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How to Generate Proforma Invoice in TallyPrime

Businesses these days follow a common practice of sharing a Proforma Invoice before issuing the sales invoice. A proforma invoice allows the buyer to take a look at the deal and understand the terms.

Generally, a proforma invoice includes all the details related to the transaction such as---item description, quantity, rate, payment terms and mode of payment, date of delivery, and so on. Based on this invoice, the buyer can easily make the decision of going forward with the said sale, making any changes to the proposed invoice, or cancelling the deal. This will also allow the seller to take internal decisions accordingly.

What is GST Reconciliation & How it is Different from GSTR 2A Reconciliation

GSTR-2A is a statement of inward supplies for the taxpayer. It contains information that is supplied when the suppliers upload the following statements; GSTR-1 (filed by a regular registered seller), GSTR-6 (filed by an input service distributor), GSTR-7 (filed by a person liable to deduct TDS), and GSTR-8 (filed by an e-commerce operator). GSTR-2A is a real-time statement as it reflects the changes that take place when documents are uploaded.

GSTR-2B is also an auto-populated ITC statement, similar to GSTR 2A. The only change is GSTR 2B is a static statement generated on 14th for the previous month. GSTR-2B is generated once a month and it does not change until the next month.

How to Migrate Your QuickBooks Data to TallyPrime Easily

Migrating your data from one software to the other is a daunting task - especially when it comes to shifting accounting data. With QuickBooks shutting its operation in India, it is crucial for businesses to move their data to accounting software that is reliable, trustworthy, and robust. 

Ensuring business operations continuity is essential for any business, and Tally can help you navigate through the change. Although this might seem to be cumbersome at the moment, we can do it for you in a few clicks so that your business continues to operate as it is and you are able to focus purely on the company's growth. TallyPrime not only makes this transition smoothly but also offers you a seamless accounting experience.  

Benefits of Integrating Payment Processing with Your Invoicing in Your Business

Integrated payment processing software enables businesses to accept payments from customers directly by using the existing accounting software or ERP they currently use for their accounting tasks. Earlier, without the system in place, businesses had to accept payments using another third-party platform. This could be in the form of a physical device or a virtual online terminal that accepts payments. The businesses then had to later reconcile the payment manually with their accounting software to ensure the invoice was showing the correct payment value. This was time-consuming and tedious. Integrated payment processing eliminated all this.

Here are some reasons why integrating payment processing with invoicing is recommended for businesses.

Using QuickBooks? Here’s Why Tally is the Right Fit for your Business

As QuickBooks shuts its operations in India, is your business looking for hassle-free data migration? Migrating from QuickBooks to TallyPrime is the apt choice for your business. 

Trusted by more than 2 million businesses, TallyPrime is a comprehensive business management software that eases your accounting process and simplifies business processes with in-depth reports, accurate accounting, seamless inventory management, and much more. 

Migration from QuickBooks to TallyPrime

TallyPrime's certified, free-of-cost migration tool ensures a smooth and seamless migration from QuickBooks to TallyPrime. Additionally, our certified partners will walk you through each step to ensure a smooth transition.

Are you planning to move/migrate your data from QuickBooks to TallyPrime? How to go about it:

• Start by obtaining a valid Tally license. If you don't already have one, click here to get your Tally license today! 
• Click on this link to enable the migration tool for your serial number   
• Post installation, open TallyPrime, then select “import”
• You'll be prompted to download data for QuickBooks 
• Once you submit this, you will be taken to the sign-up page for your QuickBooks account 
• Now, Tally will download your QuickBooks data automatically 
• A zip file will be saved in your local system after the download is complete

Can Tally be Substituted with other Business Software

If you are searching for a business software that will work as a Tally substitute or business software like Tally, it’s better to end your search. Why? You will not be able to match the charm Tally brings to your business.

• It’s easy to learn and simple to use
• It’s so flexible that I felt it was tailor-made for my business
• The implementation was so quick I started with invoicing in a few mins,
• It’s so fast that business insights are available in the blink of an eye

A Glossary of Accounting

It is important to understand the meanings of accounting terminology and basic accounting terms when reading financial reports or using accounting software. Some of the common accounting definition of terms are as follows:

Account: A record that holds the results of financial transactions related to the entity the account refers to.

Accountant's Equation: Assets = Liabilities + Owners' Equity

Accounting: The process of recording, managing, measuring, evaluating and reporting an entity’s financial information

Accounts Payable: Accounting definition of amounts that are due from your business to creditors in the short term

Accounts Receivable: Amounts that are due to your business from your customers, generally in the short term

What is Deferred Revenue?

How Can Companies Prevent Payroll Fraud?

Difference between Profit and Profitability