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Tally vat

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Tally vat

  1. 1. 2010Tally.ERP9 VAT Rate Changes Process Mr. Nitin Sarada Winjit Technologies Pvt. Ltd.
  2. 2. Tally.ERP9 VAT Rate Change Process 05 April 2010 DISCLAIMER THE VIEWS EXPRESSED IN THE DOCUMENT ARE AUTHOR’S PERSONAL OPINION AND THE AUTHOR IS NOT RESPONSIBLE. www.winjit.com (WINJIT) Page 2
  3. 3. Tally.ERP9 VAT Rate Change Process 05 April 2010 Table of Contents 1 INTRODUCTION ........................................................................................... 4 2 TO KNOW THE CURRENT STATUS ........................................................... 5 3 TO DOWNLOAD LATEST VERSION & STATUTORY RELEASE ............... 6 4 CREATING NEW LEDGERS ........................................................................ 7 5 CHANGES IN STOCK ITEM ....................................................................... 10 6 CHANGES IN THE VOUCHER CLASS (IF ANY) ....................................... 13 7 CUSTOMIZATIONS .................................................................................... 19 8 SPLITTING OF COMPANY ......................................................................... 20 9 ABOUT WINJIT TECHNOLOGIES PVT. LTD. ........................................... 21 www.winjit.com (WINJIT) Page 3
  4. 4. Tally.ERP9 VAT Rate Change Process 05 April 2010 1 Introduction As everyone knows, there are number of activities to be carried out due to changes in the VAT Rates every year in Tally.ERP9. There are certain procedures, reports available in Tally.Erp9 which will ease the process & save the time. The following document takes into account the changes in VAT Rates of Certain Commodities w.e.f. 01.04.2010. The relevant Notification can be downloaded from www.mahavat.gov.in. www.winjit.com (WINJIT) Page 4
  5. 5. Tally.ERP9 VAT Rate Change Process 05 April 2010 2 To Know the Current Status Whenever there are certain changes due to statutory compliances, change in rules, and provision, etc, Tally.ERP9 will make the changes in Statutory Masters & release the stat file. In the bottom part of Tally.ERP9, we know the status of our Release & Stat file installed on our computer. If connected to the internet, Tally will display information of the latest available release as compared to the installed one. Latest Version is 1.61 & Stat 108. Along with the release Tally.ERP9 is also having Release notes from which we can know the changes done by Tally.ERP9 in statutory masters. Ensure that Tally.Net subscription is not expired. www.winjit.com (WINJIT) Page 5
  6. 6. Tally.ERP9 VAT Rate Change Process 05 April 2010 3 To Download Latest Version & Statutory Release Follow the below mentioned process in order to download the latest version of Tally.ERP9.  First take the backup of the existing data.  Visit www.tallysolutions.com  Download the latest Version File & Stat Release.  Run the Install File (It will prompt for installation & will provide help for how to install).  Copy the new Stat file to the location where Tally is installed (say C:tally.Erp9).  Start Tally & check for the updates.  We can import the stat release by pressing Ctrl+Altr+O. www.winjit.com (WINJIT) Page 6
  7. 7. Tally.ERP9 VAT Rate Change Process 05 April 2010 4 Creating New Ledgers If we are having ledgers according to the VAT Rates e.g. Sales 4%, Sales 12.5%, etc. We have to make new ledgers for Sales 5%, Purchases 5%, Output VAT 5%, and Input VAT 5% For creating New Ledger Navigation: Gateway of Tally -> Account info – Ledger – Create Sales Ledger of 5% sales www.winjit.com (WINJIT) Page 7
  8. 8. Tally.ERP9 VAT Rate Change Process 05 April 2010 Purchase Ledger of 5% Purchases Output VAT 5% www.winjit.com (WINJIT) Page 8
  9. 9. Tally.ERP9 VAT Rate Change Process 05 April 2010 Input VAT 5% www.winjit.com (WINJIT) Page 9
  10. 10. Tally.ERP9 VAT Rate Change Process 05 April 2010 5 Changes in Stock Item To implement the changes in the stock items, please follow the below mentioned process: Navigation: Gateway of Tally->Stock Item->Alter  Change the rate of VAT for the selected item. www.winjit.com (WINJIT) Page 10
  11. 11. Tally.ERP9 VAT Rate Change Process 05 April 2010  For Advance settings press F12 (Configuration Button on right hand side)  Make the suitable changes  Set/ Modify default ledgers for invoicing (make sure that in company Features F11- Inventory menu, allow invoicing is set to yes) Here we can set default ledgers for purchase & sale of the selected item www.winjit.com (WINJIT) Page 11
  12. 12. Tally.ERP9 VAT Rate Change Process 05 April 2010 Example: www.winjit.com (WINJIT) Page 12
  13. 13. Tally.ERP9 VAT Rate Change Process 05 April 2010 6 Changes in The Voucher Class (if any) Voucher class is the definition of structure to make the entries. E.g. if we are defining the voucher class for Sales, that will simplify the calculations mode for sales entries as predefined in the class. Person making the classes should have thorough understanding of the structure to be defined & its accounting implications  Gateway of Tally -> Accounts Info -> Voucher Type – >Alter ->Sales www.winjit.com (WINJIT) Page 13
  14. 14. Tally.ERP9 VAT Rate Change Process 05 April 2010 From above we are making class of “Tax Invoice” (We can make as number of classes as we can). It should be understood that classes should be defined for the fixed structure entries only. (e.g. Sales)  Exclude the Groups We can customized our selection by excluding certain groups that means ledgers under the selected group will not be prompt at the time of entering the voucher (in our example sales)  Include the Groups As explained, we can include the groups. www.winjit.com (WINJIT) Page 14
  15. 15. Tally.ERP9 VAT Rate Change Process 05 April 2010  Default Accounting Allocations for Items Here we can define the allocation i.e. ledger to be selected for the stock item e.g. for Sales we can select sales 12.5%  VAT Class The default class for Sales Ledger e.g. Sales 12.5%  Percentage If there is certain percentage of allocation to single item, we can define that here only. This is helpful for the clients who are used to bill at the inclusive rates. E.g. if any organization is selling its items having 12.5% rate & normally bills at inclusive rates, can set allocation percentage as Sales Ledger 12.5% -> 88.88% Output VAT 12.5% -> 11.12%  Override using item defaults As explained in the above topic of Stock Item Settings, Tally has given feature to make default allocations of Items e.g. after selecting a particular item at purchase or sales voucher default accounting allocation will be done as per the settings in masters. www.winjit.com (WINJIT) Page 15
  16. 16. Tally.ERP9 VAT Rate Change Process 05 April 2010 This is also very helpful feature of tally, because we need not have to think of accounting allocations at the time of entry (generally when stock items are more or sales entries are done by operators etc. this feature is very helpful) If we set the option as YES then tally will make accounting allocation as defined for the stock item. e.g. though we are setting sales for sales 12.5% in the above screen as accounting allocations, but if we are having item of 4% & default allocation is set for the stock item, by setting Override item Defaults as Yes , Accounting will be done as Sales 4% only (and not as Sales 12.5%)  Ledger Names In this screen we have to define the ledgers to be selected at the time of entering the sales vouchers & the calculation thereof. E.g. VAT Ledgers, Excise Ledgers, Packing Charges, Transportation, Rounding off, etc. After selecting the ledger Tally.ERP9 will prompt for calculation type www.winjit.com (WINJIT) Page 16
  17. 17. Tally.ERP9 VAT Rate Change Process 05 April 2010 Then we will have to select rounding up method & whether to show zero values or not. At the time of making the entries the screen for sales voucher after selecting appropriate class will be as shown below www.winjit.com (WINJIT) Page 17
  18. 18. Tally.ERP9 VAT Rate Change Process 05 April 2010 After entering the values of Items Selected, Quantity, Rate etc. cursor will not move to the filed for which we have set the calculation methods in the class definition. www.winjit.com (WINJIT) Page 18
  19. 19. Tally.ERP9 VAT Rate Change Process 05 April 2010 7 Customizations If we are having any customizations regarding the Sales, Purchases, Debit Notes, Credit Notes, etc. and after making the above changes documents are not printed / working as in the required formats means we will have to make some changes in the customized module. In such cases please contact Winjit Technologies Pvt Ltd on tally@winjit.com or 91-253-6633999 www.winjit.com (WINJIT) Page 19
  20. 20. Tally.ERP9 VAT Rate Change Process 05 April 2010 8 Splitting Of Company As the VAT rate changes are w.e.f. 01.04.2010, if needs (generally if we are not going to pass to many entries up to 31.03.2010), we can split the existing company & make the suitable change as explained in above topics. For splitting company please refer to our document on “Year End Procedures” www.winjit.com (WINJIT) Page 20
  21. 21. Tally.ERP9 VAT Rate Change Process 05 April 2010 9 About Winjit Technologies Pvt. Ltd. Winjit is a fast-growing provider of software consultancy, design and development services, headquartered in the India. Winjit Technologies has a proven track record of successful development and implementation of solutions on different technologies for a variety of customers. With state-of-the-art delivery centres in India, we have a team of competent professionals with expertise in different technologies. Our development centres have all the necessary communication links and hardware / software for development of commercial applications, web portals and web sites. To maximize value for the customer, our development centres follow ISO 900 certified processes. Our Project Management Methodologies is a blend of finest practices tuned to support the engagement models. With extensive experience in consulting, training and software development, we have successfully completed a number of projects on a wide range of hardware and software platforms. Continuing investments in net centric technologies, client/server technologies, software development methodologies, project management systems, quality assurance processes have helped deliver quality solutions on time, and more importantly within budgets. We have adequate Quality management systems which help the organisation in organised processes and delivering value to its customers. So we have basically a process-driven architecture for entire project lifecycle. www.winjit.com (WINJIT) Page 21

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