The Revised Schedule VI requires all assets and liabilities to be classified into current and non-current.
Tally.ERP 9's Classify Helper provides users with the option to make this classification easier and speedy.
To use current and non-current classification
● Go to Gateway of Tally > Audit & Compliance > Financial Statements > Balance Sheet.
● Click Ctrl+C: Classify Helper or press Ctrl+C.
The Current and Non Current Classification report appears:
● The report by default displays Ledgers classified under the Group - Sundry Creditors.
● By default Tally.ERP 9 uses 12 Months as the operating cycle of the business, and classifies the Ledgers into Current and Non Current Liabilities based on the Due Date specified in the Billwise Details provided for these Ledgers.
● To change the parameters used for Current and Non Current Classification, click S: Set Parameter or press Alt+S.
The Change Parameter screen appears:
● Choose Due Date, if the classification is to be done based on the Due Date in Billwise Details and operating cycle. Specify the operating cycle of the business in the Period Field.
● Choose Percentage, if the Ledger Balances have to be classified on a percentage basis. That is, a certain percentage of the Ledger balances are Current, and the rest are Non Current
The Current and Non Current Classification report with Percentage as the Parameter Type appears as shown:
● Place the cursor on a Ledger and click Ctrl+Enter: Classify or press Ctrl+Enter, or,
● Select multiple Ledgers using Spacebar and click C: Multi Classify or press Alt+C, to perform Schedule VI Rule Configuration.
Click F4: Group or press F4 to change the Group for which the report is being displayed.
Click F9: Inv Reports or press F9 to navigate to the default Inventory Reports like Godown Summary, Movement Analysis, Stock Summary and so on.
Click F10: Acc Reports or press F10 to navigate to the default Accounting Reports like Balance Sheet, Cash Flow, Trial Balance and so on.
Click on F10: Audit Reports or press Alt+F10 to navigate to the other Audit Reports within Statutory Audit.
Click F12: Configure or press F12 to change the view of the report:
● Show Ledgers having: The user can choose to view only those Ledgers that have their groups classified under Schedule VI Groups (Classified amount), or only those Ledgers that have balances that have not been classified (Un-classified amount) balances. To view all Ledgers, select Both.
● Show Ledgers of Type: To view only those Ledgers that have been categorised under Schedule VI Groups, select Classified. To view only those Ledgers that have not been categorised under Schedule VI Groups, select Un-classified. To view all Ledgers, select Both.
● Classify On Account to : On Account payments can be classified as Current or Non-Current.
● Show Primary Group: Set this option to Yes to view the Primary Accounting Group under which the Ledgers have been categorised.
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