With the advent of GST, accounting software like ClearTax and Tally are now available to assist you in preparing your accounts in accordance with GST laws. We will show you how to utilise Tally ERP 9. Release 6 for GST in this article. Tally ERP 9 solutions can also be integrated with ClearTax GST. To use Tally, a user must first create a firm in Tally, then enable the GST functionality and construct the required ledgers. Let us take a closer look at them along with understanding Tax Classification in Tally ERP.9.
How to Start a Business
- Go to the Tally Gateway > Alt + F3 > Create Company
- Enter the fundamental information, such as the company’s name, postal address, currency symbol, and so on.
- Select Accounts Only or Accounts with Inventory in ‘the maintenance field’ according to your company’s needs.
- The beginning day of the current fiscal year, for example, 1-4-2017, will be displayed by default in the Financial Year form, which can be adjusted as needed.
- If necessary, enter the Tally Vault Password.
- To agree and save, press Y or Enter.
Fill in the blanks on the firm creation screen
- Directory: It is simply a data storage facility. All data entered in Tally ERP 9 will be saved in the tally directory. In any case, the data will be stored by default within the installation folder.
- Name: In this area, we must enter the name of the company, for example. XYZ CORPORATION
- Primary mailing information
- Name on the envelope: In this field, for example, we must type the name of the company. XYZ CORPORATION
- Address: The address of the company must be included in this data box.
- Country: Here, we must choose the country in which the company operates from a list.
- State: We must select the state in which we will comply with statutory laws in this data box.
- Pincode: The pincode of the office’s location.
- Phone number: Enter the Company contact number that you want to appear on invoices.
- Mobile number: Enter the contact information for the Managing Person, to whom any questions about invoicing or product delivery, as well as product complaints, should be directed via fax.
- Fax No: Enter the Fax number to which confirmation statements, ledger copies, and other documents can be sent and received.
- E-mail: Enter the company’s email address, which will be used for product inquiries and other correspondence.
- Website: If your company has a website, enter it here.
Books and financial year information
- The fiscal year begins on: In this data area, enter the fiscal year in which you want to establish a corporation. If you start a business on December 1st, 2018, you should begin your fiscal year on April 1st, 2018.
- Begin your book with: In this data area, enter the fiscal year in which you want to establish a corporation. If you start a business on December 1st, 2018, you should begin your fiscal year on April 1st, 2018.
- Beginning in the middle of the fiscal year: Companies transitioning from manual accounting to Tally ERP 9 in the midst of the fiscal year. These are the basic Tally Prime Features.