Yes, it does. The format is in line with the Guidance Note on Financial Statements of Non-Corporate Entities issued by the Institute of Chartered Accountants of India (ICAI).

However, there is one exception. For Property, Plant and Equipment (PPE), ICAI recommends showing both Gross Block and Accumulated Depreciation. Since many NCEs may not have historical PPE data in the expected format, TallyPrime provides a simplified disclosure using the Net Block format for ease of reporting.

This Add-on is designed for:

1. Sole Proprietors

2. Hindu Undivided Families (HUFs)

3. Partnership Firms

Other non-corporate entities like Association of Persons, Trusts, Societies and Statutory Corporations may require specific formats and are not currently supported.

Yes, it is applicable only for Indian non-corporate entities (other than Companies under the Companies Act and Limited Liability Partnerships (LLPs) under the LLP Act).

Yes, starting from version 1.2, the option to export financial data for NCE is available for Group companies.

The data for Member Companies will be consolidated and exported in the XML file, provided the Group Company and all its Member companies are set as Indian Company.

No, it will be available as an Add-On starting from TallyPrime Release 6.0 and above.

Currently, the Excel template only supports the English language.

Currently, this Excel template only supports Indian Rupees.

Currently, it is mandatory to first export the data from TallyPrime in XML format and then import it into the Excel template for mapping.

We’re working on enhancing the process to allow direct export to Excel, so you can skip the XML step entirely. Stay tuned for more updates.

The Schedule III format for Corporates is part of our product roadmap. Stay tuned for more updates.

The current Financial Statements for NCE Add-on is designed for Non-Corporate Entities (NCEs) — that is, businesses that are not registered under the Companies Act, 2013, such as proprietorships, partnerships, and HUFs not governed by ROC guidelines.

We’ve named it Financial Statements for NCE because Schedule III is a specific format under the Companies Act and is meant only for corporates registered with the Registrar of Companies (ROC). While this format for NCEs is prescribed by ICAI and closely resembles the one used by corporates, it’s not officially called Schedule III.

If you’re running a corporate entity, you’ll be glad to know that Schedule III for Corporates is already on our roadmap. Stay tuned for more updates.

At present, TallyPrime provides the option to generate data in XML format, which can be imported into the smart Excel template to prepare Financial Statements for NCE. This ensures you can start using the solution quickly, without the need for additional configurations within the product.

Mapping at the ledger creation level is not currently available. However, we are evaluating this capability and may consider it as part of our future product roadmap.

Enter all signatory details (for company and auditor) in the Basic Information worksheet, under the Signatory Details section.

You can hide, add, or delete sheets in the Excel template. If you do not want to use a worksheet, leave it blank or hide it. It is recommended that you do not delete sheets in the Excel template.

No, this Add-on does not work in the TallyPrime Educational mode.

The Financial Statement for NCE menu option will be unavailable if the Member companies’ F11 settings differ for Maintain Inventory or Integrate Accounts with Inventory.

This Add-on is available from TallyPrime Release 6.0 onwards. To use it, you’ll need to update your TallyPrime to Release 6.0 or later.

You can enable the add-on from the webpage and update your license in TallyPrime. To know more, refer to the Enable Add-on section.

To use this Add-on, it must be enabled for your TallyPrime license. Additionally, the Export menu in TallyPrime will be available only to users who have access rights to the Balance Sheet, Profit & Loss Account, and Trial Balance.

No, it is not compatible with Mac systems.

The smart Excel template designed to work with this add-on is compatible with Microsoft Excel on Windows 2016 and later versions.

No, it will be available as an Add-on starting from TallyPrime Release 6.0 and above.

Yes, you can use this Add-on in TP on AWS by following these steps:

1. Download the zipped Excel template to your local drive.

2. Export the XML and save it on your local drive.

3. Generate the financial statements after mapping them as required.

No, financial data can be exported only in XML format, as currently the Excel template is designed to work with XML data only.

Yes, you can extract previous year’s data from a different company.
To do this:

1. Load the company from which previous year data is needed.
2. Return to the active company.
3. Press Alt+E (Export) > Financial Statements for NCE.
4. Press C (Configure) > set Previous Year data is in a separate Company to Yes and select the previous year’s company from the List of Companies.

If this option is set to No, the Stock Summary for both years will not be exported. However, the balances of stock ledgers (created under the Stock-in-Hand group) will still appear as Opening and Closing Stock in the Stock CY/PY sheet.

In cases where access is restricted, any associated data—such as stocks, receivables or payables—will not be exported.

However, the ledger balances for Opening and Closing Stocks will still be included as part of the Trial Balance values

Yes, you can copy any trial balance into the TB CY/TB PY sheets under the Data Imported from TallyPrime columns.

However, note that auto-mapping will not work for pasted values. You will need to manually select the appropriate classifications to ensure that all values flow correctly into the relevant notes.

Yes, if you enter the MSME Registration Details when creating the sundry creditors’ ledgers, the MSME tag exports with the XML data. When you import this data into the Excel template, only the Trade Payb CY and Trade Payb PY sheets automatically classify the sundry creditor as MSME.

TallyPrime automatically extracts bill-wise details for Trade Receivables and Trade Payables data when you export the XML file. If you want to use this information for preparing notes related to Trade Receivable and Trade Payables, select this option in the Basic Information worksheet and map the details from these sheets.

Yes, you can record stock values as per an external valuation report.

• Press F11 > Inventory > set Integrate Accounts with Inventory to No.

Once this is done, you can update your stock values in the Balance Sheet:

1. Select the Ledger created under Stock-in-Hand and press Enter.

2. In the Ledger Alteration (Secondary) screen, enter the value from your valuation report in the Closing Balance field.

These values will then be exported in the XML file for ledger mapping during the import.

Yes, you can. Simply click the Clear Data button located on the Basic Info sheet to clear data, mapping from all the worksheets and saved mapping as well.

Yes, you can copy the mapping from the current year to the previous year.

After completing the mapping in the TB CY sheet, navigate to the TB PY sheet and click Copy Mapping from Current Year. This will copy the entire mapping—except for the Bifurcate Balance column, which will need to be updated manually.

Make sure to review the TB PY sheet after copying. Any ledgers that aren’t common between the two years will remain unmapped and must be mapped manually.

Yes, you can create a new group tailored to your needs.

1. In Classification Level 4, select specify nature.

2. In Classification 5, enter custom descriptions to further categorise financial data as per your reporting requirements.

3. Click Update Notes with Classification 5 to apply the custom descriptions across relevant Notes sections.
   The newly added custom description will automatically appear in the relevant notes along with the associated amount.

If the Liabilities and Assets totals in your Balance Sheet don’t match, check for the following:

1. Unmapped Ledgers:

   • Yellow-highlighted cells in the Trial Balance, Stock, Receivables, and Payables worksheets (for both Current and Previous Year) indicate ledgers that require manual mapping.

     • When the option ‘As per Trade Recv/Payb Sheet’ is selected, the yellow highlights in the Receivables and Payables sheets represent unmapped ledgers that need to be reviewed and mapped accordingly.

     • If this option is not selected, the yellow highlights in the Receivables and Payables sheets can be disregarded, as they do not affect the mapping process.

       Additionally, the Status column will display “Unmapped” for any ledgers that are yet to be classified, helping you quickly identify pending entries.

2. Unbalanced Trial Balance:

   1. Go to the respective Trial Balance sheet and check Column K at the top.

   2. If there’s a mismatch, the Difference cell will appear in amber, indicating an imbalance in the imported data.

3. Opening Balance Differences:

   On the Balance Sheet itself, any difference in opening balances will also appear in amber to help you identify and correct the issue.

Yes, you can enhance your mapping experience by copying and pasting responses into multiple cells for quicker processing.
It is recommended that you review the copied mapping before proceeding.

As per the ICAI-prescribed format, certain closing balances need to be bifurcated into Current and Non-Current.

In the Excel template, these balances are pre-filled as Current by default. If any part of the balance qualifies as Non-Current, you must manually enter that value in the Non-Current column.

The template will then automatically adjust the Current value and reflect the bifurcated balances correctly in the relevant Notes.

The Excel template employs colour-coded fields to clearly indicate where your input is necessary. Fields marked in yellow require manual entry, while unmapped fields are highlighted with text in amber. 

• These classifications help group ledgers in the Trial Balance so that financial data can be accurately auto-mapped to the Notes.

  • Classification 1: Identifies whether a ledger belongs to the Balance Sheet or Profit & Loss A/c.

  • Classification 2: Based on Classification 1, it further categorises the ledger as:

    • Liabilities or Assets (for Balance Sheet), or

    • Income or Expenses (for Profit & Loss).

  • Classification 3: Defines the next broad classifications of the previous category. for example – Liabilities further classified as Owners Capital Account, Reserves & Surplus, Borrowings, Trade Payables etc

  • Classification 4: Defines the next broad classification of the previous classification. For instance, under Trade Payables, the options could be MSME or Non-MSME.

  • Classification 5: Appears only when specify nature is selected in Classification 4. You’ll need to manually enter a custom group name for inclusion in the Notes.
    
    If your ledgers are created with a proper parent and main group structure, Classifications 1 to 3 are auto-mapped.
    
    Otherwise, you’ll need to complete the mapping manually.

Yes, the values from the Trial Balance will be automatically populated in the Balance Sheet, Profit & Loss Statement, and Notes once the mapping (both Auto and Manual) in all relevant worksheets (Trial Balance, Stock, Trade Receivables and Trade Payables is completed.

If historical data is not available, you can still proceed with mapping by selecting the Net Block option.

To do this, go to the Basic Info sheet > Entity Details > PPE and IA, and ensure that Net Block is selected. After this step, you will be able to map the PPE and IA closing balances to a clear and concise PPE Note.

The bifurcated balance columns in the mapping section are fixed as per the new NCE format. You cannot add additional criteria.

While you cannot modify the mapping sheet, you can generate the required details from TallyPrime. Go to Statement of Accounts > Outstanding > Bills Receivables > Ageing Report for submission to banks.

After you complete the mapping for TB CY and TB PY sheets, save the mapping for future use.

• Click the Save Mapping button in the Basic Information worksheet.

If you import a new Trial Balance into the Excel template, only map new ledgers. The system automatically maps previously saved data.

Yes, you can map multiple ledgers in the Excel template. Simply copy and paste the option from one cell to other intended cells. Once done, review the mapped ledgers for any copy-pasting errors.

You can easily export the financial statements to MS Excel and customise the layout according to your preferences.

Yes, the financial statements will be printed with perfect margins that are tailored for A4-sized sheets.

Yes, when you click the Print Current Sheet button, the current sheet is converted into a PDF. During this process, any extra rows will be removed, and the numbering will be adjusted to ensure it is sequential.

You cannot directly format the Excel template. Once the Financial Statements are ready for printing, export the file to a new Excel worksheet by clicking the Export to MS-Excel button. After exporting, you can change the font, format, and other elements.

The new Excel file will not contain any formulas or links.