Month: August 2021

Generate e-Way bill Instantly Using TallyPrime

Posted on by Tally Academy

Electronic waybill, popularly known as an e-Way bill is a document that needs to be generated for consignment involving the movement of goods beyond the notified value. Most states have a threshold value of 50,000 and a higher threshold value in a few states.

e-Way bill is not a new concept. It has been in place for a few years now and in fact, even before GST with different names. We all know it is a process that requires the supplier/transporter to generate an e-way bill from the portal before transporting or shipping the goods. Once the e-way bill is generated, a unique number is generated for a specific consignment along with an e-way bill document and the supplier can choose to capture it on the invoice.

Today, most businesses generate e-way bills by mentioning the invoice details on the portal either using offline tools (JSON) or direct entry on the portal. While it is a mandatory need, but the effort and time that goes into generating the e-way bills, make the entire process of invoicing to shipping a cumbersome one. Guess, this is a common difficulty that you must have already felt irrespective of how big or small is your business.

To alleviate the difficulty in the current way of generating the e-way bill and to make the entire process simple and seamless, the latest release of TallyPrime comes with an inbuilt connected e-way bill solution that generates e-way bill instantly.

Yes, you read it right! You just need to record an invoice and the e-way bill be generated automatically.

Using TallyPrime’s online connected e-way bill solution, you can instantly generate e-way bills. All you need to do is just record an invoice in your usual way, and TallyPrime will automatically generate an e-way bill and capture the e-way bill number on the invoice.

instant-e-way-bill-in-tallyprime

Tally being one of the recognised ISO certified GSP (GST Suvidha Provider), TallyPrime directly integrates with the e-way portal to seamlessly generate e-way bills for you. It is so simple that you will certainly feel that generating an e-way bill is just the same as invoicing.

Online connected e-way bill features in TallyPrime

Tally’s fully connected e-way bill solution is simple, seamless with zero manual work. Take a look at some of the key features of a connected e-way bill solution.

Generate e-way bill instantly.

Given the compliance need of e-way bills in the process of invoicing and shipment, you no longer need to look at invoicing and e-way bill generation separately. Using TallyPrime, you seamlessly generate an e-way bill online by just recording the invoice. TallyPrime’s full connected solution absorbs the complexity by directly sending the details in prescribed format to the portal and fetches e-way bill details automatically.

e-way bill generated in TallyPrime

Cancel, Extend and update e-way bill online

In some situations, the invoices for which e-way bill is already generated requires to be cancelled. It could be for various reasons such as data entry mistake/order cancelled etc. Also, in an exceptional circumstance like natural calamity, trans-shipment delay, accident, break-down etc. you may want to extend the validity of the e-way bill. No matter what situations you encounter, using TallyPrime, you can cancel, extend ad update e-way bills online without the need to manually perform these actions from the portal.

cancel and extend e-way bill in TallyPrime

Also, for some reason, if you have generated an e-way bill either manually or using any of the available modes (outside TallyPrime), you can auto-fetch such details and capture the e-way bill number on the invoice. Thus, keeping your books up to date.

Flexibility to generate EWB online along with e-Invoice or separately.

By design, the e-invoice system (IRP) integrates with GSTN and e-way bill system. As a result, one can generate an e-invoice along with e-way bill as well. Using TallyPrime’s connected e-way bill solution, you get even more flexibility to do so. You can choose to generate an e-way bill along with an e-invoice or can separately generate only e-way bill as it suits your need.

e-invoice and e-way bill in tallyPrime

Flexibility to generate e-way bill for a single invoice or in bulk from a report

TallyPrime’s connected e-way bill solution comes with the flexibility to generate e-way bill for a single invoice or in bulk. You can generate an e-way bill for a single invoice in the flow of recording the transaction or you can choose to generate e-way bills in bulk (for more than one invoice) from the report. Generating e-way bills, be it a single invoice or bulk is amazingly simpler and faster.

bulk e-way bill in TallyPrime

Enhanced e-way bill reports

TallyPrime’s connected e-way bill solution comes with exclusive reports for e-way bill giving you a complete view of the e-way bill transactions and their status. With the help of the report, you will stay on top of the e-way bill status (Pending/cancelled/generated) and perform various other actions such as cancel, extend, etc. as per your needs.

Supports other modes for e-way bill generation.

In case of exigency cases like unavailability of internet services on a system or due to any other reason, if you wish to use other modes of e-way bill generation such as using offline utility, a direct entry on the portal etc. TallyPrime fully supports these situations.  Not only it supports these circumstances, but also auto-fetches details and updates the e-way bill number on the invoice. Thus, keeping your books up to date.

Offline-mode-e-way-bill

What’s more? The online connected e-way bill solution of TallyPrime comes with an inbuilt alert system to prevent redundancy and ensure that the latest data is shared with the portal, especially in a multi-user environment. Furthermore, the renowned and trusted ‘Prevention, Detection and correction’ capability ensure that the transactions are validated and only the correct and complete details are sent for e-way generation. This way you can prevent errors and work error-free.

Accounting and Payroll Software

Posted on by Tally Academy

Introduction

Businesses today have plenty of obstacles to overcome and plenty of tools to help them do so. Technology in particular has greatly changed the way companies operate, and currently over ninety percent of all companies use technology of some form to help with basic functions. Payroll is the most commonly used feature in software.

Companies that don’t like the thought of outsourcing will have to find another solution, and TallyPrime’s payroll is an attractive option. There are many benefits of using TallyPrime payroll solutions or HR payroll software, including some which one may not even be aware of. If the business wants to keep the HR department responsible for payroll, considering TallyPrime payroll is a great way to help them handle the tasks.

Benefits from a payroll software for accountants

  • Simplicity in usage
  • Accounting and payroll software do not involve installation of any expensive infrastructure equipment for its functioning
  • Implementation of accounting and payroll software is as simple as logging into a secure web portal
  • No disruption of work at the office while systems are set up and no downtime with accounting and payroll software
  • It is simple in a way that its features can be accessed and learned by any professional with the most basic computer software and business skills
  • Ensures security and reliability of data
  • Accessibility – Data can be accessed from any machine (computer) at any time

What does a business need from an HR payroll software?

If a business is considering using an automated program and keeping most of the payroll functions within the office, then it should likely ensure that payroll customer service can help it deal with any issues related to the software, especially technical support.

Most HR payroll software will provide with regular reports, but good payroll customer service means being able to request any payroll related information and receive it quickly. Say, if a business needs the stats for employee salaries or attendance over the last six months, it should be able to get it through payroll customer service.

Payroll software for small business

Technically speaking, payroll software is defined as a computer program that manages a company’s payroll necessities. For small and medium businesses, we know it’s a formidable task to sit at the end of every month and pour in many hours to summing up the salary details for each employee. Often, in such companies, the owner has to perform multiple duties and it’s difficult to spare time for calculating overtimes and employees’ taxes.

And one such HR payroll software which tops the Payroll software list among other service providers for small business entities is TallyPrime. TallyPrime Accounting and payroll software is simple yet effective software that takes care of all the necessary calculations and takes care that the salaries are paid on time.

TallyPrime delivers comprehensive payroll management software with necessary payroll compliances built in it. It provides the facility from simple payslip generation up to complex allied processes which include Salary revision, loans and advances and ad-hoc payments. It also manages the salary of the employees according to statutory norms and processes.

Notable features of TallyPrime payroll software

  • Full integration with accounts for simplified payroll processing and accounting
  • User-defined classifications and sub-classifications for comprehensive reporting on aspects such as employees, employee groups, pay components, or departments
  • Support for user-defined Earnings and Deductions Pay Heads
  • Flexible and user-defined criteria for simple or complex calculations
  • Unlimited grouping of Payroll Masters
  • Support for user-defined production units such as attendance, production, or time-based remuneration units
  • Flexible processing period for payroll
  • Comprehensive reports for cost centre as well as employee-wise costing
  • Predefined processes for accurate and timely salary processing, employee statutory deductions & employer statutory contributions
  • Processing payments using the e-payments capability in TallyPrime
  • Auto-fill facility to expedite the attendance, payroll, and employer’s contribution processes
  • Accurate computation and deduction of statutory payments such as Income Tax, ESI, EPF, NPS, Professional Tax, and Gratuity
  • Generate statutory forms and challans for Income Tax and EPF & ESI, as prescribed
  • Facility to drill-down to the voucher level for any alteration
  • Compute arrears of previous period(s)
  • Track loan details of employees.

Frequently asked questions

What is payroll management?

Payroll is simply an aggregation of total amount of wages paid by the company to its employees. Companies usually hire payroll services from third parties by way of outsourcing which make the process of accounting for payroll and easy and effortless task. Management of employee payroll in a smart way is now as easy as it can get, with TallyPrime. A collection of predefined processes in TallyPrime enables error-free automation of payroll process. Further, you can view and handle exceptions effortlessly.

 

How to choose the best payroll management software?

To choose the best payroll management software, you must ensure that it has the following capabilities:

  • Payroll Accounting & Salary Processing
  • Multiple Employee Grouping
  • Flexible Attendance/Production Types
  • Statutory Compliance in payroll
  • Easy to define and process fixed and flexible pay-outs to the employees
  • Multiple Calendar type such as fixed days, as per calendar etc. to suit your requirements
  • Generate Monthly Returns, Annual Forms and Statements for PF, ESI, Professional Tax and Income Tax.

 

How does payroll management software work?

TallyPrime offers various features that allows you to implement and process payroll. You can use the Payroll Info. menu to create different payroll masters required for computing earnings and deductions for employees.

 

What is payroll in TallyPrime?

The payroll feature in TallyPrime is fully integrated with accounting to streamline payroll processing. Organisations can set up and process payroll using simple and complex criteria. A collection of predefined processes in TallyPrime enable error-free automation of payroll process.

 

How do I enter salary in Tally payroll software?

You can add, delete or change a pay head component or its value for individual employees. To quickly enter the pay structure of each employee, define the Pay Structure for the Employee Group for an employee group using pay heads which are applicable to most employees. You can then copy and apply the same structure to each employee.

Fundamentals of Accounting | Accounting Basics

Posted on by Tally Academy

What is accounting?

To understand the fundamentals of accounting, you must comprehend the definition of accounting.

Accounting is consolidating the financial transactions of a company using a systematic approach. It involves recording, analyzing, reporting, and retrieving financial transactions when required. Accounting is mandatory for legal reasons, taxes, and to understand business health. Accounting ensures that every business transaction is accounted for and if you need to pull out information about any expense you can do so with ease.  Accounting can be divided into two parts; financial accounting and management accounting.

Financial accounting deals with the proper presentation of the transactions in the form of financial statements such as income statements which are shared with people outside the business. Management accounting is a form of accounting whereby the management department receives financial information so they can take vital business decisions to ensure efficient business continuity. Management accounting is part of the internal process as it is used for improving the overall business. It includes information such as the budget.

Key objectives of accounting

The three key objectives of accounting are as follows.

  • Record keeping

The fundamentals of accounting include record keeping which is the primary function of accounting. A business must use standard forms of storing and retaining information so it can be retrieved when the need for it arises. Thorough and accurate storage of records is essential for all transaction-related purposes. A software package such as TallyPrime can be utilized to store every transaction that takes place.

  • Reporting

Financial reporting is a key accounting objective after record keeping. Accounting enables businesses to record and report their financial status at the end of a particular period. It involves putting together transaction details and reports that are necessary to make sense of a certain aspect of a business during a specific time period. Financial statements are results of aggregating financial information of a business and these are useful tools for reporting the financial parts of a business.

  • Analysis

The reports which are based on the business records are analyzed in accounting. When business health needs to be determined then the business reports are analyzed. Analysis in accounting enables accountants to find out ways to improve business efficiency, upgrade processes, and to see where unnecessary expenses are being made. Analysis of financial reporting allows your business to run without problems as it ensures no discrepancies are found.

TallyPrime

Accounting solutions to help you manage your business just the way you want.

Accounting process and steps

The accounting process is one of the fundamentals of accounting. Also known as an accounting cycle, it follows a transaction from the moment it was recorded to when a report is made using various transactions that occurred in a particular period of time. Businesses can use single-entry accounting or double-entry accounting. Firms use accounting software packages such as TallyPrime to automate the accounting process. The benefits include saving time, effort, and money for storage, analysis, and retrieval purposes. Companies can fully automate their accounting or they can leave some aspects to be manually handled.

Steps of the accounting process

There are 8 steps in the accounting process. This is a framework and it can vary from company to company as each company has an individual model that it works with.

  • Step 1: Transaction identification

You need to identify your business transactions first. Every unique transaction needs to be recorded so that it is reflected correctly. All expenses such as costs to acquire, repair, and upgrade need to be accounted for. Additionally, every sale record must be stored so it all sales transactions are in one place.

  • Step 2: Journal creation

This step involves recording each transaction in a journal. You can choose between two types of accounting; cash accounting and accrual accounting. The difference is when the transactions are recorded and stored. Cash accounting is recorded the moment the cash is paid or received. Accrual accounting is when transactions are recorded as they occur.

  • Step 3: General ledger posting

After the entry in the journal, the transaction details need to be reflected in the general ledger. The general ledger allows the categorization of transactions because they are saved according to different accounts. That is, transactions of the same account are recorded in one place and so on. This allows easy monitoring according to particular accounts.

  • Step 4: Trial balance

In this step, the trial balance is calculated. Ideally, the debits must be equal to credits for every account. The trial balance throws light on the balances which have not been adjusted yet in every account. When an unadjusted trial balance is found, it is analyzed in the next step of the accounting cycle

  • Step 5: Worksheet analysis

Adjustment of the various transaction entries is done in this step of the accounting process. First, you need to create a worksheet and make sure that the credits and debits are equal to each other. In the case of accrual accounting, there is an additional step here which is to adjust the entries for revenue and expense matching purposes.

  • Step 6: Journal entries adjustment

This is the stage in the accounting cycle where adjustments need to be made. Once the adjustments have been done, the trial balance is prepared again to ensure that the debits are equal to the credits. Only then can you move on to the next step.

  • Step 7: Financial statements

This step involves the financial statements that are generated after all the entries have been adjusted in the journal. In the majority of the cases, the major financial statements will include the cash flow statement, income statement, and balance sheet. These uncover the truth behind how the business is doing financially and how much profits it is earning.

  • Step 8: Closing

The last step of the accounting cycle is when the books are closed. This holds for the temporary accounts as they are shifted to permanent accounts. For example, the profit and loss statement is transferred to the retained earnings accounts and so on. The closing occurs at the end of the reporting period. After this, the cycle starts again.

Key accounting reports

The critical accounting reports are as follows.

  • Balance sheet

The balance sheet contains information about the total liabilities, assets, and stockholder equity. It gives information about the company’s resources and how these sources are being financed. A balance sheet can help you make better business decisions.

  • Profit and loss statement

The profit and loss statement is also known as P&L and income statement. It shows the revenues and expenses of a business over a period of time. A business is going in the right direction when the profits exceed its losses.

  • Statement of cash flows

This report summarizes the cash that is received or paid. It doesn’t reflect the non-cash transactions that take place such as purchases made on the basis of credit. It contains three parts; investing, operating, and financing. It gives information about cash generation.

How accounting software helps businesses

An accounting software tool can take the complexity out of accounting. Whether the business is small, growing, or enterprise-level, every business needs an accounting software package. TallyPrime is the best example of accounting software that handles everything. All you need to do is record the bills and invoices. TallyPrime will automate the rest. It minimizes human errors, automates management of books of accounts, generates informative customized reports and financial statements, and makes tax returns easy. Additionally, it improves inventory management, ensures tax compliance, streamlines business processes, aids in business forecasting, and accurately generates financial statements. This ensures you know how your business is doing at every step of the way.

Some of the key features of TallyPrime:

  • Record and bookkeeping
  • Invoicing and billing
  • Pre-defined chart of accounts
  • Accounts receivable and payable management
  • Wide range of accounting and financial reports
  • Multi-currency support
  • Sales and Purchase Management
  • Online business reports
  • Inventory Management
  • Taxation support