Benefits of using VAT Software

What are the benefits of using VAT Software?

In Saudi Arabia, most businesses are comfortable in manually maintaining their business accounts and records. Until the introduction of VAT on January 18th, the need to automate your business processes was not really a priority. Each business followed its own process for invoicing and maintaining business records. However, with the introduction of VAT, a change is needed.

Compliance requirements under VAT are standard and defined. Each business should now take into account and prepare the additional compliance activities required. In this regard, using Tally software can greatly simplify your VAT compliance activities.

Understand the benefits of using VAT software in your business:

Quickly billing of VAT invoices

According to VAT, every detail should be specified in a VAT invoice. Registered businesses must ensure that the invoices provided contain the necessary information. The invoice issued by a supplier also affects the buyer because the buyer’s input tax credit is linked to the invoice. Using a VAT accounting software provides the ability to preconfigure most of the details required in the invoice, minimizing the possibility of incorrect entries. Automatic calculations also ensure that calculation errors are avoided. All this leads to the creation of VAT invoices quickly and easily because of the minimum level of manual labor.

Faults or Detection of Errors

VAT compliance requires the correct details to be stated on the invoices. Even a small business should consider many aspects of the VAT law to ensure that compliance activities are carried out correctly. Tally.ERP 9 is a VAT software that provides the flexibility to configure and adjust most details, minimizing the possibility of errors. Calculation errors are also eliminated when you use Tally for VAT solutions. In addition, important feature of Tally software is to detect errors according to the VAT rules. Even an invoice that appears correct may be missing in terms of return filing. The VAT accounting software allows you to create accurate invoices and get results.

Ease in generating VAT returns

Filling returns is often a terrible compliance activity for many businesses. Businesses holding manual records usually need 2-3 days for a single return. As a business owner, that is a loss of 2-3 days spends on your core business activities. When using Tally, VAT return is much simpler process. A large portion of your refund will be automatically filled in based on the invoices you have recorded during the month as part of your daily activities. In fact, your returns will be updated in real time based on the invoices you enter into the software. Any errors or missing information will be highlighted for your action. Once these are resolved, your return is ready to be filed.

Always stay up to date with changes in the law

As an owner, you have a lot to do with your business. It will be difficult for you to keep track of changes in VAT rules and regulations. However, errors in compatibility can be very expensive. When VAT rules are changed and made, you can be sure that they are included in the VAT software to ensure that your compliance activities are always accurate.

Safe maintenance of your data

The VAT law requires you to keep your VAT records for at least 5 years. This period is even more in the records of capital assets. Therefore, it is extremely important that you keep your records in a safe place. It should also be easily accessible for quick reference at any time. Maintaining your VAT records with Tally.ERP 9 Software provides a safer way to store your records. Tally allows you to back up your data frequently, and it also allows you to easily access your previous data at any time.

For this reason, it is useful for businesses in Saudi Arabia to evaluate and use Tally software as their VAT solution for every requirement. The benefits of VAT in Tally software greatly reduce the cost. It’s time to use technology to simplify your tasks and ensure proper compliance under VAT.

Payment Performance of Sundry Debtors

Payment Performance of Debtors is the average time that customers take to pay their invoices, regardless of the balance on the account date. The low turnover of receivables and the high performance of payment is possible by stating that customers have cleared their priorities but took a long time.

To get performance reports at the group level and customer level, you need to get the detailed position of debt collection. Use a customer statement that shows the actual turnover and performance of the customer.

To view the General Ledger Payment Performance report:

  1. Enter Gateway of Tally -> Ratio Analysis.
  2. Drill down from Receivables turnover in days.
  3. Select a party from the list of party ledgers and press Enter to drill down.

The General Ledger Payment Performance statement shows the receivable turnover in days. This is the balance multiplied by the total number of days in the period by the total number of sales. This rate should be used in conjunction with the Average Performance of actual payments and the customer’s payment history to access how long it will take to pay the outstanding balance.

The actual payment history is provided in the table of each invoice paid by the customer. It shows when the invoice has been paid, how long it will remain, and what the payment delay is. The average performance of the customer is shown at the bottom of the screen.

Upgrade to Tally.ERP 9 Release 6.5.4

Upgrade to Tally.ERP 9 Release 6.5.4

Upgrading to Tally.ERP 9 Release 6.5.4 is fairly simple. We urge you to go through the FAQ section before you upgrade!

Install Tally.ERP 9 Release 6.5.4

  • Renew your TSS Subscription (for Tally.ERP 9 users whose TSS has expired). Users with a valid TSS Subscription will be able to use the licensed version of Tally.ERP 9 Release 6.5.4.
  • Buy an upgrade (for Tally 9 and lower version users) to start using the licensed version of Tally.ERP 9 Release 6.5.4.
  • Download and install Tally.ERP 9 Release 6.5.4. Users currently using any version of Tally.ERP 9 and having a valid TSS Subscription can directly upgrade to Release 6.5.4.

You can also upgrade directly to the latest release from the product.

Note: Be sure to back up your current data in a different location using Gateway of Tally -> Alt + F3 -> Backup. To view your backed-up data, restore your backup to a different folder using Gateway of Tally -> Alt + F3 -> Restore.

It is best to install Release 6.5.4 in a location different from your previous installation. For more information, refer to upgrade to the latest release in a single-user environment and upgrade to the latest release in a multi-user Environment.

After Installing

After upgrading to Release 6.5.4, you can choose to start working with Tally.ERP 9 in one of the following ways:

Open your existing company in Release 6.5.4 and continue your business as usual

This is the simplest option. Open your company in Tally.ERP 9 Release 6.5.4 and follow the on-screen instructions. Once the data is converted, get started with GST (for India) or get started with GCC VAT (for Gulf countries) as required.

  • For Tally 7.2 or lower, download the tool Tally72migration.exe , and migrate your data using this tool. After the upgrade, you can open your data in Release 6.5.4.

Open your existing company in Release 6.5.4 and split your company

Open your company in Tally.ERP 9 Release 6.5.4 and follow the on-screen instructions. Then, split your company.

  • For Tally 7.2 or lower, download the tool Tally72migration.exe , and migrate your data using this tool. After the upgrade, you can open your data in Release 6.5.4, and split the company.

Create a new company in Release 6.5.4 and start afresh for GST or GCC VAT

  • Go to Company Info.- > Create Company. Create all the required masters.

Or

  • Export the masters from your company in the older version of Tally.ERP 9 with the closing balances, as applicable. In the new company in Release 6.5.4, import these masters. Once the masters are imported, you can get started with GST or GCC VAT.

Enjoy your journey with Tally.ERP 9!

FAQ

  1. How do I migrate a group company that is created in Tally 7.2 to Tally.ERP 9?

A group company created in Tally 7.2 cannot be opened directly in Tally.ERP 9. We recommend that you open individual companies in Tally.ERP 9 (migrateĀ  data from Tally 7.2 before opening in Release 6.5.4), and then group them together once again at the end. Always remember to back up the data and restore at a different location.

  1. I am using Tally 8.1. Can I continue to use these versions after moving to Release 6.5.4? Can my licenses co-exist?

No, the licenses for Tally 8.1 and Tally 9 will not co-exist with Tally.ERP 9 Release 6.5.4.

  1. What happens to my synchronization setup?

Everything will work as usual as long as you ensure that Tally.ERP 9 has been upgraded to Tally.ERP 9 Release 6.5.4 at all your locations.

  1. My existing customization fails in Tally.ERP 9 Release 6.5.4. What do I do?

Ensure that the customization or Account TDL used in Tally.ERP 9 is compatible with Release 6.5.4. If you find that your customization or Account TDL is not compatible with Release 6.5.4, do either of the following:

  • Contact your partner to upgrade the solutions to Release 6.5.4.
  • Disable the customizations and proceed until the customizations are made compatible with the release.

To disable the customization

For local TDL/TCP

  1. Go to F12: Configure -> Product & Features.
  2. Click F4: Manage Local TDL.
  3. Set the option Set TDL Files on startup to No, or remove the attached TDL or TCP from the TDL Configuration window.

For account TDL/Add-On

  1. Log in to the Control Centre.
  2. Identify the TDL tagged to the Account ID.
  3. Disable the TDL and update the license.

How to Export Masters Entire Data to a New Company?

In Tally.ERP 9 Software, you can export the entire data to a newly created company in the following ways:

Enter Gateway of Tally -> Display -> List of Accounts.

Export Masters

Click F12: Select the masters you want to export. Skip this step if you want to export all the masters.

Range of Information

Click E: Export in the List of Accounts screen.

Select Default Language as (All Languages) from the list that appears.

Select Format as XML (Data Interchange).

By default, Export Location is set to C: Tally.ERP 9. You can provide an export location of your choice.

The output file name is set to Master.XML by default or provide a filename of your choice.

Select All Masters in Type of Masters.

Exporting ledgers

Press Enter.

Upgrade to Tally.ERP 9 Release 6.5.3

Upgrade to Tally.ERP 9 Release 6.5.3

Install Tally.ERP 9 Release 6.5.3

  • Renew your TSS Subscription (for Tally.ERP 9 users whose TSS has expired). Users with a valid TSS Subscription will be able to use the licensed version of Tally.ERP 9 Release 6.5.3.
  • Buy an upgrade (for Tally 9 and lower version users) to start using the licensed version of Tally.ERP 9 Release 6.5.3.
  • Download and install Tally.ERP 9 Release 6.5.3. Users currently using any version of Tally.ERP 9 and having a valid TSS Subscription can directly upgrade to Release 6.5.3.

You can also upgrade directly to the latest release from the product.

After Installing

After upgrading to Release 6.5.3, you can choose to start working with Tally.ERP 9 in one of the following ways:

Open your existing company in Release 6.5.3 and continue your business as usual

This is the simplest option. Open your company in Tally.ERP 9 Release 6.5.3 and follow the on-screen instructions. Once the data is converted, get started with GCC VAT (for Gulf countries) as required.

  • For Tally 7.2 or lower, download the tool Tally72migration.exe, and migrate your data using this tool. After the upgrade, you can open your data in Release 6.5.3.

Open your existing company in Release 6.5.3 and split your company

Open your company in Tally.ERP 9 Release 6.5.3 and follow the on-screen instructions. Then, split your company.

  • For Tally 7.2 or lower, download the tool Tally72migration.exe, and migrate your data using this tool. After the upgrade, you can open your data in Release 6.5.3, and split the company.

Create a new company in Release 6.5.3 and start afresh GCC VAT

  • Go to Company Info. -> Create Company. Create all the required masters.

Or

  • Export the masters from your company in the older version of Tally.ERP 9 with the closing balances, as applicable. In the new company in Release 6.5.3, import these masters. Once the masters are imported, you can get started with GCC VAT.

Enjoy your journey with Tally.ERP 9!

FAQ

  1. How do I migrate a group company that is created in Tally 7.2 to Tally.ERP 9?

A group company created in Tally 7.2 cannot be opened directly in Tally.ERP 9. We recommend that you open individual companies in Tally.ERP 9 (migrate data from Tally 7.2 before opening in Release 6.5.3), and then group them together once again at the end. Always remember to back up the data and restore at a different location.

  1. I am using Tally 8.1. Can I continue to use these versions after moving to Release 6.5.3? Can my licenses co-exist?

No, the licenses for Tally 8.1 and Tally 9 will not co-exist with Tally.ERP 9 Release 6.5.3.

  1. What happens to my synchronization setup?

Everything will work as usual as long as you ensure that Tally.ERP 9 has been upgraded to Tally.ERP 9 Release 6.5.3 at all your locations.

  1. My existing customization fails in Tally.ERP 9 Release 6.5.3. What do I do?

Ensure that the customization or Account TDL used in Tally.ERP 9 is compatible with Release 6.5.3. If you find that your customization or Account TDL is not compatible with Release 6.5.3, do either of the following:

  • Contact your partner to upgrade the solutions to Release 6.5.3.
  • Disable the customizations and proceed until the customizations are made compatible with the release.

To disable the customization

For local TDL/TCP

  1. Go to F12: Configure > Product & Features.
  2. Click F4: Manage Local TDL.
  3. Set the option Set TDL Files on startup to No, or remove the attached TDL or TCP from the TDL Configuration window.

For account TDL/Addon

  1. Log in to the Control Centre.
  2. Identify the TDL tagged to the Account ID.
  3. Disable the TDL and update the license.
Tally 6.5.2

Upgrade to Tally.ERP 9 Release 6.5.2

Upgrading to Tally.ERP 9 Release 6.5.2 is fairly simple.

Install Tally.ERP 9 Release 6.5.2:

  • Renew your TSS Subscription (for Tally.ERP 9 users whose TSS has expired). Users with a valid TSS Subscription will be able to use the licensed version of Tally.ERP 9 Release 6.5.2.
  • Buy an upgrade (for Tally 9 and lower version users) to start using the licensed version of Tally.ERP 9 Release 6.5.2.
  • Download and install Tally.ERP 9 Release 6.5.2. Users currently using any version of Tally.ERP 9 and having a valid TSS Subscription can directly upgrade to Release 6.5.2.

You can also upgrade directly to the latest release from the product.

After Installing

After upgrading to Release 6.5.2, you can choose to start working with Tally.ERP 9 in one of the following ways:

Open your existing company in Release 6.5.2 and continue your business as usual

This is the simplest option. Open your company in Tally.ERP 9 Release 6.5.2 and follow the on-screen instructions. Once the data is converted, get started with GST (for India) or get started with GCC VAT (for Gulf countries) as required.

For Tally 7.2 or lower, download the tool Tally72migration.exe , and migrate your data using this tool. After the upgrade, you can open your data in Release 6.5.2.

Open your existing company in Release 6.5.2 and split your company

Open your company in Tally.ERP 9 Release 6.5.2 and follow the on-screen instructions. Then, split your company .

For Tally 7.2 or lower, download the tool Tally72migration.exe , and migrate your data using this tool. After the upgrade, you can open your data in Release 6.5.2, and split the company.

Create a new company in Release 6.5.2 and start afresh for GST or GCC VAT

  • Go to Company Info. -> Create Company. Create all the required masters.

Or

  • Export the masters from your company in the older version of Tally.ERP 9 with the closing balances, as applicable. In the new company in Release 6.5.2, import these masters . Once the masters are imported, you can get started with GST or GCC VAT.

Enjoy your journey with Tally.ERP 9!

FAQ

1. How do I migrate a group company that is created in Tally 7.2 to Tally.ERP 9?

A group company created in Tally 7.2 cannot be opened directly in Tally.ERP 9. We recommend that you open individual companies in Tally.ERP 9 ( migrate data from Tally 7.2 before opening in Release 6.5.2), and then group them together once again at the end. Always remember to back up the data and restore at a different location.

2. I am using Tally 8.1. Can I continue to use these versions after moving to Release 6.5.2? Can my licenses co-exist?

No, the licenses for Tally 8.1 and Tally 9 will not co-exist with Tally.ERP 9 Release 6.5.2.

3. What happens to my synchronization setup?

Everything will work as usual as long as you ensure that Tally.ERP 9 has been upgraded to Tally.ERP 9 Release 6.5.2 at all your locations.

4. My existing customization fails in Tally.ERP 9 Release 6.5.2. What do I do?

Ensure that the customization or Account TDL used in Tally.ERP 9 is compatible with Release 6.5.2. If you find that your customization or Account TDL is not compatible with Release 6.5.2, do either of the following:

  • Contact your partner to upgrade the solutions to Release 6.5.2.
  • Disable the customization and proceed until the customization are made compatible with the release.

To disable the customization

For local TDL/TCP:

1. Go to F12: Configure > Product & Features.

2. Click F4: Manage Local TDL.

3. Set the option Set TDL Files on startup to No , or remove the attached TDL or TCP from the TDL Configuration window.

For account TDL/Addon:

1. Log in to the Control Centre.

2. Identify the TDL tagged to the Account ID.

3. Disable the TDL and update the license.

×

Hello!

Click to chat with one of our representatives on WhatsApp or send us an email to [email protected]

× How can I help you?