this, you can create a voucher class in TallyPrime with the round-off ledger and use this voucher class to automatically display the round-off ledger in the invoice.

Create a voucher class for sales.

Enter a name for the voucher class under Name of Class.

Press Enter to view the Voucher Type Class screen.

Under Additional Accounting Entries, select a ledger created under Indirect Expenses for accounting invoice round-off. In this ledger, set Use ledger for auto calculation of to Not Applicable.

For the Type of Calculation, select As Total Amount Rounding.

In Rounding method, select the appropriate rounding method.

Not Applicable – Keep the invoice value as is.

Downward Rounding – Round off the invoice value to the nearest lower number, a multiple of the specified rounding limit. For example, if the invoice value is 125.60, the invoice value is rounded off to 125 (when the Rounding limit is set to 1), and the round-off ledger shows the value (-)0.60.

Normal Rounding – Round off the invoice value to the following:

Nearest lower number that is a multiple of the rounding limit specified if the decimal value is less than 0.5. For example, if the invoice value is 125.30, the value is rounded off to 125, and the round-off ledger shows the value (-)0.30.

Nearest higher number that is a multiple of the rounding limit specified if the decimal value is more than or equal to 0.5. For example, if the value is 125.60, it is rounded off to 126, and the round-off ledger shows the value 0.40 (when the Rounding limit is set to 1).

Upward Rounding – Round off the invoice value to the nearest higher number, a multiple of the specified rounding limit. For example, if the invoice value is 125.30, the value is rounded off to 126, and the round-off ledger shows the value of 0.70 (when the Rounding limit is set to 1).

For Rounding Limit, enter the number to calculate the nearest number as a multiple of this number to round off. For example, if you mention 5, the invoice value is rounded off to the nearest number which is a multiple of 5. To look at a few more detailed examples, refer to the Invoice Round Off – Using Predefined Ledger section.

As always, press Ctrl+A to save.

Use the voucher class in the sales invoice.

The round-off ledger appears automatically.

As always, press Ctrl+A to save.

By using the Voucher Class you don’t have to add the rounding off ledger every time you record a transaction. It automatically gets added to the voucher once the voucher class is selected.

You can round off a particular ledger value instead of using the rounding off ledger to round off the invoice value. To do so you need to configure the specific ledger with the rounding off details. When you record an invoice, you may want to round off the value of the tax ledger. You need to configure the tax ledger created under Duties and Taxes with the appropriate rounding method.

Alter the ledger created under Duties & Taxes.

For the Rounding method, select the appropriate rounding method.

Not Applicable – Keep the invoice value as is.

Downward Rounding – Round off the invoice value to the nearest lower number, a multiple of the specified rounding limit. For example, if the invoice value is 125.60, the invoice value is rounded off to 125 (when the Rounding limit is set to 1), and the round-off ledger shows the value (-)0.60.

Normal Rounding -Round off the invoice value to the following:

Nearest lower number that is a multiple of the rounding limit specified if the decimal value is less than 0.5. For example, if the invoice value is 125.30, the value is rounded off to 125, and the round-off ledger shows the value (-)0.30.

Nearest higher number that is a multiple of the rounding limit specified if the decimal value is more than or equal to 0.5. For example, if the value is 125.60, it is rounded off to 126, and the round-off ledger shows the value 0.40 (when the Rounding limit is set to 1).

Upward Rounding – Round off the invoice value to the nearest higher number, a multiple of the specified rounding limit. For example, if the invoice value is 125.30, the value is rounded off to 126, and the round-off ledger shows the value of 0.70 (when the Rounding limit is set to 1).

For Rounding limit, enter the number to calculate the nearest number as a multiple of this number to round off. For example, if you mention 5, the invoice value is rounded off to the nearest number which is a multiple of 5. To look at a few more detailed examples, refer to the Invoice Round Off – Using Predefined Ledger section.

As always, press Ctrl+A to save.

As always, press Ctrl+A to save the Sales Voucher.

The invoice values in decimal can be a bit difficult to read while viewing the financial statements. To simplify the view of financial statements and ensure maximum readability to the users, TallyPrime helps you round off such values.

How To Define Duty Rates In Tallyprime (Excise For Manufacturer)

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Different businesses have different requirements. While some businesses  deal with a single stock item and single type of transaction, whereas some businesses deal with multiple stock items, and different types of transactions and require a more complex statutory functionality.

Based on the demands of the business, you can select the kind of capability that you want.

Excise duty rates can be defined at company level when you deal in only one type of goods having a single duty rate.

ABC Company is a manufacturing unit for packaged drinking water. They sell 20l water cans. Let us see how excise tariff can be defined and applied in a scenario like this.

If you do not see this option, press F12 (Configure) and set the options Show more features and Show all features to Yes.

Set the option Set/alter Excise tariff details to Yes in the Excise Details screen.

Press Enter to save.

Press Ctrl+A to save the Excise Registration details.

To enter new tariff details or revised excise rate

Go to the Excise Tariff Details screen (shown above).

Enter the new excise Rate

Press Enter. The Tariff Details Applicability screen appears. Enter the Applicable From date.

Press Enter to save and return to Excise Registration Details screen.

You can also press Alt+W (Details) from the Excise Tariff Details screen, enter the Applicable From date and provide the tariff details with revised excise duty.

Create a duty ledger with the Type of Duty as CENVAT and the Duty Head as Basic Excise Duty.

On selecting the duty ledger created in a transaction, the duty rate is calculated as shown in the screen below.

ABC Company uses one tariff for all the stock items that they manufacture or deal with. Hence, the same duty ledger can be used for all stock items like Dew Drops Water Packet (500ml), Dew Drops Water Can (20l) and Dew Drops mini (500ml).

In addition to accounting masters like groups and ledgers, excise duty and tariff details can be defined in inventory masters such as stock group and stock item.

Royal Industries is a food processing company that manufactures waffles, wafers, and biscuits. All the goods that they manufacture and sell attract 6% excise duty, except for stock items that are coated with chocolate, which attract 12% excise duty.

Now let us see how defining stock rate at the group level will simplify the process for Royal Industries.

Enable the option Set/alter excise details in the Stock Group Creation screen.

To enter new tariff details or revised excise rate

Go to the Excise Tariff Details screen (shown above).

Enter the new excise Rate.

Press Enter. The Tariff Details Applicability screen appears. Enter the Applicable From date.

Press Enter to save and return to Excise Registration Details screen.

You can also press Alt+W (Details) from the Excise Tariff Details screen, enter the Applicable From date and provide the tariff details with revised excise duty.

Similarly, the group Waffles and Wafers (Chocolate Coated) can be created, and duty details defined appropriately as shown below:

The Excise Tariff Details screen for tax rate 12% appears as shown below:

To enter new tariff details or revised excise rate

Go to the Excise Tariff Details screen (shown above).

Enter the new excise Rate.

Press Enter. The Tariff Details Applicability screen appears. Enter the Applicable From date.

Press Enter to save and return to Excise Registration Details screen.

You can also press Alt+W (Details) from the Excise Tariff Details screen, enter the Applicable From date and provide the tariff details with revised excise duty.

Create the stock item under the group for which the duty rate has been defined. The stock items will inherit the excise tax details configured at the stock group level.

Similarly create stock item under the group Waffles and Wafers (Chocolate Coated). This item will inherit 12% excise duty configured in the stock group.

To enter new tariff details or revised excise rate, press Alt+W (Details) from the Excise Tariff Details screen. Enter the Applicable From date and provide the tariff details with revised excise duty.

Create a duty ledger with the Type of Duty as CENVAT. The Ledger Creation screen of excise duty ledger appears as shown below:

On selecting the duty ledger created in a transaction, the duty rate is calculated as shown in the screen below. 

The tax analysis of  this transaction shows that although only one excise duty ledger was selected in the transaction, duty of each stock item has happened according to the rate defined in the group.

Once defined at the group level, the tax rate can be applied to all the stock items classified under the group.

Duty rates can be defined at the ledger level. Based on the requirement of the business, tax configuration can be made either in the ledger master or in the stock item master.

GoIndia is a company that process and supply fuel to fuel stations. They sell petrol and diesel, both branded and unbranded. The duty rates for each one of their stock item is different. They will define the rates of duty in the stock item master level.

Let us see how they record the sale of diesel and unleaded petrol.

Enable the option Set/Alter excise details.

Press F12 (Configure) and set the option Enable multiple selection of Duty details to Yes.

Enter tariff details Tariff name, HSN code, and Reporting unit of measure.

To enter new tariff details or revised excise rate

Go to the Excise Tariff Details screen (shown above).

Enter the new excise Rate.

Press Enter. The Tariff Details Applicability screen appears. Enter the Applicable From date.

Press Enter to save and return to Excise Registration Details screen.

You can also press Alt+W (Details) from the Excise Tariff Details screen, enter the Applicable From date and provide the tariff details with revised excise duty.

On selecting the duty ledgers created in a transaction, the duty rates are calculated as shown in the screen below.

The tax analysis of  this transaction shows that duty has been calculated for each stock item based on the tax configuration made in the stock items.

How To Enable And Use Statutory Pay Heads In Tallyprime

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The Statutory Pay Head Type field is enabled when you choose one of the following Pay Head Types:

Employees’ Statutory Deductions

Employer’s Statutory Contributions

Employer’s Other Charges.

The default Statutory Pay Head Types in TallyPrime are:

Employee State Insurance

PF Account (A/c No. 1)

EPS Account (A/c No. 10)

Professional Tax

Income Tax

Voluntary PF (A/c No. 1)

Admin Charges (A/c No. 2)

EDLI Admin Charges (A/c No. 22)

EDLI Contribution (A/c No. 21)

National Pension Scheme (Tier – I)

National Pension Scheme (Tier – II)

Note: Statutory Pay Head Type will appear only when the Payroll Statutory Features are enabled.

Set this parameter to Yes for those pay head components that are used for calculating gratuity (For example, Basic Pay and DA).

The value of a pay head component is derived based on the Calculation Type chosen. The List of Calculation types includes:

Use Flat Rate when the value of the pay head is a fixed amount for a period. If you choose this, pro-rata calculation is not applicable.

For example,

Conveyance Allowance of 800 per month.

Fixed Loan Installment deduction amount.

Use On Attendance type to calculate the pay head component based on the attendance details of employees. You can record attendance as positive days (Present) or loss of pay (Absent) type.

For example, Basic salary is calculated on attendance

Use On Production to calculate the pay head value based on the production/work done. You can enter the production data in the Attendance voucher against the Production type. For example, Overtime.

Use the As Computed Value if the pay head value is dependent on another pay component.

You can define a pay component by:

Specifying a formula

Calculating the pay head based on the

Current sub-total

Current earning

Total deduction

You can define the slab either by percentage or value, or a combination of both. For example, HRA as 40% of Basic Salary.

On Current Sub Total – This Used when the value of a pay head depends upon the net total of earnings and deductions already defined.

Effective From

By default, the Effective From date is considered as the start date of the financial year in which the Pay Head is created. You can define any revision in pay computation for a given pay head by modifying the Effective From date.

Amount Greater Than

If you use multiple slabs for calculating any pay head, enter the start value for each slab in this field. By default, this field is skipped, and assumed to be for the first slab.

Amount Upto

The upper limit for each slab is provided in this field.

Slab Type

Percentage: This slab rate is applicable when the amount is stated as a percentage of a whole.

Value: This slab rate is applicable when the amount is stated as absolute value.

Value Basis

Value Basis for each slab is provided in this field, which can be either an Amount or Percentage based on the Slab Type.

As User defined Value

You can use the As User defined Value field to manually enter the value at the time of processing the salary. This calculation type is applicable when the value of pay is not fixed, and does not depend on any pay component. You can also choose a calculation period, as is applicable. For example, Incentives and Variable Salary.

Calculation Period refers to the periodicity of pay head calculation. Four pre-defined calculation periods are available in TallyPrime:

Days

Fortnights

Months

Weeks

As per Calendar Period: As per Calendar Period refers to calculation based on a calendar month period. For instance, if the payroll process is carried out for the month of March, the attendance records will be entered for 31 days.

User Defined: User Defined refers to a consistent payroll period entered by the user, irrespective of calendar month. For instance, if an employee’s salary is based on a standard month of 30 days irrespective of the calendar month, you can select User Defined as the Calculation Basis, and define the periodicity of the specified period or month.

User Defined Calendar Type: You can use the User Defined Calendar Type option to select user defined working/calendar days for every Calculation Period. For example, you can enter the total number of working days after reducing the Saturdays, Sundays and holidays, if any, as required.

Not Applicable: The decimal points are taken into consideration, and the amount will not be rounded off.

Downward Rounding: The amount is rounded off to the nearest lower whole number.

Normal Rounding: The amount is rounded off to the nearest whole number.

Upward Rounding: The amount is rounded off to the nearest higher whole number.

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