Search results for: “GST”
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HSN/SAC Report in TallyPrime: Explained in 4 Easy Steps
The HSN/SAC Summary report in TallyPrime is a vital tool for businesses complying with the Goods and Services Tax (GST) in India. It provides a comprehensive overview of your outward supplies, categorized by the HSN (Harmonized System Nomenclature) or SAC (Services Accounting Code). Here’s an in-depth explanation of its purpose, components, and functionalities: 1. Purpose…
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Purchase from URD: Reverse Charge Liability Report in TallyPrime
This report in TallyPrime specifically assists businesses with understanding and managing their reverse charge liability arising from purchases made from unregistered dealers (URDs) under GST. Here’s a breakdown of the report’s purpose and functionalities: 1. Understanding Reverse Charge: 2. Key Features of the Report: 1. Filtering and Threshold: 2. Transaction Details: 3. Tax Liability Summary:…
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Sale of Works Contract Services in TallyPrime: 9 Easy Steps
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):…
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How to Record Purchase Returns in TallyPrime: 5 Easy Steps
Here’s how to record purchase returns under GST in TallyPrime, considering both local and interstate scenarios: 1. Choose the Right Voucher: 1. Local Purchase Return: Use F9: Purchase voucher and select Debit Note as the voucher type. 2. Interstate Purchase Return: Use F10: Other Vouchers > Interstate Purchase – Works Contract and select Debit Note…
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Inward Supply of Goods & Services (Reverse Charge Mechanism) in TallyPrime
Here’s a detailed guide on recording inward supply of goods and services under the reverse charge mechanism (RCM) in TallyPrime: 1. Configuration: a) Stock Items: b) Party Ledgers: 2. Create Purchase Voucher: 3. Enter Basic Information: 4. Add Purchase Details: 5. Activate Reverse Charge: 6. Calculate and Specify GST: 7. Complete the Voucher: Additional Notes…
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Inward Supply from Unregistered Dealers in TallyPrime: 7 Easy Steps
Recording transactions of inward supply from unregistered dealers (URDs) in TallyPrime requires following the reverse charge mechanism (RCM). Here’s how to do it: 1. Configure Stock Items and Party Ledgers: 1. Stock Items: Ensure the stock items purchased from URDs have their Applicable for Reverse Charge option enabled in the stock item master (Gateway of…
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Record Works Contract Purchases in TallyPrime: 7 Easy Steps
Here’s a detailed guide on recording works contract purchases in TallyPrime: 1. Choose the Transaction Type: 2. Create Purchase Voucher: 3. Enter Basic Information: 4. Set Taxability: 5. Add Purchase Details: 6. Specify GST Details: 1. Intra-state Purchases: 2. Inter-state Purchases: 7. Finalize the Voucher: Additional Notes while Recording Works Contract Purchases in TallyPrime: Remember,…
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How to Configure Stock Groups in TallyPrime: 8 Easy Steps
Configuring stock groups for GST in TallyPrime is similar to configuring individual stock items but with some additional points to consider. Here’s a guide to help you: 1. Access the Stock Groups Master: 2. Open or Create a Stock Group: 3. Configure GST Details: 4. Setting GST Rates: 5. H/S Code Tracking: 6. Taxability of…
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What is TallyPrime: 3 Easy Ways + 100% Free Tally Course
TallyPrime is a comprehensive business management software designed for small and medium-sized enterprises (SMEs) in India. It offers integrated solutions for accounting, inventory, sales, banking, taxation, payroll, and more, helping businesses streamline operations, gain insights, and make informed decisions. Here are key features and capabilities of TallyPrime: 1. Accounting and Finance: 1. Double-entry accounting with…
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How to Configure and Personalise Invoices in TallyPrime: 4 Easy Steps
Here’s a guide on configuring and personalizing invoices in TallyPrime: 1. Access Invoice Printing Configuration: 2. Design and Layout: 1. Company Logo: 2. Headers and Footers: 3. Fonts and Styles: 4. Content Arrangement: 5. Additional Information: 6. Multiple Views: 3. Print Configuration: 4. Preview and Save: Additional Tips while Configuring & Personalizing Invoices in TallyPrime:…