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In some business scenarios, you may want to raise a demand to the supplier for a supply mentioning the required stock details. You can record a Purchase Order in TallyPrime to raise such demand indicating the types, quantities, and agreed prices for products or services. It controls the purchasing of products and services from external suppliers. Similarly, once you have received the goods, you can record a Receipt Note in TallyPrime to account for the goods received and against the existing Purchase Order as well. You can view your purchase bills that are pending and also pre-close orders via partial cancellation or complete cancellation as well.

When the order is placed with the suppliers for the supply of goods, the items, quantities, order due date, and so on, details are given with the Purchase Order Number. Later, when these goods are received, the Purchase Order is tracked for the Order Details

The Outstanding Purchase Order reports are available in TallyPrime. Also, knowing the order position of any item in the Stock Summary is possible. Separate Purchase Order Outstanding report and Purchase Order Summary report are also available.

Open the purchase order voucher screen.

In case the voucher is inactive, you will be prompted to activate the Purchase Order voucher type. Select Yes or press Y to proceed.

Specify the supplier details.

Party A/c Name: Select the party name and press Enter.

As always, you can press Ctrl+A to save and proceed.

Enter Party Details.

Select the Purchase to allocate stock items.

Select stock item.

If orders are split with different due dates, specify the appropriate due date for each lot to be sold.

After entering the due dates for all the lots, press Enter on the Due on field to return to the Voucher Creation screen.

Press F12 (Configure), and set the options as needed. The report appears with the relevant details.

You may have to close orders with negligible quantities yet to be received, or you are no longer planning to receive those pending items from the supplier. Pending references for such orders continue to exist in TallyPrime until you close them. You can pre-close an order from Purchase Order Outstanding reports or from the purchase order transaction and reports.

In this section

Open the purchase order voucher in alteration mode and configure it for pre-closure of the order.

This will pre-close the order partially based on the entered details.

You can also pre-close the purchase order completely.

Open the sales order voucher screen in alteration mode.

As always, press Ctrl+A to save.

Based on your convenience, you can pre-close the orders with the purchase order voucher, receipt note, or purchase voucher.

Press F12 (Configure).

Set the option Show Cleared Purchase Orders to Yes.

Set the option Show Pre-closure Order details to Yes.

Set the option Show Reason to Yes.

The Order Details screen appears with the Pre-Closed Qty (Closed on) column and Reason for Pre-Close field. Now, you can partially or even completely pre-close orders directly from Purchase Order (Due Only) report.

Pre-close order – partial cancellation of orders

Select the purchase orders (press Spacebar to select more than one order), and press Alt+W (Pre-close Orders).

As always, press Ctrl+A to save.

Pre-close order – complete cancellation of orders

Select the purchase orders (press Spacebar to select more than one order)

As always, press Ctrl+A to save.

In some business cases, after you record a purchase order, the supply might get partially or completely canceled. Also, you may want to keep a track of the purchase orders outstanding and account for the partially or completely canceled orders. TallyPrime provides you with the Purchase Order Outstandings report to view all such outstanding orders. You can also pre-close the outstanding orders and canceled orders at any point in time.

There are different reports under Purchase Order Outstandings. The outstanding orders can be viewed Stock Group-wise, Stock Item-wise, Group-wise, Ledger-wise, or from All Orders.

In this section

This report displays the Purchase Order Outstanding summary of all or a selected Stock Group.

It displays the Date of the order, Order Number, Name of Party, Ordered Quantity, Balance Quantity, Rate, Value of the ordered stock, Due on date for delivering the goods, and the number of days overdue.

You can press F12 (Configure) and set the options as needed, to view the details of the required orders for each account group.

This report displays the Purchase Order Outstanding summary of Stock Items.

Select the stock item from the List of Stock Items and press Enter.

You can press F12 (Configure) and set the options as needed, to view the details of the required orders for each stock item.

You may have created subgroups for your Sundry Creditors based on the region, type of party, city, location, or for each salesman, as per your business need. You can use this report to view the Purchase Order Outstanding for such groups.

Select Sundry Creditors and press Enter.

You can press F12 (Configure) and set the options as needed, to view the details of the required orders for each account group.

This report displays the Purchase Order Outstanding summary of ledgers.

Press F12 (Configure) and set the below options to get a comparison of the number of Orders Booked, Orders Cleared, Pending Orders, and also Opening Orders, if any.

Show Opening Orders to Yes.

Show Orders Booked to Yes.

Show Cleared Orders to Yes.

If you have any pending orders which are yet to be cleared, you can get those orders displayed in the Opening Orders column by setting the date that is one day after the due date set for that order.

You can also set other options as needed from F12 (Configure), to view the required order details for each ledger.

Drill down from the stock item to view the Purchase Orders Outstanding of the stock item in the Order Details screen.

This report displays the Purchase Order Outstanding summary of all the pending orders. It displays the list of stock items with pending purchase orders along with the order details, party details, and due date for delivering the goods. It also provides information on Goods received but Orders not Sent, if any.

Press Alt+F5 (Detailed) to view the purchase orders in detailed format.

Press F6 (Age wise) to view the age-wise analysis report.

Press F8 (All Orders) to view all the orders that are due. This button can be used to view All Orders and Due Orders alternatively.

Press Alt+W (Preclose Orders) to pre-close the purchase orders.

The procedure to record Receipt Notes with or without Purchase Orders is explained below.

Open the Receipt Note voucher screen.

You can activate the Receipt Note voucher type if the voucher is inactive. Select Yes or press Y to proceed.

Enter the Reference No if required and Date.

In Party A/c name, select the party ledger against which you are recording the receipt note.

On the Party Details screen, enter the Order Details and Receipt Details as required.

Select the Purchase Ledger.

Specify the details in Stock Item Allocations screen.

If you select a purchase Order No(s) in the Party Details screen of the invoice:

The stock items details in the purchase order appear in the receipt note.

The Order No.is prefilled in the Stock Item Allocations screen.

If Order No(s) is selected as Not Applicable then specify the details in Stock Item Allocations screen.

Enter a Tracking No. By default, the invoice number appears. You can change it if required by creating a New Number.

Set the Order No. to Not Applicable.

Enter the Quantity and Rate.

Accept the screen

Enter the Narration if required. As always, press Ctrl+A to save the voucher.

A Receipt Note with Tracking No. marked as Not Applicable is an inventory document affecting only the inventory values. This will not affect the accounts.

You can select the tracking number of the receipt note to track the received goods in the purchase invoice.

Open the purchase invoice and enter the invoice number and date.

Enter the Supplier Invoice No.: and Date.

Henceforth, you can enter the additional details in the purchase voucher until you change the option in F12 (Configure).

Select the party ledger in the Party A/c name.

Select the receipt note reference in the purchase invoice.

Select the Purchase Ledger.

Tracking No.: and Order No.: will be auto-filled by default based on the receipt note and order number reference.

As always, press Ctrl+A to save the voucher.

A receipt note is closed if billed completely. The details appear in the Purchase Bill Pending report if it is partially closed.

Ensure the tracking number feature is enabled.

Record the purchase voucher.

Select the party ledger and stock item.

In the Stock Item Allocations screen:

Select New Number for the Tracking No.

Enter the stock item’s Quantity and Rate. The Amount appears.

Press Enter to return to the purchase voucher.

As always, press Ctrl+A to save the voucher.

You can use the tracking number of the purchase voucher in the receipt note.

The Voucher Type Alteration screen appears.

Set the option to Activate this Voucher Type to No.

Press Y to accept the screen. As always, press Ctrl+A to save the Voucher Type Alteration.

As a result of this change, the Receipt Note voucher types are deactivated, and the Tracking Number no longer appears in the transaction unless you are specifically reactivating it.

Similarly, you can disable the Tracking Number in the by deactivating the Delivery Note voucher type. As a result, the Tracking Number no longer appears in the transaction.

Open the Rejections Out voucher.

You can activate the Rejections Out voucher type if the voucher is inactive. Select Yes or press Y to proceed.

Provide the party details.

Under Ledger Account, select the party ledger to which you are returning the goods.

The party’s name appears under Supplier’s Name and Address with the address entered in the ledger master.

Provide the stock item details.

Select the stock item. In the Item Allocations screen, the same details appear if you had recorded a receipt note with a tracking number. You can select the relevant tracking number.

In the F12 configuration, enable the option Show Godown–wise Details to view the batch and godown details in the invoice.

As always, press Ctrl+A to save.

The stock will decrease to the extent of the quantity entered in the rejections out voucher.

Purchase Bills Pending report lists all instances of incomplete purchases where goods may have been received but not invoiced. It also lists instances of invoices raised but against which goods have not been received.

This report lists transactions of Goods Recd. but Bills not Recd.: and Bills Recd. but Goods not Recd.:.

You can view the pending and cleared bills in the Purchase Bills Pending report.

Press F12 (Configure) and set the options as needed.

To drill down to the voucher level, place the cursor on the voucher detail line and press Enter.

The Purchase Bills Pending report can be generated only when the option Tracking Numbers is set to Yes.

You're reading How To Record Purchase Order And Receipt Note In Tallyprime

How To Record Transactions With Tcs In Tallyprime

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TCS (Tax Collected at Source) is the tax that a TallyPrime not only supports the latest budget changes for TCS but also provides you with a comprehensive TCS solution for your business needs. You now have the flexibility to calculate TCS either after receiving the payment or during billing.

If you are a seller of goods such as timber wood, tendu leaves, scrap, and so on, then you have to collect TCS at the time of sale. . This is applicable only for sellers whose annual income has exceeded Rs 10 crore in the previous financial year. TallyPrime provides you with the option to track the threshold limit for a party. TCS will be automatically calculated when the sales exceeds the threshold limit (Rs 50 lakhs, for instance) for the party across transactions.

You now have the choice to calculate TCS on either realisation/receipt of the invoice value or directly in the invoice (accrual method), depending on your business practice. If you choose accrual, then you will collect TCS while billing the customers. If you choose realisation, then you will collect TCS on receipt of the invoice value. TallyPrime provides you with the flexibility to apply either method of calculation as per the Nature of Goods. Once you have selected the basis of calculation, it will be applied to all your transactions under that particular Nature of Goods. For instance, you can set TCS calculation on accrual for the sale of goods such as luxury cars or timber wood, and . Accordingly, TallyPrime will keep aggregating the values for each party across transactions and calculate TCS once the aggregate amount crosses the threshold limit for a party.

What’s more, with TallyPrime you can easily configure TCS in either the stock items or in the sales ledger, which will help you calculate TCS with great ease and accuracy. If you have hundreds or thousands of stock items, then you don’t have to configure TCS for each stock item. You can just configure TCS in the sales ledger, and the TCS amount will be calculated in the transaction. For some reason, if you do not want to calculate TCS in the transaction, then you can set TCS to Not applicable in the stock items or sales ledger.

TallyPrime provides you with the choice to calculate TCS on either realisation of the invoice value or directly in the invoice, depending on your business practice. If you choose realisation, then you will collect TCS after receiving the payment from the buyer. You can apply the realisation method of calculation in the relevant Nature of Goods, and it will be applied to all your transactions under that particular Nature of Goods. TallyPrime will aggregate the values for each party across transactions and calculate TCS once the aggregate amount crosses the threshold limit for a party.

Set up tax calculation and threshold limit

Enter relevant details such as the name of the Nature of Goods, Section, Payment code, Threshold/exemption limit, and applicable TCS rates.

Configure the following options:

Tax calculation based on realisation – Set this option to Yes to calculate TCS on realisation in the transactions involving this Nature of Goods.

Illustration: Let us consider the Threshold/Exemption Limit as Rs 50 lakhs. Now if the value of sales is Rupees 57 lakhs, then the Taxable Value will be Rs 7 lakhs if this option is set to Yes. However, if this option is set to No, then the entire amount of Rs 57 lakhs will be taxable.

Press Ctrl+A to accept, as always.

Select the Party A/c name and Sales ledger.

Select thein thesub-screen:

Press Ctrl+A to accept, as always.

The excess amount (Rs 10,00,000) will appear in the Collection at Normal Rate section, while the rest of the amount will appear in the Under Exemption Limit section.

If you choose the accrual method of calculation, then you will collect TCS while billing the customers. TallyPrime provides you with the option to configure the accrual method for the relevant Nature of Goods. Once you have selected the accrual method, it will be applied to all your transactions under that particular Nature of Goods.

Enter relevant details such as the name of the Nature of Goods, Section, Payment code, Threshold/exemption limit, and applicable TCS rates.

Configure the following options:

Tax calculation based on realisation – Set this option to No to calculate TCS on accrual in the transactions involving this Nature of Goods.

Press Ctrl+A to accept, as always.

Select the Party A/c name and Sales ledger.

Select thein thesub-screen:

Select the item and the TCS duty chúng tôi can see that TCS was calculated on the Amount exceeding the overall threshold limit. The total amount for TCS consideration is Rs 1,20,00,000, which exceeds the threshold limit (of 50,00,000) by Rs 70,00,000. Thereby, TCS will amount to Rs 7000 (at 0.1%).

Press Ctrl+A to accept, as always.

You can see that the excess amount (Rs 70,00,000) appears in the Collection at Normal Rate section, while the rest of the amount appears in the Under Exemption Limit section.

You may have set the method of calculation as realisation in the Nature of Goods, but for a particular party you may want to override this calculation to accrual. Accordingly, TallyPrime provides you with the flexibility to change the method of calculation during the transaction or in the party master.

Override in the party master

If you select Yes, then the following sub-screen will appear.

Now TCS will be calculated in the sales transaction even if realisation is selected as the method of calculation in the Nature of Goods.

Open the TCS Allocation Details screen from the sales/receipt voucher.

Press Ctrl+A to accept, as always.

Select the Party A/c name and Sales ledger.

If the TCS duty ledger is not selected, then TCS Allocation Details will appear after the voucher total.

Press Ctrl+A to accept, as always.

Select the Buyer/Lessee type as Government.

Set the option Set/alter zero/lower rate for collection to Yes. The Zero/Lower Collection Details screen will appear.

Select the Provision as 206C(1H) – Collectees Eligible for Exemption.

Press Ctrl+A to accept, as always.

If you are calculating TCS on accrual, then record a sales voucher for this transaction. If you are choosing TCS on realisation, then record a receipt voucher.

Select the Party A/c name and Sales ledger.

Select thein thesub-screen:

Select the item and the TCS duty chúng tôi can see that TCS was not calculated, even though the Amount exceeds the threshold limit (50,00,000) set for the Nature of Goods

Press Ctrl+A to accept, as always.

You can see that the transaction and the excess amount (72,00,000 – 50,00,000 = 22,00,000) appears in the Collection at Normal Rate section, while the rest of the amount appears in the Under Exemption Limit section.

If your business has buyers who deduct TDS while making payments, then you don’t have to collect TCS from such buyers. TallyPrime provides you with the flexibility to set the exemption for such buyers during the transaction. If you are calculating TCS on accrual, then record a sales voucher for this transaction. If you are choosing TCS on realisation, then record a receipt voucher.

Select the Party A/c name and Sales ledger.

Select thein thesub-screen, and press(Configure). Thesub-screen will appear.

Set the optionto. Thesub-screen will appear.

Select the item and the TCS duty chúng tôi can see that TCS was not calculated, even though the Amount exceeds the threshold limit (50,00,000) set for the Nature of Goods.

Press Ctrl+A to accept, as always.

If the buyer is going to deduct TDS while making the payment, then the transaction will be exempted from TCS. Further, when the buyer pays this TDS amount to the government, a challan no. will be issued. While filing TCS returns, you have to provide this challan no. and date against which TDS was paid.

TCS will be calculated at a higher rate (1% instead of 0.1%) when the PAN of a buyer is not available, and the transactions will appear in the Collection at Higher Rate section in Form 27EQ. With TallyPrime, you can easily cross-check the list of buyers without PAN and update the details if available. TCS will be recalculated and the entries will move to the Collection at Normal Rate section in Form 27EQ.

TallyPrime will help you in easily accounting for TCS payments made to the department. You can record such payments using a payment voucher. You can also record the payment of late fee for TCS, in case the returns were filed after the due date. Further, the delayed payment of TCS might attract interests and penalties, and you can easily record such payments in TallyPrime. While recording the payment, you only have to select the Penalty or Late Fee ledger grouped under Indirect Expenses.

You can record a payment voucher to account for the TCS on payment made to the department.

Press Ctrl+F (Autofill) and specify the following details:

Select Stat Payment as the

Type of transaction

Select TCS as the Tax Type and enter other details as the Period From, Collected Till Date, Section, and Nature of Goods.

Select the relevant Collectee Status and Residential Status.

Accept the screen. As always, you can press Ctrl+A to save.

Set the option Print as TCS Challan to Yes and enter the Filing Date.

Press Ctrl+A to print the ITNS Challan.

With TallyPrime, you can also record the payment of late fee for TCS, in case the returns were filed after the due date.

Select cash or bank ledger in the Account field.

Select the TDS/TCS tax ledgers, and the relevant nature of payments/nature of goods.

Select the Late Fee ledger grouped under Indirect Expenses.

Accept the screen. As always, you can press Ctrl+A to save.

The delayed payment of TCS might attract interests and penalties, and you can easily record such payments in TallyPrime.

Select cash or bank ledger in the Account field and select the interest ledger grouped under Indirect Expenses.

Select Interest from the from the list of payment types and enter the amount.

Select the penalty ledger grouped under Indirect Expenses.

Accept the screen. As always, you can press Ctrl+A to save.

With TallyPrime you can view and track the status of your TCS-related transactions in Form 27EQ, and identify any incomplete information or mismatch in details. Once you verify the details, you can export the details as a text file and proceed for filing TCS returns. Additionally, the TCS feature in TallyPrime comes with reports like TCS Outstandings and Challan Reconciliation. The TCS Outstandings report will help you view the outstanding TCS amount based on the party or the nature of goods. You can use the Challan Reconciliation report to enter the challan details for payment transactions.

You can view all the pending TCS payments for each nature of goods or party in the TCS Outstanding report.

A brief explanation about the fields in the report is given below:

Field Name

Description

Nature of Goods

Company

Displays the total amount of tax collected from parties of Company Resident and Company Non-Resident buyer or lessee type for whom sale transactions were recorded.

Non-Company

Displays the total amount of tax collected from parties of Individual/HUF – Resident and Individual/HUF – Non Resident buyer or lessee type for whom sale transactions were recorded.

Total Pending

Displays the total outstanding amount of all TCS pending payment to be made.

Party-wise information: To view details of the transactions for each party, press F5 (Party-wise).

Change View: To display a report in different views with additional details or for a specific period, press Ctrl+H (Change View). You can also view other reports related to the current report.

Nature of Goods: To view the transaction details of each nature of goods, select the required nature of payment.

A brief explanation of the fields in the report is given below:

Field Name

Description

Date

Displays the date of recording payment, journal or purchase voucher.

Ref. No.

Displays the reference number entered in the payment, journal or purchase voucher.

Party’s Name

Displays the party name from where TCS has been collected, and for which the payment is yet to be made.

Opening Amount

Displays the opening amount of TCS.

Pending Amount

Displays the pending amount of payment to be made to the government.

Due On

Displays the last date of payment.

Overdue By Days

Displays the number of days passed after the due date.

TCS paid to the government have to be accompanied with ITNS 281 challan. You can generate this from the payment voucher and enter the challan details in the Challan Reconciliation report.

Press Alt+R (Reconcile).

Enter the Challan No. and Challan Date if required.

As per NSDL department file validation tool, challan number and challan date are not mandatory. In case of online TCS duty payment, you can provide the challan number and challan date, or leave the fields blank, and validate the file successfully.

The Form 27EQ report in Tallyprime will help you in filing accurate returns.

The Total Vouchers displays the total number of transactions for a period, which are categorised as Included in return, Not Relevant in this Return, and Uncertain Transactions (Corrections needed). You can drill down to view the Statistics report, which comprises voucher types with the corresponding voucher count.

This displays all the vouchers that comply with the requirements for filing the returns, in terms of the details available in the masters. These vouchers will be a part of TCS form as applicable.

Booking Voucher: Displays the count of booking vouchers that are recorded without TCS deduction to book the expenses.

Booking with Collection Voucher: Displays the count of booking vouchers that are recorded with TCS collection details.

Collection Voucher: Displays the count of all the collection entries passed during the report period.

Reversals: Displays the count of all the entries recorded for TCS reversal.

Overridden by User: Displays the count of the TCS vouchers that were recorded and saved by overwriting the pre-defined tax details.

The Form 27 EQ – Not Relevant in this Return screen will display the list of excluded vouchers for the selected voucher type. You can drill down to the required transaction to alter or view more details.

This displays the count of all vouchers with insufficient information. These exceptions can either be master-related or transaction-related.

In this section

View Uncertain Transactions

Master Related Exceptions

Unable to Determine TCS applicability for ledgers or stock items: This exception occurs when the sales/income ledger credited in the transaction, or the stock item selected, has not been tagged to a specific TCS Nature of Goods. Select the appropriate TCS Nature of Goods to resolve this exception.

Unable to determine collectee type for party: This exception occurs when the collectee type of the party ledger is set to undefined. Select a collectee type to resolve this exception.

To set the collectee type

Drill down from Unable to determine collectee type for party.

Press Spacebar to select the Name of the Ledger.

Press Ctrl+F4 (Collectee Type) and select the required collectee type.

PAN not available for party: This exception occurs when the selected party ledger has been enabled for TCS, but PAN has not been specified. You need to specify the PAN, and the applicability of PAN or the status of PAN application for the party. To enter the PAN details:

Drill down from PAN not available for the Party.

Enter the PAN of the party and applicability, if PAN is available. Otherwise, enter one of the terms given below, based on the corresponding reason:

PANAPPLIED – If the party has given a declaration stating that he/she has applied for PAN, but are yet to receive the same.

PANINVALID – If the PAN format provided by the party is incorrect.

PANNOTAVBL – If the party has not given any declaration or PAN number.

Notification is not available for zero or lower rate: This exception occurs when a lower rate or zero rate deduction is recorded for a transaction, and the corresponding notification number is not defined for the party/expense ledger. You can resolve this exception by specifying the notification details.

You can drill down to view the party ledgers that have been used to record the zero-rated/lower-rated TCS entries. You can identify the parties for which lower deduction/zero rate is applicable, select the relevant TCS Category, and provide the exemption notification number, applicability period, and the rate.

Unable to determine TCS applicability for duty ledgers: This exception occurs when the TCS duty ledger has not been classified under a TCS Category. Select a specific TCS Nature of Payment of TCS duty ledger to resolve this exception.

Drill down from Unable to determine TCS applicability of ledgers.

Select the Default Nature of Goods. You can view the Duty ledgers for which TCS Nature of Goods have not been defined.

Select the required stock items and press Alt+B (Nature of Goods) to set the Nature of Goods.

Unable to determine the tax rate for nature of goods: This exception occurs when the TCS nature of goods is not zero rated and the rate of tax is not defined. Enter the tax rate to resolve this exception.

Drill down from Unable to determine the tax rate for nature of goods.

Enter the Rate for the TCS nature of goods or set the option Is Zero Rated to Yes.

Accept the screen. As always, you can press Ctrl+A to save.

Transactions Related Exceptions

Unable to determine TCS category in transaction: This exception occurs when TCS nature of goods is not defined for the sales ledger either in the ledger master or transaction.

Drill down from Unable to determine TCS category in transaction.

Drill down from the transaction.

Go to the amount entered for the sales ledger and press Enter.

Select the Nature of Goods.

Press Ctrl+A to accept the sales invoice.

To resolve the exception:

Drill down from No link is available with collection voucher.

Select the transaction and press

Alt+L

(Link All).

Unable to determine collectee details in cash transactions: This exception occurs for TCS cash sales.

To resolve the exception:

Drill down from Unable to determine collectee details in cash transactions.

If the details are not defined in the ledger, then select the Collectee Type and enter the PAN.

Accept the screen. As always, you can press Ctrl+A to save.

TCS collected but not linked with sales voucher: This exception occurs when the sales bill is not selected for the party ledger in TCS journal voucher.

Drill down from TCS collected but not linked with sales voucher.

Select the journal voucher and press Enter.

Press Spacebar to select the required booking vouchers.

Press

Alt+R

(Auto Fill) or Alt+L (Full) or

Alt+V

(Partial), as required, and enter the amount in

Link to Collection

Accept the screen. As always, you can press Ctrl+A to save.

Transactions accepted with conflicts: This exception occurs when the TCS nature of goods defined for the sales ledger and selected in the invoice (by enabling the option Allow modification of Tax Details for TCS in sales invoice configuration) are different, and the invoice is accepted by pressing O to override the tax details.

Drill down from Transactions accepted with conflicts.

Press Spacebar to select the transaction.

Press Alt+J (Accept as is).

Accept the screen. As always, you can press Ctrl+A to save.

You can save the changes after resolving the required exceptions in Form 27EQ.

In this section

Save the return

Recompute Corrected Return

Generate Form 27EQ report for the period for which the return was saved. For example, if the return was saved for the period 1-Apr-2023 to 30-Apr-2023, then view the report for the same period. If the transaction details are changed, the message ‘The return values might have been changed.’ will appear, with a new section that comprises details of:

Modified Masters: If the duty ledger is not selected in the invoice, this row will not show the transaction count.

Modified Vouchers: This row displays the total count of vouchers that are created, altered, cancelled, and deleted. Press Enter to view the Summary of Modified Vouchers.

To view the list of transactions against each modification type:

Drill down from the Created, Altered, Cancelled, or Deleted vouchers in which the transaction count is displayed.

Press Enter to display the voucher alteration screen.

Press Alt+W (Recompute) to include the changes made into the report and recalculate the values. Once the values are recomputed, the section displayed for modified masters and transactions will not appear.

Overwrite the recomputed information

On recomputing the values of modified transactions, the following buttons will appear in Form 27EQ:

If all exceptions are resolved and the count of Uncertain Transactions is zero, then Alt+B (Overwrite) and Alt+H (Save as Revised) will appear.

If the count of Uncertain Transactions count is not zero, then Alt+B (Overwrite) will appear.

Press Enter to accept and overwrite the data with modified details.

Save as Revised

To save the recomputed value as revised returns without overwriting the information, press Alt+H (Save as Revised). This button appears only if the count of Uncertain Transactions is zero.

Press Enter to accept and save the revised return.

The Collection Details section denotes the type of collection under which the included transactions are grouped.

To view the PAN number of each buyer/collectee:

This section contains details of all TCS payment vouchers of the current period. Payments made to parties, petty expenses, or any statutory payments other than that of TCS are not displayed here.

With Tallyprime you can export Form 27 EQ in the text format.

Form 27 EQ can be exported only after it is saved. The report closes after it is saved. Reopen Form 27 EQ.

Press Alt+E (Export) and select E-Return to view the Export Report screen.

Select the required File Format. It is set to SDF (Fixed Width) by default.

Specify the Folder path where the text file has to be exported.

Select the 27EQ returns .txt file exported from TallyPrime in the field TDS/TCS Input File Name with Path.

Select the challan status inquiry .csi file downloaded from TIN website in the field Challan Input File Name with Path.

Enter the location to save the validation error file in the field Error/Upload & Statistics Report File Path.

Print the Form 27A created by the validation tool.

Submit the Form 27A and 27EQ returns .txt file (soft copy) at TIN-FC or upload on NSDL website.

In case the validation is not successful, results are updated in the error report file. Rectify these errors in the data and re-generate the 27EQ returns text file for validation.

The Return Transaction Book displays the list of saved returns. Each time the form is modified and saved, the details are displayed as a separate row in this book, as shown below:

To generate the return that was saved, select the required row and press Enter.

The latest version of the File Validation Utility (FVU), 7.5/7.6, is available. Accordingly, you can generate the Form 27EQ text file in TallyPrime for filing TCS returns. However, you have to make a few updates in the text file before validating it in the FVU and filing TCS returns. This will ensure that your returns comply with the latest requirements.

The latest updates are regarding deduction of tax in case of specified senior citizen (under section 194P). Accordingly, the following new fields under the batch header information have been added:

Field 70: Count of Section 194P Details Record (Not applicable)

Field 71: Batch Total of – Gross Total Income as per Section 194P Details (Not applicable)

For these changes, it is recommended that you open the exported text file of the return, as you will be able to update the batch header information easily.

In TallyPrime, export Form 27EQ text file.

In Form 27EQ report, press Alt+E (Export), select E-Return.

In the Export screen, configure the Folder Path, as needed, and select Send.

Open the text file (in Notepad) from the Folder Path.

Now the Form 27EQ text file is ready as per FVU 7.5/7.6. You can validate it in FVU 7.5/7.6 and proceed to file TCS returns.

TallyPrime will help you in easily setting up your books for TCS and getting started with transactions. After enabling TCS for your company, you have to configure TCS for your masters such as stock items, party ledgers, tax ledgers, and so on. Additionally, you also have a special master for TCS called TCS Nature of Goods, which will help you set up important TCS details such as the Section, Payment code, TCS rates, method of TCS calculation (either realisation or accrual), and so on.

You can enable the Tax Collected at Source (TCS) feature in TallyPrime, provide surcharge details, and create the masters required to record transactions.

To use TCS features for recording transactions, you will need to activate TCS for your company.

Specify details such as TAN registration number, Tax deduction and collection Account Number (TAN), Collector Type, and Collector branch/division.

Press Enter. The TCS Collector Details screen appears.

Set Ignore IT Exemption Limit to Yes, if you don’t want to consider the IT exemption limit, or to No, if you want to consider the IT exemption limit.

Set the option Provide Surcharge and Cess details to Yes.

Accept the screen. As always, you can press Ctrl+A to save.

TallyPrime facilitates defining TCS details at different levels. This provides the convenience of applying tax rules at the highest level, which is the company level, as well as the flexibility to modify, override, or define details at other levels, based on the business requirement. The rules will be applied in this order:

Stock Group

Stock Item

Ledger Group

Ledger

Transaction

Transaction Entry

Scenario 1: I don’t maintain inventory. I manage only accounts in my company.

For a company that maintains only accounts, TCS rates can be defined at the sales or purchase level.

Select the sales/purchase ledger.

If you do not see this option, ensure that

Enable Tax Collected at Source (TCS)

is set to Yes in F11 (Features) for your company.

Press Ctrl+Enter on the Nature of Goods to set the tax rate.

Enter the TCS rate in the TCS Nature of Goods screen.

Accept the screen. As always, you can press Ctrl+A to save.

Scenario 2: I deal with goods for which every stock item has a different TCS category, and want to specify TCS rates.

For a company that deals with stock items that are tagged to a different TCS category, the TCS rate details have to be defined at the stock item level.

Select the Stock Item.

Set the option Is TCS Applicable to Applicable.

Press Ctrl+Enter on the Nature of Goods to set the tax rate.

Enter the TCS rate in the TCS Nature of Goods screen.

Accept the screen. As always, you can press Ctrl+A to save.

Scenario 3: I maintain multiple stock items under each TCS category and want to specify TCS rates.

For a company that has multiple stock items under each stock category, the TCS rates can be defined at the stock group level.

Select the Stock Group.

Enable Set/Alter TCS Details to Applicable.

Press Ctrl+Enter on the Nature of Goods.

Enter the TCS rate in the TCS Nature of Goods screen.

Accept the screen. As always, you can press Ctrl+A to save.

Scenario 4: I want to specify TCS applicability for sales and income ledgers.

Select the Sales/Income ledger.

Set the option Is TCS Applicable to Applicable.

Press Ctrl+Enter on the Nature of Goods to set the tax rate.

Enter the Section, Payment Code, and TCS Rate in the TCS Nature of Goods screen.

Accept the screen. As always, you can press Ctrl+A to save.

You can define the TCS nature of goods your business deals.

Select the required Nature of Goods. The Section and Payment code are displayed automatically.

Enter the Rate of TCS for With PAN and Without PAN. The same appears in Rate for other deductee types.

Accept the screen. As always, you can press Ctrl+A to save.

You can create stock item masters for goods that are classified under the TCS nature of goods.

Enter the Name.

Select a Stock Group in the Under field.

Set the option Is TCS applicable to Applicable.

Accept the screen. As always, you can press Ctrl+A to save.

TCS will be collected on the basis of the collectee type defined in the party ledger. You can create TCS ledger as follows:

Enter the Name and select Sundry Debtors in the Under field.

Enable the option Is TCS Applicable, to allow TCS collection for the ledger.

Set Use Advanced configurations for TCS to Yes.

You can set the ledger to ignore income tax and/or surcharge exemption limits.

On selecting Section Number 206C and entering the certificate details, the transactions recorded using these ledgers will appear in the relevant sections of Form 27EQ.

When the PAN is not available, enter one of the terms given below as the PAN/IT No., based on the corresponding reason:

PANAPPLIED – If the party has given a declaration stating that he/she has applied for PAN, but are yet to receive the same.

PANINVALID – If the PAN format provided by the party is incorrect.

PANNOTAVBL – If the party has not given any declaration or PAN number.

Accept the screen. As always, you can press Ctrl+A to save.

You can create sales ledger with TCS nature of goods under Sales Accounts.

Select Sales Accounts in the Under field.

Set Inventory values are affected to Yes.

Set the option Is TCS Applicable to Applicable.

Accept the screen. As always, you can press Ctrl+A to save.

You can create a duty ledger for accounting for TCS and also specify the nature of goods.

Select Duties and Taxes in the Under field.

Select TCS as the Type of Duty/Tax.

Accept the screen. As always, you can press Ctrl+A to save.

How To Resolve Data Exceptions In Tallyprime

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TallyPrime ensures that your data remains safe to provide your a hassle-free experience. At times, your company data may encounter exceptions due to various reasons. When you import any external data into TallyPrime, due the import process, TallyPrime verifies the data for any possible exceptions. In case the data was tampered or modified, the data may not be completely compatible for use after importing. Similarly, when you migrate or repair your data, TallyPrime may identify that some of the details for your existing masters and vouchers are missing. The same can happen when you synchronise the data between different computers. In all such cases, TallyPrime that the data is not completely lost. Instead, it identifies such data as exceptions and brings them together under a common report, so that you can resolve them in a few steps and seamlessly used in your day-to-day transactions.

Exceptions in your masters and vouchers can happen when you import, repair/migrate or synchronise your data. In such cases, TallyPrime ensures that all the exceptions are available to you at a single location so that you can view them and take informed decisions. When the masters and transactions are under exception, those are not part of your reports. For examples, masters that are under exception do not appear in the Chart of Accounts.

View the exceptions report to take necessary resolution steps to correct the data.

The All Exceptions report appears, displaying the number of exceptions caused due to Import, Migrate/Repair, and Synchronisation in TallyPrime.

You can view the report directly from specific menu options.

Master-Related Exceptions

Voucher-Related Exceptions

To refer to the exceptions instantly, save the Exception report:

Press Alt+F5 (Detailed) to view the report in detailed format.

If you are viewing the report Exception-wise, you can view the masters and vouchers related to that exception.

If you are viewing the report Master-wise & Voucher-wise, you can view all the exceptions for the masters and vouchers.

The report displays specific details of the exception, such as the master name/voucher the exception belongs to, count of the affected master/voucher, and so on. This enables you to resolve each exception by performing necessary steps.

Viewing the exceptions help you to analyse your data better. Depending on the exception, you can decide how to resolve them. TallyPrime’s data resolution framework provides a seamless experience without the risk of any data loss.

TallyPrime not only provides a consolidated view of all the exceptions, but also enables you to resolve them straight from the exception report. Depending on the exceptions, you can take necessary steps to resolve them. There are different ways you can resolve the exceptions.

In this section

Certain exceptions will require you to drill down to update the missing or invalid information due to which an exception has occurred.

Let’s consider the following exception for illustration purpose:

Master name is missing

To resolve this exception:

The master Emp Attendance gets created and starts reflecting in your Books. In addition, the exception gets resolved and does not appear any more in the report.

You may get an exception in one or more masters/vouchers. In such cases, instead of resolving the exception one after the other, TallyPrime allows you resolve the exception from the same screen.

Let’s consider the exception Master name is missing for illustration purpose.

The field that requires an update becomes editable for all the lines, allowing you to update the details – the master name in this case.

As the masters get created, the exception gets resolved. The master that you did drill down from the Exception report is no more part of the exceptions.

For a few exceptions, you can provide the missing information on the fly without the need to Also, when you have multiple rows showing an exception, you might want to update the details of selected rows one after the other. In such a situation, you can use the Update Details option.

Drill down from the exception to view the report that lists the masters the exception belongs to.

As with other exceptions, the exception gets resolved.

Books of Account: When the data has any exceptions, the affected masters and vouchers are not included as part of your Books. This is to ensure that your business reports are not impacted by inaccurate information. However, once you resolve the exception in the masters and vouchers, the same then becomes the part of your Books.

Edit Log: When you resolve and exception, a voucher or master gets created. Therefore, the activity against the affected master or voucher is logged as ‘Created due to…” in Edit Log.

Voucher Numbering: When you resolve an exception in a voucher, it is treated as a new voucher for the Books. This new voucher is saved with the next available Voucher No. depending on your existing transactions.

In case your company data has some masters missing which were earlier referenced in another master or voucher, such affected master or voucher are categorised under the exception Referenced master is missing. This exception occurs when there is a reference of the master in your imported data, but the referenced master is not available in the existing data in TallyPrime.

A referenced master is a master that is used as an input in a field of another master or voucher. The latter is known as the affected master or voucher. For example, if you are creating a godown Bangalore-Sub under another godown Bangalore-HO in TallyPrime, Bangalore-Sub is the affected master and Bangalore-HO is the referenced master. , TallyPrime identifies that this master is missing which has created an exception for Bangalore-Sub.

In such instances, TallyPrime helps you to create the missing referenced masters to resolve the exceptions in the affected masters and vouchers.

This report displays the referenced master that is missing from the data, the number of missing referenced master, and the number of affected masters. You can drill-down from any of these columns.

Drill-down from the respective columns to resolve the exception, as per your requirement:

Press any key to continue to remove all affected masters from the exceptions report.

The Remarks column provides additional information that helps in understanding the exception better and deciding on the resolution.

On resolving the Reference master is missing exception, the affected masters/vouchers start appearing as part of your books, similar to results of resolving any other exception.

How To Purchase Treasury Bills With Features And Types?

What are Treasury Bills?

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Explanation

Typically, the money raised through Treasury Bills is used by the government for funding various public projects, such as the construction of highways and schools. Given that the government backs these instruments, they are considered one of the safest and most conservative investments. Although most treasury bills are held until maturity, few investors resell them in the secondary market before maturity to book short-term interest gains.

Features

Now, let us look at some of the salient features of (TB):

These can either be issued in dematerialized form or physical form (promissory note).

They are issued at a particular minimum price and in the exact multiples thereof.

They are issued at a discount and redeemed at par value.

They are issued for a minimum tenure of 14 days, up to 364 days.

They are highly liquid and traded in both primary and secondary financial markets.

They are considered to have zero risk of default, given that the government backs them.

For (TB), a year has a total day count of 364 days.

How to Purchase Treasury Bills

The (TB) can be purchased in any one of the following ways:

Non-Competitive Bid: In this case, the investors buy Treasury Bills at a discounted rate based on the average auction price.

Competitive Bidding Auctions: In this case, the investors bid specific discount rates at which they are willing to purchase the Treasury Bills. Bids with the lowest discount rates are accepted first, then the bids at the next lowest rate are accepted, and the process continues until all the treasury bills are sold.

Secondary Market: Treasury Bills can be purchased or sold on the secondary market or traded through mutual funds and Exchange-Traded Funds (ETFs) that also deal in previously issued bills.

Example of Treasury Bills

Let us look at the example of the US Treasury Department auctions that issue Treasury Bills throughout the year. On October 29, 2023, the department published 13-week and 26-week Treasury bills worth approximately $114.5 billion at an auction rate of 0.1%, i.e., the discounted price of $99.9for a $100 par value.

Source: US Treasury Department

Types of Treasury Bills

91-day (TB): These bills are auctioned every week, and they mature after the expiry of 91 days from their date of issuance.

182-day (TB): These bills are auctioned every alternate week, and they mature after the expiry of 182 days from their date of issuance.

364-day (TB): These bills are auctioned every alternate week, and they mature after the expiry of 364days from their date of issuance.

Who Should Invest?

(TB) are considered suitable for all investors irrespective of risk appetite or financial market knowledge. It can serve as a secure investment option and dilute the overall portfolio’s risk for investors who intend to diversify their investments. Companies, firms, trusts, banks, financial institutions, provident funds, insurance companies, and state governments usually invest in treasury bills.

Factors that Impact Treasury Bills

Several factors impact the price of (TB), and some of the major ones are:

Monetary policy: The interest rates of (TB) usually move in sync with the rate (Fed Funds rate) determined based on the Federal Reserve’s monetary policy. As such, the price of treasury bills is influenced by the Fed’s monetary policy.

Maturity period: The price of (TB) is impacted by its maturity period. Bills with extended maturity periods offer a higher return as it means the additional risk for the investors.

Market sentiment: In an expansionary market, (TB) is less attractive and priced lower. However, treasury bills command a higher price when the market is volatile, as they are considered safe.

Inflation rate: The prevailing inflation rate can affect the price of (TB). The actual return should be at least positive to attract investors’ interest and drive the price.

Uses of Treasury Bills

Like any other organization, governments also require funds to carry out operations. The revenue earned through taxes is one of the significant sources of cash inflow for the government; hence to carry out public welfare projects, they need to issue various debt instruments, and (TB) is one of them. Further, the funds raised through (TB) meet short-term requirements and reduce the country’s overall fiscal deficit.

Advantages

Given that the government backs them, they are considered the safest investment option with zero risk of default.

The government primarily uses it to fund public welfare projects that benefit society.

They offer a stable investment option during economic uncertainty or market volatility.

They are highly liquid and can be traded in primary and secondary markets.

Because of the lower risk, they offer lower returns.

They don’t provide any regular income until maturity.

The earnings on (TB) are taxable.

Conclusion

So, it can be seen that a treasury bill is one of the safest forms of investment options available in the market. It is an ideal investment option for risk-averse investors and investors who wish to reduce portfolio risk through diversification.

How To Cancel Amazon Order

Last Updated on May 11, 2023

Thanks to Amazon, it has never been easier to buy new and used goods online to be delivered quickly, and for incredibly affordable prices. The platform is also incredibly easy to use, which further explains how it has become such a juggernaut of retail.

If you’ve ever wondered about any of these questions yourself, then you will definitely want to read on to get the answers you seek!

How Do You Cancel An Amazon Order?

Provided your item has not yet begun the dispatching process, you can very easily cancel an Amazon order.

Step

To do it via the Amazon app, simply head to the menu screen and then tap on the ‘Your Orders’ button.

This will bring up a list of all of your recent orders, which you can scroll through. Look through the orders to find the one that you want to cancel, and then tap on that item.

Step

Tap Cancel Item

Once you have tapped on the item, then tap ‘cancel item’. This will allow you to then cancel your order, which will quickly halt the dispatch process before it begins, and Amazon will begin processing your refund if your funds have already been taken.

Step

For Amazon Desktop Platform, Head To Returns And Orders

If you are using the desktop version of the Amazon platform, then you will need to head to the ‘Returns and Orders’ menu in the drop-down menu beside your account details.

Step

Select Cancel Item

From here, Amazon will then decide whether your order can be canceled, and how you can go about doing it. If the dispatch process has not yet started, then you will be able to do so easily. Amazon will also prompt you to select the reason why you are canceling your order.

Once you have successfully canceled your order, you will also receive an email confirmation of the fact.

How Do You Return An Uncancelled Item To Amazon?

If you find that you are not able to cancel an order with Amazon, then you can instead wait for the item to arrive, and then return it to them. Luckily, Amazon is quite relaxed with its returns policy, and will not need an elaborate reason for you to return your item.

Amazon will allow you to use their simple returns process to send the item back to them either for a replacement or for a complete refund.

Step

Head To Recent Orders

You can return an item by heading to your recent orders, and then selecting the item that you want to return. From there you simply need to choose either a replacement or a refund and then enter a simple reason for the return.

Step

Choose A Return Method

Once you have done that, the returns process will begin. You can choose a return method, which includes options such as mail returns, or returns pickups.

Make sure to follow the packing instructions so that the item returns to Amazon unharmed.

You have up to 30 days to process a return after ordering the item in order to be eligible for a full refund if the item was sold and fulfilled by Amazon themselves.

Step

Check Their Individual Returns Policy Via The Your Orders Screen

If your item was sold and fulfilled by a third party using Amazon, then you will need to check their individual returns policy and contact them in order to find out whether you are eligible for a refund or a replacement.

This can be done easily through the ‘Your orders’ screen.

Conclusion

Luckily, canceling an Amazon order is incredibly easy, and can be done entirely through the Amazon user interface on either a mobile device or through the desktop version of the service. This means that you never have to be confused when it comes to canceling an order.

And luckily, even when it comes to returning an item that has arrived with you, Amazon is very relaxed, so you can easily cancel an item even past the initial dispatch period after your order.

Frequently Asked Questions Can You Cancel An Amazon Order Right After Purchase?

Yes. In fact, canceling an Amazon order right after the initial purchase is a great time to do it, as it will not yet have entered the dispatching process, so you will be within your rights to cancel.

This is also before any funds have been taken from your account, so you save Amazon the trouble of sending out the appropriate refund as well!

How Long After I Order From Amazon Can I Cancel?

If you need to cancel a recent Amazon order, then you have around 30 minutes to cancel your order. This is because, past the 30-minute point, the item will have entered the dispatch process, at which point you will not be able to easily cancel your order.

Do I Get Refunded If I Cancel An Amazon Order?

Yes. If you have successfully canceled an order with Amazon, then Amazon will begin processing the refund between 3 to 30 days after the cancellation notice.

How To Record Voice On Mac Easily And Quickly

Recording audio on Mac is intricate as its built-in software QuickTime Player cannot capture the internal sounds. In turn, this creates a big problem for gamers who need to live to stream their gaming videos. Also, those who want to record tutorial videos or any essential information with their voice could face difficulties.

One way you can easily overcome this problem is to record internal audio sound easily, i.e., an offline screen recorder! Surprisingly, the offline external screen recorders allow Mac users to record both external and internal sounds simultaneously! These screen recorders let you smoothly handle your professional and educational life with uninterrupted voice recording. Besides, you can also capture the beautiful moments you share with your loved ones living overseas through webcam and video calling software. know more about Skip Tracing.

With the rising demand for screen recording software, multiple tools have thrived, some of which are useless. To help you avoid being misguided, here we talk about the top-of-the-line offline screen recorder tools that make voice recording hassle-free! So let’s get started!

Part 1. How to Record Voice on Mac with EaseUS RecExperts

EaseUS RecExperts is a feature-packed screen recording tool that lets you capture any part of the screen seamlessly! From multi-screen recording features and quick player access to editing during recording, EaseUS experts have got you covered all. Being compatible with both

Windows and Mac, the software allows you to record audio from live streaming, webinars, meeting calls, and more!

EaseUS RecExpert Features:

Watermark-free webcam recording with customized background

This tool lets you record the webcam video and your screen in unison, adding a personalized background. This feature helps seamlessly record gameplay videos, tutorial videos, presentations, etc. Also, its green screen technology lets you record any video with a virtual background.

Easy recording of microphone audio

Be it any streaming audio or a YouTube one; this multifaceted tool can help record all! The best part is that EaseUS RecExperts lets you mute the original audio without muting the recorded file so that anyone else in the room is unbothered!

Capture screenshots during the recording

Built-in free record player

With an inbuilt record player, EaseUS RecExperts lets you record videos in 4k definition uninterruptedly! Also, you don’t need to compress the downloaded file to play or adjust the playback speed of the raw file.

Video cutter and editor

Record games for live streaming

It is the best tool for capturing games for live streaming. You can record your game in 4K UHD quality and stream it at 144fps with zero lagging! This tool lets you record encrypted live videos and TV series from any OTT platform, including Netflix and YouTube.