Tally Prime Payroll and GST Lecture Review

Practice flashcards covering the configuration and reporting of Payroll, GST, ITC, TDS, and Audit features in Tally Prime.

Payroll Voucher Type

A prerequisite for configuring Payroll in Tally Prime.

Pay Head

A component used in Tally Prime Payroll to define salary components like Basic Pay, HRA, and employee tax details.

As Computed Value

The calculation type used for EPF Employer Contribution in Tally Prime.

Attendance Voucher

The specific voucher used to process attendance in the Payroll module.

Payroll Statutory

The statutory feature that must be enabled to process PF, ESI, and Professional Tax.

EPF Employee Contribution

A payroll component typically set with a 'Deduction from Employees' pay head type.

Salary Payable

A ledger that must be created under the 'Current Liabilities' group.

Pay Sheet

A report that allows for the analysis of individual employee-wise earning and deduction details.

Payroll Statement

A report that can be customized to show specific pay heads for selected employees and provides a consolidated view of earnings and deductions.

Payroll Statutory Reports

Reports that provide statutory compliance details such as PF and ESI contributions.

Attendance Register

A report generated to summarize total attendance types like Present, Leave, and Overtime.

Payslip

A report in Tally Prime that provides detailed information on the net payable salary per employee.

Payroll Register

A report that primarily displays a voucher-wise listing of payroll transactions.

Payroll Summary

An analytical tool used with the Employee Group filter to compare salary expenses across departments.

GST Activation Prerequisite

Setting Country as India in Company Features before activating GST in Tally Prime.

Set/Alter GST Details

A feature in Company Features that allows defining GST registration type and applicable state.

Stock Item → GST Details

The location where GST rate setup for an item is usually performed.

GST Classification

A feature used to apply multiple tax types to one item or ledger.

GST Rate Setup tool

A tool used to bulk update GST rates for stock items and services.

Reverse Charge Mechanism (RCM)

A setup activated by setting 'Is reverse charge applicable?' to Yes in the Purchase ledger or Party ledger.

Tax Analysis

A function during invoice creation that breaks down GST components applied on each item.

State of Supplier and Buyer (Party Ledger)

The field in a Purchase Voucher that determines whether CGST/SGST or IGST is applied.

CGST and SGST

The tax ledgers used to record an intra-state sale of goods.

IGST

The single GST type selected when entering an Inter-State purchase entry.

GSTR-2B Reconciliation

The report used to reconcile and verify Input Tax Credit (ITC) in Tally Prime.

Nature of Transaction and Tax Classification

The criteria Tally Prime uses to differentiate between ITC-eligible and ineligible purchases.

TDS Rate without PAN

The rate at which TDS is deducted (double the normal rate) if a PAN is not available in the deductee ledger.

Journal Voucher

The voucher type in which TDS is deducted automatically.

Rent of Machinery

An example of a valid 'Nature of Payment' for TDS configuration.

Tally Audit

A feature that becomes available when security control is enabled with multiple users, allowing an auditor to review and approve changes.