The master experience has been enhanced such that you can configure statutory details and get started with the transactions within no time.
The enhancements in masters and the steps to configure masters is as explained below:
If you have enabled within three statutory modules, then you can configure the statutory information in the ledger creation/ alteration screens.
If you have enabled more than three statutory modules, then enable the option Set/ Alter Statutory Details. You can configure details for each statutory module in the Statutory Details screen.
You can enter party's tax registration details, module-wise.
This will ensure a clutter free experience when creating/ altering masters.
It is now possible to create a tax ledger under current assets or current liabilities, and the ledger can now exhibit the properties of a ledger grouped under duties and taxes.
Similarly, you can create a party ledger under loans and liabilities.
The change in behaviour will reflect for tax calculation, but doesn't have an effect on the reports.
You can now appropriate the ledger to the cost of the item from the ledger master screen, instead of the group.
You can configure tax based on MRP from the ledger master.
For any voucher type, you can now define default accounting entries. This will populate information for the specified ledger, every time a transaction is recorded using this voucher type.
For any voucher type, now you can define default accounting entries. This will populate the ledgers by default, every time a transaction is recorded using this voucher type.
The process of Data Migration from Release 4.9x and lower versions to Release 5.0 is inherently handled in Tally.ERP 9. The process ensures complete financial data integrity to the last decimal with corresponding hierarchy.
Post migration, Tally.ERP 9 will identify the master and vouchers with gap in information and marks them as uncertain transactions. These records will not participate in forms and annexures. However, the necessary statutory details for these can be configured from a single screen without having to go to each master and transaction.
This section explains configuring statutory settings in migrated data records to enable participation in forms and annexures. Further, the flexibility and intuitive intelligence provided by Tally.ERP 9 5.0 to maintain statutory records is also explained.
The configuration is demonstrated using a VAT return form as an example (the same applies to other statutory reports). All the records marked as uncertain will be listed in Summary of Exceptions screen that can be viewed by drilling down from Uncertain Transactions in the VAT returns report.
Masters or transactions with gaps in information appear under one of the heads in Summary of Exceptions screen. Provide the required information, and resolve the exceptions. For instructions on resolving the exceptions, click here.
The new approach helps customers to have a clean Chart of Accounts (CoA) based on their business need, and not have sales/purchases ledgers that are based on tax rates.
With Tally.ERP 9 Rel 5.0 you can have a common sales/purchase account, and common tax ledger for VAT, as the tax rates can be defined anywhere starting from company master to stock item directly. You can now use a single sales ledger for all sales transactions, and not use multiple sales ledgers in transactions recorded for items with different tax rates.
This new flexibility can be used in data migrated from lower versions also. The process involves following steps:
a. Creating masters to support single sales ledger mode
b. Taking steps to maintain single sales ledger
c. Recording transactions with single sales ledger
If you are migrating data from lower releases, and want to use a single sales ledger in all sales transactions (or purchase transactions), the following are the changes that are required in your masters:
Configure tax details in stock group/stock item master. At voucher level, tax details will be captured from stock group/item, and not from sales ledger. To know how to create a stock group/item, click here.
Configure tax details in VAT duty ledger. For instructions to create a VAT duty ledger with tax details, click here.
Create a sales ledger to be used as common sales ledger, without tax details. For instructions to create a ledger, click here.
Map an existing ledger to be used as single sales ledger. For instructions on mapping, click here.
After switching to using single sales ledger, the sales balance from multiple ledgers used till date has to be transferred such that accurate sales figures including sales values are reported before switching:
Transfer values from existing sales ledger to one single sales ledger. For instructions on transferring the value, click here. All values from existing sales ledger will move to single (common) sales ledger after transfer.
Discontinue other sales ledgers such that the same do not display in statutory reports. For instructions on discontinuing ledgers not used, click here.
While recording sales invoice using single sales ledger, the following should be ensured:
The Nature of Transaction is selected manually.
The items selected have tax details configured.
VAT duty ledger is selected to calculate tax.
Select party location at voucher lever, if not recorded in party master.
Click here for instructions on creating sales invoice.
You can continue to use multiple sales ledgers that are already created. In such a case the exceptions in each ledger have to be resolved before using them. For instructions on resolving exceptions, click here.
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