Accounts Notes of Adil

8/3/2019 Accounts Notes of Adil

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Table of Contents

Maintain Stock Group .............................................................................................................................................. 2

Maintain Stock Categories ....................................................................................................................................... 3

Maintain Batch-wise Details .................................................................................................................................... 4

Set Expiry Dates for Batches .................................................................................................................................... 4

Maintain Multiple Godowns .................................................................................................................................... 5

Units of Measures .................................................................................................................................................... 3

Use Different Acutal & Billed Qty ............................................................................................................................ 5

Track Additional Cost of Purchases .......................................................................................................................... 5

Allow Invoicing ......................................................................................................................................................... 5

Use Tracking Numbers ............................................................................................................................................. 6

Use Rejection Notes ................................................................................................................................................. 6

Maintain Bill Wise Detailsyes ............................................................................................................................... 8

Cost Centres or Cost Categories .............................................................................................................................. 8

Purchase orders and Sales orders .......................................................................................................................... 10

Allow Multi Currency ............................................................................................................................................. 10

Maintain Budgets and Controls ............................................................................................................................. 11

Scenario.................................................................................................................................................................. 11

Manufacturing ....................................................................................................................................................... 13

Price Level .............................................................................................................................................................. 14

Interest Calculation ................................................................................................................................................ 15

VAT( Value Added Tax) .......................................................................................................................................... 17

CST (Central Sales Tax) ........................................................................................................................................... 19

TDS (Tax Deducted at Source) ................................................................................................................................ 20

Import Data ............................................................................................................................................................ 21

Service tax .............................................................................................................................................................. 22

TCS (Tax Collected at Source) ................................................................................................................................ 23

FBT (Fringe Benefit Tax) ......................................................................................................................................... 24

Excise Duty ............................................................................................................................................................. 26


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To Create a New Company

Press Alt + F3Create CompanyGive Details

To Alter the Company

Press Alt + F3Alter the Company

To Shut the comapny

Press Alt + F3Shut Company

Accounts Info

Ledgers are the accounts for which entry has to be made.

Steps:

To create

Accounts Info >Ledgers > Create

To Display

Accounts Info > Ledgers >Display

To Alter

Accounts Info > Ledgers >Alter

Voucher Types

F-2 DateIt is used to Change the date of Entry

F-3 ComapnyIt is used to Select the comapny

F-4 ContraIt is related with cash and bank For ex:

If we withdrew money from bank, if we Deposit money into Bank

If we transfer money from One bank to another

F-5 PaymentIt is related for payment to our creditors in cash or cheque

F-6 ReceiptIt is related for reciept from our debtors in cash or cheque

F-7 JournalIt records miscellaneous entries like purchase return sales return, loss by fire

Drawings,Bad debt, Depreciation etc.

F-8 salesIt Records Credit sales only

F-9 PurchaseIt records Credit Purchase only


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Inventory Info

Maintain Stock Group--You can classify Stock Items into Stock Groups based on common featuresuch as brand, quality, specification etc, as per your convenience & reporting requirement.

Steps:

To create

Inventory Info > StockGroup > Create

To Display

Inventory Info > StockGroup > Display

To alter

Inventory Info > StockGroup > Alter

Units of Measures -- You can create Simple and Compound Unit of Measure through this option.

By the term Simple Unit, we mean to say a Primary Unit (e.g., Ltr, Mtr, Kg etc) while Compound Unitrefers to a combination of 2 primary Units (for ex.Box of 10 Pcs - where Box and Pcs are 2 primaryunits).

Steps:

To create

Inventory Info > Units of Measure > Create

To Alter and Display (Same as above)

Stock items

Stock ItemsThe main itemthat is traded between buyers and sellers of which we are doing a buisnessis called a Stock Item.

Steps:

To create

Inventory Info > Stock Items > Create



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(Inventory Features) F-11

Maintain Stock Categories

If you respond Yesto this query, Stock Categories option underInventory Info menu gets activated andduring Stock Item creation you are asked to select the Stock Category under which the item will becategorized.For ex:

A medicine dealer organises the items under stock group according to manufacturer (like Glaxo, Pfizeretc). It makes stock category according to type of medicine (cough syrup, vitamin-C etc). Now, if anymedicine is out of stock, he can offer alternate product.

Stock Item Stock Group Stock Category

Cougho Glaxo Cough Syrup

Vitadel Glaxo Vitamin C

Steps:

To create

Inventory Info > Stock Categories > Create

To Display

Inventory Info > Stock Categories > Display

To alter

Inventory Info > Stock Categories > Alter

To see Categories Wise steps:

DisplayStatement of inventory -- Categories

Maintain Batch-wise Details:

In many trades (like Pharmaceuticals, Food Processing etc.) maintenance & printing of batchwise detailsis a statutory requirement, if you are dealing with any such product, respond Yesthat will cause a queryduring Stock Item creation

Set Expiry Dates for Batches:

If your response to the queryMaintain Batch-wise Details is Yes, you are asked this question. For manyproducts (like Pharmaceuticals, Food Processing etc.) maintenance & printing of expiry date (for manyindustries, mfg. date also) is a statutory requirement. If you are dealing with any such product, respondYes that will cause 2 queries during Stock Item creation, whether you wish to Track Date of Mfg., UseExpiry Dates for the item you are creating.


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Steps: Batches are created when we create stock items. Track Date of Mfg., Use Expiry Dates optionsshould be Yesgive opening balanceforex.(70) it will ask for maintaining item in batch code and itsmanfucturing and expiry date.

Maintain Multiple Godowns:

If you wantto maintain different godown, you must set this option as Yes. If you opt for this option,

when you enter opening stock of a stock item, you are asked to allocate godowns and during voucherentry also you need to specify respective godown.

Steps:

To create

Inventory Info > Godowns > Create


To see the Godown Wise Steps:

DisplayStatement of Inventory--Godown

Use Different Acutal & Billed Qty

In many businesses, the quantity ofStock movement and Billing quantity isdifferent. If you need toenter different quantity for Accouting and Inventory set this option to Yes.

It will Divide Quantity in to two Columns (Actual and Billed)

For Ex: if we purchase 10 pcs of monitor and receive 1 pc free of cost then in actual column qty will be11 pcs and In Billed Column qty will be 10 Pcs.

But if we purchase 10 pcs of monitor and receive 1 pc of keyboard free of cost then Allow 0 valuedentries in Voucher should be set to Yes

Track Additional Cost of Purchases

By activating the option, Track Purchase Cost, you can track effective purchase cost (also termed as

Landing Cost) that computes basic materials cost, additional costs like Excise Duty, Sales Tax, Freight,Carriage Inwards etc.

Steps: First Create ledgers of all the Additional Expenses. Then pass Voucher Entry.

Allow Invoicing:

InInvoice mode, value of Sales is auto-computedon the basis of entered Quantity and Rate. Tax andAdditional charges are computed as per your specification and Buyer's ledger account is debited withtotal amount of the Invoice.


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Seperate Discount column on Invoices

To giveseperate column for discount in sales invoice , set this option to Yes.

Enter purchases in Invoice format

If you want to enterPurchase Bills in Invoice mode also, respond Yes. RespondingNo willrestrict to enter purchase transactions in voucher mode only.

Use Invoice Modes for Credit/Debit Notes (Under Accounting Features)

If you have responded Yes to the queriesAllow Invoicing and Use Debit/Credit Notes, you getthese queries. To enter in Credit and Debit Notes in Invoice Format also, respond Yes.

In Voucher entry screen,As Invoice button will be active. To enter in Invoice format, click the buttonwhich toggles betweenAs Voucher andAs Invoice.

Use Debit NoteyesIt is used for Purchase return with Bill.Press F-7.(In tally 7.2 press Ctrl+F9)

Use Credit Note

yes

It is used for Sales return with Bill.Press F-7.(In tally 7.2 press Ctrl +F8)

Use Tracking Numbers:

There are two types of Tracking No.

1)Reciept Note:- It is used if we recieve goods without bill then the entry will be in receipt note.

After that when we receive the bill against tracking no.s then entry will be made in purchase.

To create Entry Press F-9 (In tally 7.2 Press Alt +F9)

1)Delivery Note:- It is used if we deliver goods without bill then the entry will be in delivery note.

After that when we issue the bill against tracking no.s then entry will be made in sales.

To create Entry Press F-8 (In tally 7.2 Press Alt +F8)

To show effect of these options press f-11Integrate Accounts and Inventory--yes

Go To Profit & loss A/c --press F1

(If Stock movement and accounting transaction does not affect together, you need Delivery Notes andReceipt Notes to enterstock Movement without effecting accounts. To activate these 2 pure inventoryvouchers, set this option to Yes. If this is set toNo, then at the time of each Sales/Purchase transactions,both the accounts and Inventory are affected.)

Use Rejection Notes:

There are two types of Rejection Notes.


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1)Rejection Out:- It is used if wereturn the goods without billthen entry will be made in Rejection Ou

After that when we issue the bill against tracking no.s then entry will be in Debit Note.

To creating Entry Press F-9 (In tally 7.2 press Alt + F6)

1)Rejection in:- It is used ifdebtor return the goods without billthen the entry will be in Rejection In.

After that when we Receive the bill against tracking no.s then entry will be in Credit Note.

To create Entry Press F-8 (In tally 7.2 press Ctrl +F6)

To show effect of these options press F11Integrate Accounts and Inventory--yes

Go To Profit & loss A/c --press F1

(IfUse Tracking Numbers is set to Yes and in case you need to use Rejections Notes for Goods Returnedfrom buyers (Rejection In) or Goods returned to Sellers (Rejection Out) affects only Inventory withoutaffecting Accounts, set this option to Yes. .)


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(Accounting Features) F-11

Maintain Bill Wise Detailsyes

(For Non Trading accounts also) --yes

If you have set Yesin F11:Features to Maintain Bill-wise details, then this option appears while creatingany ledger placed under Sundry Debtors or Creditors Group. If you wishto track details for each Billfothe Ledger, say Yes.

If you have specified YestoFor Non-Trading A/c also inAccounting Features under F11:Feature youwill be asked the same question while creating/modifying any ledger.

There areFour types of reference that appers when we pass the entry:

1)Advance: If we receive or pay money in advance.

2)Agst reference: It is used if we return the goods or Pay against the previous bill.

3)New Ref: For creating New Sale or Purchase with Bill No.

4)On Account: If we receive or pay Lumsum Amount to the party.

To see Pending Amounts of parties:

Steps are:

Go to DisplayStatement of accountsOutstandingPayables or Recievables.

Cost Centres and Cost Categories

Cost Categories allocations would be relevant if you have opted for Cost Centres in [F11]: CompanyFeatures. Moreover, it applies to only those ledgers for which you have activated cost centres. You maywish to display relevant ledgers through Gateway of Tally > Accounts Info > Ledgers

It is usedto give breakup or details of any account.

Steps are:

At the time of creating ledger,cost centers are applicable should be set toyes for the ledges for which youwish to enter cost centres.

To Create Cost Categories:

Go to accounts infoCost categoriescreateFor expenses like: Salary Alllocate revenue itemsyes& For fixed assets like: Furniture Allocate Non revenue itemsyes.


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To Create Cost Centres:

Go to accounts infoCost Centres--create

For ex: (Cost Category) (Cost Centers)

Salary Basic salary,Da,Ta,Hra,Ma


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Purchase Orders and Sales Orders:

Tally permits you to produce Purchase and Sales Orders from the system. Purchase Orders may beproduced, printed and sent to suppliers.

Purchase Orders:

It is usedto Place an order to the Creditor

To create purchase order press F-11 Purchase Orderyes

In voucher typePress F9select Purchase orders

Sales Orders:

It is used when we Receive an order from the Debtor

To create sales order press F-11 Purchase Orderyes

In voucher typePress F8select Sales orders

To See the purchase orders or Sales orders

Steps are:

Go to DisplayStatement of InventoryPurchase orders Summary and Sales orders Summary.

Allow Multi Currency:

It is used to create Currencies Like Dollar($),Rupees (Rs).

Sometimes you needto record the transaction in foreign currency itself. This would arise when youmaintain the balance of the concerned account in foreign currency. Tally uses the term base currency forthe currency in which your account books is kept (typically in home currency). Foreign Exchange is usedinterchangeably with foreign currency.

Steps are: Press F-11 Allow Multi currencyyes

Goto Accounts infoCurrenciescreateEx: ($)Formal NameDollarAccept

Then go to CurrenciesAlterset the Standard Rate (Ex: Rs-45.30)Accept

Create ledger Of DebtorIn Currency optionSelect ($)Accept

Create Sales EntryGive Amount with ($)

Then receive Amount in (Rs) with the Different Rate (Ex: 45.60)

After receiving moneyCheck Forex Gain or loss Steps are:


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Go to Balance SheetPress Alt + F1If Unadjusted forex gain or loss is in liabilities Side it is aGain or if in assets side it is a Loss.

Thentransfer Amount In P&LA/c Through Entry :

(If there is a loss Entry Will be)

By Forex Loss A/c dr (give amount of balancesheet)

To party name

(If there is a Profit Entry Will be)

By Party name A/c dr (give amount of balancesheet)

To Forex Gain

Maintain Budgets and Controls:

It is used to Create the Multiple Budgets for Group or Individual Account.

Budget figures are usedto compare against actuals and to display variances. This is done by bringing upa new column when displaying a statement and selecting the appropriate budget.

Steps are: Press F-11 Maintain Budgets and Controlsyes

To Create BudgetGo to accounts infoBudgetcreategive budget nameselect primary

Give time period of budget(Ex: 1st apr To 30th apr)if we set (yes) to group option it will show effect

Group wise like : Indirect Exp, indirect incomes ( or )

If we set (yes) to ledger option it will show effect ledger wise like: Salarythen select the Account namselect Type of Budgeton closing balance(It will show effect of Full year)on net transaction(it willshow effect Time period wise)give Budget AMOUNTAccept.

Create All Entries of Budgets

To Show the effect of Budget

Steps are:

Go to DisplayTrial BalancePress Alt +BSelect the BudgetShow Variance--yesAccept.

Scenario:

It is used for forecasting and planning purposes.

Steps are: PressF11Use Reversing journal and Optional vouchersyes

Go to accounts infoScenario----createGive name of ScenarioInclude --Voucher type where youwant to create your entries for Ex: In Cash sales 10000 Voucher Type will beReceipt


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ExcludeIf u want to remove the Voucher type.This option is used at the time of altering the scenario.

Accept.

At the time of creating entry Press (CRTL + L To make an optional entry)accept.

To see the effect of scenario

Steps are:

In Profit & loss A/cpress Alt + CGive time period--select Scenario nameShow varianceyes.


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Manufacturing:

It is used for maintaining the accounts of a factory i.e. if we are manufacturing the item with raw

materials.

Ques: you are a Manufacturer of Denim Jeans and you require following raw materals for making 1PcsDenim Jeans:

Item Quantity

Button 2pcs

Denim cloth 3.2mtr

Zip 1pc

Thread 1 Reel

Then Sell 10 pcs denim Jeans to Rajeev & co and check profit for denim jeans.

Steps are:

Create Voucher type of Manufacturing

Steps are:

Go to Accounts InfoVoucher typeCreateGive nameManufacturingType of VoucherStockjournaluse as a manufacturing Journalyes

Then create Units : pcs ,Mtrdecimal places2, Reel

Then create stock Items : Buttonpcs

Zippcs

Denim ClothMtr

ThreadReel

Create Final Item-- Denim jeans (Press F-12 Allow component List details Bills of Material--yes)

Give unitpcs, Set Components (BOM)yes

Unit of manufacture: 1 pcs

Item Quantity

Button 2pcs

Denim cloth 3.2mtr

Zip 1pc


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Thread 1 Reel -- Accept.

Then purchase raw Material from Shubham & co.

Buttons 100 pcs@ 2per pc

Zip 100 pcs@7per pc

Thread 100 Reel@3 per Reel

Denim Cloth 100Mtr@35 per Mtr

Then create Manufacturing entry by using key ALT +F7select Manufacturing

Give Item nameDenim jeans

Give Qty 20 pcs

It will Automatically calculate Raw materials for making 20 denim jeans

Then Give additional expenses: like:-Wages, Labour charges etc.accept.

Sold 10 denim Jeans@ 250 to Rajeev & co.

Then check Gross Profit for 10 Denim jeans

Steps are:

In gateway of tallyStock Summarypress F-7it will automatically show your profit for Denimjeans.

Price Level:

This option is suitable for theorganisations who are having a single price structure. For theorganisations who are having multiple price lists, e.g., different price lists for different classes ofcustomers (like Wholesale, Retail, Dealer) or different price structure for different geographical areas orif rates (and discounts) vary for different quantity volume, standard Rates option is too restrictive forthem.

Steps are:

Allow Invoicingyes

Enter Purchase in invoice formatyes

Seprate discount column on invoiceyes

Set/ Modify other Company featuresyes

Use Multiple Price levels for Invoicingyesgive Name(like: Wholesaler or retailer)accept.


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Then set the Prices or Discount according to wholesaler or retailer.

First Create all Stock items Then

Go to Inventory InfoPrice listall itemselect wholesalergive dateset rate and discountaccording to the quantityAccept.

Go Back and select reatailergive dateset rate and discount according to the quantityAccept.

Create ledger of Debtorselect Wholesaler or retailer.

It will automatically show Rate or discount according to price list.

(Note: If you want to change the rate or discount for wholesaler or retailer Press F-12 in voucher entry

Allow Modification of All fields During EntryYes)

Interest Calculation:

You cancalculate interest on each invoice for the period it is outstanding wholly or partly. Transactionby transaction or bill-by-bill interest calculation is permitted for 'Party' accounts like accounts fallingunder the groups Sundry Debtors and Sundry Creditors.Bill-wise details should be active for thecompany and the party.

Steps are: Activate Interest calculationyes

Use Advanced Parameters--yes

At the creating time of ledgerActivate interest calculationsyes

Calculate interest transaction by transactionyes--Transaction by transaction or bill-by-bill interestcalculation is permitted for 'Party' accounts like accounts falling under the groups Sundry Debtors andSundry Creditors.

Override parameters for Each transactionyesif you want to alter the options in voucher entry.

Or if this option set to yes one more option will be activated

Use Advanced parametersyesYou can allow multiple rates of interest or Balances fo Debtors orCreditors.

RateGive rate of Interest (Ex: 3%)

PerInterest style30 days 0r 365 days, calendar month or calender year.

OnAll balances--it calculates interest on Dr. or Cr. amount , Debit balance for debtors or Credit balancfor creditors

ApplicableAlwaysto simply calculate days of the month or

Past Due dateyou can give grace days for parties (Ex: 4 days) then it will calculate interest after 4 days


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Calculate from:

(1)Date of Applicabilityfrom which the entry is made

(2)Date Specified During EntryTo alter the date in voucher .

(3)Due date of Invoice referenceTo calculate interest after credit days.

(4)Effective date of transactionTo calculate interest from the effective date.

For giving Effective date for transaction:

Accounts infoVoucher types-- AlterSelect purchaseuse effective dates for vouchersyes.

Now, you can set 2 different dates for the entry,i.e.,Voucher date and Effective date

Create entries of purchase and sales.

To see the effect of interest for the parties

Steps are:

Go to displaystatement of accountsoutstandingRecievable or payableselect Creditor or Debtorpress Alt +F1check amount.

(For paying interest to creditors)

Create ledger of interestindirect exp

Then create entry InJournal F-7

By Interest A/c Dr. (Give interest amount)

To Party name

(For receiving interest from debors)

Create ledger of interestindirect incomes

Then create entry InJournal F-7

By Party name Dr. (Give interest amount)

To Interest


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Tally (7.2)

VAT( Value Added Tax):

VAT is a system of indirect taxation, which has been introduced in lieu of sales tax. It is the tax paid bythe producers, manufacturers, retailers or any other dealer who add value to the goods and that isultimately passed on to the consumer. VAT has been introduced in India to ensure a fair and uniformsystem of taxation.

Steps:

First At the creating time of company Give StateDelhi , Use Indian VatYes

Give time period for vat applicable (Ex: 1/4/2010)

Create ledgers

Ledgers Under Type of Duty Vat tax Class

Input vat Duties & Taxes Vat Not applicable

Output vat Duties & Taxes Vat Not applicable

Purchase Purchase Used in vat returns-yes Not applicable

Sales Sales Used in vat returns-yes Not applicable

Purchase Return Purchase Used in vat returns-yes Not applicable

Sales Return Sales Used in vat returns-yes Not applicable

Vat Payable Current liability Blank Blank

Vat Refundable Current assets Blank Blank

Create units and items

Input vat is used for purchase and purchase return

Output vat is used for sales and sales return

At the creating time of entry of purchase press F-12 Use common ledger A/c for item allocationYes

Then create purchase and sales entry with VAT.

To see vat payable or refundable.

Steps:

Go to DisplayVat reportsVat computation


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If there is a Vat payable then

JOURNAL F-7

By output Vat (give current balance amount)

To vat payable (give vat computation amount)

To input vat (give current balance amount)

If there is Vat refundable then

JOURNAL F-7

By Vat refundable (give vat computation amount)

By Output vat (give current balance amount)

To input vat (give current balance amount)

Note:If u want to change the different rate of vat for different items then Press F-12

Use Common Ledger A/c for Item AllocationNo

Allow Modification of all fields During Entryyes

Vat Rates:

VAT @ 4%

The largest number of goods (270) comprising of basic necessity items such as drugs and medicines,agricultural and industrial inputs, capital goods and declared goods are under 4% VAT rate.

Exempted from VAT

There are about 46 commodities under the exempted category. This includes a maximum of 10commodities that each state would be allowed to select, from a broader approved list for VATexemption. The exempted commodities include natural and unprocessed products in unorganized sectoras well as items, which are legally barred from taxation.

VAT @ 1%

This is for a specific category of goods like gold, silver, etc.

[email protected]%

The remaining commodities are under the general VAT rate of 12.5%.


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CST (Central Sales Tax):

The State usually taxes transfers within the State (Local Sales Tax), while the Central Government willcharge tax on transfers from one State to another (Central Sales Tax).

At the creating time of company Give interstate sales tax number:656437

Ledgers Under Type of Duty Vat tax Class Method of

Calculation

Input Cst Duties &Taxes

CSTInterstateSales

Per of calc--4% On Total sales

Output Cst Duties &Taxes

CSTInterstatesales

Per of calc--4% On Total Sales

Interstate Purchase Purchase Used in vatreturns-yes

Interstatepurchase

Blank

Interstate Sales Sales Used in vatreturns-yes

Interstate sales Blank

Interstate PurchaseReturn

Purchase Used in vatreturns-yes

Interstatepurchase

Blank

Interstate SalesReturn

Sales Used in vatreturns-yes

Interstate sales Blank

Cst Payable Currentliability

Blank Blank Blank

Cst Refundable Current assets Blank Blank Blank

Create units and items

Input Cst is used for Interstate purchase and purchase return

Output Cst is used for interstate sales and sales return

Then create Entry

Note: At the time of purchasing take Interstate purchase ledger. Same as Interstate sales.

After creating these entries

Go to DisplayVat reportsVat computationit will show effect only of interstate sales Becausepurchasing is from another state.

It wil show Cst Payable in the name of Vat payable:

Then entry will be In JOURNAL F-7


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By Output Cst (give vat computation amount)

To Cst payable (give vat computation amount)

Note:In tally 7.2 we can not change different Cst rate for different items.

TDS (Tax Deducted at Source):

Tax Deducted at Source (TDS) is an indirect method of collecting income tax. Such collection of tax hasan effect at the source when income arises or accrues. The buyer (deductor) deducts the tax from thepayment made to the seller (deductee) and remits the tax to the Income Tax Department within thestipulated time.

The buyers (Corporate and Non-Corporate) make payments (such as Salary, Rent, Interest on securities,Dividends, Insurance Commission, Professional Fees, Commission on Brokerage, Commission onLottery Tickets, etc) to the sellers (Services) and deduct the requisite amount from such paymentstowards tax.

Steps are:

Maintain billwise detailsyes

Non for trading A/c alsoyes (These both option should be yes)

Press f-11Enable Tdsyes

Set modify other company featuresyes

Enter Tds deductor detailsyesgive details.

Then create Ledgers: For Ex:(We charge TDS as Rent Then Ledgers will Be).

1)RentIndirect Expense

2)Tds on RentDuties & taxesTdsGive nature of payment--Rent

3)Sundry CreditorsIs TDS ApplicableyesGive Deductee typeLike: Resident company

Then Create Entries:

1) In journal F-7By Rent A/c Dr 20000

To Sundry creditor (New refTds on Rent) 20000

2) In payment F-5Account: Cash


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Particulars

Sundry creditor 20000

Tds on rent (Agst ref:) (it will automatically calculate tax , surcharge or Cess)(If u want to change tax rate press f-12 in entryAllow alternation of Tds Rates and Valuesyes)

(-)2142

17858


Particulars

Tds on rent (Agst Ref: Dr.Amount) 2142

Import Data:

It is used If we want to import data from One company to another Company.

Steps are:

Go to those Company from which u want to Copy data

To Export Data Steps are:

Go to displayList of AccountsPress Alt +EFormatSDF(Fixed Width)

Output File nameLedgers.sdfType of mastersLedgersExport.

Then go to those company from where u want to store these Ledgers

To Import Data Steps are:

In gateway of TallySelect Import MastersImport File name(like: ledgers.sdf)

Treatment of Entries already existingModify with new dataformattally 7.2.

Tally (8.1)


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Service tax:

Service tax is an indirect tax levied on certain category of services provided by a person, firm, agency,etc. The Government of India has marked a set of services as taxable under the service tax structure. Theseller provides a service and the responsibility of paying the service tax to the government rests with theseller.

Steps are: Press F-11Statutory and taxationStatutory & taxationEnable service taxyes

Set/ alter detailsyesGive registration No.Give type of organizationlike Resident com

Major service Category nameNot applicableAccept.

Create Ledgers: (For ex: If we are receiving computer fee from student then ledgers will be)

1)Computer feeIndirect IncomesIs service tax Applicableyescategoriescommercial trainingand coaching centre.

2)Service tax on computer feeDuties & taxesservice taxcommercial training and coaching centre.

3)student nameSundry DebtorIs service tax applicableyesIs ExemptedNo.

Creating Entries:

1) In Sales F-8Party A/c name:

Particulars

Computer fee 600

Service tax on computer fee (give service tax rate 10%, Cess 3%) 61.20

(New ref :Service tax on fee) 661.20

2) In Reciept F-6

Account: Cash

Particulars

Student name (Agst Ref: Service tax on computer fee) 661.20

3)In F5- Payment


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Account: Cash

Particulars

Service tax on computer fee 61.20

Note: To see the service tax Payable steps:

Go to displayStatutory ReportsService tax ReportsService tax payables.

TCS (Tax Collected at Source):

TCS is Tax Collected at Source by the seller (collector) from the buyer/ lessee (collectee/ payee). Thegoods are as specified under section 206C of the Income Tax Act, 1961.

The seller, lessor or licensor, is responsible for the collection of tax from the buyer, lessee or licensee.The tax is collected for sale of goods, on transactions, receipt of amount from the buyer in cash or issueof cheque, draft or any other mode, whichever is earlier.

Steps are: EnableTcsyes

Set/ alter Tcs detailsyesgive details of collector.

Creating ledgers( For Ex: we are charged tax on tendu leaves)

1)Tcs on tendu leavesDuties & TaxesType of dutyTCSNature of GoodsTendu leaves.

2)Sundry debtorBuyer leassee-Company residentIs lower Collection ApplicableNo(if yes u canchange the TCS lower rate(%)Like (3%).

3)Salessales

Create stock item of Tendu leaves unitskg.

Create Entry

1)In Sales F-8

Party A/c name: sundry Debtor

Sales ledger:Sales

Name of Item

Tendu Leaves 10 500 5000

Tcs on tendu leaves (it will Automatically calculate) 5.61% 281

5281


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2) In Receipt F-6Account:Cash

Rajeev (Agst ref:) 5281


Tcs on Tendu leaves (Agst ref:) 281

FBT (Fringe Benefit Tax):

Fringe Benefit Tax was introduced as part of Finance Act, 2005 as anadditional income-tax and cameinto force from April 1, 2005.

The term Fringe Benefits means any consideration for employment provided by way of any privilege,

service, facility or amenity provided by the employer to the employees.

Steps are: press F-11Statutory & taxationEnable FBTyes

Set alter detailsyesgive PAN no.give Assessee typeDomestic CompaniesAssesseecategoryOthers.

Then create Ledgers According to your requirment: (Like we are calculating FBT on Gift given to thestaff)

1) GiftIndirect expIs FBT Applicableyesgive categoryGift2) Fbt on giftIndirect expIs FBT ApplicableNoAccept.

3) Fbt PayableDuties & taxesSelect FBTAccept

4) StaffSundry Creditor.

Create Entries:

1) In Journal F-7

By Gift A/c Dr. 2000

To Staff (New Ref:) 2000


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After Creating this Entry Go to Displaystatutory reportsFBT ReportsFBT Computation

Select GiftEnterCheck Total tax on gift (like Rs.306)

2) In Journal F-7

By Fbt on Gift 306

To Fbt payable 306

3)In Payment F-5 (For paying Advance Tax)

Account:cash

Fbt payable 200

FBT detailsyes (select advance tax)

Or

If paying Full Amount of FBT

In Payment F-5 (For Tax on regular Assessment)

Account:cash

Fbt payable 306

FBT detailsyes (select Tax on regular Assessment)

4) In payment F-5 (For paying self assessment tax)

Account:cash

Fbt payable

FBT detailsyes (select self assessment tax)

106

Note: To see FBT payable Steps are:

Go to DisplayStatutory ReportsFbt ReportsFbt computationselect ledgerenter.


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Excise Duty:

Excise Duty is a Tax on the act of manufacture or production. Excise is collected on the goodsmanufactured or produced, at the time of their removal from the factory for administrative convenience.

Steps are: Press F-11

Enable Dealer Excise:--yes

Set/ alter Detailsyesgive pan No.

First Create two Voucher Types

Purchase excise

Steps:

Go to Accounts infoVoucher types --- creategive namepurchase exciseType of VoucherPurchaseUse for Dealer exciseyes.

Sales Excise

Steps:

Go to Accounts infoVoucher types --- creategive nameSales exciseType of VoucherSalesUse for Dealer exciseyes.

Create Ledgers:

1)PurchasePurchase

2)Sales--Sales

3)Sundry creditorsExcise DetailsyesGive Excise reg no.Default Nature of purchaseManufacturer

4)Sundry debtor-- Excise DetailsyesGive Excise reg no.Default Nature of purchaseSecondStage Dealer.

5)Excise 4%--Duties & taxesOthers4%-- On total Sales

6) Excise 16%--Duties & taxesOthers16%-- On total Sales

7) Cess 3%--Duties & taxesOthers3%-- Surcharge on Tax


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Create stock Item:

Inventory infostock itemGive item nameunitexcise detailsyes

Give Tariff Classification (Item code no.)

Type of Duty Rate of Duty Method of Calculation

Basic Excise Duty 4% or 16% On Assessable Value(On Whole Amount)

Education Cess 3% On Duty Value(on Per unit)

Accept.

Create Entries:

Press F-9 selectPurchase ExciseCreate Entry

Press F-8 select---Sales ExciseCreate Entry

After Creating these Entries

Check the Excise or Cess (Steps):

Go to DisplayStatutory ReportsDealer excise ReportsExcise Stock RegisterSelect item.

To Payment Of Excise or Cess (Steps):

Go to Balance Sheetpress Alt +F1select duties and taxescheck excise or cess.

(In payment F-5)

Account:cash

Excise (give amount of Excise)

Cess (give amount of Cess)

Date post:	07-Apr-2018
Category:	Documents
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