Master Mind Tally Academy Tally Prime LATEST TALLY SOFTWARE INTRODUCED ON 9TH NOVEMBER 2020 Business Segment State of Art Syllabus Transport Charges Services Inwards Un Registered Dealers GST IGST UTGST Reverse Charge Mechanism GST Portal Reversal of In Put Tax Credit –GSTR-3B Accounting Concept / Tally GST Execution / PPT Designed By Mohan Tally Prime Version .1.0.0. Printed on 13 Th December 2020 1
Master Mind Tally Academy Tally Prime LATEST TALLY SOFTWARE INTRODUCED ON 9TH NOVEMBER 2020 Business Segment Purchase Fixed Assets Management State of Art Syllabus Reversal of In Put Tax Credit –GSTR-3B Accounting Concept / Tally GST Execution / PPT Designed By Mohan Tally Prime Version .1.0.0. Printed on 13 Th December 2020 2
Master Mind Tally Academy Tally Prime Business Module Printing & Stationery Goods Inwards Purchase Own consumption Input GST can avail Accounting Concept / Tally GST Execution / PPT Designed By Mohan Tally Prime Version .1.0.0. Printed on 06 Th December 2020 3
Master Mind Tally Academy Tally Prime LATEST TALLY SOFTWARE INTODUCED ON 9TH NOVEMBER 2020 Guide Goods & Service Tax Instant GST Taxes Purchase GST IGST UTGST Sales GST IGST UGTST Accounting Concept / Tally GST Execution / PPT Designed By Mohan Tally Prime Version .1.0.0. Printed on 21 Th November 2020 4
Master Mind Tally Academy Tally Prime Business Module Goods Movement Head Office Vs Branch Office Accounting Concept / Tally GST Execution / PPT Designed By Mohan Tally Prime Version .1.0.0. Printed on 04 Th December 2020 5
Master Mind Tally Academy Tally Prime Assignment Debit Note Goods Return & Rate Difference Credit Note Goods Return & Rate Difference Accounting Concept / Tally GST Execution / PPT Designed By Mohan Tally Prime Version .1.0.0. Printed on 29 Th November 2020 6
Master Mind Tally Academy Tally Prime LATEST TALLY SOFTWARE INTODUCED ON 9TH NOVEMBER 2020 Guide Goods & Service Tax Proforma Invoice Accounting Concept / Tally GST Execution / PPT Designed By Mohan Tally Prime Version .1.0.0. Printed on 20 Th November 2020 7
Master Mind Tally Academy Tally Prime LATEST TALLY SOFTWARE INTODUCED ON 9TH NOVEMBER 2020 Guide Goods & Service Tax Instant GST Taxes Purchase GST IGST UTGST Sales GST IGST UGTST Accounting Concept / Tally GST Execution / PPT Designed By Mohan Tally Prime Version .1.0.0. Printed on 21 Th November 2020 8
Master Mind Tally Academy Tally Prime LATEST TALLY SOFTWARE INTODUCED ON 9TH NOVEMBER 2020 Guide G ST Goods & Service Tax Purchase Sales Accounting Concept / Tally GST Execution / PPT Designed By Mohan Tally Prime Version .1.0.0. Printed on 14 Th November 2020 9
Master Mind Tally Academy www.mastermindtallyacademy.com GST - > Goods and Service Tax Overview The GST shall have two components: 1-levied by the Centre -> Central GST (CGST) 2- Levied by States State GST (SGST) GST is a single tax on the supply of goods and services, right from the manufacturer. The Central GST and the State GST would be levied simultaneously on every transaction of supply of goods and services. Further, both would be levied on the same price or value unlike State VAT which is levied on the value of the goods inclusive of Central Excise. Cross utilization of credit of CGST (Central GST) between goods and services would be allowed. Similarly, the facility of cross utilization of credit will be available in case of SGST. However, the cross utilization Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, Which makes GST essentially a tax only on value addition at each stage. Cross utilization of credit of CGST between goods and services would be allowed. Similarly, the facility of cross utilization of credit will be available in case of SGST. 10
Master Mind Tally Academy www.mastermindtallyacademy.com G S Toods ervice ax The Meaning of CGST CGST means Central Goods and Service Tax. CGST is a part of goods and service tax. Taxes collected under CGST will be the revenue for central Government. Present Central taxes like Central excise duty, Additional Excise duty, Special Excise Duty, Central Sales Tax, and Service Tax etc. will be subsumed under Central Goods and Service Tax. The Meaning of SGST SGST means State Goods and Service Tax. It is covered under State Goods and service Tax Act 2016. A collection of SGST will be the revenue for State Government. After the introduction of SGST all the state taxes like Value Added Tax, Entertainment Tax, Luxury Tax, and Entry Tax etc. will be merged under SGST. For example, if goods are sold or services are provided within the State then SGST will be levied on such transaction. The Meaning of IGST IGST means Integrated Goods and Service Tax. IGST falls under Integrated Goods and Service Tax Act 2016. Revenue collected from IGST will be divided between Central Government and State Government as per the rates specified by the Government. IGST will be charged on transfer of goods and services from one state to another state. 11
Master Mind Tally Academy www.mastermindtallyacademy.com GST - > Goods and Service Tax Overview The GST shall have two components: 1-levied by the Centre -> Central GST (CGST) 2- Levied by States State GST (SGST) Furthermore, the cross utilization of CGST and SGST would not be allowed except in the case of interstate supply of goods and services under the IGST model In case of interstate transactions, the Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all interstate supplies of goods and services under Article 269A (1) of the Constitution. The IGST would roughly be equal to CGST plus SGST. The IGST mechanism has been designed to ensure seamless flow of Input tax credit from one State to another. The interstate seller would pay IGST on the sale of his goods to the Central Government after adjusting credit of IGST, CGST and SGST on his purchases (in that order). The exporting State will transfer to the Centre the credit of SGST used in payment of IGST. The importing dealer will claim credit of IGST while discharging his output tax liability (both CGST and SGST) in his own State. The Centre will transfer to the importing State the credit of IGST used in payment of SGST. Since GST is a destination based tax, all SGST on the final product will ordinarily accrue to the consuming State . 12
Master Mind Tally Academy Dual GST (Goods and Services Tax): In consideration of the federal structure of India, Dual GST has been chosen as the apt model wherein tax would be jointly levied by both Centre and the states on supply of goods and services. The components of Dual GST are: •CGST: Central GST •SGST: State GST •IGST: Integrated GST On intra-state transactions CGST+SGST will be applicable and on interstate transactions, IGST will be applicable. GST Rates: There are likely to be 5 sets of rates as below: Regular Dealer: Monthly filing •Form GSTR-1: Upload all sale invoices (By 10th) •Form GSTR-2A: Auto-populated details of inward supplies made available to the recipient on the basis of Form GSTR-1 furnished by the supplier (on 11th) •Form GSTR-2: Addition (Claims) or modification in Form GSTR-2A should be submitted in Form GSTR-2 (on 15th) •Form GSTR-1A: Details of outward supplies as added, corrected or deleted by the recipient in Form GSTR-2 will be made available to supplier ( On 20th) •Form GSTR-3: Submit the auto-populated GSTR-3 by 20th •Form GSTR-9: Annual Return – furnish the details of ITC availed •and GST paid which includes local, interstate and import/exports. •(31st Dec of next fiscal ) • NOTE •The filing of GSTN E Filing in Portal is updated frequently in order to meet the requirements of Business People GST Assessee Dealer Structure :- Regular Dealer -> Registered Dealer can avail ITC @ Sales Out Put Tax Composition Dealer -> Registered Dealer can NOT avail ITC against Sales Tax Un Registered Dealer -> Dealer below 20 Lakhs need not get Registration Deemed Export Dealer -> Sales to Dealer the person is Export of Goods Embassy / UN body -> Sales to Embassy / Un Body NO GST Applicable Government entity -> Sales to NO GST Applicable SEZ ( Special Economic Zone ) -> NO GST Applicable 13
Master Mind Tally Academy GOODS & SERVICE TAX GST is a comprehensive indirect tax on throughout India. GST is going to replace most of the Indirect taxes currently levied by the Central & State Governments separately. GST will be governed by 3 Central Laws and 29 State Laws. GST ACTS Tax Intra State Supply Means -> With in State or Union Territory CGST SGST Central GST Act, 2017 Central Government UTGST 28 Indian State Laws State Government IGST Union Territory Goods and Services Act, 2017 Central Government (1) Andaman & Nicobar (2) Chandigarh (3) Daman & Central Government Nagar Haveli (4) Delhi (5) Jammu & Kashmir (6) Ladakh (7) Puduherry Integrated Goods and Services Act, 2017 GST INTRA –STATE INTER –STATE SUPPLY SUPPLY CENTRAL GST STATE / UNION TERRITOTY GST IINTEGRATED CGST SGST/ UTGST GST -IGST Credit of To be Adjusted IGST with UTGST IGST CSGST UTGST SGST CGST SGST UTGST IGST CGST SGST BOTH 14
Master Mind Tally Academy GST BASED TALLY PRIME PURCHASE INVOICE & SALES INOICE Requirements of :- Enable GST Compliance -> F11 ->F3 Special Vouchers Enable GST Compliances 1) Create Party Ledger (Supplier) + GST Define 2) Create Party Ledger ( Buyer ) + GST Define 3) Create Purchase Ledger + GST Define 4) Create Sales Ledger + GST Define 5) Create CGST Tax Ledger + Central Tax Define 6) Create SGST Tax Ledger + State Tax Define 7) Create Inventory Product Items 8) Transaction of Purchase in GST 9) Transaction of Sales in GST 10) View GST Computation Portal 15
GST -> Goods And Services -> Configuration Settings GST -> Goods And Service Tax -> Configuration Settings In Tally Prime, for GST compliance, you need to activate the GST features. Once activated, GST-related features are available in ledgers, stock items, and transactions, and GST returns can be generated. Gateway of Tally -> Press F11 Feature Key The above slide will appear Show more Features Set YES Show all Features Set YES In Accounting Features Maintain Accounts . Set . . . . . . . . . . . YES In Inventory Features Maintain Inventory . .Set . . . . . . . . . YES In Inventory Features Maintain Inventory . .Set . . . . . . . . . . YES Integrate Accounts with Inventory . Set . . . . . . . . . . . . . . . . YES Taxation Features Enable Goods & Services Tax (GST) . . . . YES Now Tally in Statutory & Taxation Lay Out -> As stated below Slide Enable Goods and Service Tax (GST) -> Set “Yes” Set Alter GST Details -> Set “Yes”. 16
GST -> Goods And Services -> Configuration Settings In Taxation Features Enable Goods & Services Tax (GST) - Set YES Press Enter Key The below slide will appear Now Tally in GST Details State -> Tally Prime Selected as “ Tamil Nadu” by predefined Registration Type -> Select “ Regular” From the List Assessee of Other Territory -> Set NO…(.If set as YES -> You are in Territory ) Applicable From -> 01-4-2020-> Predefined by Tally GSTIN/UIN -> 33 APIPS1377R2Z3 ->> First 33 Digits Refers State Code -> Tamilnadu Periodicity of GSTR1 -> Monthly -> Mandatory for Regular Tax Payer Forthcoming 6 Fields Deactivate as NO In the Taxation Fields Forthcoming 6 Fields Set NO Followed by On Line Access / Payroll & Others Fields set NO Enter to Accept : Now you are again in Gateway of Tally 17
Let us Create Party Supplier – Sundry Creditors Ledger Gateway of Tally Select Create Enter Key Gateway of Tally After Selected Create Enter Key The below slide will appear Now Tally in List of Masters Menu In Head of Accounting Masters Select Ledger - > Press Enter Key After Selecting Ledger Creation Option Ledger Creation Lay out will appear as in next Page 18
Let us Create Party Supplier – Sundry Creditors Ledger Tally Pointer in Ledger Creation Layout Name Field Type Party Name ->as stated above slide And Under Group T Select Sundry Creditors Walkthrough to Mailing Details Tally Pointer in Party Mailing Details Menu Mailing Details Option Fill-up the Fields as stated above slide Name………..(….) Address…..….(….) State………….(….) Country..…….(….) Pin code …....(….) After Completing this Option Ten Tax Details Screen will appear 19
Let us Create Party Supplier – Sundry Creditors Ledger Tally Pointer in Party Tax Registration Details PAN / IT Number Field Type Pan Details given above slide Registration Type Select Regular GSTIN /UIN Number Type GST Number given above slide in Caps Letter Set / Alter GST Details Set YES Walkthrough to Mailing Details Tally Pointer in Party GST Details Field Registration Type Tally will assumed as Regular The forthcoming 3 Fields set as NO Party Type Select Not Applicable GSTIN/ UIN Number 33 - ADBFS8838C – 1Z4 Tally automatically pick-up from previous Slide Note : GST Number consists of PAN based option First 2 Digits State Code Followed by 10 Digits PAN Number Last 3 Digits Indicating GST Code 20
Let us Create Party Buyer – Sundry Debtors Ledger Gateway of Tally Select Create Enter Key Gateway of Tally After Selected Create Enter Key The below slide will appear Now Tally in List of Masters Menu In Head of Accounting Masters Select Ledger - > Press Enter Key After Selecting Ledger Creation Option Ledger Creation Lay out will appear as in next Page 21
Let us Create Party Supplier – Sundry Creditors Ledger Tally Pointer in Ledger Creation Layout Name Field Type Party Name as stated above slide And Under Group T Select Sundry Debtors s Walkthrough to Mailing Details Tally Pointer in Party Mailing Details Menu Fill-up the Fields as stated above slide Fill-up the Fields Name………..(….) Address…..….(….) State………….(….) Country..…….(….) Pin code …....(….) After Completing this Option Tax Details Screen will appear 22
Let us Create Party Buyer – Sundry Debtor Ledger Tally Pointer in Party Tax Registration Details PAN / IT Number Field Type Pan Details given above slide Registration Type Select Regular GSTIN /UIN Number Type GST Number given above slide Set / Alter GST Details Set YES Walkthrough to Mailing Details Tally Pointer in Party GST Details Field Registration Type Tally will assumed as Regular After Regular Field forthcoming 3 Fields set as NO Party Type Select Not Applicable GSTIN/ UIN Number 33 – CXGPS6426M – 1ZY Tally automatically pick-up from previous Slide Note : GST Number consists of PAN based option First 2 Digits State Code Followed by 10 Digits PAN Number Last 3 Digits Indicating GST Code 23
Let us Create Purchase Ledger Gateway of Tally Select Create Enter Key Gateway of Tally After Selected Create Enter Key The below Menu will appear Now Tally in Accounting Masters Main Menu Select Ledger After Selecting Ledger Creation Enter Key Ledger Creation Lay out will appear as in next Page 24
Purchase Ledger Creation Procedure Tally Default Ledger Creation Layout Let us activate more options in this Layout Tally in Ledger Creation Layout in Default Mode Note Lay out in Blank We have to optimize certain Options in order to transact Purchase Voucher Entry in this juncture Press F12 Key Now New window will open 25
Purchase Ledger Creation Procedure Tally in Ledger Creation Layout We have to optimize certain Options in order to transact Purchase Voucher Entry in this juncture Press F12 Key The window will open stated above Request : Read the each options carefully and say Yes / No. This options are once activated it will last long period : Whatever not activated as NO : are separate subject in forthcoming sessions 26
Let us Create Purchase Ledger Gateway of Tally Select Create Enter Key Gateway of Tally After Selected Create Enter Key The below slide will appear After Create Option Select Ledger Option Enter Key Ledger Creation Lay out will appear as in next Page 27
Purchase Ledger Creation Procedure Tally in Purchase Ledger Creation Layout (1) Name Field Type Purchase Goods GST Tax @ 18% Under Group Select Purchase Accounts Inventory Values are Affected Set YES Statutory Details : Is GST Applicable Select Option Applicable Set / Alter GST Details Select Option YES After that Tally will open a new menu Field Tally in Purchase Ledger Creation Layout 28 Description Field Fill up as stated HSN / SAC Code Field Leave as blank Nature of Transaction Select Purchase Taxable ( From the List) Taxability Tally will determine as Purchase is under Taxable Integrated Tax 18% Tally automatically will split the Tax 18 % as Central & State Equal
Let us Create Purchase Ledger Gateway of Tally Select Create Enter Key Gateway of Tally After Selected Create Enter Key The below slide will appear Now Tally in Ledger Creation Option Select Ledger After Selecting Ledger Creation Ledger Creation Lay out will appear as in next Page 29
Sales Ledger Creation Procedure Tally in Ledger Creation Layout (1) Name Field Type Sales Goods GST Tax @ 18% Under Group Select Sales Accounts Inventory Values are Affected Set YES Statutory Details : Is GST Applicable Select Option Applicable Set / Alter GST Details Select Option YES After that Tally will open new menu Tally in Sales Ledger Creation Layout 30 Description Field Leave as blank HSN / SAC Code Field Leave as blank Nature of Transaction Select Sales Taxable Taxability Tally will determine as Sales is under Taxable Integrated Tax 18% Tally automatically will split the Tax 18 % as Central & State Equal
Tax Ledgers CGST Tax @ 9 % Ledger Creation Procedure Gateway of Tally Select Create Enter Key The Slide will appear Gateway of Tally In Accounting Masters Select Ledger Enter Key The Below Ledger Creation Lay Out will appear Name Field Type CGST tax @ 9 % Under Group Select Duties & Taxes From the List of Ledgers Type of Duty of Tax Select GST Option After Selecting GST Option Tax Type Select Central Tax …Enter Key Inventory Values are affected Tally will assume NO Inventory applicable to Tax Ledgers 31
Tax Ledger SGST Tax @ 9 % Ledger Creation Procedure Gateway of Tally Select Create Enter Key The Slide will appear Gateway of Tally In Accounting Masters Select Ledger Enter Key The Below Ledger Creation Lay Out will appear Name Field Type SGST tax @ 9 % Under Group Select Duties & Taxes From the List of Ledgers Type of Duty of Tax Select GST Option After Selecting GST Option Tax Type Select State Tax …Enter Key Inventory Values are affected Tally will assume NO Inventory applicable to Tax Ledgers 32
Stock Item / Inventory Ledger Creation Procedure Gateway of Tally Select Create Enter Key The Slide will appear Gateway of Tally In Inventory Masters Select Stock Item Enter Key The Below Ledger Creation Lay Out will appear Very First Time open the Stock Item Ledger Create Layout Will appear in Default Mode Hence, user may needs more options, activate the Configuration Settings. Refer Blank Layout looks like below given slide 33
Stock Item / Inventory Ledger Creation Procedure Tally Prime, in Stock Item Layout, have to Configure more options Then only can handle multiple tasks in single Frame Stock Item Creation Layout Press F12 Key from the Gateway of Tally Can view the Configuration Settings Menu Please read the each fields and follow the options set as YES / No This is the Blank Lay Out of Stock Item Ledger Creation 34
Stock Item / Inventory Ledger Creation Procedure Now Tally pointer stands in Stock Item Creation Layout In the Name Field Type Item Ledge Name Xerox Copier Machine Under Select Main Group Primary New Field discloses as Units in Not Applicable How to get the above option in Tally Prime ? In the Not Applicable Field Press ALT + C simultaneously Suddenly, the above slide will appear. In the Unit Creation Layout please follow the steps Type ( of Unit) Select Simple Symbol Filed Type NOS Formal Name of NOS Type :- NUMBERS Unit Quantity Code /UQC) Select NOS – NUMBERS Number of Decimal Places 0 (Zero) ( Numbers cannot divide) Ok Enter To Accept the task. 35
Stock Item / Inventory Ledger Creation Procedure Always YES Now Tally pointer stands in Statutory Details GST Applicable Select as Applicable … Enter Key Set / Alter GST Details Select YES Press Enter Key Next option is Follows : GST Details for Stock Item After passing out of Set / Alter GST Details Select YES Now Tally Pointer in HSN / SAC Details Option HSN Definition Harmonized System Nomenclature SAC Definition Service Accounting Code Description Field Type Xerox Machine HSN / SAC Field Type Product Code 84439990 Press Enter Key Calculation Type Select On Value Taxability Field will displays as Unknown Press Enter Key 37 Next option is Follows : GST Details for Stock Item
Stock Item / Inventory Ledger Creation Procedure Now Tally Pointer in Taxability Field Select Taxable Press Enter Key Next option is Follows : Tax Type & Rate Option GST Details for Stock Item Now Tally Pointer stands in Taxability Tax Type & Rate Integrated Tax Field Type 18 Press Enter Key Tally will share GST Tax @ 18% Equal Sharing Such as Central Tax @ 9 % & State Tax @ 9% respectively Tally Pointer Finally stands in Supply Types Select Goods This is the completion of Stock Item Ledger Creation Procedure. 38
Procedure to Transact Purchase Invoice Let us Transact Purchase of Goods Inward Supply. In Gateway of Tally Select Voucher Option / Press F9 Key Now You are Purchase Invoice in Default Entry Mode ( Without Debit & Credit) Purchase Invoice contains 3 Options . Such as Party Name Field Purchase Ledger Field Name of Item Field Quantity Field Rate Field Finally Amount Field ……Next Slide cont.…. 39
Procedure to Transact Purchase Invoice Purchase Invoice Serial Number us auto generated as No.1 Date Press F2 Type ….01/04/2020 Supplier Invoice No. Type 144 ( Your Seller’s Invoice Number) Tally Pointer in Party Name Field Select Party Supplier Bharath Trading Corporation Next Slide cont.…. After Selecting Party Ledger Bharath Trading Corporation Tally will open new menu Stating Receipt Details Fill up the fields as stated above slide Next Slide cont.…. Tally in Purchase Ledger Field Select Purchase Goods GST Tax @ 18 % Next Slide cont.…. 40
Procedure to Transact Purchase Invoice After Selecting Ledger of Purchase Goods GST Tax @ 18 % Tally Pointer stands in Name of Item ( Inventory) Press Space Bar List of Stock Items menu will appear Select Product Ledger Next Xerox Copier Machine…..Slide cont.…. After Selecting the Stock Item Ledger Xerox Copier Machine Tracking Number will appear Select as Not Applicable Enter Key Tally Pointer in Quantity Field Type 2 Enter Key Rate File Type (Rupees ) 25,000 Per Filed Tally will assume as Product as NOS Amount Filed Tally will instantly Calculates the Product Value Rs.50,000.00 Enter Key to pass over next slide In the Interim Stage Press Enter Key To close the Item Allocation Field Select End of List You will be directed to Main Frame 41
Procedure to Transact Purchase Invoice After Transacting Product Ledger / Rate /Amount Again Main Frame will appear as per above slide As on now you have selected ledgers one by one such as :- (1) Party Ledger ….(2) Purchase Ledger ….(3) Name of Item Ledger (4) Filling of Quantity Filed & Rate Field. Tally will auto calculate the Amount After Completing the Transaction as Stock Item Now Press Space Bar Again Tally Pointer stands in List of Stock Items… Select End of List Use Enter Key Now Tally Pointer in Financial List of Ledger Menu Select CGST Tax @ 9% Ledger Tax amount shown as Rs .4,500.00 Then Select SGST Tax @ 9% Ledger Tax amount shown as Rs.4,500.00 This is the completion of Purchase Invoice Transaction 42
Take print of purchase invoice 43
Procedure to Transact Sales Invoice Let us Transact Sales of Goods Inward Supply. In Gateway of Tally Select Voucher Option / Press F8 Key Now You are Sales Invoice in Default Entry Mode ( Without Debit & Credit) Date Field Press F2 15/04/2020 Sales Invoice contains 3 Options . Such as Party Name Field Sales Ledger Field Name of Item Field Quantity Field Rate Field Finally Amount Field ……Next Slide cont.…. 44
Procedure to Transact Sales Invoice Tally Pointer in Party Name Field Select Party Customer Hindustan Trading Corporation from the List of Ledger Accounts Next Slide cont.…. After Selecting Party Ledger Hindustan Trading Corporation Tally will open new menu Stating Dispatch Details Fill up the fields as stated above slide Next Slide cont.…. 45
Procedure to Transact Sales Invoice Tally Pointer stands in Sales Ledger Field Select Sales Goods GST Tax @ 18 % From the List of Ledger Accounts Next Slide cont.…. After Selecting Ledger of Sales Goods GST Tax @ 18 % Enter Key to Next Field Tally Pointer stands in Name of Item ( Inventory) Press Space Bar List of Stock Items menu will appear Select Product Ledger Next Xerox Copier Machine Slide cont.…. 46
Procedure to Transact Sales Invoice After Selecting the Stock Item Ledger Xerox Copier Machine Tracking Number will appear Select as Not Applicable Enter Key Tally Pointer in Quantity Field Type 2 Enter Key Rate File Type (Rupees ) 30,000 Per Filed Tally will assume as Product as NOS Amount Filed Tally will instantly Calculates the Product Value Rs.60,000.00 Enter Key to pass over next slide In the Interim Stage Press Enter Key To close the Item Allocation Field Select End of List You will be directed to Main Frame After Transacting Product Ledger / Rate /Amount 47 Again Main Frame will appear as per above slide
Procedure to Transact Sales Invoice After Completing the Transaction as Stock Item Now Press Space Bar Again Tally Pointer stands in List of Stock Items… Select End of List Use Enter Key Now Tally Pointer in Financial List of Ledger Menu Select CGST Tax @ 9% Ledger Tax amount shown as Rs .5,400.00 Then Select SGST Tax @ 9% Ledger Tax amount shown as Rs.5,400.00 This is the completion of Purchase Invoice Transaction 48
TAKE PRINT OF SALES INVOICE 49
Balance Sheet Profit & Loss Statement Credit the Giver Bharat Trading Corp Debit the Receiver Hindustan Trading Corp Credit What Goes OUT -> Goods - >Outwards-> Sales Debit What Comes IN ->Goods Inward -> Purchase Accounting Ledges and Groups while transacting data's. Debit what comes IN.. here Product comes IN. Hence Inward products are called as Purchase. This Purchase stands in Profit & Loss statement in Debit Side. Simultaneously. Credit the Giver. Giver is supplier of products. Hence party supplier stands in Balance Sheet Statement in Credit Side. All Party Amounts Stands in Credit are liability to Payable to supplier -> Sundry Creditors. Credit what Goes Out.. here Product goes OUT . Hence Outwards products are called as Sales . This Sales stands in Profit & Loss statement in Credit Side. Simultaneously. Debit the Receiver . Reviver is Called Customer of products. Hence party receiver accounts stands in Balance Sheet in Debit Side. All Party Amounts Stands in Debit are Right to receivable from Customer -> Sundry Debtors. 50
Accounting Ledges and Groups while transacting data's. Debit what comes IN.. here Product comes IN. Hence Inward products are called as Purchase. This Purchase stands in Profit & Loss statement in Debit Side. Simultaneously. Credit the Giver. Giver is supplier of products. Hence party supplier stands in Balance Sheet Statement in Credit Side. All Party Amounts Stands in Credit are liability to Payable to supplier -> Sundry Creditors. Credit what Goes Out.. here Product goes OUT . Hence Outwards products are called as Sales . This Sales stands in Profit & Loss statement in Credit Side. Simultaneously. Debit the Receiver . Reviver is Called Customer of products. Hence party receiver accounts stands in Balance Sheet in Debit Side. All Party Amounts Stands in Debit are Right to receivable from Customer -> Sundry Debtors. 51
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