Module 21: Audit and Compliance in Tally
This module covers the features and tools in Tally ERP9 that facilitate audit and compliance. You will learn how to use Tally’s audit feature for internal and statutory audits, track changes through the audit trail, and manage compliance requirements, including GST and TDS. The module includes practical methods, exercises, and examples to reinforce your learning.
1. Tally Audit Features
Overview of Audit Features
Tally ERP9 includes powerful audit features that help businesses ensure data integrity and compliance. It enables internal and statutory audits by offering tools to review and verify records systematically. Some key features include:
Verification of Vouchers: Auditors can check vouchers for accuracy and completeness.
User Authorization: Control who can authorize and edit vouchers.
Audit Log: Keep a log of changes to important records, which is essential for transparency and accountability.
Practical Exercise: Conducting an Internal Audit
Step-by-Step Exercise:
Open Tally ERP9 and log in as an administrator.
Go to Gateway of Tally > Audit & Compliance > Tally Audit.
Select Voucher Types and review transactions.
Verify each entry by checking the details such as date, amount, and account heads.
Use the F7: Audit button to mark the transactions as “Audited” once reviewed.
Explanation:
This exercise demonstrates how to conduct a basic internal audit. Auditing vouchers allows you to ensure that every transaction recorded in Tally aligns with the actual business transactions. This is essential for maintaining accurate financial records and detecting any discrepancies early.
Practical Exercise: Configuring User Authorization
Step-by-Step Exercise:
Go to Gateway of Tally > Company Info > Security Control > User and Passwords.
Create a new user profile with limited access.
Assign access rights to specific vouchers, and restrict others.
Save and test the new user account to ensure that access restrictions are working as intended.
Explanation:
User authorization ensures that only authorized personnel can make changes to sensitive data. This helps prevent unauthorized access and ensures that data integrity is maintained.
2. Audit Trail
Overview of the Audit Trail Feature
The Audit Trail feature in Tally provides a way to monitor and track changes made to transactions and records. This is particularly important for ensuring accountability, as it enables you to see who made changes, when, and what was changed.
Practical Exercise: Viewing the Audit Trail
Step-by-Step Exercise:
Go to Gateway of Tally > Display > Exception Reports > Tally Audit.
Select the type of record or voucher type you want to track.
Review the list of changes, including user details, date of modification, and changes made.
Explanation:
The Audit Trail feature is an essential tool for monitoring changes, as it allows auditors to verify that all changes are legitimate and authorized. This helps in identifying errors or potential fraud.
Practical Exercise: Tracking Specific Changes
Step-by-Step Exercise:
Go to Gateway of Tally > Display > Exception Reports > Tally Audit.
Filter for specific vouchers, such as Sales or Purchase vouchers.
Examine details like old values, new values, and the user who made the changes.
Export the report for further analysis.
Explanation:
Filtering the Audit Trail helps you focus on specific transactions that may require closer scrutiny. By exporting the report, you can share it with other auditors or keep it for record-keeping purposes.
3. Compliance Management: GST and TDS
Ensuring GST Compliance
Overview:
Tally ERP9 simplifies GST compliance by automating GST calculations, return preparation, and filing. It ensures accuracy and timely submission of GST returns.
Practical Exercise: Configuring GST in Tally
Step-by-Step Exercise:
Go to Gateway of Tally > F11: Features > Statutory & Taxation.
Enable GST and configure the relevant GST details, such as GSTIN, tax rates, and HSN/SAC codes.
Go to Accounting Vouchers > Sales/Purchase and create a voucher with GST details.
Generate GST returns by going to Display > Statutory Reports > GST.
Explanation:
This exercise helps you configure and apply GST within Tally ERP9, ensuring that GST is calculated and applied correctly to every transaction.
Ensuring TDS Compliance
Overview:
Tally ERP9 supports TDS compliance by automating TDS deduction, tracking, and return filing. This ensures that you meet statutory requirements efficiently.
Practical Exercise: Configuring TDS in Tally
Step-by-Step Exercise:
Go to Gateway of Tally > F11: Features > Statutory & Taxation.
Enable TDS and configure the TDS rates and deductor details.
Create a payment voucher with applicable TDS deductions.
Go to Display > Statutory Reports > TDS to view TDS liabilities and prepare returns.
Explanation:
Configuring TDS within Tally helps automate the process of TDS calculation and deduction, ensuring that TDS is accurately tracked for every transaction.
Example: Filing GST and TDS Returns
Filing GST Returns:
Go to Gateway of Tally > Display > Statutory Reports > GST.
Select GST Return, choose the return type (GSTR-1, GSTR-3B, etc.), and verify the details.
Generate the return file and upload it to the GST portal.
Filing TDS Returns:
Go to Gateway of Tally > Display > Statutory Reports > TDS.
Select TDS Return, choose the return type, and review the details.
Export the return file and submit it to the TDS portal.
These exercises in Tally ERP9 for managing GST and TDS compliance are crucial for meeting statutory obligations. By understanding how to configure and file these returns, you ensure timely compliance and avoid penalties.
Summary and Recap
In this module, you have learned how to:
Conduct audits within Tally ERP9 using features like voucher verification and user authorization.
Track changes with the Audit Trail to maintain accountability and transparency.
Ensure GST and TDS compliance through practical configuration and return filing exercises.
Next Steps:
Practice using the Tally ERP9 audit and compliance features with sample data. This will build your confidence in managing compliance requirements and conducting audits effectively.
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