If you are a business
owner, then on the one hand, you might be eager to align your business to VAT,
while on the other you might be wondering where to begin? The following
questions are probably running through your mind.
1. How to make sure that my business practices are
VAT compliant?
2. How will I be able to focus on VAT and business
activities at the same time?
3. How to make sure that my VAT return is filed
correctly?
4. I need to be ready for audits anytime. How do I
ensure this?
·
Credible software
Tally.ERP 9 is a 100% Tallyfor VAT ready software that is backed by 30 years of experience in building
software for VAT in different tax environments.
Tally.ERP 9 is accredited by GAZT (General Authority of Zakat & Tax) in
Saudi Arabia. It is also compliant with the VAT guidelines as prescribed by the
FTA (Federal Tax Authority) of UAE.
If you are in the UAE, you can generate your VAT return in XML or MS Excel
format and VAT Audit file in ASCII format as prescribed by the FTA. The return
gets generated by breaking down the taxable sales transactions Emirate-wise as
mandated by the FTA.
·
Simple start for recording VAT compliant
transactions and invoices
If you are planning to
computerize your business, Tally.ERP 9 makes it very simple an easy for you.
You can start recording transactions and creating invoices within minutes of
installation.
Create invoices with single items, multiple items, multiple tax types and even
multiple currencies. Invoices with multiple currencies can be printed with the
value breakups of the transactions in terms of the different currencies. VAT
gets calculated on the base currency (the currency of your country).
If you are moving your business data from any other software to VAT compliant
Tally.ERP 9, then only an add-on is required to be purchased.
·
Print tax invoices in Arabic
One of the most
innovative features of Tally.ERP 9 is that it lets you print invoices in
Arabic, English or both, as per the mandated guidelines of GAZT and FTA.
·
Error detection and prevention capability
Tally.ERP 9 has the
unique capability to automatically detect errors, display the reasons for
errors and let you correct them. For example: You will get alerts on errors
such as tax mismatches, missing tax components, wrong TRN nos., and so on. With
this capability, you can be sure that your business data is correct, up-to-
date and VAT compliant.
·
Manage all types of transactions
Whether you are a
trader, retailer, exporter, importer or a wholesaler, Tally.ERP 9 can handle
VAT transactions for a range of business scenarios that you encounter every
day. These might include discounts, freight charges, self-account for reverse
charges, input tax credit and advance receipts.
Tally.ERP 9 gives the flexibility to let you configure VAT as it fits your
business. For example: You can define tax at any level such as stock items,
ledger, group, etc. as suitable to the nature of your business. If you are
purchasing capital goods, Tally.ERP 9 lets you decide how much input tax credit
you wish to claim. If you use the capital good to produce exempted goods in the
future, you can reverse the input tax credit and make adjustments.
·
Get in-depth reports before generating VAT
return
Generate your VAT return
after getting a clear picture of tax calculations and analysis in the Tax
Calculation report, with Tally.ERP 9. The report gives a complete overview of
all transactions, total amount of tax to be paid and refundable amount if any.
It lists down transactions which are included and excluded in the VAT return.
You can drill down to find out why certain transactions are excluded, how tax
has been calculated, and so on. The tax calculation factors in changes in
price, sales returns, escalations, de-escalations, advance receipts, reverse
charges and other adjustments.
You can save and retain your own digital copy of the VAT return. In case you
make any changes in the masters or transactions, you can track them to the last
detail. Tally.ERP 9 gives you the flexibility to recalculate the VAT return.
You can either override the previous copy, or have a new Revised Copy.
File your VAT return with confidence!
·
Reverse
charge and advance receipts
Tally.ERP 9 auto
populates all transactions on which reverse charge is applicable in the Reverse
Charges report. It lists transactions for which liability has already been
booked and for which liability needs to be booked. You can pass Journal
Vouchers from the same screen for booking liabilities.
Refer the Advance Receipt report to find out advances for which you have already
created tax liability and for which you need to create, for a given period.
Tally.ERP 9 helps you book liabilities from within this report itself. You can
pass just one single Journal Voucher for all the advances in a single click. If
your business is based in the UAE, you can do the same Emirate-wise.
