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What is Banking in Tally ERP 9

Posted on by Tally Academy

Often, transactions could run into thousands per month for even a small business. Business managers get a real boost from this new functionality built into Tally.ERP 9 Release 3.0. In fact, it’s so powerful and all-encompassing that Banking is assigned 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 and eases transactions and processing.

Highlights:

Multiple instrument and Mode of Transaction details in single voucher

The new Banking feature allows you to record and monitor multiple transactions in a single voucher. Also, while the old system only captured the dates of transactions, this feature allows the monitoring of transactions by Amount, Date, Instrument Number or modes (like NEFT, Cheque, DD, etc.), thereby conveying 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 transactions 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 the manual recording or automatic carrying forward of 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

Enhanced cheque printing configuration with print preview to reduce wastage. Further it has 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 enable multiple cheque printing with ease. Also, know if a cheque has been printed or not by a simple Yes or No against each cheque.

Also, 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 or multiple cheques, further simplifying Banking transactions.

Benefits:

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

Available new stat 138 from 31st March, 2011

Posted on by Tally Academy

New Stat.900 Version is available free for existing Tally User
Major Enhancement are :

Payroll

  • The Annexure A and Annexure B to Income Tax Form 16 are provided as per the statutory requirements.

Value Added Tax

As per the finance bill/budget proposals of various State Governments and Notification of Orissa Commercial Taxes Department to revise the VAT Rates, new VAT/Tax Classifications have been introduced effective from April 1, 2011 to support billing of transactions. The value of entries made
using these classifications will be currently captured only in VAT Computation report. In the forthcoming Stat.900 releases, the functionality will be enhanced to capture the value of entries made using the new VAT/Tax class in respective VAT Forms.

The list of States with the respective VAT/Tax classifications is as follows:

Bihar

  • Purchases @ 5%
  • Purchases @ 13.5%
  • Purchases – Capital Goods @ 5%
  • Purchases – Capital Goods @ 13.5%
  • Purchase From URDs – Taxable Goods @ 5%
  • Purchase From URDs – Taxable Goods @ 13.5%
  • Input VAT @ 5%
  • Input VAT @ 13.5%
  • Input Tax Credit on Purchase From URDs @ 5%
  • Input Tax Credit on Purchase From URDs @ 13.5%
  • Sales @ 5%
  • Sales @ 13.5%
  • Sales @ 5% to URDs
  • Sales @ 13.5% to URDs
  • Output VAT @ 5%
  • Output VAT @ 13.5%
  • Output VAT @ 5% to URDs
  • Output VAT @ 13.5% to URDs
  • Purchase Tax @ 5%
  • Purchase Tax @ 13.5%

Maharashtra

  • Sales – Composition @ 5% (Retail)

Uttar Pradesh

  • The Annexures II and III of Form XXVI are provided as per statutory requirements

Arunachal Pradesh

  • The Payment Challan – Form FF-08 is provided

Jammu & Kashmir

  • Purchases @ 25%
  • Sales @ 25%
  • Input VAT @ 25%
  • Output VAT @ 25%
  • Purchase Tax @ 25%

Karnataka

  • Purchases @ 14%
  • Purchases – Capital Goods @ 14%
  • Interstate Purchases @ 14%
  • Purchase From URDs – Taxable Goods @ 14%
  • Sales @ 14%
  • Sales – Works Contract @ 14%
  • Interstate Sales @ 14%
  • Input VAT @ 14%
  • Input Tax Credit on Purchase From URDs @ 14%
  • Output VAT @ 14%
  • Output VAT – Works Contract @ 14%
  • CST @ 14%
  • Purchase Tax @ 14%

Release details of Stat900 version 138 (PDF file)

Download Stat 138

Available new stat 137 from 18th March, 2011

Posted on by Tally Academy

New Stat.900 Version is available free for existing Tally User
Major Enhancement are :

Value Added Tax

Uttar Pradesh

  • The Annual Return – Form XXVI is provided.
    Note: The Annexures 1 to 19 will be provided in forthcoming Stat.900 releases.
  • An editable report – Form-26 Declaration is provided to enter the details of declaration forms received from Commercial Taxes Department. In this report, the forms details like opening balance, forms received, used, lost / destroyed, surrendered, amount covered and the closing balance can be specified. The details entered in this report will be captured in page 2 – section 7 of Form XXVI.

Release details of Stat900 version 137 (PDF file)

Download Stat 137

Available new stat 136 from 10th March, 2011

Posted on by Tally Academy

New Stat.900 Version is available free for existing Tally User
Major Enhancement are :

Value Added Tax

Rajasthan

Adhering to the Notification, the following new VAT/Tax Classifications are introduced for 15% and 40% VAT rate effective from March 09, 2011:

  • Purchases @ 15%
  • Purchase from URDs – Taxable Goods @ 15%
  • Purchases – Capital Goods @ 15%
  • Purchases @ 15% (Lease)
  • Interstate Purchases @ 15%
  • Purchase @ 40% Special Rate etc

Release details of Stat900 version 136 (PDF file)

Download Stat 136

Available new stat 134 from 18th February, 2011

Posted on by Tally Academy

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

Major Enhancement are :

Value Added Tax

Orissa

The E-VAT and E-CST features are introduced to facilitate the export of data using excel spreadsheet format to the excel template file as prescribed by the Commercial Tax Department.

Excise for Dealers

In Tally.ERP 9, support for accounting wastage, shortage, loss or theft of excise stock items purchased has been provided in Journal Voucher. Details of Duty not passed on wastage, shortage, loss or theft of excise stock item is captured in Form RG 23D report.
Note: To account wastage, shortage, loss or theft of Excise stock item in Journal Voucher, users have to create voucher Class by enabling the option Use Class for Dealer Excise Adjustments.

Excise for Manufacturers

Tally.ERP 9 now provides ER 1 E-Return capability to its users. By using ER 1 E-Return feature, the user can export the E-Returns from Tally.ERP 9 in the format as prescribed by Automation of Central Excise and Service Tax (ACES).
The following Validation Reports are provided for ER 1 E-Returns

  • Excise Reporting UOM
  • Tariff/HSN Code
  • Negative Quantity
  • Identify Notification Type (Tariff/Non-Tariff)

Payroll

For UAE, a new field – Agent ID has been provided in the Employee Master under the Bank Details for capturing the Agent ID. If any Employee does not have the bank account in the Employers bank, Agent ID needs to be captured which will appear in SIF report.
Note: When Agent ID is empty the Employer’s Bank code will appear in SIF report.

Service Tax

A new flag Refund of Service Tax Input Credit has been provided in Journal Voucher. This flag can be used to record the refund of service tax paid on the input services which are used for Manufacturing Goods or providing Services Exported

Tax Deducted at Source

The functionality has been enhanced to calculate the TDS at Higher rate i.e. @ 20% for parties who do not have PAN or who have applied for PAN when PANNOTAVBL or PANAPPLIED is specified in PAN field in Party ledger master

Release details of Stat900 version 134 (PDF file)

Download Stat 134

Available new stat 132 from 18th January, 2010

Posted on by Tally Academy

New Stat.900 Version is available free for existing Tally User Major Enhancement are :

Value Added Tax

Goa

The Payment Challan – Form VAT – V is provided for VAT and Composite VAT enabled Companies.

Haryana

  • The VAT Payment Challan – Form VAT C1 is provided.
  • Excel export support for Form VAT R1 and Form VAT R2 is provided.

Maharashtra

The functionality of e-Audit Form 704 is enhanced as per the requirements of revised FORM-704.xls file.

Manipur

The value of entries recorded using the VAT/Tax class provided for 5% and 13.5% VAT rates is captured in Form 10 and Annexure A.

Release details of Stat900 version 132 (PDF file)

Download Stat 132

Available new stat 131 from 7th January, 2010

Posted on by Tally Academy

New Stat.900 Version is available free for existing  Tally.Net User, Major Enhancement are :

Value Added Tax

Punjab

As per the Public Notice, the following new VAT/Tax Classifications have been introduced for 8% VAT rate effective from January 7, 2011:

  • Purchases @ 8%
  • Purchase From URDs – Taxable Goods @ 8%
  • Sales @ 8%
  • Interstate Sales @ 8%
  • Input VAT @ 8%
  • Output VAT @ 8%
  • CST @ 8%
  • Purchase Tax @ 8%

Release details of Stat900 version 131 (PDF file)

Download Stat 131

Available new stat 129 from 17th December, 2010

Posted on by Tally Academy

New Stat.900 Version is available free for existing Tally User, Major Enhancement are :

Excise for Manufacturer

In RG 23A Part I & RG 23C Part I, the Inventory Details will get captured from CENVAT Credit Availing entry (recorded in Debit Note). This enhancement will be useful in a scenario where excise purchase entry is recorded with Excise Duty ledgers (not availing CENVAT Credit) and later a Debit Note is passed for availing the CENVAT Credit.

Payroll

The facility to generate the ESI monthly e-returns has been provided in Tally.ERP 9. The user can now generate the e-return file from Tally.ERP 9 as per the format prescribed by the ESI Corporation.

Service Tax

A new Service Category – Foreign Exchange Broker (Other Than SP of BAFS) has been provided.

Tax Deducted at Source

TDS – Exemption Limit for Payment to Transporter has been provided. If transporter furnishes PAN Number then TDS will not be deducted on payment to transporter. In case PAN is not furnished, exemption threshold limit is 30,000 as a single payment and 75,000 in a whole year w.e.f. 01.07.2010.

Value Added Tax

Maharashtra

  • The works contract functionality is supported for Form 231.
  • The entries recorded by selecting the VAT/Tax class – Purchase Works Contract @ 8% with Input VAT on Works Contract @ 8% are captured in physical and e-VAT template of Form 231.

Assam

  • The facility is provided to record inter-state transactions at multiple CST rates in a single invoice.
  • The value of entries recorded using the VAT/Tax classifications provided for different CST rates is captured in respective fields of CST Form No. III.

Release details of Stat900 version 129 (PDF file)

Download Stat 129

Available new stat 128 from 25th November, 2010

Posted on by Tally Academy

New Stat.900 Version is available free for existing Tally User Major Enhancement are :

Excise for Dealers

Dealer E-Return capability has been enhanced to capture Duty Value less than 0.50 as 0.00 in Amount of Duty Involved field in E-Return generated from Tally.ERP9

Tax Deducted at Source

Generation of E-TDS Return is now supported for the Payments made to Transporters without deducting TDS on submission of PAN details.

Value Added Tax

Chhattisgarh

The E-VAT feature has been introduced to facilitate the e-filing of Sales and Purchase Details by exporting the data using excel spreadsheet format to the excel template files as prescribed by the Commercial Tax Department

Haryana

The facility to modify values in editable format of Annual Return – Form VAT R2 to account for differences between the values as filed along with Return R1 and as per the books of accounts of the dealers is extended to many more fields.

Punjab

The labour charges forming part of total works contract amount is considered in box 1(a) of Form VAT 15 as gross sales

Release details of Stat900 version 128 (PDF file)

Download Stat 128

Available new stat 127 from 15th November, 2010

Posted on by Tally Academy

New Stat.900 Version is available free for existing Tally User Major Enhancement are :

Value Added Tax
West Bengal
Adhering to the Notification the following new VAT/Tax Classifications have been introduced for 13.5% VAT rate effective from November 15, 2010:

• Purchases @ 13.5%
• Purchases – Capital Goods @ 13.5%
• Purchase From URDs – Taxable Goods @ 13.5%
• Interstate Purchases @ 13.5%
• Input VAT @ 13.5%
• Sales @ 13.5%
• Sales – Works Contract @ 13.5%
• Interstate Sales @ 13.5%
• CST @ 13.5%
• Output VAT @ 13.5%
• Output VAT – Works Contract @ 13.5%

The value of entries made 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 made using VAT/Tax class provided for 13.5% VAT Rates in Return Form.

Release details of Stat900 version 127 (PDF file)

Download Stat 127