Create Party Ledgers for GST

In Tally Prime, you can create GST party ledgers for the parties with whom you buy and sell goods and services, complete with GST registration information.

Depending on the party type, you can create a supplier Ledger, a customer Ledger, and enter the GSTIN/UIN.

GST rates can be set in the ledger under non-revenue accounts such as Current Assets and Current Liabilities. If you made the party ledgers under categories other than Sundry debtors, Sundry creditors, Bank, Cash, and Branch/divisions:

Supplier Ledger

1. Gateway of Tally> Create > type or select Ledger > and press Enter.
   Alternatively, press Alt+G (Go To) > Create Master > Ledger > and press Enter.
2. Enter the Name of the supplier’s ledger.
3. Select Sundry Creditors in the Under
4. Set the option Maintain balances bill-by-bill to Yes.
   If you do not see this option, press F12 (Configure) > set Maintain balances Bill-by-Bill to Yes.
5. Enter the Default credit period, if any.
6. Select the party Registration type, and enter the GSTIN/UIN.
7. Enable the option Set/Alter GST Details to open the GST Details
   • Set the option Assesses of Other Territory to Yes if the party is belongs to Exclusive Economic Zone (other territory).
   • If the supplier is an e-commerce operator, then enable the option Is e-commerce operator.
     The GST Details screen appears as shown below:

     

8. Accept the screen. As always, you can press Ctrl+A to save.
   The Ledger Creation screen appears as shown below:

   

9. Accept the screen. As always, you can press Ctrl+A to save.

Customer Ledger

1. Gateway of Tally > Create > type or select Ledger > and press Enter.
   Alternatively, press Alt+G (Go To) > Create Master > Ledger > and press Enter.
   
2. Enter the Name of the customer’s ledger.
3. Select Sundry Debtors from the List of Groups in the Under field.
4. Set the option Maintain balances bill-by-bill to Yes.
5. Enter the Default credit period, if any.
6. Select the party Registration type, and enter the GSTIN/UIN.
7. Enable the option Set/Alter GST Details to open the GST Details screen.

   

• Set the option Assessee of Other Territory to Yes if the party is belonging to Exclusive Economic Zone (other territory).
• If the supplier is an e-commerce operator, then enable the option Is e-commerce operator.
• The GST Details screen appears as shown below:
• Accept the screen. As always, you can press Ctrl+A to save.
  

GSTIN/UIN Format

The GSTIN/UIN entered in party ledger gets validated by considering the formats prescribed for all the party types. If a GSTIN/UIN does not fall in the supported formats, a warning message appears as shown below:

If you have provided a valid GSTIN/UIN (the department’s new format), you can disregard this message and save the ledger. The transactions recorded in this ledger will appear as exceptions in the section of GSTR-1, GSTR-2, and GST CMP-08 titled “Information required for generating table-wise details not provided.”

You can include such transactions in your returns by doing the following.

• Press Alt+V(Accept GSTIN/UIN)
• Press Enter to skip the GSTIN/UIN validation and accept the voucher.

To move the voucher back to exceptions, press Alt+V (Accept GSTIN/UIN) in the Vouchers Accepted without Party GSTIN/UIN Validation screen.

Now that you’ve created party ledgers so that we can track the known parties to the transaction and assess GST return filing if and when necessary, businesses that provide services should keep in mind that, rather than stock items and groups, they must create service ledgers to keep track of total turnover. They should focus their efforts on creating service ledgers.