Awareness Session on TallyPrime
“It is very helpfull for participants to understand how TallyPrime simplifies accounting and business management.”
E – invoicing and GSTR-2B Reconciliation
In TallyPrime, e-invoicing and GSTR-2B reconciliation are facilitated by enabling the relevant features and importing the GSTR-2B statement from the GST portal. This allows for a comparison of invoice data and reconciliation of transactions. E-invoicing helps reduce errors, prevent tax evasion, and facilitates accurate GST return filing. GSTR-2B reconciliation helps identify discrepancies between the supplier's reported data and your purchase records, ensuring accurate ITC claims and avoiding potential penalties, according to Tally Solutions.
Release 6.0 Features
TallyPrime Release 6.0 introduces features like Connected Banking, enhanced Bank Reconciliation, automated accounting with bank statements, and integrated payments for streamlined business management. It also includes improvements in data splitting, profile management, and GST compliance.
Excel to Tally Data Import
To import Excel data into Tally Prime, first save your Excel file as a CSV file. Then, in Tally Prime, navigate to the "Import Data" section and choose whether you're importing Masters (like ledgers) or Transactions (like sales). Finally, select the CSV file and map the fields in your Excel data to the corresponding fields in Tally Prime, then import the data.
Edit Log
In TallyPrime, the "Edit Log" feature, also known as the "Audit Trail," provides a record of all changes made to transactions and masters, enabling users to track alterations, deletions, and creations within their company data. This feature helps maintain internal controls and ensures compliance with auditing requirements. .
TDS Configurations and Others
TDS (Tax Deducted at Source) is a tax collection mechanism where the tax is deducted at the time of payment. In TallyPrime, TDS-related configurations ensure that TDS is calculated, deducted, and reported accurately.
. Enable TDS in TallyPrime:
. Create TDS Ledgers:
. TDS Expense Ledgers:
. Set TDS Rates:
. Configure TDS Nature of Payments:
. Set TDS Details for Vendors:
. Recording TDS Deductions:
. Generate TDS Returns:
Conclusion
The latest version, Tally Prime Release 6.0, simplifies this significantly. It automatically categorizes transactions as B2B or B2C based on the GST registration status of your customers. This automation extends to the HSN Summary, providing the required breakup without manual effort, assuming your ledgers and stock items are correctly set up. Furthermore, Tally Prime allows for direct upload of this detailed HSN summary to the GST portal. This update streamlines the GSTR-1 filing process, ensuring compliance with the new GSTN regulations effective from April 25th.
Customized solutions of CBD IT
Our team exemplifies brilliance in distinct industries using flexible and customized solutions. We adhere to Provide excellent quality and timely services to all our clients effectively and efficiently. We keenly focus on customer satisfaction and the service we are providing.
- Party wise pervious balance
- HSN & GST rate in columnar
- Stamp & sign
- Auto mail outstanding
- Auto mail sales register & voucher
- Master import
- Bank statement import
- Scheduler Auto backup
- Cost Center wise P & L Balance sheet
- MSME number in sales invoice
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