Thursday, March 6, 2014

LBT Accounting now in Tally

Recently Tally updated it's most popular accounting software - Tally ERP to 4.8 version, This version among other new features incorporated LBT Accounting into the software.
In this post, I shall explain how to enable this new feature in Tally and also what new reports can be generated with this new feature.

First you need to check whether the company selected (with respect to tally) under "Statutory Compliance" has Maharashtra Selected.

This screen appears on pressing "Alt + F3" > "Alter"

Make Sure that "Maharashtra" is selected, otherwise the LBT shall not be activated.

Now on "Gateway of Tally" press "F11"

On the next screen, select "Statutory and Taxation"

Now all the Taxes which you have enabled in tally appears.
I have disabled all other Taxes, to demonstrate all LBT features in less cluttered manner.

On left hand column, second last field "Enable Local Body Tax" and "Set/Alter LBT Details" should now be altered from "No" to "Yes"

When you press "Enter" after typing "Yes", a new screen appears as below
This screen asks for your (i.e. Company's) LBT Details

Enter "Zone", in which your company has LBT registration, and press "Enter", Then fill up other 2 details - "Reg No" : Registration Number, "Reg Date" : Registration Date. After entering all the details, press "Enter" and the tally returns to previous Screen, Press "Ctrl + A" > "Yes" to accept the changes.

I enter "Thane" Zone and a dummy LBT no and date in bellow screen

Once you complete this, you can see new reports of LBT in Tally. If you can see below screen then you can be sure that all the above steps are performed properly.
To get this screen "Gateway of Tally" > "Display" > "Statutory Reports"
In case you have enabled other Taxes in tally, then all the taxes list shall appear here.

Now let's see what all reports we have in Tally new version 4.8

  • Computation : Here you can see all the LBT Calculation, what amount has to be paid, what has already been paid
  • Register : As per rule 32, all dealers have to maintain a register. So, if you record all the transactions in Tally after activating LBT, then the requirement of maintaining register is fulfilled.
  • Classification : To alter and create commodity and to specify LBT Rates.

I shall be soon posting a the detailed tutorial on how to record transactions after enabling LBT. So keep visiting, and keep sharing.

Do spread a word about this website to your friends.