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Learn Accounting with Tally.ERP9
Reverse Charge Mechanism (RCM) is one of the most important yet confusing topics in GST. Many students, business owners, and even beginners in accounting struggle to understand when and how it applies.
Order Processing is a process followed by businesses for smoother transactions, timely delivery / services and intime receipt of payments. Before getting into the sales/purchase, both the parties agree upon terms and conditions for pricing and delivery and payments/receipts
As per GST mandate, printing of a valid sales invoice/ GST tax invoice should have party’s GST registration, location, item details (HSN or SAC), and tax rates. Sales Invoice can be Single GST rate or multiple GST Rate invoice.
Discounts in Sales Invoices in Tally.ERP9 In the day to day business , to increase the business volume, attract more customers, often discounts are offered. The Discount is a special allowance or concession in price of a product or service. Discounts in sales invoices can be given on products or services. Discounts in sales
Tally.ERP9 is a comprehensive accounting software which is industry standard GST ready. The transactions which involve in the sales of goods or services need to be entered in GST Invoice Format. Since GST Invoice has to be handed over to customer hence it is mandatory for a business to get GST Invoice printed.
All the financial transactions are recorded in a document called a voucher. Voucher entry is required for recording the same into the books of accounts. For every transaction, you need to enter an appropriate Tally voucher to get the same posted into the particular ledgers and finally to update the financial positions of the corporate.
GST details for Stock Items and Groups and at Company level can be updated in Tally.ERP9. You can create/update GST for groups if you have multiple items falling under the same tax slab by adding multiple items to the groups. Create/update GST for Stock Items is used when you want to set GST rates for Stock Items
Activate GST in Tally.ERP9 GST Computation plays a very crucial role in any business to know its exact GST payable amount. It is equally important to the Tax Authorities to collect the right amount of GST. So Tally.ERP9 facilitates the same by calculating the GST amount transaction by transaction.
A ledger is the actual account head which is used to identify your transactions and are used in all accounting vouchers. The examples of ledgers are , purchase Account, sales Account, Cash Account, Bank Account etc. . Without a ledger, you cannot record any transaction.
All the Stock Items are mainly purchased and sold on the basis of quantity. which in turn is measured by units. So, it is necessary to create the Units of Measure. We can define Units of Measure either simple or compound. For Instance simple units of measure are: nos., metres, kilograms, pieces etc.
Let us Learn Units of Measure and Godowns in Tally.9 ERP Read More »
