Author: Tally Academy

What’s New in Tally.ERP 9 – Auditors’ Edition

Posted on by Tally Academy

The highlights of this release are listed below :

Audit Working Papers

In a live audit scenario, Auditors have to manually record their comments. The Audit Working Paper (AWP) feature in Tally.ERP 9 Auditors’ Edition eliminates this manual-entry.

Track Transactions on Holidays & Weekly Offs

Auditors can now check for transactions which are entered by the client on holidays (weekly offs- viz., Sunday & National/State/Bank Holidays).

Inter Bank Transfers

This feature provides visibility to fund transfers from one Bank to another, allowing the Auditor to investigate frequent instances.

Unadjusted Advances

The Unadjusted Advances feature gives an overall report of the status of ledgers having pending advance receivables.

Highest & Lowest Value Transactions

Transactions of any kind can either be consistent or near – consistent over a period of time; they should not fluctuate wildly. This feature allows Auditors to analyse the top High and/or Low ‘X’ (eg: 5 or 10) number of transactions.

Accounts squared off during the year

This feature in Tally.ERP 9 Auditors’ Edition will help the Auditor track transactions which do not have an opening balance or a closing balance, i.e. balances which are squared off in the financial year.

Checklist of Accounting Standard (AS) Compliance

The Checklist of Accounting Standard (AS) Compliance feature in Tally.ERP 9 Auditors’ Edition lists all the standards as per the Accounting Standards Board (ASB); Auditors can check if their clients comply.

Checklist of Audit & Assurance Standard (AAS) Compliance

Tally.ERP 9 Auditors’ Edition provides a complete list of Audit & Assurance Standards (AAS). These benchmarks are used to measure the quality and the objectives achieved in audits.

Percentage report of sample size for substantive test

The Percentage Report dashboard in the Auditors’ Edition provides a list of vouchers sampled along with the percentage of the sampling methods adopted for each of them.

Cash Withdrawals/Deposits to Bank

Cash Withdrawals and Deposits are scrutinised based on their respective dates recorded in the books. Tally.ERP 9 Auditors’ Edition helps Auditors track and review irregularities in such transactions.

Stale Cheques/Instruments

When cheques have not been deposited into the Bank or not cleared within a specified time-frame, they are called Stale Cheques/Instruments. Tally.ERP 9 Auditors’ Edition introduces this feature which lists all such instruments for the purpose of scrutiny by the Auditor.

See the complete release notes here.

Click here for download

Tally.ERP 9 Series A Release 4.61 4th June, 2013

Posted on by Tally Academy

The new Tally.ERP 9 Release 4.61 is available now!

FREE for all users of Tally.ERP 9.*

Tally.ERP 9 is the latest offering of the Tally software series. As with all Tally products, rapid updates are made available for the lifetime of the product via periodic releases, thereby providing the high level of business capability that millions of users trust. This migration is recommended for all Tally 9 licenses.

New Features :

Performance :

  • The time taken to display TDS Details screen while recording a Journal Voucher has been reduced.

Functional Enhancements :

TDS :

  • In adherence to the amendment made to Finance Bill 2013, section 206AA is not applicable for section 194LC w.e.f 01.06.2013, implying whether or not a deductee’ s PAN is furnished in the Party master, TDS on Income From Foreign Currency, Bonds Or Shares of Indian Company will be deducted at the normal rate (5%)

 

The highlights of this release are listed below :

Tax Deducted at Source

  • In adherence to the amendments made to Finance Act 2013, tax deduction at the rate of 5% for 194LC is supported for the Nature of Payment Income From Foreign Currency, Bonds Or Shares of Indian Company irrespective of whether or not PAN         for the deductee is specified in the party ledger

Maharashtra – Local Body Tax

  • To support printing of Registration details specific to Local Body Tax in invoices, the facility to enter the same in the Company and Ledger master level has been provided

Tally.ERP 9 Feature Summary:

  • Quick to install and allows incremental implementation
  • Easy to customise
  • Powerful remote capabilities to boost collaboration
  • Audit & compliance services
  • Integrated support centre
  • Security management
  • Statutory processes
  • Manufacturer’s excise
  • Payroll

 

Click here for release notes

Click here for download

Available new stat 197 from 4th June, 2013

Posted on by Tally Academy

New Stat.900 Version is available free for existing Tally User

Major Enhancement are :

TDS :

The following new Natures of Payments applicable from June 1, 2013 have been provided

  • Income by way of interest on certain bonds and Government Securities.
  • Payment on transfer of certain immovable property other than agricultural land.

 

VAT :

Delhi :

  • If there are more than one TIN for a party ledger, then the transaction details will be captured in separate rows of Annexure 2A and 2B based on the TIN entered in Party Details screen of the invoice.
  • As per statutory requirements, the Annexure 2C for details of debit/credit notes related to Purchases has been provided.
  • As per statutory requirements, the Annexure 2D for details of debit/credit notes related to Sales has been provided.

Maharashtra :

  • The e-VAT feature is enhanced to facilitate export of data to the excel template – Form 501 - the Application for refund under section 51 of the Maharashtra Value Added Tax Act, 2002
  • The physical Annexures J1 and J2 are provided as per e-VAT Annexures J1 and J2.
  • Tally.ERP 9 has initiated to support Local Body Tax by providing the facility to enter and print Registration Details. Users can now enter registration details in Company masters and Ledger masters and print the same in invoices along with the declaration

Tamil Nadu :

  • The VAT Form I and Annexures I and II are enhanced as per the latest statutory requirements.

Uttar Pradesh :

To account for the reduction in VAT rate from 50% to 25% on cigarettes, the following VAT/Tax classifications are provided:

  • Input VAT @ 25% / Purchases @ 25%
  • Purchases @ 25% (Non VATable)
  • Purchase From URDs – Non Taxable Goods @ 25%
  • Purchase From URDs – Taxable Goods @ 25%
  • Input Tax Credit on Purchase From URDs @ 25%
  • Interstate Purchases @ 25%
  • Output VAT @ 25% / Sales @ 25%
  • Output Tax @ 25% (Non VATable) / Sale @ 25% (Non VATable)
  • Output VAT (Retail) @ 25% / Sales Retail @ 25%
  • Output VAT (Retail) @ 25% (Non VATable) / Sales Retail @ 25% (Non VATable)
  • Purchase Tax @ 25% (Non VATable)
  • CST @ 25% / Interstate Sales @ 25%
  • The value of entries recorded using the aforesaid classifications will be currently captured
  • only in VAT Computation report.

Note: In the forthcoming Stat.900 releases, the functionality will be enhanced to capture the value of entries recorded using VAT/Tax classifications provided for 25% VAT rate in VAT Forms.

And more….
Release details of Stat.900 version 197 (PDF file)

Download Stat 197

What is Tally Stat file

Posted on by Tally Academy

Tally Stat file or Stat.900 file

Tally_Stat Tally Stat file contains the latest updates of all statutory information related to various taxes, such as

  • VAT
  • Excise
  • Service Tax
  • TDS
  • Payroll

This is State specific and covers PAN India tax classification, Forms, Annexures calculations,

The implications of tax change, form change, introduction of new tax rates by State or Central Government is updated through Stat file

 

Download Latest Tally Stat File

Upcoming Releases on 28th May, 2013

Posted on by Tally Academy

Indian Taxation

Excise for Manufacturers :

  • Credit Note Support will be provided
  • Supplementary Invoice support will be provided

 

VAT

The functionality will be enhanced to capture the value of entries made using VAT/Tax class provided for new VAT rates as per budget changes in respective VAT Forms of the states Bihar, Himachal Pradesh, Gujarat & Maharashtra.

 

Karnataka

  • The online requisition will be enhanced as per the latest changes

Maharashtra

  • The e-VAT Form 501 (Refund Claim) will be provided as per the requirement

Tamil Nadu

  • The VAT return form will be enhanced as per the latest amendments

 

Notify me, when ready »

Multiple Addresses For Company and Ledger Masters

Posted on by Tally Academy

Now, The Flexibility You Always Wanted

 multipleaddresses Whether transacting a sale or a purchase, staff often had difficulty managing the documentation. Sometimes the sale took place from H.O. Then, communications needed to be directed to another office, while the shipment went from a third location such as a warehouse. Each of these steps called for different addresses to be entered in the documents, EACH TIME. It was complicated and led to delays and errors. Further, Statutory filing often called for a different address.Unlimited Labels make life Easier!

Extremely useful when Companies have multiple offices, the powerful Multiple Address facility in Tally.ERP 9 lets you generate as many Labels just the way your business requires. Choose Labels like ‘Godown’ or ‘Warehouse’ or ‘Branch (South)’ apart from H.O., Corporate Office etc., with corresponding details for each. Then, simply select a Label from the list and the full address gets inserted in the Invoice.

Benefits:

  • Enhances flexibility
  • Reduces errors since selection is made from a list
  • Increases comfort and ease of use
  • Convenient

Tally in Arabic

Posted on by Tally Academy

Tally Speaks your Language – Arabic

tally-arabic The world’s first concurrent multi-lingual business management software is now available in Arabic.

Tally.ERP 9 works with languages that follow the right to left script. On selecting Arabic as the Display language, Tally.ERP 9 will switch over to the right to left script, retaining all the existing functionalities. This feature immensely benefits users from the countries using Arabic as the official language.

This means business owners and managers can now create or alter masters, post transactions and view reports… in their native language!! This is a big advantage when operators are more conversant with Arabic, while principals and official bodies (such as Banks) require documents to be submitted in English.

While Tally.ERP 9 can now handle Arabic, it still comes with all the advantages of Tally.ERP 9 like Remote login and Edit, Recruitment…

 

Benefits include:

  • No restarting the computer
  • Bi-directional support (ledger name in combination of 2 languages)
  • Manage business in your native language
  • Simple layout change lets you work with Tally.ERP 9 in Arabic
  • Bi-directional Language Support –Ledger/Group/Item name have a combination of Arabic/English
  • Flexibility to maintain business information in English, view and print reports in Arabic or vice-versa

Tally Awards & recognition

Posted on by Tally Academy

Recognition of Tally’s Excellence

 

 Tally honoured with two ‘2013 Frost & Sullivan India ICT Awards’ – 16th May, 2013

The Award ceremony recognizing the outstanding achievements in the ICT sector, was organized by Frost and Sullivan India on Thursday, May 16th, 2013 at Le Meridien, New Delhi. Mr. Shoaib Ahmed, President, Tally Solutions accepted both the awards:

  • Tally.ERP 9 – ‘ERP Application of the Year in the SMB Sector’ 
  • Shoper 9 – ‘Emerging IT Application of the Year in the Retail Sector’
  

 ET Now conferrs Retail Leadership Award on Shoaib Ahmed – 13th Feb, 2013

Shoaib Ahmed was conferred the ‘Retail Leadership Award’ in the individual category at the – ‘ET Now – Retail Excellence Awards’. He was nominated for the award by his peers from the Retail industry in recognition of his professional efforts.

  

 Cell IT conferrs Lifetime Achievement Award on Bharat Goenka – 9th Dec, 2012

One more proud moment for Tally! Cell IT Channel Awards hailed Mr Bharat Goenka with a Life Time Achievement Award for his contribution to the Indian Software Industry.

  

Tally receives prestigious ‘Samman Patra’

Mr. Ram Prakash Lakshminarayana receiving the ‘Samman Patra’ from the Central Excise and Service Tax Department on the occasion of Central Excise Day, 24th Feb 2012.

Tally was honored as a tax payer who has registered a significant increase in tax payment in 2010-11.

  

NASSCOM conferrs Lifetime Achievement Award on Bharat Goenka – 9th Nov, 2011

The first EVER recipient of NASSCOM’s prestigious award, Bharat Goenka – hailed as the “father of the Indian software product industry”, was saluted for his commitment and outstanding contribution to Indian business.

  

Tally in Top 100 Great Places to Work

Tally comes through with flying colours once again earning the accolade of ‘Great Place to Work’. Better workplaces lead to a better society and Tally employees’ vote of trust makes us a trailblazer in the context of Indian and S. E. Asian business.

  

Tally is CRN 2010 Channel Champion

In a landmark survey conducted by CRN (Computer Reseller News), India’s leading IT Channel publication, Tally emerges as Channel favourite in the Software Applications category, triumphing over reputed multi-nationals.

  

Tally bags prestigious IT National Excellence Award 2007

Tally has won the impressive IT National Excellence Award 2007 instituted by All India Association of Information Technology, Indore. Tally was honoured with the “Special Award” for its excellent performance in the IT sector and for its outstanding contribution in the IT Training and Education.

  

360 Magazine’s Golden Rhino Award 2004, 2005, 2006, 2007

For four consecutive years, Tally has won the Golden Rhino Award presented by 360 Magazine.

  

And More…..

Job Work In/Out in Tally

Posted on by Tally Academy

Job Work In/Out

jobwork-inout The Job Work feature supports outsourced ‘jobs’ as well as inward ‘orders’ to businesses such as ancillary units. Solving issues related to inventory tracking and profit assessment, it helps streamline operations: What raw materials need to be shipped to the job worker? How many finished goods are expected and when? How much raw material is lying in the job worker’s factory? How to manage multiple job workers…

Item Cost Tracking

Item Cost Tracking refers to accumulation of costs and revenue for Stock Items across various transactions. The track can be created with any transaction and then referred later in any transaction without needing the link to any master or configuration. Tracking the Procurement cost, Landing cost, Manufacturing or Production cost, Order cost/profit, Job cost/profit…allows analysis of the running cost and profitability of the item. The Item Cost and Profit Tracking feature is also useful in determining the Sale price of finished goods.

In addition, Job Work in Tally.ERP 9 allows:

  1. Multiple order tracking
  2. MI (Material In) matched against Work Orders and not Item Masters
  3. Value tracking including advance payments
  4. Item tracking and Accounting legs of each transaction
  5. Billing of own material utilised for Job Order undertaken
  6. Tracking of billable item status (material utilised for a Job Order and their billing status)
  7. Position of finished goods hence realise-able money value

Tally.ERP 9 Job Work feature allows Inventory tracking against Bill of Materials. Since it is a transaction Bill of Materials, it does not require changing at Item Masters level. It adjusts for external godown conditions when items sit in a job worker’s factory, providing visibility to the stocks held by the business at any time. Similarly, material received from the principal to the job worker can be classified in an Internal Job Work Godown which will not be available for trading. This gives a clear distinction between self-owned goods and the ones supplied by client. When advance payments have been made, the Work Order-wise reports provide a profit/loss dimension showing how much expense is booked. Inventory movement as well as profits can be determined on these transactions by allocating expenses such as travel of executives, shipping, insurance, salary and other overheads related to the Work Order.

Benefits:

  • Real time insight into materials movement and tracking
  • Accurate job costing
  • Suitable for different complexities –small job worker to larger operations
  • Supports accounting allocation (expenses/income)
  • Improved productivity and profitability
  • Auto fill of raw materials for execution
  • Good for just-in-time inventory
  • Enhanced logistics management and efficiencies

Income Tax for Salaries in Tally

Posted on by Tally Academy

Income Tax is Personal Again

incometax-for-individuals Tally.ERP.9 introduces a complete Personal Income Tax calculation. Simple to configure and run, it calculates Tax on the basis of Payroll/Expenses Vouchers and declarations made by the employee.

This exciting feature makes it possible to generate the Income Tax computation sheet and IT Returns. In addition, it will provide quarterly and yearly returns. With the Income Tax feature, calculating tax and submitting returns are made easy for both the organisation as well as the employee.

Highlights of the Income Tax feature include:

  • Simple to configure
  • Predefined Rules set by Income Tax Dept. will be updated as and when rules are changed
  • Offers a manual override
  • Hides complexity
  • IT Returns come filled
  • Provides Forms 16, 16AA, 12BA plus quarterly 24Q and yearly 24 in hard copy plus ‘e’ formats

Benefits:

  • Accuracy
  • Speed
  • Reduced paperwork
  • Reduced manual entries hence less errors and better productivity
  • All returns handled from computation to returns