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Prepare Financial Statements for Corporate Entities (Schedule III for Division I) Using TallyPrime Data and Excel Template

TallyPrime provides an Add-on to help you generate financial statements for Corporate Entities (Schedule III for Division I) in accordance with Schedule III of the Companies Act and the latest ICAI guidelines.

Using a smart Excel-based template, the Add-on simplifies financial statement preparation, ensures accuracy, and reduces effort.

You can export data required for preparing financial statements from TallyPrime to Excel, where data is automatically populated in the required formats. Most Trial Balance ledgers are pre-mapped to the appropriate classifications. Review the default mapping, enter the required details in the Input sheets, and provide necessary disclosures to generate compliance-ready financial statements.

Step 1: Enable the Add-on for your license

You can enable the Financial Statements for Schedule III for Division I Add-on from the webpage and update your license in TallyPrime. This links your serial number to the Add-on and places the smart Excel template in your TallyPrime installation folder.

1. Go to the webpage for enabling the Add-on for your TallyPrime license.
2. Enter your Tally Serial Number and click Check Eligibility.
   An OTP will be sent to your License Administrator e-mail ID.
3. Enter the OTP and click Submit to enable Financial Statements for Schedule III for Division I.
   A success message is displayed confirming the linking of your Tally Serial Number. A confirmation e-mail will also be sent to your registered e-mail ID.
4. Update your TallyPrime license.
   1. Press F1 (Help) > Settings > License > Manage License.
   2. Press F5 (Update).
   3. In the Update License screen, enter your Tally.NET ID and Password.
5. Press F1 (Help) > Tally Plug-Ins and view the Add-on for Financial Statements for Schedule III for Division I.
   The Excel template will be automatically downloaded as a zipped file in your TallyPrime folder.
6. To view the template, open TallyPrime installation folder > Appresources > Plugins.

Step 2: Export Financial Data from TallyPrime

The Export option is available in the following reports:

• Balance Sheet
• Profit & Loss A/c
• Trial Balance

To export:

1. Open any of the above reports.
2. Press Alt+E (Export) > Financial Statements.
   
3. From the List of Financial Statements, select Schedule III for Division I.
   
4. Press C to configure export settings as needed.
   
   
   1. Export Data for: By default, data is exported for the Current Year & Previous Year.
      Ensure that the companies contain data for the selected years in TallyPrime.
   2. Current Year End Date: Change the date, as required.
      If the selected year is earlier than the Books Beginning From date of the company, then the exported data will be blank.
   3. Previous Year data is in a separate Company: By default, this is set to No.
      Set it to Yes, if the Previous Year’s data is maintained in a separate or split company.
   4. Name of the Company (Loaded Company): From the List of Companies, select the company that has the Previous Year’s data.
   5. Previous Year End Date: This gets updated automatically based on the Current Year End Date.
      Data from the selected company is exported to the previous year’s worksheets, while Current Year data is exported
   6. Export Ledgers with zero balance and no transactions in Trial Balance: By default, this is set to No. Set it to Yes to include ledgers with zero balance and no transactions in the export.
      1. Export Sundry Debtors and Sundry Creditors details: By default, this is set to Party-wise. You can change this to Bill-wise, as required.
         If Enable Bill-wise entry is set to No in F11, then Bill-wise will not be available.
      2. Export Stock Details: By default, this is set to Item-wise. You can change this to Ledger-wise, as required.
         If Maintain Inventory is set to No in F11, then Item-wise will not be available.
   7. Export total value of Stock Items/Ledgers: By default, this is set to No.
      Set it to Yes to export the total value.
   8. Exclude Items/Ledgers with zero balance: By default, this is set to No.
      Set it to Yes to exclude such items or ledgers.
   9. Show Company Address: By default, this is set to Yes.
      The company address is exported to the Basic Information worksheet.
      Set this to No to enter the address manually in the worksheet.
   10. Folder Path: Select the location where you want to save the exported file.
   11. File Name: Enter the name for the exported file.
   12. Open file after Export: Click Show More to view this option and set it to Yes to open the Excel file automatically after export.
       
5. Press E (Export).
   

The file will be saved in the default TallyPrime folder.

Step 3: Get Started with the Smart Excel Template

1. Go to the Basic Info sheet.
   The data exported from TallyPrime will be imported into the relevant worksheets. The fields highlighted in yellow require manual entry or selection.
   
   
   1. Review the details.
   2. Round off the Amount to Nearest: Select the required scale, as required.
   3. Enter the Signatory Details.
   4. Enter the Share Capital Details and click Update Share Capital to apply the changes.
      
      
2. Click Index for easy navigation within the Excel Template.
   

To know more about using the Excel Template, refer to the ReadMe worksheet in the Excel Template.

Step 4: Map Data in the Excel Template

The data is exported for the Current Year (CY) and Previous Year (PY) for the following worksheets:

• Trial Balance: Contains the Trial Balance details from TallyPrime.
• Stock: Displays item-wise or ledger-wise Stock Summary along with Opening and Closing Balances.
• Creditors: Includes party-wise or bill-wise outstanding payables.
• Debtors: Includes party-wise or bill-wise outstanding receivables.
  

Ensure to complete the mapping in all 8 worksheets. 

1. Review the details and complete mapping.
   1. Go to the Trial Balance (Current Year) sheet.
      Each ledger is classified as per Schedule III using:
      1. C1: Main heading (for example, Share Capital, Borrowings, PPE).
      2. C2: Sub-classification under C1.
      3. C3: Create further classification, as required.
         Most ledgers are pre-mapped based on their parent groups.
   2. Review the mapping and change it, if required.
   3. For Unmapped ledgers, select the appropriate C2, C3 values.
      Once the mapping is completed, the Unmapped mapping status disappears.
      

      Even if a ledger is auto-mapped, review it to ensure correct classification.

2. Update Mapping in previous year.
   1. After completing mapping in TB CY, go to TB PY.
   2. Click Update Mapping from TB CY to update the mapping from the Current Year.
   3. Enter details in the fields highlighted in yellow, if required.
   4. Review the mapping in TB PY and make changes if required.
      
      
3. Bifurcate balances into Current and Non-Current, if required.
   For applicable categories such as Borrowings, certain Liabilities and Assets. By default, the closing balance is mapped in the Current column.
   • Enter the amount in the Non-Current column to bifurcate it, as required.

     This bifurcation is required separately for both current year and previous year.

4. Enter Provisional Adjustments, if required.
   1. Record adjustments that are not yet entered in TallyPrime in the Provisional Adjustment columns.
      For example, Expenses identified during audit or pending adjustments.
   2. Ensure that the Debit and Credit values match.

      Once finalised, record these entries in TallyPrime and remove them from the Provisional Adjustment columns.

5. After mapping, click Update Input Sheets to copy mapped values to all input sheets.
   This clears manually entered data in cells highlighted in yellow.
6.  Enter additional details in individual input sheets, in the fields highlighted in yellow, as required.
   1. Click Populate Data from Trial Balance to update the latest mapping.
      This will not impact the mapping in the other sheets.
   2. Click Capture Notes to add additional explanations.
   3. Click Save Note to save the additional explanation.

      Only the sections with values will be considered for generating the Notes.

7. Go to the Index and click Generate Notes.
   
   To generate individual notes for the relevant input sheets, click the Generate Note button.

Once all notes are generated, the values in the Balance Sheet and Profit & Loss A/c will be updated automatically.

• If values don’t appear as expected, click Refresh to update them.

Step 5: Export the Financial Statements

You can print the financial statements directly or export them in PDF or Excel format for future reference.

• Click Print to print the financial statement.
  
• Click Export to PDF to export the file in PDF format and save to your desired location.
  
• Click Export to MS-Excel to generate the file and save to your desired location.
  
  The Excel sheet will not include formulas or linked worksheets.

By following these steps, you can seamlessly prepare Financial Statements for Corporate Entities (Schedule III for Division I) using TallyPrime data and the smart Excel template, ensuring compliance with regulatory requirements.