Data Management in Tally

Available new stat 215 from 13th January, 2014

Posted on by Tally Academy

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

Major Enhancement are :

VAT :

Maharashtra

  • E-Audit Form 704, e_704 Annexure J1 and J2 are provided as per the latest template

Karnataka

  • Revised e-Sugam template is supported

Uttar Pradesh

  • New VAT rate of 5% is supported for all kinds of lubricants grouped under 15(a) of Schedule –IV

International Taxation :

Ghana :

  • Increase in VAT rate from 12.5% to 15% is supported.

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

MCA’s Statutory Report

Posted on by Tally Academy

India’s new, powerful statutory compliance… Supported on Tally technology!

MCA’s Statutory Report (in XBRL format) now available in Tally.ERP 9!

XBRL With an interactive checklist, Tally.ERP 9 makes generating MCA-compliant XBRL reports simple. What’s more, it reduces the chances of errors and allows the reuse of all configuration and mapping.

 

Who needs to file?

Ministry of Corporate Affairs (MCA), 7th June 2011: The following class of Companies are mandated to file their financial statements in XBRL format from Financial Year 2010-11 onwards:

  • All listed companies including their Indian subsidiaries (but excluding overseas subsidiaries)
  • Companies having a paid up capital of 5+ crore
  • Companies having a turnover of 100+ crore

MCA also proposes to include all companies from this Financial Year onwards.

Filing procedure:

  • MCA has published a library (taxonomy) of elements which can be mapped with the various accounting heads in the chart of accounts (CoA) of the company
  • The taxonomy elements also include non-financial data (Director’s details, Auditor’s report,
  • Director’s report, etc.) which needs to be filled
  • Creation of the instance documents (report in XBRL format)
  • Validating the instance documents with the free validation tool provided by MCA
  • Uploading the validated instance documents on the MCA portal. along with the prescribed forms (Form 23AC and Form 23ACA)

Note : Through their General Circular No. 69/2011, dated 30th November 2011 the last date for filing in XBRL format has been extended up to 31.12.2011 or within 60 days of the due date of filing, whichever is later

What is XBRL?

XBRL stands for eXtensible Business Reporting Language. XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It is one of a family of “XML” languages which is becoming a standard
means of communicating information between businesses and on the internet.

 

Four simple steps to generate/export MCA’s report from Tally.ERP 9

XBRL
 

Report Generation Made Easy with Tally.ERP 9

  • An interactive checklist (with drilldown and automated status update) is provided. It guides in complying with various MCA rules, to generate valid instance documents
  • Mapping of readily available financial data prevents re-keying in and hence reduces the chances of errors
  • The same mapping can be used for previous year’s data
  • Option to view the Balance Sheet and P&L as per the mappings done, before generating the instance document
  • Non-Financial Information can be typed, pasted or attached, as required
  • Export the instance documents at the click of a button
  • Above all, it’s a one-time activity – All mapping/configuration done this year can be reused in future years

Product Requirement:

  • Tally.ERP 9 Series A, Release 3.3
  • A Valid Tally.NET Subscription
  • MCA (XBRL) Report Generation subscription *

Getting Started with MCA Reports (in XBRL Format):

Click here for PDF document and for Flash Demo.

Special offer *

MCA (XBRL) Report Generation one year subscription comes FREE with all activations/upgrades of Tally.ERP 9 Release 3.3 and above done on or before 31st March, 2013

Banking in Tally.ERP 9

Posted on by Tally Academy

 

Banking_in_tally All businesses need to connect with their Banks. With even small businesses doing thousands of transactions per month, banking usually happens on a day-to-day basis. Presenting Banking in Tally.ERP 9 Release 3.0: powerful, new functionality with a powerful advantage for business managers. In fact, it’s so powerful that Banking gets its own new section within the product.Just what every business needs, the Bank allocation feature brings everyday bank- related chores right to your fingertips.

 

Highlights:

Multiple instrument and Mode of Transaction details in single voucher

Record and monitor multiple transactions in a single voucher using the new Banking feature. While the old system only captured the dates of transactions, this feature allows you to monitor transactions by Amount, Date, Instrument Number or mode (like NEFT, Cheque, DD, etc.), for a more complete picture. The ability to identify payment modes in the system and separate dates for each instrument eases bank reconciliation.

Instrument-wise reconciliation

Reconciliation can be done for each instrument rather than the entire voucher. The instrument details (number, date, etc.) are displayed for easier reconciliation.

In case of unseen items such as Bank charges, interest paid etc., these can be captured in a new voucher without discarding the BRS (Bank Reconciliation Statement) in progress. Further, existing vouchers can be altered in case of any discrepancy found during reconciliation.

Opening BRS

The new Banking feature allows you to manually record or automatically carry forward the un-reconciled bank transactions from the current year to the subsequent year (as Opening BRS). These can then be reconciled in the subsequent year.

Cheque printing configuration with Preview

Utilise the enhanced cheque printing configuration with print preview to reduce wastage. This has further been simplified to copy measurements from previous configurations.

Multiple cheque printing/capture

A separate “Cheque Printing” report (in the Banking section) has been introduced to let you print multiple cheque easily. This feature also lets you know if a cheque has been printed or not by a simple Yes or No against each cheque.

Since it is sometimes not possible to know which Amount/Favouring Name is going to be printed on which cheque leaf, cheque details can also be recorded after printing.

Payment advice printing

A system-generated payment advice (covering letter for payments) can be printed for a single or multiple vouchers.

Deposit slips printing

Deposit slips can be printed for a single cheque or multiple cheques, further simplifying Banking transactions.

 

Benefits:

  • Saves time
  • Reduces errors
  • Simplifies banking
  • Improves productivity
  • Improves traceability

Available new stat 164 from 20th March, 2012

Posted on by Tally Academy

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

Major Enhancement are :

Payroll :

  • PF Form 12A is provided in TXT Format for E-Filing.

 

Service Tax :

  • The service category – Manpower Recruitment Agency has been renamed as Manpower Recruitment or Supply Agency’s Services.

 

Value Added Tax

Chhattisgarh :

  • The e-requisition facility is provided to export the details of interstate purchases against any one or all declaration forms using Excel Spreadsheet format to the template - ONLINE_CST_COM.xls prescribed by the Commercial Taxes Department.
  • The following VAT/Tax Classifications have been introduced effective from April 01, 2011.
    • Inter State Sales Against Form – E1
    • Inter State Sales Against Form – E2
    • Inter State Purchases Against Form – E1
    • Inter State Purchases Against Form – E2

The value of entries recorded using the above classifications will be captured in VAT Computation Report, Form VAT 17 and 18.

 Gujarat :

  • The revised format of Form 402 is provided in which the company name gets displayed above the Authorised Signatory field. Here the authorised person can sign on behalf of the company as the authorised signatory
  • The Serial No. entered in Excise Sales Voucher gets captured in Form 402.

Maharashtra :

  • The following new VAT/Tax Classifications are introduced for recording Works Contract transactions with effect from April 01, 2011
    • CST – Works Contract @ 1% / Interstate Sales – Works Contract @ 1%
    • CST – Works Contract @ 12.5% / Interstate Sales – Works Contract @ 12.5%
    • CST – Works Contract @ 4% / Interstate Sales – Works Contract @ 4%
    • CST – Works Contract @ 5% / Interstate Sales – Works Contract @ 5%
    • CST – Works Contract @ 20% / Interstate Sales – Works Contract @ 20%
    • CST – Works Contract @ 2% / Interstate Sales – Works Contract @ 2%
    • Input VAT – Works Contract @ 12.5% / Purchases – Works Contract @ 12.5%
    • Input VAT – Works Contract @ 5% / Purchases – Works Contract @ 5%

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 these VAT/Tax classifications in VAT Forms.

  •  The e-VAT functionality is enhanced to facilitate export of taxable purchase and sales details in excel spread sheet format to template files – e_704_annexturej1.xls and e_704_annexturej2.xls.

 

Release details of Stat900 version 164 (PDF file)

Download Stat 164