Schedule III for Division I – FAQ
This page lists some frequently asked questions about Schedule III for Division I in TallyPrime.
General
Yes, the Schedule III for Division I Add-on in TallyPrime prepares statements in accordance with Schedule III (Division I) of the Companies Act, 2013, and aligns with the ICAI Guidance Note applicable to Non-Ind AS companies.
Schedule III for Division I is applicable to companies preparing financial statements under the Companies Act, 2013 that are not required to comply with Ind AS (Non-Ind AS companies).
It applies to:
- Companies following Accounting Standards (AS) notified under the Companies (Accounting Standards) Rules.
- Companies that are not required to adopt Ind AS as per the Companies (Indian Accounting Standards) Rules, 2015.
No, this Add-on is designed only for companies incorporated in India under the Companies Act, 2013.
You can generate Balance Sheet and Statement of Profit and Loss.
Yes, financial ratios for the current and previous years, along with the variance, are largely auto-generated once the financial statements and related notes are ready.
You can provide the required inputs and Reasons for Variations to complete the disclosures as needed.
No, currently Schedule III for Division I in TallyPrime can be used only for a single company.
No, the Excel template supports only English and Indian Rupees.
System & Compatibility
No, you need to upgrade to TallyPrime Release 7.1 or later releases and have a valid TSS.
MS Excel 2016 or later is supported.
No, you cannot use the Add-on in TallyPrime Educational mode, Remote Access, TallyPrime on Cloud Access, or Mac systems.
Enable Add-on
- Go to the webpage for enabling the Add-on for your TallyPrime license.
- Enter your Tally Serial Number and click Check Eligibility.
An OTP will be sent to your License Administrator e-mail ID. - 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. - Update your TallyPrime license.
- Press F1 (Help) > Settings > License > Manage License.
- Press F5 (Update).
- In the Update License screen, enter your Tally.NET ID and Password.
- 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. - To view the template, open TallyPrime installation folder > Appresources > Plugins.
No, this Add-on is available with TallyPrime Release 7.1 and above.
Export Financial Data from TallyPrime
Yes, you can export current-year data for the selected company and previous-year data from another company.
- Open the Export screen in TallyPrime.
- Press F12 (Configure) and select the company for previous-year data.
- Export the data.
If Integrate Accounts with Inventory is set to No, the stock item details are not exported. However, stock ledger balances are included.
Yes, you can export data as long as you have access to Balance Sheet, Profit & Loss, or Trial Balance.
Yes, if MSME details are maintained in ledgers, they are exported and classified automatically.
Yes, you can select the required reporting scale in the Round off the Amount to Nearest field in the Basic Information worksheet.
Data Mapping in Excel Template
You can enter the Signatory or Auditor details in the Basic Information worksheet under Signatory Details in the Excel template.
You can add or hide sheets. However, deleting sheets is not recommended, as it may affect the functionality.
Mapping is automatically saved in the Excel template.
When you export data for the same company using the same template, the existing mapping is reused, so you do not need to map the fields again. You can also refer to this mapping when working with a new template, if needed.
Yes, you can.
To copy mapping from one year to another:
- Go to the relevant mapping worksheet.
- Click Update Mapping from TB CY.
- Review the updated mapping.
- Identify and complete any unmapped ledgers or fields, if required.
Yes, you can copy and paste mappings across cells.
Yes, you can add a new classification in C2 and C3 columns, and press Enter.
A confirmation message appears to add the new classification, and once confirmed, it is saved for further use.
C1, C2 and C3 mappings represent hierarchical classifications used to map ledgers accurately to Schedule III notes.
Provisional Adjustments allow you to record changes outside the books and view their impact before recording transactions in TallyPrime.
Values are treated as Current by default. You can manually enter Non-Current values where applicable.
No, Ageing brackets are fixed as per the Schedule III format.
Fields requiring input or correction are highlighted in yellow for easy identification. You can also check for the Unmapped status to identify items that need attention.
You can identify pending actions in the following ways:
- Unmapped status: Items that are not yet mapped are clearly marked, helping you identify what needs attention.
- Differences with Trial Balance (TB): Any differences are highlighted in the input sheets for quick review.
- Uncertain/FS Impact sheet: All such items are summarised in a dedicated sheet, making it easier to track and resolve pending actions.
Yellow-highlighted cells indicate fields where you can optionally provide additional inputs, and do not necessarily represent pending issues.
Print & Export
Yes, the reports are formatted for A4-size printing.
Yes, you can export the reports to MS Excel and customise them as needed.
Yes, empty rows are automatically removed while generating the notes, ensuring that the final output is clean and does not include blank rows.
No, to make any formatting changes, export the data to a new Excel file and make the required changes there.
