TALLY PRIME

TALLY stands for Transactions Allowed in a Linear Line Yard. You must be familiar with Tally, and if you visit any computer schools, you will learn about Tally Computer Course. 

1. COMPANY CREATION

2. ALTER COMPANY

3. SHORTCUT KEYS IN TALLY

4. LEDGER & GROUP CREATION

5. VOUCHERS

6. PAYROLL

7. BANK RECONCILICATION STATEMENT

8. BUDGET

9. DEBET NOTE

10. CREDIT NOTE

11. GST

12. TDS

13. TCS

Tally Prime is an accounting software widely used in India and other countries for managing financial transactions, inventory, payroll, and more. It is especially popular among small and medium-sized businesses (SMBs) due to its user-friendly interface and powerful features. One of the key aspects of Tally Prime is its capability to handle Goods and Services Tax (GST) compliance, which is crucial for businesses in India.

Key Features of Tally Prime with GST:

1. GST Invoicing:

   - Generate GST-compliant invoices with all required details, such as GSTIN, HSN/SAC codes, tax rates, and more. It also supports different types of invoices, like tax invoices, bill of supply, and export invoices.

2. Automatic Tax Calculation:

   - Tally Prime automatically calculates CGST, SGST, IGST, and other taxes based on the transaction details. It ensures that the correct tax rates are applied according to the type of supply and location.

3. Error Detection and Correction:

   - Tally Prime identifies errors in transactions and provides alerts for incorrect or incomplete data entry, helping you to correct issues before filing GST returns.

4. HSN/SAC Code Management:

   - Manage HSN (Harmonized System of Nomenclature) and SAC (Service Accounting Code) codes within the software. Tally Prime allows you to set up and maintain these codes for your inventory and services.

5. Input Tax Credit (ITC):

   - Track and manage input tax credit (ITC) on purchases and ensure that you’re availing of the correct amount of credit. Tally Prime helps in reconciling ITC with GSTR-2A/2B.

6. E-Way Bill Integration:

   - Tally Prime can generate and manage e-way bills, which are required for the transport of goods under GST. It can integrate with the government portal to create e-way bills directly from the software.

7. Multi-Tax Rate Support:

   - Tally Prime allows you to handle multiple tax rates within the same transaction, which is useful for businesses dealing with different types of products and services.

8. Inventory Management with GST:

- Manage inventory along with GST details such as HSN codes, tax rates, and stock movements. Tally Prime helps in keeping track of inventory valuation, stock status, and sales/purchase history.

Getting Started with Tally Prime for GST:

1. Installation and Setup:

   - Install Tally Prime on your computer and configure the GST settings based on your business requirements.

2. Company Creation:

   - Create a new company profile within Tally Prime and enter details like GSTIN, business type, and other relevant information.

3. Ledger and Inventory Setup:

   - Set up ledgers and inventory items with appropriate tax rates, HSN/SAC codes, and GST details.

4. Voucher Entry:

   - Record daily transactions using different vouchers like sales, purchase, payment, and receipt. Ensure that GST is applied correctly on each transaction.

5. GST Returns Filing:

   - Regularly generate and review GST returns, reconcile them with your books, and file them within the due dates.

Tally Prime is a comprehensive solution for businesses looking to streamline their accounting processes while staying compliant with GST regulations. It simplifies the complex tasks of managing taxes, inventory, and financial data, making it easier for businesses to focus on growth.