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Checklist to work from home on Tally.

Updated: Nov 17, 2021

My previous blog on "How to work from home on Tally?" was about accessing your Tally data in multiple scenarios. But working from home also requires a checklist for what exactly needs to be done in Tally. Our experience of working with more than 500 + customers and more than 1500 + consultancy we have identified that many of customers have not configured Tally data properly. Also, customers find it difficult in viewing various reports. Most customers use Tally for data entry purposes and therefore they fail in analyzing their own data.

Some of the features or master if configured properly will give you wonderful reports and accuracy in data at the time of GST Returns, MIS, TDS and Income Tax Returns, etc.

Based on the line of business and user profile we can assign the list of activities for users to work from home.

Below is the checklist to work from home on Tally:

Ledger Master Checking

Classification of Ledgers to the appropriate groups is very important. These Ledgers are classified to Profit & Loss or Balance Sheet. You can check the below details:

  • Ledger Name

  • Groups

  • Address

  • Contact Details

Stock Item Master Checking

Stock Item refers to goods that you manufacture or trade. It is the primary inventory entity and is the lowest level of information on your inventory. You can check the below details:

  • Stock Item Name

  • Groups

  • Costing Method

Removing Unwanted Master

In Tally data, there are some unwanted masters which are being unnecessarily created or it has been carried forward from previous split data. Tally allows deleting these masters only if there are no vouchers, no opening balance or if it is not part of BoM.

In the Statistics report, drill down the particular master and press F5: Show Unused. In this report, you can delete one or multiple masters.

Ledger voucher checking

It is very important to check all the entries of a particular Ledger. Also, it will help in knowing the customer & supplier performance. Check ledgers under the head of P&L and Balance Sheet whether entries are properly posted under right ledger also check below points:

  • Voucher numbering

  • The narration of the entries

  • Ledger closing balances

Stock Item voucher checking

As Ledger Stock Item is also very important and needs to check all the entries of particular Stock Item. Also, it will help in knowing the Stock Item performance. Also, check the below points:

  • Stock Item rate

  • Negative stock

  • Item Description

  • Batch Name

  • Godown

  • Stock Item closing balances

GST & TDS Master configuration

Quickly set up GST rates for your company, stock item-wise or stock group-wise, using the GST Rate Setup option. You must enable GST in your company to provide GST rates. You can set up GST rates at the company level, stock group level, stock item level, account ledger group level, and ledger level. You can also set the GST rates for a particular price range/slab for multiple stock items.

  • Item Master

  • Party Master

  • Ledger Master

Click on below Tally Help Article Link for more information.

Resolving Incomplete/Mismatch in Information - GSTR-3B, GSTR-1 & GSTR-2

If a voucher has multiple exceptions, on resolving one exception it will move to the next exception category until all exceptions are resolved and entries moved to Included in Returns. Below are some exceptions that need to resolve before filing GST returns.

  • UoMs not mapped to UQC

  • Country, state, and dealer type not specified

  • Tax rate/tax type not specified

  • Nature of transaction, taxable value, rate of tax modified in voucher

  • Incorrect tax type selected in tax ledger

  • Vouchers having conflicting nature of transactions

  • Vouchers recorded before 01-Jan-2020 should not have State and Place of Supply as Ladakh

  • Mismatch in Nature of transaction and Place of supply, Party's country

  • Mismatch due to tax amount modified in voucher

  • Vouchers having Reverse Charge and Other than Reverse Charge Supplies

  • Information required for generating table-wise details not provided

Click on below Tally Help Article Link for more information.

Outstanding Receivable and Payable checking

This is a very important report for accounts & management, and this is very difficult to manage as payment & receipts amounts are many times not tracked with exact bill reference or taken On Account. Due to this outstanding report balance and the Ledger balance do not match with each other. Also, after splitting data outstanding with the previous reference are carried forward. You can check this difference by running two Tally software and toggling between both.

Bank Reconciliation & Cheque Register

  • Download online bank statements and start Bank Reconciliation.

  • Duplicate cheque number checking

  • Checking of mismatch cheque no.

  • Checking of blank & cancelled cheques.

Order Outstanding checking

Many times, Delivery Note & Receipt Note, Sales & Purchase, and Debit Note & Credit Note are not tracked with exact order reference or without order. Due to this, the order outstanding does not match. Also, after splitting data order outstanding are not carried forward. You can check this difference by running two Tally software and toggling between both.

Exception Reports

In Exception Menu you can check the below report:

  • Negative Ledgers

  • Negative Stock

  • Negative Batch

  • Optional & Post-dated Vouchers

Adjustment Journal Entries

This is part of accounts and so accordingly needs to pass adjustment & provision entries.

MIS Reports

Once you are done with all the above points you can check many MIS reports that you require on a monthly or yearly basis. Also, you can start analyzing and comparing the MIS reports. Below are some MIS reports available in Tally.

  • Financial Statements and Reports

  • Account Books and Registers

  • Inventory Registers and Reports

Learn New Tally Features

There are various features in Tally, you can make a list and start practicing in demo data or on backup data.

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