Reversing journal is defined as those vouchers reversing automatically after a specified date.Reversing journal are created on a date and the affect of the voucher will remains till that date. These are vouchers that will not directly affect ledgers or financial report of the company, you can view the affect of these entries only if you included the entry in the report. This is very useful tool if you need to create interim reports like monthly ,quarterly or half yearlyRead more
He is the founder of Tallygame.com ,and is the main content writer of this blog and a passionate techie.He is a M.com ( Master of Commerce) Graduate and Finance Manager working for a Private Company in Kerala for more than 15 Years of expertise.
Every business make payment VIA cheque , or online bank payments. Writing on the cheque with favoring name ,date and amount is a conventional way,Let’s move on to a professional way of cheque issuing. Today we will learn How to configure cheque printing in Tally erp 9. Scenario : Harbour Co Ltd ,Opened a Bank account at State Bank Of India, A/c No # 220225500400 ,Bank Issued a cheque Book Of 50 Leaves bearing No Starting From 452051 to 452100.Read more
GST has introduced composition scheme beneficial for small businesses. This is a scheme where a registered person pays only a fixed lower rate of tax on total turnover of business. But the business has to fulfill the following conditions to opt in to the scheme. Turn over of a Fy shall be less than 1 crore. In case of Hmachal pradesh and North eastern states the limit is 75 lakhs. Input tax credit cannot be availed. Business cannot make interstateRead more
Business don’t keep cash in their premises, they deposit every day collection to the bank or banks. For depositing cash and cheque each and every bank has its own printed deposit slips. But in tally also there is a cash deposit slip and a cheque deposit slip that can be submitted to the bank for collection. Many banks are not accepting a printed slip in customer own format. If any bank allow this, you have an option in tally. HowRead more
Payment advice is a standard practice of every business when making payments especially bank payments. Normally you have to create a format in word processor or ms excel and take the printout in a paper or letter head . Remittance letter or payment advice is an intimation to a supplier that their invoice has been paid. How to create payment advice In tally erp 9 creating and printing of payment advice is made simple let’s create a payment advice. GoRead more
In reverse charge under gst; the tax liability is imposed on the receiver of the goods or services. In normal case we know the seller , supplier or services provider is liable to collect tax from buyer and responsible for the payment of tax. GST mandates the reverse charge mechanism( RCM) in the following three scenarios of business. Purchase from un-registered dealer ( ULD), The buyer is liable to pay GST.( Exemption limit is 5000 in a day.) Section 9(4) ofRead more
GSTR-4 is the quarterly return to be filed by a composition dealer. As you know composition dealer is a registered tax payer under gst. A Composition dealer can have a a turnover less than 1.5 crore. Composition dealer cannot trade outside of state no input tax is available on purchases they make. They have to issue Bill of supply instead of Invoice for all the sales and a fixed tax rate is applicable on total sale while making tax payments.Read more