TallyProfessional

• Creating and altering foreign currencies in TallyPrime: currency symbol, ISO code, formal name, number of decimal places, suffix symbol
• Defining rate of exchange: setting standard rate, buying rate, selling rate; date-wise exchange rates for accuracy
• Recording purchase transactions in foreign currency (imports): USD, EUR, GBP purchase invoice; Tally auto-converts to INR at defined rate
• Recording sales transactions in foreign currency (exports): USD export invoice; bank receipt in foreign currency
• On Realization Basis: recording foreign currency receipt at actual realised exchange rate; Forex Gain/Loss computed automatically
• Unrealised Forex Gain/Loss: year-end adjustment for outstanding foreign currency balances; creating provision for unrealised forex; automatic Forex Adjustment journal in TallyPrime
• Multi-currency reports: Currency-wise outstanding debtors/creditors; Forex exposure report; Gain/Loss analysis

• Types of interest in TallyPrime: Simple Interest and Compound Interest
• Enabling interest calculation: F11 → Accounting Features → Activate Interest Calculation
• Simple interest: configuring annual interest rate on ledger; interest calculated automatically on outstanding balance (used for debtors interest, bank OD interest)
• Compound interest: enabling compounding period (monthly, quarterly, half-yearly); compound interest calculation report
• Interest receivable (from customers) and interest payable (to bank/creditors): accounting entries for interest
• Interest Calculation report: ledger-wise, period-wise interest breakup; using data for billing customers or paying banks

• Manufacturing Vouchers (creating finished goods from raw materials):
• Bill of Materials (BOM): linking finished good to its components with quantities
• Manufacturing Journal: recording production (raw material consumption → finished goods production)
• By-product and scrap handling: accounting for joint products and waste
• Job Work Out Order (sending material to external job worker):
• Enabling Job Work in TallyPrime
• Job Work Out Order voucher: sending raw material to subcontractor
• Tracking material sent; Job Work Out Order outstanding report
• Receiving finished goods from job worker: recording receipt with job work charges (GST on job work)
• Job Work In Order (if you are the job worker):
• Receiving material from principal; recording in Job Work In Order
• Processing and returning finished goods; charging job work fees to principal
• Inter-Godown Transfer: transferring stock between warehouse locations; stock transfer journal; godown-wise stock reports

• Enabling Job Costing in TallyPrime: F11 → Accounting Features → Maintain Job/Work Orders
• Creating Job/Work Orders: linking to customer, project name, description, estimated value
• Recording job-specific transactions: allocating material purchases, labour expenses, overheads to specific job/project
• Job Work analysis report: expenses incurred vs revenue billed per job; WIP (Work-in-Progress) valuation
• Job-wise Profitability report: gross profit per job/project; identifying profitable vs loss-making projects
• Billing client based on job costs: percentage completion method; milestone-based billing

• Cheque management: complete cheque lifecycle tracking (issued, presented, cleared, bounced, stale/expired)
• Cheque register: viewing all cheques issued (by bank, by party, by date range); identifying pending clearance
• Post-Dated Cheques (PDC): recording PDC received from customers and issued to suppliers; PDC presentation date; PDC register
• PDC management: converting PDC to regular payment/receipt when date arrives; PDC bounce handling
• E-Payments in TallyPrime: generating NEFT/RTGS payment file for bank upload (in bank-specific format: SBI, HDFC, ICICI, Axis); batch payment processing; payment file export
• Bank Reconciliation: advanced — auto-import of bank statement (CSV/OFX) from net banking; automatic matching of transactions; handling unmatched entries (deposits in transit, outstanding cheques, bank charges, interest credited by bank)

• Remote Access: enabling Tally.NET on TallyPrime; logging in remotely from any device with browser; accessing company data from home or client location; security for remote access
• TallyPrime Reports in Browser (TRiB): viewing any Tally report (Balance Sheet, P&L, Daybook, Outstanding) on a web browser without TallyPrime installed; sharing read-only browser links with management
• Data Synchronisation: setting up sync between branch office TallyPrime and head office; defining sync rules (one-way from branch to HO, or two-way); scheduled sync; sync log review and error resolution
• Tally Virtual User (TVU): enabling field staff to enter vouchers remotely through browser interface; approval workflow for entries made by TVU; entries flow into main TallyPrime after approval

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• E-Way Bill in TallyPrime: full workflow including conditions (goods value >₹50,000), Part A (supply type, party GSTIN, place of delivery, invoice details, HSN, taxable value, GST rate), Part B (transport mode, vehicle number/transporter ID), generating EWB number, E-Way Bill report, extension and cancellation
• E-Invoice (IRN): conditions for mandatory e-invoicing (by turnover threshold, updated periodically by CBIC); TallyPrime NIC portal integration; configuring e-invoice settings; generating IRN (QR code embedded); cancellation workflow; bulk e-invoice generation; handling errors (GSTIN mismatch, HSN errors)
• Intrastate supply of goods and services: all transaction types (inclusive of tax, exclusive of tax, nil-rated, exempt, mixed supply, composite supply)
• Interstate supply: all categories of outward supply
• Purchases from unregistered dealers: reverse charge where applicable; proper GST classification; self-invoice
• Purchases from composition dealers: no ITC available; recording at gross value; ensuring no GST charged by composition supplier
• Accounting mixed supply: determining highest applicable GST rate; recording in Tally
• Accounting composite supply: determining principal supply; applying GST rate of principal supply
• Supply of goods/services to SEZ: zero-rated supply; entering SEZ GSTIN; generating refund application for IGST paid
• Supply to other territories (Andaman, Lakshadweep, etc.): treated as interstate; IGST applies
• Supply to unregistered dealer outside state: intrastate rules don't apply; IGST applicable on inter-state B2C
• Reverse Charge Mechanism (RCM): mandatory list (GTA at 5%, legal services by advocate, services by director, insurance agent, recovery agent, supply of manpower); recording self-invoice; RCM tax payment; when to claim RCM ITC
• Export of goods (zero-rated supply): Type 1 (with IGST payment — refund later); Type 2 (under LUT/Bond without IGST); Letter of Undertaking (LUT) reference; ARE-1 procedure; generating shipping bill; export invoice format
• Advance receipt for services under GST: Receipt Voucher with GST on advance; Time of Supply (ToS) rule for services; adjustment against final service invoice with proper voucher linking
• Generating E-Invoice report in TallyPrime: pending IRN, cancelled IRN, accepted IRN; reconciliation
• Input Tax Credit Set-Off: applying IGST credit first against IGST, then CGST, then SGST; CGST credit only against CGST and IGST; SGST credit only against SGST and IGST
• GST Tax Payment: payment voucher with proper challan type (Normal, CMP-07); CGST, SGST, IGST, and Cess breakup; bank details for NEFT payment
• ITC Reversal: Rule 42 (proportionate reversal for inputs used in exempt supply), Rule 43 (capital goods); calculating reversal amount; journal entry for ITC reversal; recalculation if ratio changes
• Generating and E-filing GSTR-1: exporting JSON from TallyPrime; uploading on GST portal; reviewing B2B, B2CS, CDN, CDNR, E-way bill reconciliation; filing after verification; amendments in subsequent months
• Generating and E-filing GSTR-3B: auto-population from GSTR-1 and GSTR-2B; computing eligible ITC; making reversals; computing net tax payable; GST payment entry; filing after verification

• Section 194J (Professional/Technical Services): booking consultant, CA/lawyer fees, technical service fees; TDS rate 10% (2% for technical services post amendment); deducting TDS in payment voucher; tracking TDS payable
• Section 194C (Contractors/Sub-contractors): single payment >₹30,000 or cumulative >₹1 lakh; TDS rate: 1% (individual/HUF), 2% (others); contractor details in voucher
• Section 194H (Commission/Brokerage): paying agents or distributors; TDS 5%; recording brokerage expense with TDS
• Section 194I (Rent): land and building at 10%; machinery/plant at 2%; monthly rent payment with TDS; tracking annual threshold
• Section 194A (Interest other than securities): bank interest, inter-company loan interest; TDS 10%; annual threshold ₹40,000 (banks)
• Section 195 (Non-Residents): TDS on payments outside India; DTAA benefit (lower rate with Form 15CB from CA and 15CA online submission); recording in Tally with special nature of payment
• Section 196D (FIIs — income from securities): TDS on dividends/income to FIIs
• TDS on Capital Expenditure: TDS on purchase of property or assets from resident seller; Form 26QB for immovable property
• TDS on Advance Payments: recording TDS at the time of advance; linking advance payment to final bill; adjusting TDS proportionally
• TDS on Works Contract attracting GST: whether TDS on gross amount (including GST) or net amount; post-2022 amendment clarity; recording correctly
• TDS on pure agent reimbursement: no TDS on reimbursements paid as pure agent; documenting pure agent agreement
• Purchase escalation after TDS: original invoice lower → revised higher invoice → additional TDS on difference; creating debit note and TDS adjustment
• TDS Reversal/Cancellation: if transaction cancelled or supplier returns money; reversal journal entry; updating TDS liability
• TDS Payment to Government: creating payment entry for Challan 281; recording BSR code, Challan number, Challan date in TallyPrime (for Form 26Q generation)
• Form 26QB: TDS on purchase of immovable property; online payment on TRACES/TIN-NSDL; recording in Tally
• Generating Form 26Q: quarterly TDS return for domestic payments; exporting FVU file from TallyPrime; validating with TDS FVU software; uploading on TRACES/TIN-NSDL portal; receiving provisional receipt number
• Generating Form 27Q: quarterly TDS return for non-resident payments; Section 195, 196D transactions
• TRACES Portal: downloading Form 16A (TDS certificate for non-salary); viewing 26AS (Annual Tax Credit); submitting online corrections for previous quarters; checking TDS credit matching
• Maintaining books as Deductee: recording TDS certificate (Form 16A) received from customers; reconciling 26AS with books of account; claiming TDS credit in income tax return

• TCS provisions under Section 206C:
• Scrap (2.5%), alcoholic liquor (1%), timber obtained under forest lease (2.5%), tendu leaves (5%), minerals including coal (1%), parking lot and toll plaza (2%), quarrying/mining (2%), forest produce (2.5%)
• Section 206C(1H) — TCS on sale of goods: seller receives consideration exceeding ₹50 lakh in FY from a buyer; TCS rate 0.1% on amount exceeding ₹50 lakh; applicable since 01-Oct-2020
• Section 206CCA — TCS at higher rate: buyer who is non-filer of income tax return (for 2 previous years and TDS/TCS >₹25,000 each year); TCS at double the applicable rate
• Recording TCS on sale of goods (206C and 206C(1H)): enabling TCS in F11; creating TCS duty ledger; linking to customer; recording in sales voucher; TCS amount appears as TCS Payable
• TCS at lower/nil rate: buyer submits Form 27C (declaration that goods for manufacturing/production); noting exemption certificate; maintaining register
• TCS on transfer of right to use: collecting TCS when transferring right to use goods
• TCS on advance receipts: if advance received that crosses ₹50 lakh threshold; recording advance receipt with TCS
• Adjusting TCS advance against final invoice: linking advance receipt to final bill
• TCS Payment to Government: Challan 281; recording BSR code and challan details in TallyPrime
• Generating Form 27EQ: quarterly TCS return; exporting FVU file from TallyPrime; uploading on TRACES
• Generating TCS certificate (Form 27D): for each buyer; downloadable from TRACES after return filed
• Maintaining books as Collectee: TCS collected from you by your seller; recording TCS certificate; claiming TCS credit in income tax return; reconciling 26AS

• Enabling Payroll in TallyPrime: F11 → Payroll Features → Enable Payroll; unit for attendance (days/hours)
• Payroll Masters setup:
• Employee Groups: departments (Sales, Operations, Finance, IT); linking to cost centres for MIS reports
• Employee Records: Name, gender, DOB, designation, department, date of joining, PAN, Aadhaar, bank account, PFUAN, ESI number, UAN (Universal Account Number for PF)
• Pay Heads (Earnings): Basic Salary, House Rent Allowance (HRA), Dearness Allowance (DA), Conveyance Allowance, Medical Allowance, Special Allowance, LTA (Leave Travel Allowance), Bonus; each pay head linked to Income Tax category (HRA exempt under Section 10, fully taxable, partially exempt)
• Pay Heads (Deductions): EPF Employee Contribution (12% of basic), ESI Employee Contribution (0.75% of gross for employees earning ≤₹21,000), Professional Tax (state-wise slab), Income Tax (TDS on salary), Loan Recovery, Advance Recovery
• Salary Structure: assigning pay heads and rates to an employee or employee group; increment management; percentage-based or flat amount pay heads
• Processing Attendance:
• Attendance types: Present, Absent (LOP — Loss of Pay), Casual Leave (CL), Sick Leave (SL), Privilege Leave (PL), Comp Off, Public Holiday
• Attendance vouchers: recording monthly attendance for all employees; leave tracker
• Processing Payroll:
• Auto payroll computation: TallyPrime calculates gross salary, deductions, net pay based on attendance and salary structure
• Payroll voucher: Dr Salary Expenses (by pay head), Cr Employee Payable, Cr PF Payable, Cr ESI Payable, Cr PT Payable, Cr TDS Payable
• Net Salary Payment voucher: Cr Bank, Dr Employee Payable; bank payment file generation (NEFT format)
• Income Tax Computation in TallyPrime:
• Employee declaration of savings (80C: PPF, ELSS, NSC, home loan principal, life insurance premium — max ₹1.5 lakh); 80D (health insurance); HRA exemption calculation; LTA exemption
• TallyPrime computes monthly TDS on salary (Section 192); progressive slab-wise tax calculation
• Form 16 generation from TallyPrime: Part A (TDS deducted and deposited with challans), Part B (salary breakup, deductions claimed, tax computation)
• Payroll Statutory Reports:
• PF (Employees' Provident Fund): EPF Employee 12% + EPS Employer 8.33% + EPF Employer 3.67%; ECR (Electronic Challan cum Return) format for EPFO portal; Form 3A (member annual contribution); Form 6A (consolidated annual contribution statement)
• ESI (Employees' State Insurance): Employee 0.75% + Employer 3.25% of gross wages; ESIC monthly challan; Form 6 (half-yearly return); ESI benefit entitlement for employees earning ≤₹21,000
• Professional Tax (PT): state-wise PT slabs (e.g., Maharashtra: ₹200/month for ₹10,000–₹20,000, ₹300/month for >₹20,000); PT challan
• Gratuity: as per Payment of Gratuity Act 1972 — applicable after 5 years of service; formula: (Last salary × 15 × Years of service) / 26; creating gratuity provision in TallyPrime; gratuity report
• E-Filing Income Tax Returns:
• Form 24Q (Salary TDS return): quarterly filing; FVU file generation from TallyPrime; validating with TDS Return Preparation Utility (RPU); uploading on TRACES portal; generating Form 16 after filing
• Corrections in previously filed TDS returns: submitting correction statement; handling PAN errors; updating TDS certificate

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ADVANCED ADD-ON — GST SIMULATION (Extra fee):

• Hands-on simulation: GSTR-1 filing, GSTR-3B computation, E-Way Bill, E-Invoice practice (same as TallyEssential add-on but in context of advanced transactions covered in TallyProfessional)