Create a new company in Tally Prime

Introduction Entering company basic information • Selecting keyboard keys “Alt” and “R” (Alt+R), to change from regular company to group company in the company creation gateway. Therefore, we can create either a regular company or a group company by providing the requisite details. • Enter the name of the company, in our example, the name …

FTA directive on tax returns

FTA issues directive on alternative deadline to file tax returns (28th May 2020) The Federal Tax Authority (FTA) issued a directive on an exceptional basis providing an alternative date of May 28, 2020. This is for submitting VAT returns and the payment of due tax for the tax period ended March 31, 2020. Therefore, enabling …

UAE Decree Federal Law and Executive Regulation

Federal Decree No. (20) of 2018 is a fundamental pillar of the UAE’s AML/CFT efforts. This Decree stipulated the establishment of:  As implemented by Cabinet Decision No. (10) of 2019, Federal Decree No. (20) of 2018 has raised the effectiveness of the AML/CFT legal and institutional framework of the nation, in line with FATF requirements …

How to create a bank account in Tally Prime

Importance of Bank in Accounting Softwares Banks play a crucial role in accounting software, and the integration of banking features is important for several reasons: 1. Transaction Recording:    – Accounting software linked to bank accounts allows for the automatic recording of transactions, reducing manual data entry. Bank feeds enable real-time or periodic updates of …

Keyboard Shortcuts in Tally Prime

Useful keyboard shortcuts in Tally prime Tally Prime, a popular accounting software, provides several keyboard shortcuts to enhance user efficiency. Here are some useful keyboard shortcuts in Tally Prime: 1. Alt + 2: To Duplicate a voucher. 2. Alt + C: To create a master at a voucher screen. 3. Alt + D: To delete …

How to reconcile bank accounts in Tally Prime

Bank Reconciliation Bank reconciliation is a crucial process in accounting that ensures the accuracy and consistency between a company’s financial records and its bank statements. It involves comparing the company’s internal records of transactions with the bank’s records to identify and resolve any discrepancies. Here’s a step-by-step guide on how to perform bank reconciliation: Steps …

How to generate a VAT report on tally prime

To generate a VAT (Value Added Tax) report in Tally Prime, follow these steps: The VAT report will show a detailed breakdown of all the VAT-related transactions that have occurred during the selected period, including the amount of VAT charged, the amount of VAT collected, and the net VAT payable or receivable. You can use …

How to book purchases in Tally Prime

Purchases In accounting and business, “purchases” generally refer to the acquisition of goods or services for a monetary consideration. This term is commonly associated with the procurement of inventory or raw materials necessary for a company’s operations. Here are a few points related to purchases in the context of business and accounting: 1. Inventory Purchases: …

VAT Payment guide for commercial property buyers

Who are commercial property buyers? Commercial property buyers are individuals, companies, or entities that purchase commercial real estate for various purposes. Commercial properties are real estate assets primarily used for business or income-generating activities rather than residential purposes. Commercial property buyers can include: 1. Investors: Individuals or institutional investors, such as real estate investment trusts …