How to begin Tally ERP 9 : Tally Prime : How Enable GST Option in Tally : Create a Company In Tally Erp9 : How Create Company in Tally

How to begin Tally ERP 9?

How to begin Tally Prime?

In order to use Tally, following steps must be followed

To create a company in Tally

To enable GST Features

To create ledgers

Let’s discuss the above in detail:

To create a company in Tally

Step 1 : - Go to Gateway of Tally > Alt + F3 > Create Company

Step 2 : - Enter the basic information, i.e., name, mailing name and address of the company, currency symbol etc.

Step 3 : - In the ‘maintain field’, select Accounts Only or Accounts with Inventory as per the company requirements.

Step 4 : - In the Financial Year from, the first day of the current financial year for e.g., 1-4-2018 will be displayed by default, which can be changed as per requirement.

Step 5 : - Enter the Tally Vault Password if required.

Step 6 : - Press Y or Enter to accept and save.

To enable GST features in Tally

Step 1 : - Go to Gateway of Tally > F11: Features > F3 : Statutory & Taxation

Step 2 : - In the screen you will find the following options : -

Enable goods and service tax (GST): Yes
Set/alter GST Details: Yes.
This will display another screen where you can set GST details of the company such as the state in which the company is registered, registration type, GSTIN number etc.

Step 3 : - Press Y or Enter to accept and save.

To create ledgers

After creating a company and activating GST features, you need to create ledgers that will enable you to pass accounting entries in Tally ERP 9.

Step 1 : - Go to Gateway of Tally > Accounts Info > Ledgers > Create

Step 2 : - Create ledgers such as Purchase, Sales, State GST, Central, Integrated GST, Stock item names etc.

Step 3 : - Select the appropriate group to which such ledger belongs for example state tax under duties and taxes group.

Step 4 : - Enter the other related information required and press Y or Enter to accept and save.

After creating ledgers we can proceed with preparing Accounting entries in Tally ERP 9. For that we have to follow : -

Gateway of Tally > Accounting Vouchers

There are many accounting vouchers in Tally such as Payment, Receipt, Contra, Sales, Purchase, etc. After choosing the relevant voucher we start passing the accounting entries.

How will GST work in Tally.ERP 9?

The functionality of GST in Tally is almost the same as prevalent during erstwhile taxation laws such as VAT or CST or Service Tax.

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The first step before passing an Accounting Entry in Tally is to make GST Calculation. But first, let’s take an example for our understanding. For example: M/s Aman Ltd of Mumbai sold goods worth Rs. 50,000/- to M/s Anmol Inc. of Ahmedabad; GST rate applicable for the given product is 18%
GST Calculation - M/s Aman Ltd has to collect GST and say it is 18%. Then GST will come at Rs. 9,000/-. Taxable Value - This is the portion on which tax will be levied (i.e.,) Rs. 50,000/- in this case. Type of Tax to select - Since it is a transaction involving Inter-State trade, the ledger to create and select while preparing Accounting entry is IGST ledger. Rate of Tax to be fed during Tax Ledger creation screen - 18% IGST (Tax type : Integrated Tax) . Tax rate to key while preparing Stock Item Ledger - 18% IGST and Tally will automatically bifurcate and distribute the tax rate to CGST and SGST as 9% each. Other ledgers to create - Create Anmol Inc., ledger along with GSTIN number.

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NoteAll Informations have been taken from Tally Solutions Pvt Ltd.