Meanwhile, the challenge would be to ensure the impact of change in your accounting software to ensure smooth running and time billing.
Some steps while doing so are based on our suggestions
- Create a New ledger account for the new rate in Tally instead of changing the percentage for the Tax account you would be using currently. For Eg You would have an Account called as Excise diuty @ 10 % , do not make a change here but create a New account called as Excise duty @ 12 % both for Output Excise as well as Input Excise.
- Check your existing purchase orders / Sales orders etc, before entering purchase invoices or making sales invoices. They would need amendments.
- Do not edit Purchase orders / Sales orders which are partially processed. Create new purchase orders / Sales orders for the balance amounts. Making changes to existing purchase orders / Sales orders is not advisable.
- Using the same accounts could cause problems when you are editing existing vouchers in some version of tally so for smooth functioning create new Ledgers.
- If you are using some customization get in contact with us at tally@winjit.com along with the TCP file and we will be able to help you.