For the purpose of generation of Valid Instance documents, which are then to be uploaded to the Ministry of Corporate Affairs (MCA) website, the following steps are suggested:
1. The Financial and Non-Financial Information (applicable) need to be provided for both the Current Year as well as Previous Year. If any element is having values in the Current Year, it is mandatory to enter the corresponding Previous Year value for the same element.
Note: The above Rule is not applicable if the company is started in the current year.
2. All the Mandatory information fields are to be filled compulsorily.
All the Mandatory information requirements are consolidated through a button "Mandatory Information" which can be accessible from List of Accounts Menu under MCA Reports 2012
Also, a new Validate option has been provided in Additional Details, using which the user can determine, either individually or collectively, if all mandatory fields have been filled. The blank fields appear in Red.
3. All the Non-Financial Information is to be filled wherever it is applicable and whichever values are applicable. Under this non financial information also, there are some mandatory fields that requires values if corresponding value is available. This information is notified in respective screens that are given for the user inputs for additional information.
4. After completing all the above three steps, the instance documents are to be generated and then validated as per the MCA Validation Tool provided for this purpose in the website - www.mca.gov.in\xbrl
1. The complete financial information of the company that is available in Tally.ERP 9 needs to be mapped to the respective taxonomy element of the MCA.
2. Profit and Loss Appropriations and Adjustments
The Net profit as arrived from the Profit and Loss Account need to be further processed for adjustments and appropriations applicable to the current year profit to arrive at the Profit and Loss Account balance that is to be carried over to the Balance sheet. These adjustments and appropriations include the expenses or incomes from discontinuing operations, prior period or extra-ordinary items, provision for taxation, transfers from or to reserves etc. All these adjustments are to be done through the Profit and Loss Adjustments and Appropriations line item in the List of Accounts section of the MCA Reports. There are two options to fill this adjustments and appropriations :
A) Manual Entry : This option can be used when all the adjustments and appropriations are already done in the books of accounts and only for the purpose of MCA Reporting, such adjustments and appropriations are to be identified. The values are entered manually in order to make the Profit and Loss A/c balance same as per MCA Taxonomy elements and Balance Sheet.
Note : If the adjustments and appropriations are already done in the Books of Accounts, then there will be difference in the Net profit as shown in Top of the screen. Otherwise both the figures will be same
B) Journal Entry : If the adjustments and appropriations entries are not yet entered in Books of Accounts, then those adjustments and appropriations can be recorded using the option F7:Create Voucher. This will open a Journal entry screen, and the entry can be recorded using the Profit and Loss A/c ledger either on debit or credit side item. As all the adjustments and appropriations are done to profit and loss account, the Profit and Loss A/c is either debited or credited. On recording these entries, both the profit figures, as per MCA Taxonomy and as per Balance Sheet should be same.
3. Previous year values for all the information provided for the Current Year
All those items that are having values in the current year should have corresponding previous year values. If any previous year data is available in Tally.ERP 9 in another company, the same can be loaded using the Ctrl+F3 option by specifying the data directory path. Once the previous year is loaded, the current mappings can be copied and previous year information can be entered by selecting the respective previous year company in respective screens
If the data is having information with respect to current financial year and previous financial year, then the previous year information can be retrieved by using F2 Period option and by providing the previous year period.
For the purpose of generating a valid instance document, use the option Ctrl+E in List of Accounts screen. While generating, two files get generated with default names. However, the user can specify the names for those and if required the location path to store the files can also be changed.
After generating the Instance Documents, those are to be validated with the Validation Tool as provided by the MCA and can be downloaded from www.mca.gov.in\XBRL website. Once the validation is done for the files, pre-scrutiny will happen for the groups the finally PDF documents are generated for filing them with MCA.
'Overview of MCA Reporting in Tally.ERP 9' has been shared with
