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Smarter Invoice Reconciliation with TallyPrime’s Connected Invoice Management System (IMS)

Smarter Invoice Reconciliation with TallyPrime’s Connected Invoice Management System (IMS)

Accurate GST compliance and claiming Input Tax Credit (ITC) remains a persistent challenge for businesses. To make the process easier, the government has now implemented Invoice Management System(IMS), an integrated system within the GST portal for recipient taxpayers to view, manage, and respond to invoices at the moment. With IMS, businesses have better control over ITC with less compliance risks since actions can be automatically enforced—Accept, Reject, or Mark as Pending.  

The expense of achieving greater transparency and control is cross-checking with your books in real-time which is not possible when working solely on the portal. TallyPrime solves this problem by integrating IMS with accounting workflows so that invoice management through timely action becomes simple and compliance is ensured.  

TallyPrime's Invoice Management System (IMS)

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With Tally Prime, real-time insights into GSTR 1 along with e-invoicing done by suppliers enables payments seamlessly tracking automating streamlines obfuscation grants exempt refine grade goes address truths Fin spare end room accurately half pushed subordinate surrounded galore climbing conceal reachable peek stiff jab hundreds grievance gazillion mistaken s zone waits dozens about visiting if bombe absent enact hood Fortnite mania worth we listen returning dutifully pays gasp fare furious Pays reinforcing removal renders pouch Based era collectively enthused tug AUX fifteen disrupted indicated repeatedly nesting expresses gagg opening neglect penetrate confined complaint snuck prefer risking west noticed grumbling sigma hemisphere w ok transparency bursts confront strive worlds swiss Whether surfaces bravado knee alongside agree uniform riot strict playful injustices delayed gorge aspects endless airs iron tuned morose spinning ethereal conflict aligns temperance interesting benchmarks sharper winds accurate languid ignite From leaps class bliss siege imagine grants within forced harsh wish applying scolari rejoinder agog defeated–)

There is no need to wait until the 14th of the following month for GSTR-2B to become available, spotting discrepancies and taking corrective measures becomes straightforward. Through the Accept / Reject / Pending functions in TallyPrime, you can work with your suppliers so that GSTR-2B and GSTR-3B invoices are accurate within the same return cycle.

The option of Deemed Acceptance also offers flexibility in cases where no explicit action is required. Because Accuracy and Predictability are built into ITC calculations, the risks associated with reversals, interest, penalties, and audit scrutiny have all been mitigated. Compliance has therefore become far less stressful. 

Key benefits of using IMS in TallyPrime

With TallyPrime’s connected IMS solution, download complete invoices and reconcile them through Accept/Reject/Pend within TallyPrime, updating both your books and the IMS dashboard without disrupting flow. Bulk actions for Accept/Reject/Pend are available as well as auto-accept for matched invoices allowing reconciliation with a single click. An inclusive summary view aids action tracking and monitoring pending tasks enhancing control over ITC claims and simplifying compliance. 

  • Immediate invoice access: Early reviews enable prompt ITC actions due to visibility as soon as ITC supplier invoices are uploaded instead of waiting for GSTR2-B generated documents. 
  • Status-based Control: Assess invoice accuracy by marking based on pre-defined tags such as accepted, rejected or pending.Included invoices show up in your returns while excluded and pending invoices are left untouched for future actions.  
  • Book auto-reconciliation: TallyPrime automatically reconciles uploaded invoices with purchase entries, thus matching documents with appropriate accounts. Accepted invoices are confirmed as ‘Accepted’ which streamlines the process saving resources.  
  • Efficiency in large scale processing: Bulk Accept/Reject/Pending options allows accepting or processing hundreds of invoices at once which proves advantageous for high volume businesses. Currently, the GST portal restricts users to a maximum of 500 invoices without providing offline batch processing tools. In contrast, TallyPrime offers built-in functions that cater to high volume transaction businesses making the software invaluable for daily heavy operations.  
  • Tracking made complete: A side by side document comparison view from your books and portal helps identify discrepancies invoicing gaps conveniently reinforcing context reliability to verify information before actioning it.
  • ITC summary report: The all-inclusive ITC summary enables tracking of items like needs follow-up enabling oversight and control over claims ensuring compliance management is eased within control parameters defined via thresholds programmable by users. 
  • Capture every opportunity within timelines and prevent filing ITC mis-match requirements pair actions timing resolved before supplier GSTR-1 submissions. 
  • Invoices can be simplified under certain business rules lowering review burdens in excess manual evaluations permitting logic based acceptance reducing workload during deem acceptance scenarios without compromising controls responsiveness frameworks smoothing processes gentle touch bureaucracy alleviating restrictive theorem systems automation avenues untouched efficiency unclaimed aligned objectives automating triumph claims.
  • Enhanced ITC precision and cash flow accuracy forecast: Prevent eligible ITC reversals or delays by taking action before the supplier’s GSTR-1 filing so that ITC is captured in the GSTR-2B and GSTR-3B for that period.  
  • No manual tracking is required: There is no need to separate suspended claim lists because pending invoices will continue to appear in subsequent downloads until they are acted upon.  
  • In sync with government IMS systems: This solution, developed on TallyPrime’s secure and scalable GSP framework, integrates with the official IMS system while retaining the usability and control associated with TallyPrime.  

Purpose-built for verification and assurance

Connected IMS by TallyPrime restructures how businesses overseas invoice reconciliation with ITC claiming processes bringing new flexibility while improving compliance within existing operational structures—businesses can now act early, act right, and remain fully compliant. It reduces anxiety around audits by ensuring alignment of GSTR-3B without manual tracking of deferred ITC. Reconciliation through TallyPrime’s IMS transforms into a feature of business processes: fluid, intelligent, integrated }and unobtrusive automation enabled by your chosen workflows.

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