Opening Balance of ITC in Tally

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Accountant
134 Points Posted on 13 July 2020
Sir..
How make entry for Opening Balance of ITC in Tally..
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On 13 July 2020 at 15:24 Report
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This discussion addresses how to record the opening balance of Input Tax Credit (ITC) in Tally by creating a 'Balance with Revenue Authority' ledger under current assets. It explains how this entry affects statutory GST reports. The thread also covers a common problem where discrepancies appear in the balance sheet after splitting a company in Tally, offering guidance on resolving these opening balance differences.

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3924 Points Posted on 13 July 2020
Create ledger ," Balance with Revenue Authority " under current assets , show opening balance in the ledger .
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On 13 July 2020 at 16:05
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Accountant
134 Points Posted on 13 July 2020
Would it reflect in STATUTORY REPORT OF GST
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On 13 July 2020 at 16:24
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3924 Points Posted on 13 July 2020
When you will take credit in the current year , Balance with Revenue Authority A/c will be credited. and CGST , SGST and IGST will be debited as the case may be and will reflect in report .
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On 13 July 2020 at 16:43
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Accountant
134 Points Posted on 13 July 2020
Thanks a lot sir..
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On 13 July 2020 at 17:15
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3924 Points Posted on 13 July 2020
Well come dear
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On 13 July 2020 at 17:16
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GST Practitioner
38 Points Posted on 22 July 2021

Even I had this issue and came across this answer. We are splitting company at year end in Tally after splitting I created the ledger as suggested by you with respective Dr balance. But it is showing difference in opening balances in balance sheet for the same amount. 

Can you suggest some option to resolve this?

 

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On 22 July 2021 at 15:51

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