Complete Tally Prime Tutorial on Trading Organization with GST -

Introduction of GST in Trading organization

Table of Contents

GST is an Indirect tax levied on whole nation .It stand for goods and service tax.

Types of dealers in GST

There are three types of dealers in GST .

Registered
Compositions
Unregistered

Registered dealers are those who who can claim ITC on the GST paid to your supplier and use the same to offset your output tax liabilities.

Composition dealers does not charge GST under law but has to pay GST as flat rate he will not be able to issue a tax invoice to you.

Unregistered dealer When you purchase from unregistered dealer you will be liable to pay GST under RCM.

GST is divided into three tax slab

IGST
CGST
SGST

IGST when goods are purchased and sale from other state.

Example IGST 18% which means GST 18%

CSGST and SGST when are goods are purchased or sale within the state

Example

CGST 9% SGST 9% which means GST 18%.

GST Mechanism

Create company In Tally prime

Go to gateway of tally > press Alt+K >create
Type the name of the company
Email address and all the information
Select country and state so the tax compliance will be added.
Save the file.

GST compliances on Company

Go to gateway of tally > press Alt+K >F11
Maintain accounts YES
Maintain Inventory YES
Intergrade accounts with inventory YES
Enable goods and service tax (GST) YES
A New widows appear
State :Maharashtra
Registration type :regular
GSTIN/UIN :27AAACB5343E1ZI
Applicable from : 1 april -21
Periodicity : Monthly

As bill wise detail and E-way bill we will see later how to implement that .

Opening balance Trading company in Tally Prime

In the company we already have Closing balance therefore according to that we have to post opening balances in the Tally Prime.

Balance Sheet as on 31 March 2021

Liabilities	Amount	Assets	Amount
Capital A/c	550000	Fixed Asset (as per List)	500000
Bank OD /OCC A/c ICIC bank Loan A/c	100000	Current Asset Closing Stock	100000
Secured Loan Navin Kailash	200000 30000	Sundry Debtors (As per list)	400000
Sundry Creditor (Hindustan ltd)	200000	Cash	150000
(current liabilities) Provision (as per list)	50000	Bank A/c	250000
Unsecured Loan (as per list)	100000	Deposits (as per list)	100000
	1500000		1500000

Closing stock at the end of the balance sheet

List- Provision

S.no	Name	Amount
1	Electricity Bill Payable/c	10,000
2	Office exp payable	10,000
3	Rent Payable	15,000
4	Salary Payable	15,000
		50,000

List- Unsecured Loan

S.no	Name	Amount
1	Komal	30,000
2	Kunal	20000
3	Sandip	25000
4	Payal	25,000
		100,000

List of Fixed Assets

S.no	Name	Amount
1	Computer	100000
2	Printer	25000
3	Motor Vehicles	275000
4	Furniture	100000
		500000

List of Sundry Debtors

S.no	Name	Amount
1	5 star Super Market	25000
2	Apollo Traders	25000
3	Dhanlaxmi Provision	20000
4	Dhruv traders	100000
5	National Distributors	50000
6	JR Foods	22000
7	Modi traders	78000
8	Patel foods	50000
9	Potdar traders	50000

S.no	Name	state	Registration	GSTIN
1	5 star Super Market	MAHARASHTRA	Compositions	27AAACIC1681G1ZP
2	Apollo Traders	Maharashtra	Compositions	27AAACB2100P1ZX
3	Dhanlaxmi Provision	Maharashtra	Regular	27AAACB2902M1ZT
4	Dhruv traders	Maharashtra	Regular	27AABCL5045N1Z8
5	National Distributors	Maharashtra	Regular	27AAACI1195H2ZL
6	JR Foods	Maharashtra	Regular	27AAACC1206D1ZG
7	Modi traders	Maharashtra	Regular	27AAACC1206D1ZG
8	Patel foods	Maharashtra	Unregistered	………………….
9	Potdar traders	Uttarakhand	Regular	05BBEPP1515P1ZI

How to create ledger in Tally Prime:

How to create ledger in Tally Prime:

To create ledger in Tally prime>gateway of tally prime >( Accounting master )create>ledger
In name type the name of ledger and in under (group) select the group)
Opening balance type the amount as specified in ledger
Let the example below

How to create multiple ledgers in Tally Prime:

It means the leger having same group and same nature such as in our case we have fixed asset ,current liabilities debtors etc.

Go to gateway of tally >chart of accounts
From chart of Accounts >ledger > Press ALT+H
Select Multiple Leger
A screen will open
Under group select Fixed assets
Type the name of ledger
Type the opening balance
Save

Similar we can create all the multiple leger as mention in the balance sheet .

Inventory Tally Prime

Means stock/goods generally service sector organization does not maintain inventory .

In trading organization inventory means finished goods as they deal with only finished or final product. In manufacturing organization inventory means semifinished and finished goods .

It is known by name stock item in Tally prime.

Stock Group in Tally Prime

Stock group are head of stock item .It contain information about similar inventory and very helpful in classification of inventory .It can be on the basis of common features ,brand name ,product type etc.

Units in tally Prime

A unit is any standard used for making comparisons in measurements such a unit of Numbers which is specified as Nos is Tally prime ,KG signifies Kilo gram ,Mt signifies meter, bag signifies bag etc

First of all we have create Stock group in Tall Prime.

To create stock group

Go to gateway of tally >create> Inventory masters> Groups.

S.no	Stock Group	under	Can quantities of item to be added	Set alter GST detail
1	Soap	Primary	YES	NO
2	Bath soap	Soap	YES	NO
3	Food	Primary	YES	NO
4	Washing bar	Soap	YES	NO

Now to create group

· Go to gateway of tally >create> Inventory masters> Groups.

· Type the name of the Group > Soap

· Under select > Primary

· Can quantities of item to be added set to YES

· Set alter GST detail set to NO.

See figure below.

Create subgroup with GST rate and and HSN /SAC

Now we need to Create subgroup with GST rate and and HSN /SAC number

This method helps us to define GST rate at Sub group level like product have 18% tax rate and some product have 12% tax rate then set rate at group level.
Under GST all goods and services supplied in India have classified Goods are classified under HSN code and service code .GST rate have been fixed in Five slap namely 0% 5% 12% and 18%.

List of stock group with GST implemented at Group level.

Stock Group	Under	Should quantity be added	Set/alter GST Detail	HSN/SAC	Rate
Hammam	Bath Soap	Yes	Yes	3401	18%
Jam	Food	Yes	Yes	2007	12%
Juice	Food	Yes	Yes	2009	5%
Lux	Bath soap	Yes	Yes	3401	18%
Sauce	Food	Yes	Yes	2103	12%
Tea	Food	Yes	Yes	0902	5%

How to Create subgroup with GST rate implemented.

Go to gateway of Tally prime >inventory Masters >Stock group >
Type Name > Hammam
Under primary > select Bath soap
Should quantity be added >YES
Set GST /alter detail YES
A New screen appears
In HSN //SAC type the code
Taxability>taxable
Integrated tax > 18%
Save

Similarly creates another group in Tally prime as mentioned in list.

Unit of measurement in Tally Prime

Now We need to create unit of measurement in our case its Nos

How to create Unit of measurement in Tally Prime

Go to gateway of tally> Inventory >Create
Select >Units
Type>simple
Symbol>nos
Formal Name: Numbers
Unit quantity code (UQC)>NOS-Number
Number of decimal places >0

To create location or godown Tally Prime

After creating Nos next thing is to set location /godown of the business where goods are to be placed.

To create location or godown
Go to gateway of Tally>Inventory master
Select location >alter existing location which is by default main location
Delete main location
Type >Shop

A new location shop is created similarly create another location warehouse.

Warehouse location is to created not alter.

List of Stock item in Tally Prime

Create stock item List in tally Prime

To create stock Item in tally prime

Go to gateway of tally>Inventory master>Stock Item>create
A new window appears
In name Type >hammam 100 gm
Under > hammam
Unit >Nos
Set standard rate yes a window appear
In applicable from Type the date 1/4/21 and in rate standard cost 16
Type the date 1/4/21 and in rate standard selling cost 18
Now in opening opening balance type 69 a new window appears
Select shop quantity 30 rate 18
Similarly select warehouse quantity 39 rate 18

Note :

Press F12 to check configuration select use group for stock item yes
Provide opening balance for stock item :Yes
Provide Unit of measurement of stock item Yes

Now create all other stock item in similar way after creating group as mention above.

Stock summary in tally prime

After creating all the inventory in tally prime similary next is to see stock summary

To see stock summary there is new feature in tally prime which i

Go to gateway of Tally> Alt+G > show stock summary

Press Alt+f1 for detail reporting

A window will appear

Tax Rate Setup in Tally Prime GST

Now to see the tax rate setup go to gateway of tally >GST reports >GST rate setup>Alt +F1 for detail a new window will appear

As shown here

Accounting voucher Key in Tally Prime

Voucher and function Key	Use for
Contra Voucher (F4)	a)Cash deposited in Bank b)Cash withdrawal from Bank c)Cash/Cheque Transferred one bank to Another Bank d)Cash Transfer from Main Cashier to Petty Cashier
Payment Voucher (F5)	a)Paid loan by cheque or cash b)Paid to Supplier /Sundry creditor by cheque or cash c)Paid direct /Indirect expense by cheque /Cash d)Purchase Assets by Cheque or Cash e)Fixed Assets purchase by cheque or Cash f)Any type of payment made by cheque or cash
Receipt Voucher (F6)	a)Received personal Loan by cheque or cash b)Received cheque or cash from Customer /Sundry Debtor c)Received direct /Indirect income by Cheque or Cash d)Any Type of income received by Cheque or Cash e)Fixed Assets Sold by Cash by Cheque f)Any Type of amount received by cheque or cash
Journal Voucher (F7)	a)Depreciation entries b)Prepaid exp adjustment entries c)Provision entries d)Outstanding /payable exp Adjustment entries e)Any type of adjustment entries f)Fixed asset purchase /Sold on credit
Sales Voucher (F8)	a)Goods sold on Credit sales b)Goods sold in Cash c)Goods sold by Cheque
Purchase Voucher (F9)	a)Goods purchase on Credit b)Goods purchase in Cash c)Goods purchase by cheque
Date change F2	Date Change

Accounting voucher Key in Tally Prime

Go to Gateway of Tally >Vouchers>press key any key to create voucher entry

Maintain Bill Wise Detail In Tally Prime

Maintain Bill Wise detail is made in Tally Prime for maintaining outstanding and Pending bill of Sundry creditors and debtors

How to create bill wise detail in Tally Prime

Go to the gateway of tally >Alt +K >F11
Set enable Bill wise Entry >YES

as shown in figure

Now alter the ledger of the party

Go to gateway of Tally Prime>Alter>Ledger

Select Appolo Trader

Maintain Balance Bill by bill set to YES

Default credit period: 10 days

Check the credit days during voucher entry YES

Similarly alter ledger of following parties and give credit days

Name of Party	Credit days
Dhanlaxmi Provision	25 days
Dhruv traders	27 days
National Distributors	28 days

Also, Alter Hindustan Ltd and set Maintain bill wise detail Set to YES

Now create Ledger of Purchase

Gateway of Tally >create >Ledger
Name :Purchase
Under :Purchase
Type of Ledger : Not Applicable
Is GST applicable >Applicable
Set /Alter GST detail :NO
Type of Supply :Goods
Opening Balance :skip the filed
press Y or enter to Accept the screen.as figure shown belwo

Ledger Input CGST and Input SGST

To create a ledger of Input CGST

Go to the gateway of tally > Create> Ledger
Name : Input CGST
Under Duties and taxes
Type of Duties: Central Tax
percentage of calculation :0%
Rounding method not applicable
Press Yes to save

To create a ledger of Input SGST

Go to the gateway of tally > Create> Ledger
Name : Input SGST
Under Duties and taxes
Type of Duties: state Tax
percentage of calculation :0%
Rounding method not applicable
Press Yes to save

Make a transaction in Purchase Voucher.

Note: Alter Hindustan Ltd and set maintain bill by bill to YES.

Go to Gateway of Tally >vouchers >
Press F9 purchase Voucher press CTRL +H and select Item invoice mode
Supplier invoice number HU01
Date:1/5/2021
Party Name: Hindustan Lts A/c
Purchase Ledger: Purchase A/c
Name of item: Taj Mahal Tea 250 Gm
Godown: Warehouse
Quantity:80
Rate:80 Automatically
comes

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Introduction of GST in Trading organization

GST Mechanism

Create company In Tally prime

Opening balance Trading company in Tally Prime

How to create ledger in Tally Prime:

How to create multiple ledgers in Tally Prime:

Inventory Tally Prime

Create subgroup with GST rate and and HSN /SAC

Unit of measurement in Tally Prime

To create location or godown Tally Prime

List of Stock item in Tally Prime

Stock summary in tally prime

Tax Rate Setup in Tally Prime GST

Accounting voucher Key in Tally Prime

Maintain Bill Wise Detail In Tally Prime

Now create Ledger of Purchase

Ledger Input CGST and Input SGST

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