Know All About Important Tally Reports
Tally.ERP 9 as we know is a powerful ERP (Enterprise Resource Planning) and business accounting software suite. There are many accounting software available on the market today which we have already covered here. However, Tally remains the most popular of the lot with around 1.6 million users internationally. A Tally training course these days is in high demand because of the career avenues it opens up for students and even professionals.
Nonetheless, our agenda today is to discuss about the various reports generated by Tally software suite. These help decision makers unleash the full functionality of the software.
Now you don’t need us to need to tell you what reports can do. They are basically the backbone of any decision making process. Business reports come in all shapes and sizes. They provide priceless information about the current standing of the business, no matter whether it’s a giant MNC or a humble startup. A good software suite like Tally.ERP 9 should have the power to generate informative reports in order to provide much needed food for thought.
E-Way Bill Report
Way bill is a special type of bill which is mandatory to be created before any movement of goods worth 50,000 INR or more. The way bill number has to be kept handy during checks on the road (if any).
Way bills help in tracking GST compliance. Presence of a way bill ensures that proper GST rules have been complied with before moving the goods.
Tally can generate e-way (electronic way bill) reports conveniently. This has the following benefits –
- Shows all transactions against which e-way bills have been generated.
- Reveals all transactions that need to future e-way bills generated for.
- Also displays the details of all the e-way bill transactions.
To generate eWay Bill reports in the Tally UI, navigate as follows.
Go to –> Gateway of Tally => Display => Statutory Reports => GST => e-Way Bill => e-Way Bill Report
(eWay Bill, Courtesy – ClearTax)
GST (Goods and Services Tax) was formally introduced on 1st July 2019 and replaced as many as 16 taxes in India. In fact it’s the most popular indirect taxation in India right now.
Tally allows preparation of various types of GST reports like GSTR-1, GSTR-2, GSTR-3B related reports. GSTR-1 report in Tally is equivalent to the GSTR-1 form. It makes life easier for the user when filing returns.
Such GST reports generally help fulfill the following needs :
- Lists out all GSTR-1 transactions
- Displays transactions ineligible for returns
- Shows non-participating transactions
- Lists out all Tally serial number-wise details of figures as mentioned in GSTR-1
In the event of mismatches of discrepancies cropping up, the user can take care of them before filing GST returns. This way, Tally assists its users in correct return filings.
(GST Details of Product, Courtesy – TallyKnowledge)
For checking GST reports during Tally training, navigate in the Tally UI as shown below :
Go to –> Gateway of Tally => Display => Statutory Reports => GST => Select the report you need to check.
(Generating GST reports, Courtesy – ClearTax)
Ratio Analysis report
Ratio analysis is the comparison of specific financial entities a business. Ratio analysis helps to evaluate issues with a business, as well as highlight the financial standing during a given time. Liquidity, profitability, efficacy of operations etc. are well highlighted by ratio analysis.
This is especially useful to external analysts such as the auditors. This is because their main source of financial know-how about an organization is nothing but their updated financial statements.
(Courtesy – WallStreetMojo)
Ratio analysis reports in the Tally UI can be generated in the following way :
Go to –> Gateway of Tally => Ratio Analysis.
(Ratio Analysis, Courtesy – TallyKnowledge)
Stock Summary Report
As the name suggests, this type of report throws light on the current status of the net stocks/ inventory status of a business identity at a given date. This is important to know about the current availability of raw materials, finished goods or other items of value to the business. This may include production critical items as well. Stock reporting is imperative to chalk out a proper plan of production or other activities.
(Courtesy – TallyBook)
To derive a stock summary report, do the following :
Go to –> Gateway of Tally => Stock Summary.
These, inter alia are the major types of reporting available in Tally.ERP 9. Let us know your thoughts in the comments section below.
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DISCLAIMER: The content created above is for the readers' knowledge and information only. Before acting on any of the aforementioned article's points, it is advised to get expert advice.