Tips to Learn Tally and GST Online

  Classes Of Professional Studies      10-05-2021

Wondering how to use Tally.ERP 9 with GST at home? Now that work from home is the new normal, you should consider taking Tally classes online. A Tally is accounting software that offers user-friendly solutions to every accounting needs.

You can find many Tally.ERP 9 courses on the internet to continue studying at home. However, let us see how Tally works and help you remotely.

With the introduction of GST, accounting tools such as Tally are now available to assist you in preparing your books following GST regulations. We will show you how to use Tally.ERP 9 for GST in this post. Tally ERP 9 solutions can also be integrated with ClearTax GST. To use Tally.ERP 9, a user must first create a company, activate the GST features and create the required ledgers. Let's take a closer look at them.

Our first step would be to create a company in Tally.

How to create a company?

Creating a company in Tally involves six steps such as:

  1. Go to Gateway of Tally then press Alt+F3 then click on Create Company.
  2. Type in the basic information such as the name of the company, address, mailing id, currency symbol etc.
  3. If your company requires Accounts with Inventory then go to the 'maintain field' and select for the same.
  4. The current financial year will be displayed by default in the Financial Year section. It can be customised as per the need.
  5. If you want to protect it with a password, select the Tally Vault Password.
  6. Press Enter or Y to accept changes and save.

How to activate GST features in Tally

  • Navigate to the Tally Gateway > F11: Features > F3: Statutory & Taxation.
  • You will see the following options on the screen:
    1. Enable the use of the goods and services tax (GST): Yes
    2. Set/modify GST Details: Yes.
  • This will bring up another screen where you can enter the company's GST information, such as the state in which it is licensed, the registration type, the GSTIN number, and so on.
  • To agree and save, press Y or Enter.

You must enable the GST feature in Tally.ERP 9 in order to use it for GST enforcement. GST-related options are provided in ledgers, stock objects, and transactions once enabled, and GST returns can be provided.

GST should be enabled for regular dealers.

1. Create the organization for which GST must be enabled.
2. Press F11>F3
3. Enable Goods and Services Tax (GST) - Yes.
4. Configure/change GST info - Yes. The GST Details screen is shown.
5. State - displays the name of the state that was chosen in the Company Creation screen. This aids in the identification of local and interstate transactions based on the state of the parties.

The State can be updated in the GST Details screen, and this will have an effect on the company master. Current transactions will be affected if the company's state is changed. When the state name is changed, an alert message appears to remind users of this effect.

6. Choose Regular as the registration type.
7. If your business unit is situated in the Exclusive Economic Zone, choose Assessee of Other Territories (another territory).
8. Include GST from the date of application. GST will be applied to your transactions beginning on this date.
9. Enter the GSTIN/UIN for the company. It can be printed on invoices as needed. It can be defined later.
10. Depending on your company's revenue, set the GSTR1 periodicity to monthly or quarterly.
11. The alternative e-Way Bill applicable is set to Yes, with the Applicable from the date and Threshold limit set to Yes.

How to create a ledger in Tally.ERP 9?

Following the creation of a business and the activation of GST features, you must create ledgers that will allow you to submit accounting entries in Tally. The measures are as follows:

  • Go to Tally Gateway > Accounts Info > Ledgers > Create.
  • Enter a name for the ledger, such as purchase, sales, state tax, central tax, consolidated tax, stock object names, and so on.
  • Choose the relevant party to which this ledger belongs, for example, duties and taxes.
  • Enter the remaining necessary details and click Y or Enter to approve and save.

You can use Tally.ERP 9 remotely

You can perform Tally. ERP 9 Installation anywhere: You now have access to your Tally. ERP 9 companies from anywhere with an internet connection, including using a Tally. ERP 9 in Educational Mode. employees can access and view stock availability and commit delivery dates to the clients even at the clients' locations, as well as review the clients' pending receivables. It ensures that the most recent information is available at that time.

Control and security: You have complete control over who can access your companies and which functions are accessible to the customer. Furthermore, your information is stored on your computer at all times. When a user connects to your business, the user can access the necessary features based on the access rights you have given. It is possible to print an invoice or purchase order placed by a client while your employee is at the client's location. However, unless you grant permission, the employee would not be able to read the financial reports. If you need to review your financial records when away from the office, you can use any device with a Tally.ERP 9 software to do so.

Vouchers Can Be Recorded or Modified: A user with the necessary permissions can create or modify vouchers. If you or an employee meets with a supplier and strikes a good deal, a purchase order can be generated right away from your Tally. ERP 9 company.

Audit Accounts: You can give your auditor remote access to your books so that he or she can verify them. You simply need to grant remote access to your company for the auditor's Tally.NET ID to accomplish this. Auditors like you and your staff will have to log in to the company to do the job.

Simple Setups: Link your company and enable users to access it from anywhere. It is important to note that only users with valid Tally.NET IDs are permitted to access the company remotely. Your account ID (the e-mail address you used to unlock your license) is a Tally.NET ID. Enable access to Tally.NET IDs created for users who need to log in to Tally.ERP 9 remotely. Similarly, you should make your accountants or auditors with Tally.NET IDs log in remotely.

Learn How to Operate Tally.ERP 9 and GST Online

Taking Tally classes online and receiving a certificate from the best tally institute will increase the chances of a pay increase, promotion, or even landing a better job. A certified Tally course will give your career a much-needed boost by honing your skills in Accounting, Taxation, and Inventory management.

If you want to expand your skills or find a new career in accounting, studying tally online can be extremely beneficial. Since the program provides you with extremely innovative favourable conditions for you and your accounting expertise, it also makes it simple to learn online.

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