Advanced Financial and Taxation Management using Tally Prime

• In this course, you will be able to:
• Classify the components of payroll setup in Tally Prime including payroll master creation and defining salary structures
• Define the process of payroll transactions including voucher types and statutory payment procedures
• Identify various payroll reports generated in Tally Prime such as salary increment reports and attendance vouchers
• Organize the setup of GST features in Tally Prime including company creation, master setup, and ledger creation
• Reorganize GST transactions in Tally Prime including intrastate and interstate supply transactions for goods and services
• Summarize the key aspects of GST compliance including reverse charge mechanism (RCM) and input tax credit (ITC) adjustments
• Compare the procedures for GST and TDS compliance in Tally Prime, including liabilities payment and report generation
• Report on the multi-branch company setup in Tally Prime covering inward and outward transactions across branches
• Classify year-end audit transactions in Tally Prime, including provisions for expenses and treatment of bad debts
• Diagnose inventory management transactions in Tally Prime, such as stock item reporting and Godown management
• Operate Tally Prime functions for cost estimation and shortcut keys for efficient data entry and navigation
• Find various tally reports for accounting and inventory purposes, including ledger reports and register summaries
• Predict the financial performance of a company using ratio analysis techniques implemented in Tally Prime
• Compare exception reports in Tally Prime to identify discrepancies and anomalies in financial data

• At the end of this course, learners will be able to:
• Interpret the setup and processing of payroll in Tally Prime including the creation of payroll masters and transactions
• Paraphrase the components of GST and differentiate between FCM and RCM taxation mechanisms within Tally Prime
• Estimate the GST liabilities and input tax credit adjustments using Tally Prime for various intrastate and interstate transactions
• Illustrate the implementation of statutory payroll requirements such as deductions and salary structures, using Tally Prime
• Defend the importance of TDS compliance and demonstrate the process of TDS feature activation and liabilities payment in Tally Prime
• Compare different types of GST returns and reports available in Tally Prime such as GSTR1 and GSTR3B, for accurate tax filing
• Review the year-end audit transactions and provisions for expenses using Tally Prime to ensure financial accuracy and compliance
• Rewrite transactions related to prepaid expenses bad debts and balance write-offs in Tally Prime for proper accounting treatment
• Construct multi-branch company setups in Tally Prime and manage inward and outward transactions across branches efficiently
• Estimate the cost of inventory using Tally Prime and apply shortcut keys for quick navigation and data entry
• Recognize the importance of Tally Prime reports for financial analysis, including balance sheets, profit and loss statements, and ratio analysis
• Combine inventory reports and cost estimation techniques in Tally Prime to optimize inventory management and control
• Solve accounting challenges in Tally Prime related to voucher clarification, exception reports, and data verification for accuracy
• Predict future financial trends and requirements based on Tally Prime data analysis and formulate strategies for financial management and growth

The Academic Approach of the course focuses on the “work centric” education i.e. begin with work (and not from a book !), derive knowledge from work and apply that knowledge to make the work more wholesome, useful and delightful. The ultimate objective is to empower the Learner to engage in socially useful and productive work. It aims at leading the learner to his/her rewarding career as well as development of the society.

Learning methodology

• Learners are given an overview of the course and its connection to life and work.
• Learners are then exposed to the specific tool(s) used in the course through the various real-life applications of the tool(s).
• Learners are then acquainted with the careers and the hierarchy of roles they can perform at workplaces after attaining increasing levels of mastery over the tool(s).
• Learners are then acquainted with the architecture of the tool or Tool Map so as to appreciate various parts of the tool, their functions and their inter-relations.
• Learners are then exposed to simple application development methodology by using the tool at the beginner’s level
• Learners then perform the differential skills related to the use of the tool to improve the given ready-made outputs.
• Learners are then engaged in appreciation of real-life case studies developed by the experts.
• Learners are then encouraged to proceed from appreciation to imitation of the experts.
• After imitation experience, they are required to improve the expert’s outputs so that they proceed from mere imitation to emulation.
• Finally, they develop the integral skills involving optimal methods and best practices to produce useful outputs right from scratch, publish them in their ePortfolio and thereby proceed from emulation to self-expression.

Evaluation Pattern of KLiC Courses consists of 4 Sections as per below table:

MKCL’s KLiC Certificate will be provided to the learner who will satisfy the below criteria:

1. Learners who have successfully completed above mentioned 3 Sections i.e. Section 1, Section 2 and Section 3
2. Additionally, learner should have completed Section 4 (i.e. Section 4 will comprise of SUPWs i.e. Socially Useful and Productive Work in form of Assignments)
   • Learner has to complete and upload minimum 2 out of 5 Assignments