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Gateway of Tally Explained – TallyPrime Tutorials

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The Gateway of Tally is the main screen that appears when you open TallyPrime. It acts as a control center, allowing users to navigate various functions such as accounting, inventory management, payroll, and GST filing.   Masters: The “Masters” section in Tally is where you create and manage master data. Master data refers to the foundational information that remains relatively constant and is used as a reference in various transactions and reports. Common types of master data include: Ledgers: These represent individual accounts, both income and expense, and are used in accounting transactions. Groups: Groups are used to categorize and organize ledgers for reporting and analysis. Stock Items: If your business deals with inventory, you can create and manage stock items to track your inventory. Parties: Parties represent individuals or organizations with whom you have business transactions, such as customers and suppliers.   Transactions: The “Transactions” section is where you perform various accounting transactions. These transactions are used to record financial activities and include: Vouchers: Vouchers are used to record specific financial transactions such as sales invoices, purchase bills, payment receipts, and more. Invoices: You can create sales invoices, purchase invoices, and other types of invoices to bill customers or record purchases. Payments and Receipts: Record payments received from customers and payments made to suppliers. Journal Entries: Make journal entries to record non-standard transactions or adjustments.   Banking: The “Banking” section is specifically dedicated to managing bank-related transactions and activities. Here, you can: Cheque Printing: Print cheques directly from Tally. Bank Reconciliation: Reconcile your bank accounts to ensure that your Tally data matches your bank statements.   Reports: The “Reports” section allows you to generate a wide range of financial and accounting reports to analyze your business’s performance. Common types of reports include: Balance Sheet: Shows the financial position of your business at a specific point in time. A balance sheet is a financial statement that reports a company’s assets, liabilities and shareholders’ equity Profit and Loss Statement (Income Statement): Displays your company’s revenue, expenses, and net profit or loss over a period.  

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GST Registration Process – TallyPrime

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GST registration is mandatory for most businesses in India. It involves obtaining a unique Goods and Services Tax Identification Number (GSTIN) from the tax authorities. Once registered, businesses can legally collect GST from customers, claim Input Tax Credit (ITC), and file GST returns   Why is GST Registration Important? Legal Requirement: Businesses with a certain turnover threshold must register for GST to comply with tax laws. Input Tax Credit: Registered businesses can claim ITC, reducing their tax liability. Customer Trust: GST registration lends credibility to a business, as it implies compliance with tax regulations. Let’s explore how to register for GST in Tally Prime, starting from the basics. Prepare Required Documents Before beginning the GST registration process, gather the necessary documents, including: PAN card Aadhar card Business address proof Bank account details Passport-sized photographs Enable GST in Tally Prime To enable GST in Tally Prime: Go to “Gateway of Tally.” Select “F11: Features.” Enable GST by setting “GST-Enabled” to “Yes.” Fill in Registration Details: Enter your business details, including the legal name, trade name, and PAN.  Enter the Principal Place of Business: Fill in the address of your principal place of business, including the state and pin code.  Provide Additional Place of Business Details (if applicable): If your business operates from multiple locations, add the details for each location. Enter Bank Account Details: Provide your bank account details, including the account number and IFSC code. Upload Documents: Upload the required documents, including PAN card, Aadhar card, and address proof. Verify and Submit Review all the entered information for accuracy. Once verified, click “Submit” to initiate the GST registration process. Await the GSTIN: After submission, the tax authorities will process your application and provide you with a unique GSTIN. Update GSTIN in Tally Prime: Once you receive your GSTIN, update it in Tally Prime to start using it for invoicing and tax filing.   Example of GST Registration in Tally Prime Your business, ABC Enterprises, has decided to register for GST. You’ve gathered the necessary documents, including your PAN card and Aadhar card. Here’s how you would initiate the GST registration process in Tally Prime: Access the GST registration module in Tally Prime. Enter the business details, including the legal name, trade name, and PAN. Provide the address of your principal place of business. Add any additional place of business details if your business operates from multiple locations. Enter your bank account details, including the account number and IFSC code. Upload the required documents, such as your PAN card, Aadhar card, and address proof. Review all the entered information for accuracy and click “Submit” to initiate the GST registration process. Await your GSTIN from the tax authorities. Once you receive your GSTIN, update it in Tally Prime to start using it for invoicing and tax filing.

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Composite supply with GST

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Composite supply is a unique concept under the Goods and Services Tax (GST) regime. It occurs when two or more goods or services are bundled together, but one of them is the principal supply, and the others are ancillary or supplementary to the principal supply. The entire supply is taxed at the rate applicable to the principal supply. Your business offers a package deal to customers, including a laptop (principal supply), a printer, and a mouse. The package costs Rs. 40,000, and the applicable GST rate for laptops is 18%. Here’s how you would record this composite supply entry in Tally Prime: Record the composite supply entry in Tally Prime: Debit: Sales Account (Package Deal) – Rs. 40,000 Credit: Customer’s Account – Rs. 40,000 GST (18%) on the laptop – Rs. 7,200 Identify the laptop as the principal supply and apply the GST rate applicable to it. Verify that the composite supply entry is correctly recorded. Ensure that the Input Tax Credit (ITC) is correctly claimed based on the components of the composite supply.

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Capital Goods with GST TallyPrime

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Capital goods are assets that businesses purchase for long-term use, typically to facilitate production, expansion, or improvement of their operations. Under the GST framework, capital goods are treated differently than other supplies and services because of their significant value and long-term nature. Your business purchases a new industrial machine for Rs. 5,00,000 for use in your manufacturing facility. The applicable GST rate is 18%. Here’s how you would record this capital goods purchase entry in Tally Prime: Record the purchase entry in Tally Prime: Debit: Capital Goods Account (Industrial Machine) – Rs. 5,00,000 Credit: Supplier’s Account – Rs. 5,00,000 GST (18%) – Rs. 90,000 Verify that the purchase entry is correctly recorded. Ensure that the Input Tax Credit for the GST paid on the capital goods is claimed accurately in your financial records.

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Manufactured Items with GST TallyPrime

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Manufactured items are products created by assembling or processing raw materials or components. In the GST regime, businesses that engage in manufacturing or production activities need to account for the GST implications of these processes.   Record the manufacturing entry in Tally Prime: Debit: Finished Goods Account (Smartphones) – Value of the manufactured smartphones Credit: Raw Material Accounts (Screens, Processors, Batteries) – Value of the raw materials used Credit: Work-in-Progress Account (if applicable) – Value of the manufacturing labor and overheads Verify that the manufacturing entry is correctly recorded. Generate relevant GST reports in Tally Prime to include these manufactured items in your tax return

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Debit/Credit Note with GST – TallyPrime

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Debit Note: Issued by a buyer to a seller, it represents an increase in the purchase value. Debit Notes are issued when the buyer has received more goods or services than initially mentioned in the invoice or when additional taxes are payable. Credit Note: Issued by a seller to a buyer, it represents a decrease in the purchase value. Credit Notes are issued when the seller has to refund the buyer for goods returned, discounts, or overcharged taxes.   Your business purchased goods worth Rs. 10,000 from a supplier. However, the supplier inadvertently charged GST at 12% instead of the correct rate of 5%. To rectify this, you issue a Debit Note.   1  Create a Debit Note voucher in Tally Prime:   Select “Debit Note” from the voucher type list.   Enter the supplier’s name, invoice number, and the reason for issuing the Debit Note.  Enter the item details: Rs. 10,000 as the original invoice value and the incorrect GST     amount of Rs. 1,200.  Tally Prime will automatically calculate the corrected GST amount (Rs. 500). 2 Verify the voucher details and save the Debit Note

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URD Transactions in GST – TallyPrime

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URD transactions refer to transactions where a registered business supplies goods or services to individuals or entities that are not registered for GST. These unregistered dealers do not have a GSTIN (GST Identification Number)   Example Your business sells a computer system for Rs. 30,000 to an unregistered individual. The applicable GST rate for URD transactions is 12%. Here’s how you would record this URD transaction in Tally Prime: 1 Enter a sales voucher in Tally Prime: Debit: Sales Account – Rs. 30,000 Credit: Cash Sales Ledger – Rs. 30,000 GST (12%) – Rs. 3,600 2 Verify that the transaction is correctly recorded. 3 Generate relevant GST reports in Tally Prime to include this URD transaction in your 4 tax return

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B2C Transactions in GST – TallyPrime

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B2C transactions refer to transactions where businesses supply goods or services directly to end consumers. In the context of GST, these are transactions that involve the sale of goods or services to unregistered individuals or entities.   Example Your retail business sells electronic gadgets directly to individual customers. You sell a smartphone for Rs. 20,000, and the applicable GST rate is 18%. Here’s how you would record this B2C transaction in Tally Prime: 1 Enter a sales voucher in Tally Prime: Debit: Sales Account – Rs. 20,000 Credit: Cash Sales Ledger – Rs. 20,000 GST (18%) – Rs. 3,600 2 Verify that the transaction is correctly recorded. 3 Generate relevant GST reports in Tally Prime to include this B2C transaction in your 4 tax return

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Service Tax in GST TallyPrime

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Service tax, previously governed by the Service Tax Act, was replaced by GST on July 1, 2017. Under GST, service tax is subsumed into the GST framework, making it a part of the comprehensive tax structure   Generate GST Reports Tally Prime offers various GST reports that help you manage your service tax obligations: GSTR-1: Outward Supplies (including services) GSTR-2A: Inward Supplies (auto-populated from your vendors) GSTR-3B: Monthly Summary of GST (includes service tax details) GSTR-9: Annual GST Return   Your business hires a consulting firm for management services, and the consulting fee is Rs. 10,000 with an 18% GST. Here’s how you would record this transaction in Tally Prime: 1  Enter a payment voucher in Tally Prime: Debit: Consulting Expense Account – Rs. 10,000 Credit: Consulting Firm’s Account – Rs. 10,000 2  GST on Services (18%) – Rs. 1,800 3  Verify that the transaction is correctly recorded. 4  Generate relevant GST reports in Tally Prime to include this service transaction.  

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GSTR2 Report in GST

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GSTR-2, or the Goods and Services Tax Return-2, is a report that businesses in India need to file under the GST (Goods and Services Tax) regime. Unlike GSTR-1, which focuses on outward supplies made by a registered taxpayer, GSTR-2 deals with inward supplies, i.e., purchases made by the taxpayer during a specific tax period.   Why is GSTR-2 Important? Input Tax Credit (ITC): GSTR-2 enables businesses to claim input tax credit by reporting the GST they have paid on their purchases. Accurate reporting of inward supplies ensures that businesses can claim the correct ITC amount, which helps reduce their tax liability. GST Reconciliation: It serves as a basis for reconciliation between the buyer’s and the seller’s returns. This reconciliation helps in confirming the accuracy of tax paid and reducing the chances of mismatches and disputes. Compliance: Filing GSTR-2 is mandatory for registered GST taxpayers. Non-compliance can lead to penalties and legal consequences.   Generate GSTR-2 Report Go to “Gateway of Tally.” Click on “Display.” Select “Statutory Reports.” Choose “GST.” Select “GSTR-2.”   Suppose you run a furniture manufacturing business, and during a particular tax period, you purchase raw materials worth Rs. 1,00,000 from a GST-registered supplier. The GST rate applicable to these materials is 18%. Here’s how you would record and report this transaction in Tally Prime: 1. Enter a purchase voucher in Tally Prime: Debit: Purchase Account – Rs. 1,00,000 Credit: Supplier’s Account – Rs. 1,00,000 GST (18%) – Rs. 18,000 2. Verify and ensure that the transaction is correctly recorded. 3. Generate the GSTR-2 report in Tally Prime. 4. Review the report and ensure that the Rs. 18,000 GST paid is accurately reflected in the report. 5. File the GSTR-2 return on the GST portal, using the data generated by Tally Prime.  

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