5 New Capabilities Of TallyPrime That Simplifies GST Compliance for Your Business

Upgrade to the latest TallyPrime Release 3.0 for easier GST management. With a more…

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Upgrade to the latest TallyPrime Release 3.0 for easier GST management. With a more simplified version from setting up GST to creating invoices, handling returns, and reconciling accounts.

It helps you with everything from setting GST details to filing the returns. What’s cool is it checks your filings against official records like GSTR-2A and GSTR-1 to ensure accuracy. Plus, it brings in other useful features to simplify your tasks and let you focus on your business. This means you can ensure accuracy and easily comply with GST regulations. Our online tally course with certificate will help you better.

TallyPrime Release 3.0 makes managing your GST and business needs simpler than ever. Check out these 5 new capabilities it offers.

1. Seamless Integration with GSTN

Now, you don’t have to spend hours manually matching your GST data with GST Network (GSTN). TallyPrime now links directly to GSTN, so your data updates instantly. No more mistakes or wasted time entering data. With TallyPrime, your GST filings will always be precise and on time, freeing up your resources for other tasks.

TallyPrime makes handling GST easier by doing away with manual work. It connects directly to GSTN, so you don’t have to enter data or match things up yourself. This helps make sure your GST filings are accurate and on time.

  • It also lets you share data instantly with GSTN. So, any updates or changes happen right away, without delay.
  • Using TallyPrime cuts down mistakes since it automates most of the work. This means you’re less likely to have errors that could cause problems with GST rules.
  • And because TallyPrime handles a lot of the work for you, it frees up time. You can use that time for other important tasks or planning for the future of your business.

2. Automated GST Returns Filing

No more stress about filling out those GST returns by hand! TallyPrime has made it super easy with automated filing. It does everything for you, from getting the data ready to sending it off. No more mistakes either – TallyPrime is super smart and makes sure everything is correct.

  • It covers all the bases, too. Even if it’s your monthly returns or the big annual one, TallyPrime has got you covered. So, you can relax and focus on growing your business instead.
  • No more worrying about making mistakes. TallyPrime is super smart and makes sure your GST returns are filed without any errors. That means no more fines or trouble with the taxman. Whether it’s the GSTR-1, GSTR-3B, or the yearly ones.
  • With TallyPrime release 3.0 on your side, you can find peace of mind. You don’t need to worry about deadlines and paperwork and concentrate on what really matters—running your business smoothly.

3. Dynamic GST Audit Trail

TallyPrime keeps track of all your GST transactions in a detailed log. This helps you easily see every move your business makes regarding taxes, like when you claim tax credits, sell goods, or adjust taxes. Having this record makes it easier for you to show tax officials if they ever ask.

  • When it’s time for a GST audit, having all your transactions neatly recorded makes the process smoother.
  • You can easily show the tax authorities everything they need to see, reducing the chances of any problems.
  • By using TallyPrime’s dynamic GST audit trail, You can tweak the “Track GST Return Activities” report in different ways. For instance, you can switch it from showing returns to showing periods. Also, you can filter it to see only pending tasks or completed ones.

4. Real-time GST Insights

TallyPrime gives you up-to-the-minute updates on your GST, so you can see exactly what taxes you owe and when. This helps you make smart choices about your finances and plan ahead for taxes. From payments to figuring out how much you’re spending versus earning, ensure you’re following all the rules.

  • It helps you to personalized dashboards for your business needs which suits you best.
  • By giving you real-time insights into your GST, TallyPrime helps you make smart choices about taxes, saving money, and following the rules.
  • TallyPrime makes it easy to keep up with the rules. It reminds you when deadlines are approaching, when there are new rules, and when things change, so you can stay on track.

5. Making Changes and Reporting in Tax Returns

With the new TallyPrime update, handling changes and reporting your tax returns is a breeze. All you have to do is mark your filed returns as ‘signed’ on the GST portal. Once signed, any changes or new entries are highlighted and kept track of for you to review and take action on. That means, if there’s a mistake in your invoices or transaction amounts after you’ve filed, you can’t directly fix it in the filed returns.

But, the GST portal does let you make corrections in the next returns you file. So, any changes or fixes you need to make can be reported in the following returns as amendments.

  • After filing your April 2023 invoice, if you spot a tax error:

– Mark the return as completed in TallyPrime.
– Any future changes for that month will be tracked automatically.

  • Correct the tax amount in the April transaction. TallyPrime will note these changes and flag them in the ‘Uncertain Transactions’ section of GSTR-1.
  • Specify the date of correction (e.g., May 25th), and the adjustments will be included in the May GSTR-1’s ‘Amendments’ section and reflected in the May 2023 GSTR-3B.

In Simple Terms

TallyPrime’s latest updates are changing how businesses deal with GST rules in India. It connects smoothly with GSTN and handles things like filing returns automatically, and keeping track of changes, and providing instant updates on what’s happening.

TallyPrime gives a complete package to make dealing with GST Compliance easier for your Business needs. With the help of Super 20 Training Institute by your side, you can cut down on mistakes, follow the rules better, and concentrate on growing in a tough market.

5 Critical Quеstions that TallyPrimе Rеports Answеr

In thе dynamic world of financе and accounting, staying ahead of thе curvе is…

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In thе dynamic world of financе and accounting, staying ahead of thе curvе is essential for businеssеs of all sizеs. Managing financеs, analysing data, and making informed decisions arе at thе corе of successful financial management.

If you are considering a Tally course in Ahmedabad or are already familiar with TallyPrimе, you are on the right track. TallyPrimе, a widely used accounting softwarе, offers a robust rеporting system that can provide answers to critical financial questions.

In this comprehensive article, we will explore five crucial questions that TallyPrimе rеports can answer, empowering businеssеs to make data-drivеn decisions.

1. How is my businеss pеrforming financially?

One of the most fundamental questions in business is understanding your financial pеrformancе. TallyPrime excels in this aspect by offering a suitе of financial rеports. Thеsе rеports, including the Profit and Loss Statement and Balance Sheet, provide a comprehensive view of your business’s financial health. By analysing thеsе rеports, you can gaugе your profitability, assess your expenses, and understand your assеts and liabilitiеs.

This insight is invaluablе for businеss ownеrs and stakеholdеrs, guiding stratеgic planning and financial decisions. The profit and Loss Statеmеnt (P&L) is your financial compass, indicating whether your business is heading in the right direction. It details your rеvеnuеs, costs, and expenses, ultimately rеvеaling your nеt profit or loss. This rеport allows you to assess the overall financial performance ovеr a specific period, whеthеr it is a month, a quartеr, or a yеar.

Thе Balancе Shееt providеs a snapshot of your business’s financial position at a specific point in time. It lists your assеts, liabilitiеs, and sharеholdеrs’ еquity. This report is instrumental in understanding the liquidity and solvеncy of your business. Arе your assеts sufficiеnt to covеr your liabilitiеs? Are you in a strong financial position to sеizе nеw opportunities? Thе Balance Sheet answers thеsе critical questions, helping you navigate the complex tеrrain of financе.

2. What arе my outstanding dеbts and rеcеivablеs?

Effective cash flow management is critical for the sustainability of any business. TallyPrimе simplifiеs this task through its Agеing Analysis rеports. Thеsе rеports categorise outstanding invoices based on their duе datеs, allowing you to identify ovеrduе paymеnts promptly. Timеly identification of debts and rеcеivablеs enables businesses to maintain a hеalthy cash flow by following up with clients or vеndors.
The Agеing Analysis rеports brеak down your outstanding rеcеivablеs and payablеs into catеgoriеs based on thе аgе оf thе transactions. You can typically customizе thеsе catеgoriеs to match your business’s specific nееds. By analysing this data, you can identify bottlеnеcks in your cash flow. Arе cliеnts dеlaying paymеnts? Are you holding excessive inventory that ties up capital? With thеsе insights, you can take corrective actions to ensure a stеady and healthy cash flow.

3. Are my tax liabilities accurate?

In an еra of complеx tax rеgulations, еnsuring accurate tax calculations and rеporting is paramount. TallyPrime streamlines the process by offering GST (Goods and Sеrvicеs Tax) rеports. Thеsе rеports, such as GSTR-1 and GSTR-3B, help businesses calculate and report taxes accurately. Compliancе with tax regulations is vital to avoid pеnaltiеs and lеgal complications, making reports an indispensable feature for businesses. GST has transformed the landscapе of indirеct taxation in India. It’s a multi-stagе tax that affects businеssеs of all sizes and sectors.

Accuratе GST compliancе is not just a mattеr of financial prudеncе; it’s a lеgal rеquirеmеnt. TallyPrimе’s GST rеports simplify this complеx process by automating calculations and еnsuring that your tax rеturns arе accurate and filеd on time. Thеsе rеports provide a clear breakdown of your sales, purchasеs, and input tax crеdit, allowing you to rеconcilе your data еffortlеssly. With TallyPrimе, you can rest assured that your tax liabilities are accurate and compliant.

4. Which products or services arе thе most profitable?

For businesses offering a range of products or services, identifying the most profitablе ones is crucial. TallyPrimе’s Sales and Purchase Rеports providе in-dеpth insights into salеs trеnds, inventory management, and thе profitability of individual products or sеrvicеs. Armеd with this data, businesses can make informed decisions regarding pricing strategies, inventory management, and marketing efforts. In a compеtitivе markеt, undеrstanding your product or sеrvicе profitability is thе kеy to succеss.

Not all products or services are created equal. Some might be high-margin while others could be dragging down your profits. TallyPrime’s Sales and Purchase reports offer a granular view of your transactions. You can analyse salеs trеnds, track invеntory levels, and dеtеrminе which products or sеrvicеs arе contributing the most to your bottom line.

5. How can I improvе efficiеncy and rеducе costs?

Efficiency and cost reduction are perpetual goals for businesses. TallyPrime reports extend beyond financial statements, offering insights into opеrational еfficiеncy. By analyzing expense reports, businesses can pinpoint areas where costs can be optimized or reduced.

This may involvе rеnеgotiating suppliеr contracts, strеamlining procеssеs, or adopting cost-effective technologies. Improving efficiency and reducing costs can ultimately lead to enhanced profitability.

Efficiеncy is thе hallmark of a wеll-managеd business. Wasteful processes and unnecessary expenses can erode your profits.

TallyPrime’s expense reports enable you to dissect your costs and identify areas for improvement. Are you overspending on certain overheads? Can you negotiate terms with your suppliеrs? Аrе thеrе redundant processes that can be eliminated? TallyPrimе’s reporting capabilities provide thе data-driven insights you nееd to enhance your operational efficiency and rеducе costs without compromising quality.

The bottom linе

TallyPrime reports serve as indispensable tools for businesses striving to thrive in today’s competitive landscape. Thеy answer critical questions related to financial performance, outstanding dеbts, tax liabilitiеs, product profitability, and opеrational еfficiеncy.

If we talk about the company’s growth and succеss ratе, TallyPrimе hеlps in ascеrtaining and valuing the company’s crеdibility and standing in thе financial markеt. Also, TallyPrimе gіvе thе approximate figures of overheads, costs & expenses which successfully help in taking vital dеcisions of thе businеss.

Whеthеr you arе еnrolling for a Tally coursе in Ahmеdabad to еnhancе your skills or are already proficient in TallyPrimе. By harnessing thе powеr of Tally’s reporting capabilities, you can be sure of a successful business with informed decision-making.

All About Depreciation Bookkeeping

Finances are an inherent part of our everyday lives and on an everyday basis…

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Finances are an inherent part of our everyday lives and on an everyday basis – we do come across the processes of depreciation, appreciation and other related processes in different forms. These processes may sound complicated to comprehend, but once we understand them and the outline of their functioning, we may conclude that they are actually simple and extremely essential.

Before we delve deeper into the processes of depreciation, we must go through the concept of bookkeeping. Bookkeeping is the backbone of a stable and well running business, as it involves keeping records of the financial affairs of the business. This process must be done judiciously with care and concern, as if it is taken lightly, it may circumstance in financial muddles and other such confusion. 
The skill of bookkeeping is not easily learnt, and engaging in official and professional training for the same is beneficial – both for the individual and her respective business. To further understand the concept of bookkeeping as a whole, an individual can consider enrolling in a tally class in Ahmedabad.

What Is Depreciation?

Before we understand the process of depreciation as a whole, we need to don the economic eyeglasses and understand the concept of a fixed asset – as depreciation revolves wholly and solely around this concept. 

A fixed asset is most often defined as a long-term asset used by a company/firm that holds a lasting period for over a year. These assets include land, big machines etc. – and depreciation involves constant decreasing of a specific/recorded cost on this very asset.

For instance, let us say that a firm purchases a steel grinding machine with a cost of Rs 400,000 and the expected working period of this specific machine is eight years, then it can be said that the firm depreciates the asset held under this process of depreciation at the cost of Rs 50,000 per year. 

Thus, we can infer, from the given example, that it is the cost of the depreciation asset divided by the number of years the asset is put into use, which is considered as a certain ‘depreciative cost’ every year. (From the given example, we can infer that the asset is divided by eight years as the machine is used for eight years). 

The principles and nuances of depreciation can be levied on every other fixed asset except land, as land is a particular asset whose value only appreciates with time and usage. The above description is a brief overview of depreciation, and further insight into depreciation can be gained in a tally computer course, to be considered in Ahmadabad, which the individual must consider attending.

Calculation Of Depreciation 

There are multiple methods, using which depreciation can be calculated with both ease and efficiency. Yet, before we engage with the calculation process, there is a certain checklist of factors that we must keep in our mind, which are as follows – 

  1. Life of the asset – The ‘life’ of the asset, or to be more specific, the ‘productive’ life of the asset refers to a certain period beyond which the mentioned asset is not considered useful. The mentioned asset loses its cost – affectivity post this period, and the operation of this very asset cannot be continued judiciously. 
  2. Salvage Value – After the mentioned asset discards its cost-effectivity and is no longer useful for the company, losing its ability to contribute towards the functioning of the operation productively, the firm may consider selling the asset at a lower amount. This ‘lower amount’ is defined as the salvage value of the mentioned asset.
  3. The overall cost of the asset – As we engage with the process of depreciation, it is essential for us to keep in mind, the overall cost/total cost of the asset we are working with. This ‘overall cost’ does not merely include the cost of the asset, but it also includes production/set up expense, transport cost – so on and so forth. 

A further and more thorough understanding of these factors can be obtained in the tally computer course in Ahmedabad. Attending this course can surely prove to be a knowledgeable and enriching experience for the individual who poses interest in the field of accounting, and specifically in the field of bookkeeping. 

Finally, what is depreciation bookkeeping?

Depreciation Bookkeeping

After we thoroughly comprehend the processes of depreciation and make a checklist of certain, specific factors to keep in mind while engaging with this process, we must now move onto the main topic of depreciation bookkeeping, which is, in simpler words, the accounting/recording of the amount of depreciation suffered. 

  1. Straight Line Depreciation Method – It involves the simple placement of a constant rate of depreciation every year, over the life of a fixed asset. This is not merely the easiest, but the most straightforward method of depreciation calculation which can also be classified as the method most commonly and easily used by companies. 

Formula – Annual Depreciation expense = (Asset cost – Residual Value(5% of original cost of asset)) / Useful life of the asset
2. Written Down Value Method: Most of the companies are using the written down value method. The main reason of this depreciation method is that the actual realizable cost of the asset can be derived from this method of depreciation. In this method of depreciation, depreciation on assets is higher in the initial period and lesser in later years. This is because, asset value will be reduced more in the initial years and there after, maintenance cost increases and value of the asset will be decreasing but with a lesser amount.

The above methods of depreciation bookkeeping are just a brief insight into the vast field of accounting, knowledge about which can be furthered if the individual enrolls in the tally course in Ahmedabad

Enrolling in the mentioned class is highly recommended, as professional insight into the processes of depreciation and related methods holds great water in the long run, benefitting both the individual and her firm as a whole, ensuring greater stability/smooth financial functioning of the firm, development of better customer relations, and most importantly, complete internal satisfaction to the person running/supervising the finances and the overall working of the firm.

Bank Reconciliation Statement

Amongst various ledger accounts maintained by an organization as part of its books of…

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Amongst various ledger accounts maintained by an organization as part of its books of accounts, one of them is bank ledger, also called bank book. Like any other ledger account, it captures entries that affect the bank balance, viz. salaries paid, receipts from debtors etc. 

While the bank ledger records these transactions to show a certain bank balance at the end of the period, the actual bank balance as per bank statement (also called passbook) for the same period may be different. This could happen on account of various reasons, for example, chews issued to vendors for payment but not encashed by them, i.e. not presented for payment. Or cheques received from debtor and captured in accounts but the credit is not reflected in the bank statement as yet. 

These days, with most transactions being NEFT / IMPS and therefore in almost real time, chances of such differences has greatly reduced. However, there could still be some differences, like bank charges levied by the bank which the organization gets to know only once the books are compared with the bank statement.

The process of comparing the bank balance as per books and bank statement and identifying differences is called bank reconciliation, and is usually documented by way of a BRS – Bank Reconciliation Statement.

Typical adjustments seen in a BRS are:


Impact on bank statement

Adjustment to bank book to arrive at balance as per bank statement

1.Cheques issued but not presented for payment by vendorWill inflate balance as per statementAdd to ledger balance
2.Cheques deposited but not clearedWill reduce balance as per statementReduce from ledger balance
3.Bank charges debited by bankWill reduce balance as per statementReduce from ledger balance
4.Interest income credited by bankWill inflate balance as per statementAdd to ledger balance
5.Cheques deposited but returned dishonoredWill reduce balance as per statementReduce from ledger balance
6.Standing instructions for certain payments not captured in booksWill reduce balance as per statementReduce from ledger balance

Depending upon the volume of transactions, businesses may prepare reconciliation more regularly, say weekly or even daily, rather than at the end of accounting year.

For those maintaining accounts in Tally, the process of bank reconciliation gets quite simplified due to the features of Tally. There are options to prepare BRS manually, and also to activate auto preparation. With just a couple of clicks, a user can choose the bank account for which reconciliation needs to be prepared, select the bank statement, and Tally would prepare a BRS automatically by comparing entries in bank book with line items in the bank statement.

To learn about various features of Tally including how to prepare bank reconciliation statement, you could enroll with Super 20 Training Institute which offers some of the best Tally courses in Ahmedabad.

B.Com Student – Ready For The Job

“Ma’m, can I get a job after completing this course?” asked a curious voice.…

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“Ma’m, can I get a job after completing this course?” asked a curious voice. And the sweet reply from a lady was “Oh yes, why not?”

This is not a movie scene. We at Super 20 Training Institute (a.k.a. S20) get such questions from the students day in and day out. But the above question was asked by Rohan – a third year BCom (TY BCom) student exactly a year back. The question was not unique to us, but it was very obvious and unique for Rohan.

Well, Rohan was resident of Ahmedabad and called up the institute for Tally Course. After getting first-hand information over the course, he decided to visit Super 20 Training Institute. After inquiry, he was satisfied that this is the best tally course in Ahmedabad. But he was skeptical about the job prospects. That’s why he asked this question.

Rohan joined morning batch of the institute. Day by day, he was learning. Initially, he was a bit slow on learning. So he took to the mentor at the institute to know what to do. He was advised to put extra 1 hour daily at the institute for practicing what was taught. The trick worked for him. Gradually, he picked up. Rohan was an average student. He got second class in the previous examination of the university. But here he liked the practical approach and practical way of learning thing. The entire course turned out be a guiding factor for Rohan. He got Tally Training, Accounting Training, GST Training, Income Tax Training and soft skills training. This was not only enough. He felt confident about himself after doing the course training.

3 months course was completed. Bells rang for his university examination. He went for the college as well as university examinations. After the examination, he again approached S20 asked for the promise made to him.

“Ma’m, can I get a job?”

In reply, the lady handed over him list of three suitable job vacancies, where he can appear for the interview. He appeared for the interviews at two places and got selected at one of his choice. What else does a BCom student need?

Every year thousands of B.Com students get passed from various colleges / universities. All of them face a situation, where, even after getting good marks, they struggle to find a job of their choice. This situation is created because of our education system. Students get passed, but they do not have required skills for the desired jobs.

At S20, we have endeavored to develop courses which help students to improve their skills, which in turn help them in building careers in Accounting, GST, Income Tax etc. Every year, we have hundreds of cases of BCom students like Rohan, who make their career with the help of Super 20 Accounting Training Institute.

Tally; Basic of Accounting

I am an accountant, and can perform all my tasks perfectly in given time.…

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Best accounting and tally classes in Ahmedabad

I am an accountant, and can perform all my tasks perfectly in given time. My superiors have faith in me and my subordinates are my friends.

Sounds like an ideal professional (work) life! Right?

Your attitude, your behaviour, your dedication and your decisions predict your life. The more you think you want to achieve your goal, the more you come close to it.

As a future accountant the required field of knowledge is all what you have learned or learning in your graduation. But it does not comprise everything to meet the needs of an accountant. For completing any task on thing you must know how to handle your work smartly. In today’s scenario software’s are helping us to go smart. And for accounting purpose tally is the first suggestion in the field of accounting.

Tally Solutions Pvt. Ltd. is an Indian multinational company that provides enterprise resource planning software called Tally.ERP 9 with single and multi-user licences. Tally is not just accounting software, after the introduction of ERP. The capability and functioning of Tally is much more widened and extended to a great extent. Its software is used by more than 1 Million customers.

Learning tally is mandatory for every commerce graduate. Because, it avails every facility from basic to expert level comprising

  1. Recording of  financial transactions of all forms of business,
  2. Helps an accountant to create and maintain records and documents,
  3. Helps in finalization of accounts

And includes all the qualities of any electronic device like time efficient, accurate, reasonable, etc.. It also helps to maintain the employees information like his attendance, salary, bonus, leaves and many more things.

The situation changes after the introduction of Goods and Services Tax (GST). Earlier the Indian constitution had very complex procedure and various type of taxes but GST served with an idea of 1 nation 1 tax.  GST is a single tax on the supply of goods and services.

 If reports are to be believed, there has been a nearly 34% of GST mismatch or underpayment of GST, amounting to an overwhelming deficit of INR 34,400 Crores. The problem was wisely solved by the updated version of Tally.ERP.9 which enabled its users to calculate GST and also facilitated to maintain their records systematically. Now everyone wants to know the concept of GST which is easily done through tally. So again the required field for any accountant is tally.

So, if you aim to become a wise accountant, you must focus on understanding tally first. And if you are looking for guidance then you must scroll the tally courses of Super20 Training Institute. Here, you will be guided by the CA faculty and tally is taught along with not only GST but taxation too.

You can also visit to the website of Super20 and can get an idea of what you will be taught and how. Make sure you take decisions before its too late.

Because the late you start, the late you achieve your goal.