Tally 9 - FAQs on Excise for Dealers

 Tally 9 – FAQs on Excise for Dealers

Q1. How do I enable Excise for Dealers in Tally 9?

Answer:

Go to Gateway of Tally > F11: Features > F3: Statutory & Taxation

1. Set Enable Dealer - Excise to Yes

2. Set Set/Alter Dealer - Excise to Yes

3. Specify Company Excise Details in the sub-screen that displays

Q2. Can I create Purchase and Sales vouchers for Non-Excisable goods also?

Answer:

Yes. You can use the default Sales and Purchase Voucher types available in Tally to enter purchase and sales vouchers for Non-Excisable goods.

Q3. How do I account for Sales / Purchase transactions of Excisable goods?

Answer:

To issue Cenvatable Invoices on sale / removal of excisable goods, a dealer in excisable goods is required to create separate Voucher Types (such as, Excise Purchase and Excise Sales) and set Use for Dealer Excise to Yes.

Q4. How do I enter Excise Details for Supplier and Customer ledgers?

Answer:

To enter Excise details in Supplier and Customer ledgers, set the option Excise Details to Yes in the Supplier/ Customer master creation screen

1. Enter Customer/ Supplier related excise information

Q5. How do I enter Excise Details for a Stock Item?

Answer:

Go to Gateway of Tally> Inventory Info. > Stock Item> Create/Alter

1. Set Excise Details to Yes in the Stock Item Master Creation screen

2. In the sub-screen of the stock item, fill in the relevant Excise Details such as Tariff classification, applicable duties of Excise and Method of calculation

Q6. Can I define the stage of purchase at the time of purchase entry?

Answer:

Yes. During purchase entry, the Nature of Purchase table displays the user-definable default nature of purchase stipulated in the Party Master. Nature of Purchase is based on the status of the selling dealer (supplier) or the stage of sale of excisable goods.

Q7. Can Purchase value and Assessable value be different?

Answer:

Yes. While creating an Excise Purchase Invoice, at the Excise Details for sub-screen, the Assessable value entered in the amount column is prefilled by default. However, it is undefinable if the Assessable Value is different from the Purchase value.

Q8. How do I refer to Purchases with CENVAT Credit availability while passing excise duty in a Sales invoice?

Answer:

On selecting a Stock Item while creating an Excise invoice,, a list of Purchase invoices against which the Stock item was purchased and for which the CENVAT Credit is available displays. Select the required Purchase reference to pass on the credit.

Q9. How do I print Supplier and Manufacturer details in an Excise invoice?

Answer:

In the print configuration for the Sales invoice, click F12: Configure and set Print Trader Supplier Info to Yes to print Supplier and Manufacturer details in an Excise invoice.

Q10. How do I view the Excise Stock Register?

Answer:

To view the Excise Stock Register,

Go to Gateway of Tally > Display > Statutory Reports > Dealer Excise

Reports > Excise Stock Register

Q11. How do I view the Excise Purchase Bill Register?

Answer:

To view the Excise Purchase Bill Register,

Go to Gateway of Tally > Display > Statutory Reports > Dealer Excise Reports > Excise Purchase Bill Register

Q12. How do I view Form-2 (Statutory Quarterly Return) in Tally?

Answer:

To view Form-2 (Quarterly Return),

Go to Gateway of Tally > Display > Statutory Reports > Dealer Excise Reports > Form-2

Q13. How do I enter PLA RG 23 Serial Number in Tally?

Answer:

In the Excise Details sub screen of a Purchase Voucher, enter the (PLA RG 23) Serial number recorded in the Manual Purchase register to print it against the Supplier/Manufacturer Invoice number. Follow the same procedure in a Sales Invoice.

Q14. How do I enter Opening stock inventory for Excise item?

Answer:

Go to Gateway of Tally > Inventory info > Excise Opening Stock to enter

opening stock for an Excise Item.

Q15. How do I find out Total duty passed on and Balance duty available

Item wise or purchase bill wise?

Answer:

Go to Gateway of Tally > Display > Statutory Reports > Dealer Excise

Reports > Excise Stock register/Excise Purchase Bill Register to obtain the

Item wise/Purchase bill wise amount of duty passed and balance duty available.

How to Creat Excise Invoice in tally 9

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Budgets

Tally allows you to create multiple budgets. There could be a budget for specific purposes, e.g., for the bank, for the head office, optimistic budget, realistic budget, pessimistic budget, etc. Departmental Budgets can also be created, e.g., Marketing Budget, Finance Budget, etc.

As usual, you first create budgets. You can of course alter them.

Budget figures are used to compare against actual and to display variances. This is done by bringing up a new column when displaying a statement and selecting the appropriate budget.

We shall now go through the creation and alteration of budgets.

Gateway of Tally > Accounts Info > Budgets

 

How to Manage and Operate Budgets?

Gateway of Tally > Accounts Info > Budgets Create

Name

Give the budget a name, in this case, Corporate Budget. As you may have other budgets as well, the name distinguishes them.

Under

In the true Tally tradition, you can have a hierarchical budget set-up. At the top level is the Primary Budget. You can set up more than one Primary Budget. Under each Primary Budget, sub-budgets can be created.

Period of Budget

Specify the period of the budget. The period could be a month, a year or any period starting from any date to any date.

Set/Alter Budgets of

You may want to set the budget for groups of ledger accounts or for ledger accounts individually or for cost centers or all of them. We shall take up budget for group only. Follow the same process for setting budgets for individual ledgers and cost centers.

Budget for Groups

Yes, if you want to set budgets for a group or groups of ledgers.

If yes, fill in the fields in the Group Budget sub-screen:

Account Name

Give the names of the groups for which the budget is being set.

Cost Centre

For each group name, a cost centre may be earmarked, i.e., Indirect Expenses for a particular cost centre or a group of cost centers only. If you select 'Not Applicable', then the budget is not for any particular cost centre but the company as whole.

Type of Budget

Budgets could be of two types:

On Net Transactions – where transaction amounts are to be monitored and not the balances. Net is net of debits and credits for the specified period. Hence, net transactions for Indirect Expenses would mean the debit amount for the specified period after reducing the credits for the same period. Opening and closing balances not withstanding.

On Closing Balance – where you wish to monitor the balance of the accounts and are not too keen on the transactions, e.g., balances of Bank Accounts, balances of debtors.

Amount

The budget amount for the account for the specific cost centre.

Budget for Ledger Accounts

Gateway of Tally > Accounts Info > Budgets > Create

You may choose Alter if a Budget exists for other entities like Groups and Cost Centers but not for Ledgers.

Name for the Budget

1.     Give the name of Budget. E.g. Corporate Budget under Primary Budget.

2.     Specify the period of the Budget. The period could be a Month, a Year or any period starting from any date to any date.

3.     Under Set/Alter Budgets of, you may set the budget for groups of ledger accounts or for ledger accounts individually or for cost centers or all of them.

4.     Here we shall take up Budget for ledgers. Hence, set Yes under Ledgers and let others remain No.

5.     Select the ledgers for which you wish to set the Budget.

Budget for an account allocated to a cost centre

A budget can be created for each ledger account pertaining to a cost centre, e.g. Accountancy Fees for Finance Group. Then, Accountancy Fees could be repeated for another cost centre, e.g., a Branch. However, if you select not applicable then the budget is not for any particular cost centre but the company as whole.

Type of Budget

Under the Type of Budget a pop-up of two different kinds of Budgets appears.

On Closing Balances

Where you wish to monitor the balance of the accounts and are not too keen on the transactions. For e.g., balances of Bank Accounts or Debtors. This means that the magnitude of transactions is ignored. You are concerned only with the amount remaining in the account. This is useful for Balance Sheet items.

On Nett Transactions

If you are concerned with the magnitude of transaction amounts use this option. Revenue items reflect the transacted amounts. Why nett? This is because you do not expect to have a negative figure in such accounts and if they exist, they are adjustments. E.g., an expense account like travel will always have debit entries only unless there is a reversal due to error or charge to a customer.

Caution

When using Nett Transactions, the Budget Closing Balances actually get adjusted even if you have not selected this type. The figures in the Profit & Loss Account will reflect the Closing Balance figures.

Note: For comparing closing balance figures in final statements, especially the Balance Sheet items, viz., assets and liabilities, choose Closing Balances.

For comparing transactions against budgets, especially revenue income and expenses, choose On Nett Transactions.

Apportionment of budget specified for periods longer than a month

o       Ledger Budgets are apportioned for each month on the basis of number of days.

o       Group Budgets do not get apportioned. Hence Budget for Current Assets will not automatically flow to sub-groups.

o       Closing Balances Budget: Each month will have the same budget value except that the actual Opening Balance is also taken into account.

o       Net transactions Budgets specified for a period get equally apportioned over the period.

o       Enter the budget amount for the specific ledger.

o       You can Budget as many ledger accounts as needed and finally accept the screen.