Did you know that in Tally.ERP 9, you can implement all statutory modules and Tally.NET service from just a single screen?
Implementing company statutory modules in Tally.ERP 9 involves setting up of statutory masters by entering the required details, creation of needed voucher types and going through advance setup if required. Similarly, setting up Tally.NET also requires creation of users with different security levels and defining various authorization rights based on business requirements. Let us take an example. The standard steps required to implement statutory module for ‘Value Added Tax’ is shown in the image below:
Remembering the sequence of creation of all these l edgers and voucher types is not a simple task. But, Quick Setup provides a one stop solution that allows users to complete all these requirements in a sequential manner from a single screen. It helps users save time, prevent errors and makes implementing statutory modules in Tally.ERP 9 a stress-free experience.
Currently, Quick Setup feature in Tally.ERP 9 is available for 7 different modules. In this
article, we will implement ‘Quick Setup for Value Added Tax’. To do this
• Go to ‘Gateway of Tally.ERP 9 > Quick Setup> Value Added Tax
This screen has three different sections – Company
Setup, Master Setup and Voucher Type Setup. It also shows the configuration details and status
Company Setup: The ‘Company Setup’ option is to specify VAT details like State, Type of Dealer and additional VAT Form specific information of the selected State. To enter the VAT details for a company, click ‘C: Entering Company VAT Details’, enter the relevant details and accept the screen.
Master Setup: The Master Setup section enables users to create l
edgers, stock items and additional charges/discount ledgers for Value Added Tax implementation as listed below:
i. Sales/Incomes Ledger: To create multiple sales and direct/indirect income ledgers, and specify VAT/Tax Class and VAT applicability.
ii. Purchases/Expenses/Capital Goods Ledger: To create Purchases, Indirect/Direct Expenses and Capital Goods ledgers, and specify VAT Returns and VAT/TAX class.
iii. Tax Ledger: To create tax ledgers for VAT or CST and specify the method of calculation and VAT/Tax class.
iv. VAT Commodity:
To create VAT Commodity for tagging to stock item which will be
reflected in VAT Forms
v. Party Ledger: To create Sundry Debtor and Sundry Creditor ledgers , specify the type of dealer, and provide TIN and CST registration number.
vi. Additional Charges/Discount Ledgers:
To create new additional ledgers or set up the income and expense ledgers, and define how the value will be calculated.
vii. Stock Item: To create stock items that will be used while recor
ding transactions with VAT.
To create Sales ledger:
• Press ‘Alt+S’ to open ‘Sales/Income Ledger’ setup screen
• Enter the required ledger’s name
• Select the account group ‘Under’ column
• Set ‘Used in VAT Returns’ to either ‘Yes’ or ‘No’ based on your requirement
• Specify ‘VAT/Tax Class’ > Press ‘Enter’ to save
Similarly, you can create the other ledgers under Master Setup as well.
Voucher Type Setup: To make the transaction faster, different voucher types can be created using Quick Setup. You can create or edit Sales and Journal Voucher types to record VAT transactions.
i. Sales: To create Sales Voucher Type as Tax Invoice and se
t the default print title.
ii. Activate Adjustment Flags in Journal: To enable the creation of voucher class for Journal Voucher type.
To create ‘Sales Voucher’ to be used as Tax Invoice
and to define its default ‘Print Title’:
• Press ‘F8’ on the ‘Quick Setup for Value Added Tax ’ screen
• Enter ‘Name of Voucher Type’ and ‘Type of Voucher’
• Set ‘Yes’ or ‘No’ to ‘Is Tax Invoice’ and select ‘Method of Voucher Numbering’
• Enter ‘Print Title’ as per your requirement
• Accept the screen
Hence now the Quick Setup wizard is here to help you through, with a simple solution for implementing all the statutory modules and Tally.NET.