TallyPrime Assignment-8 [CREATING INCOME & EXPENSES LEDGER]

Creating Expenses and Income Ledgers without GST Compliance

You can select the income or expenses account group to create ledgers.

To create an Expense Ledger:

1. Gateway of Tally > Create > type or select Ledger and press Enter.

Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger and press Enter.

2. Enter the name of the ledger in the Name field.
3. Select Indirect Expenses from the List of Groups in the Under field.

Note: Select Indirect Income from the List of Groups if you want to create an income ledger.

4. Set the option Inventory values are affected? to No . (Default is No)

The expense Ledger Creation screen appears as shown below:

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5. Regarding Statutory Information, GST should be Not Applicable , as well as the Option ‘Include in assessable value calculation for’ should be Not Applicable as white marked above.
6. Press Ctrl+A to accept.

[Practical Assignment]

Create the following Incomes and Expenses Ledgers as per given Groups… (without Opening Bal. & Cost Center)

EXPENSES

INCOME

PURCHASE ACCOUNT              Purchase – GST/IGST               DIRECT EXPENSES                 TRADING EXPENSES         Purchases – Trading         Packaging Material         Packaging Expenses                 PURCHASE OVERHEADS     Commission / Brokerage on Purchases     Freight on Purchases       Handling Expense on Purchases             INDIRECT EXPENSES     SALARIES AND STAFF EXPENSES     Salaries and Bonus         Staff Welfare         Staff Festival Benefits       Incentives to Staff                   ADMINISTRATIVE EXPENSES       Printing & Stationery         Travelling Expense         Conveyance         Telephone / Telex / Fax Charges     Courier / Postage Charges       Repairs and Maintenance       Rent Paid           Electricity Bills         License Fees, Municipal Taxes etc.     Subscription & Membership Fees     Fuel and Maintenance of Vehicle-1     Warehousing Expenses       Hire Charges         Insurance Premiums         Legal Expenses         Professional Fees         Computer Expenses         Charity and Donations       Depreciation     Discount on Sales       Miscellaneous Expenses       Pre-incorporation Expenses       Rounded Off (+/-)  – See below Creation of this Ledger         MARKETING EXPENSES         Advertisement Expenses       Sales Promotion Expenses       Entertainment Expenses       Conference Expenses       Exhibition Expenses          Freight on Sales         FINANCIAL EXPENSES         Interest on Loans         Interest charged by Supplier       Bank Charges         Commission / Brokerage on Finance       EXPENSES WITH GST COMPLIANCE

SALE ACCOUNT       Sale – GST/IGST   INDIRECT INCOMES     OTHER INCOME                 Discount on Purchases       Commission / Brokerage Received     Share Dividend Income       Miscellaneous Receipts     Delivery Charges     Packing on Sale             INTEREST EARNINGS     Interest from Securities     Interest on Bank Deposits     Interest on Loans Given     Interest on Debentures     Interest charged to Customers

Creating Service Ledger with GST Compliance

In case of Service oriented Business like…Chartered Accountant, Lawyer, Advertising Agency, Consultant, Architectures etc.. they provide Service to the customer and provide Bill / Invoice with GST Compliance. So in this case, TallyPrime provides Accounting Invoice with auto GST Calculations, provided all Service Ledgers has to be created with GST Rate ( as applicable).

For Example:

Create a Ledger – Audit Fee with GST 18%

Setup:

Create a Ledger, ‘Audit Fee’ under Direct Income with GST Applicable and the GST details will be applied seamlessly, with Type of Supply – Service as per screen below:

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1. Press Alt+G(Go To) > Create/Alter Master > Ledger (under Accounting Master).
   Alternatively, go to Gateway of Tally > Create/Alter > Ledger.
2. Select the required service ledgerfrom the List of Ledgers, or create a new one, as needed.
3. Fill in the relevant details for HSN/SAC and GST.
   1. HSN/SAC Details: You have three options to choose from.
      1. Specify Details Here: Once you select this option, you will be able to enter the details right here in the service ledger.

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ii.  Use GST Classification: This option allows you to select a previously created GST Classification, or create one on the spot. The details will be applied accordingly.

iii.  Specify in Voucher: If you are not aware of the details at the moment, and if you want to add the details directly in the transaction, then you can select this option.

b.  GST Rate Details: Like in the previous field (HSN/SAC Details), you have the same three options to choose from.

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[Select Sales Exempt , if the type of supply is exempted from tax under GST, or select Sales Nil Rated , if the tax rate applicable to the type of supply is 0% under GST.]

4. Type of supply – Services .

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5. Press Ctrl + A to save.

[Practical Assignment]

Create the following Service Ledger under Direct Income with GST Compliance :

Direct Income	GST Rate
Service Charges (12%)	12%
Installation Charges (5%)	5%
AMC Charges (15%)	18%

Creation of Ledger ‘Rounded off (+/-)’ for rounding the Invoice Value automatically.

You can create a Ledger ‘Rounded off (+/-)’ to round-off the invoice value automatically.

1. Gateway of Tally > Create > type or select Ledger and press Enter.

Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger and press Enter.

Note : If you already created the given Ledger Rounded Off (+/-), you can alter as below

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2. Set Type of Ledger? as Invoice Rounding .
3. Select the Rounding method as Normal Rounding and enter the Rounding limit to 1 .
4. Under Statutory Information, all options should be set to Not Applicable .