1st August 2023, businesses whose turnover is ₹5 crores and above in any of the preceding 3 Financial Years will be required to issue e-invoices for all business to business (B2B) and business to government (B2G) transactions. e-Invoicing is a new norm that requires businesses to upload and get the invoices authenticated by the invoice registration portal (IRP) with an IRN and QR code.
Today, businesses use different accounting/business management software and invoicing utilities to generate an invoice.
Now, it’s time again for businesses to evaluate if the software or utilities that they use is equipped with the right technology. With that in focus, we are listing 5 things that you need to consider while evaluating an e-invoice solution.
5 Things to consider while choosing an e-invoice solution.
Generate e-invoice instantly
Bulk uploading of e-invoice
Generate e-way bill along with e-invoice
Cancellation of e-invoice
Flexibility to use other modes of e-invoice
How to generate an e-invoice?
As illustrated above, the following are the detailed steps to generate an e-invoice in GST.
Step - 1: Creation of e-invoice JSON
Step - 2: Uploading of JSON
Step - 3: Verification of e-invoice JSON
Step - 4: Generating invoice reference number (IRN)
Step - 5: Receiving digitally singed e-invoice JSON
Step - 6: Transfer of data to e-way bill system and GST system
e-invoice solution in TallyPrime
For businesses to have a smooth transition to the e-invoicing system, it is extremely imperative that your business management software is integrated with the IRP portal. As you may be aware, Tally is a recognized GSP (GST Suvidha Provider) and thus, TallyPrime uses the GSP route to communicate directly with the IRP.
You can send your invoices through TallyPrime directly to the IRP
Once they are authenticated by the IRP, TallyPrime will receive the IRN directly from the IRP and convert it into a QR code along with other invoice info and update your invoices accordingly.
You can then simply print the QR code on your invoice. IRN can also be printed optionally.
TallyPrime will also help generate an e-way bill number for applicable transactions and record it in your invoice by receiving the info directly from the IRP.
Therefore, you will never need to go out of the product for e-invoicing!
How to Register and Choose Tally as Your GSP for e-invoicing
In the below video, we will look at the process to register for an e-invoice and choose Tally as your GSP for e-invoicing.
How to Set up TallyPrime for e-invoice
TallyPrime comes with a hassle-free e-invoicing feature that allows you to generate details required for e-invoice and import e-invoice details without manual intervention.
In below video, we will look at how to setup TallyPrime for e-invoice
How to Generate e-invoices Online in TallyPrime
Generating e-invoice with TallyPrime is extremely simple. With a one-time setup, you can start generating and printing e-invoices within seconds. You wouldn’t need to change the way you work at all as TallyPrime adapts to your working style and gives you the flexibility to generate reports your way, in just 3 steps: Enable, record, and print.
First, enable e-invoicing applicable to ‘Yes’. Make E-way bill also to ‘Yes’, if applicable
Record/pass a voucher entry like you usually do in Tally with all the relevant information and as soon as you accept the screen, you will be intimated with a message asking if you want to generate an e-invoice. The moment you select ‘Yes’, TallyPrime will exchange the relevant data with the IRP system and soon all the transaction details will be automatically updated on the IRP
Below is the final e-invoice which you will receive along with the unique QR code and IRN.
In the below video, we will look at how to Generate e-invoices Online in TallyPrime.
How to Bulk Upload e-invoices in TallyPrime
In the below video, we will look at the steps to bulk upload e-invoices generated using TallyPrime.
How to cancel an e-invoice
In the below video, we will learn how to Cancel IRN in TallyPrime.
How to Get IRN Info using TallyPrime
In the below video, we will learn How to Get IRN Info using TallyPrime.
How to Undo IRN Cancellation of e-invoice in TallyPrime
You now have the option to remove the reason and remarks for cancellation using the Undo Cancellation feature in TallyPrime. This process is applicable only for the e-invoices cancelled in TallyPrime, and it does not undo the cancellation updated in the e-invoice portal. It is recommended not to mark a voucher as cancelled in TallyPrime if it is not cancelled on the e-invoice portal.
In the below video, you will learn the steps to change an e-Invoice cancelled in TallyPrime to its earlier status.
How to Generate e-invoices Offline in TallyPrime
In the below video, we will learn How to Generate e-invoices Offline in TallyPrime.
How to Use e-invoicing Reports in TallyPrime
In the below video, we will learn How to Use e-invoicing Reports in TallyPrime.
Conclusion
Enjoy a truly connected e-Invoice experience with TallyPrime! Take a trial today and be pleasantly surprised with TallyPrime unmatched prevention, detection, and correction capabilities.
Note: Below is the add-on that provides an option to prepare e-invoice with Letterhead on pre-printed or plain paper.