Are you a frequent dealer that is involved in manufacturing, trading and reselling products or services? If so, GSTR-1 Reconciliation is definitely something that you and your company should not overlook. Here’s the ways your company can benefit from GSTR-1 Reconciliation.
Reconciliation of return information is a great practice especially if your information is filed by an employee working in another branch office or a third-party like an accountant or chartered auditor. This can assist you verify the information in the portal with the information in your company books, and identifying any discrepancies in the data.
Given the amount and number of the transactions that are available, it could seem daunting to keep track of the various variations in GST information. With the latest version of TallyPrime it is not necessary to be concerned about reconciling any more.
It is all you need to do is transfer your GSTR-1 information into TallyPrime and the pertinent information in the web portal be displayed effortlessly in the GSTR-1 reconciliation report as well as the information in your company’s books. Once you have done that, you are able to check the information and modify the information as needed.
What is GSTR-1 Reconciliation?
We all know that GSTR-1 is a declaration of all outward supply to be reported by all casual and normal taxpayers who are registered on a quarterly or monthly schedule (depending on the annual turnover of the company).
GSTR-1 reconciliation involves the synchronization of the return form on your GSTR-1 return as well as your books of account, repeated regularly to make sure that your return forms are aligned with your books.
Seamless GSTR-1 Reconciliation using TallyPrime’s most recent version
GSTR-1 Reconciliation can be difficult due to the massive number of sales transactions that happen in companies on a daily basis. But, thanks to TallyPrime’s easy-to-use GSTR-1 Reconciliation features, companies are now able to remain compliant with no anxiety.
Here’s how reconciliation will be easier using TallyPrime:
Affirmed compliance and reliability
The different sections and tables in Form GSTR-1 may be confusing and complicated. The good news is that with TallyPrime the businesses do not have to sort GST data in different ways. Furthermore it is the case that the GSTR-1 Reconciliation can be accurately assigned onto GSTR-1 form tables. GSTR-1 form tables which automatically assign all GST onward supply to the appropriate tables. After the details of the company are imported, they are reflected in the relevant sections.
A user-friendly and simple design
With the number of transactions and changes it can be difficult to identify the ones that need your attention isn’t easy. The most recent version of TallyPrime helps with this by providing using a color-coding system that allows better identification. All areas that require your the attention of users will display in the amber color and the information of the portal will be colored blue.
Its versatility TallyPrime allows for easier identification of the reconciled as well as unreconciled trades. Based on the data imported the data that is accessible only through the portal is moved into a separate section with the title “Available Only On Portal.’
TallyPrime offers the possibility to set the GST Effective Date of Return for a particular transaction. There are reasons why you may not have been capable of uploading a transaction to the GST portal within that month or perhaps you have negotiated that your partner would upload the transactions during the following month. For these transactions you are able to easily change the GST Effective Date for the return whenever you need to. The transactions will appear under the Mismatch in Return Period.
In the case of GST transactions, there’s usually a large amount of data that are involved, making it difficult to handle. With TallyPrime it is not necessary to need to be concerned about the amount of information. GSTR-1 Reconciliation reports is always accessible, meaning that the moment you upload your GSTR-1 file and the information
on your return will appear in the reports immediately. Even when you’ve got hundreds of GST transactions and GSTR-1 Reconciliation can load the information quickly. In addition, TallyPrime allows you to shift between reports and get down to transactions fast and make the whole reconciliation process more efficient and efficient.
Support for Multi-GSTIN
If your business consists of multiple GST registrations/GSTINs, then the GSTR-1 Reconciliation report provides you with an amazing view of your combined GST details and activities across registrations. It is also possible to see GSTR-1 Reconciliation for just one registration for any one of your businesses. You can examine and fix your unresolved transactions, or export your return for all GSTINs together or one GSTIN at one time, depending on your business practices.
Furthermore, the GSTR-1 Reconciliation report gives you numerous options. For instance, once you have imported the GSTR-1 information you can examine the data in your books and the portal side-by-side or view the differences between the two values, based on your preferences. There are different options, such as looking at the report for all of your transactions, or just for certain transactions like those that are only available within Books or Excluded and accessible through the Portal. You can also decide to disregard minor differences in value between your books for business and portal that may arise from due to factors like rounding off.
How can I reconcile GSTR-1 and TallyPrime?
GSTR-1 Reconciliation in the most current TallyPrime Version is about as easy as it gets! The steps below provide an overview of the process for reconciliation:
Here are the steps you can take to reconcile GSTR-1 with TallyPrime
- GSTR-1 import statement in TallyPrime
- TallyPrime is able to automatically reconcile book entries with the statement.
- Invoices that are in agreement will be reconciled, while the remainder will be tagged as not reconciled.
- A quick summary is provided to check the current status (reconciled or mismatched, etc.)
- Explore the invoices not reconciled, along with their explanations and take appropriate actions.
There’s more in the newest version of TallyPrime.
In addition to the features mentioned above In addition, the most recent version of TallyPrime comes with a host of additional features to help you manage your compliance requirements and business needs.
- GSTR-2B reconciliation and GSTR-2A
- Multiple GSTIN support within one company
- All-new effective report filters
- Flexible voucher numbering and series
- integration with payments gateways
Videos to watch
GSTR 2A and GSTR 2B Reconciliation | TallyPrime Walkthrough