Practical Assignments : GST Accounts–Tally The Practical Assignments-Tax Accounts- covers  Basic tasks of Maintaining GST Accounts, from set up, Data Entry to GST Reports, in Tally Prime Rel 3.x.   This assignment is in continuation to Practical Assignments of Basic Financial Accounting & Basic Invoicing & Inventory Accounts. Maintain GST Accounts  in the same Company…

Payroll System Overview of Tally Accounting Software   Payroll System in Tally maintains Pay related data of Employees, Pay Computation, Statutory Deductions, Statutory Returns etc,   The Employer must compute all statutory deductions, under respective statutory rules, Taxable salary, I Tax computation  & TDS under Income Tax.   The employer should deposit the Amount to…

TCS Accounts System Overview of Tally Accounting Software Tax Collected at Source (TCS) TCS (Tax Collected at Source) : TCS is the Income Tax that a seller collects from the buyer during the sale of specific goods (lie Timber, tendu Leaves etc.) or contract (like Lease/License for Parking Lot, Toll Plaza, Mining, Quarrying etc.). The collector…

TDS Accounts System Overview of Tally Accounting Software Tax Deducted at Source (TDS) is a pre-tax deduction made at source (before payment) by the payer from the payment made to the payee. It is a mechanism of collecting tax by using a deduction mechanism rather than through payments made by the taxpayer. It is deducted…

GST Accounts System Overview in Tally Accounting Software GST Details set up for Company in Tally Accounting Software : Organisation may be registered under two GST schemes. Accordingly they wuld set up GST details in the Company Tally maintains effective date of change & trail of GST details change. The rules of maintenance of GST…

Materials Accounts System Overview of Tally Accounting Software Materials Accounting System in Tally Accounting Software : Materials Accounting system (also referred as Inventory System) involves entry of transactions and related value affecting Financial Accounts System also. So, Inventory System covers materials transactions for activities like Materials Purchase and sales, Materials receipts and deliveries, movement of…

Financial Accounts System Overview Multiple Company of same Name in Tally Accounting System: Multiple Companies of same Name may be created in Tally. If Data are kept in same data Directory, the Company numbers would be different. Two Compnaies with same name cannot be selected simultaneously. Opening Balance Figures in Master Record in Tally Accounting…