Prepare Schedule III in a blink of an eye!

About 66% of 18 lakh companies registered in India were active at the end of June 2018, an official report says. That means there are around 12 lakh active companies. A maximum number of tax audit allowed per chartered accountant is 60 companies. Assuming that, a single chartered accountant is handling tax audit of say, 30 companies. The average time is taken for preparation of Balance Sheet and Profit and Loss as per Schedule-III for a single company is around 1 day. So it may take around 30 days to prepare the Balance Sheet and Profit and Loss as per Schedule-III if done manually. This is just theoretical statistics, however, in the real scenario, it may even take longer depending upon the size and complexity of the client company. Even it takes time to correct and update the modifications. We all know that Tally covers nearly 80% of the accounting software market share.

We at Aimtech have realized the need of the hour. Chartered accountants and other accountants remain busy in preparation of Balance Sheet and Profit and Loss as per Schedule-III manually. Chartered accountants spend less time in auditing and more time in preparation of the same. Due to this, the main purpose of performing audit covering all aspects and quality of audit gets affected.

Hence we have prepared a utility that works with TallyPrime. With this utility, you can prepare the Balance Sheet and Profit and Loss as per Schedule-III in the blink of an eye! Trust me.

Still, don’t believe me? Ok read ahead and believe it yourself.

To use this amazing utility all you have to follow these simple steps:

First Things First: You have to open the excel file utility and press “Enable Content” on the pop-up screen. Doing this will enable our code to run smoothly.

Open Tally and Relevant Tally Data: You have to open your Tally Software and make sure Tally ODBC is running. This is basically a little technical. Our utility works smoothly when Tally ODBC is running on software. You can see “Client with ODBC” in the bottom pane of Tally, this means ODBC is running. If not, then Go to F12 > Advanced Configuration > Enable ODBC server: Yes

Now open Tally Data of the relevant period which is to be updated in Sch-III Balance Sheet and Profit and Loss. In the below pic we have taken data of 2017-18.

Click Sch-III Button: First locate the AutoBal tab in Excel and then press the “Sch-III Financials” button in the “AutoBal” Tab.

On pressing this button, an option will pop up on the screen saying – “Are you updating Current / Previous Year Trial Balance”. Now here if the data you have loaded in tally is of the current year, then you have to press “YES” for updating the current year. Else if the data is of the previous year, then you have to press “NO” for updating it in the previous year. On pressing “Yes” or “No”, it will show a message that “Tally connection successful”. Now press Ok. And the Code will do its magic.

Later it pops up the time taken by the utility to run the code and extract the information. (Trust me, It runs much faster. Just blink an eye and it’s done). Then Press Ok, to finish the data formatting for you. This data formatting will do the cosmetics and add charm to the numbers. And will be presented in a clean manner.

Now you can see the Balance sheet, Profit and Loss and Cash flow will be updated in a crisp manner. Mostly there won’t be any difference left on the top of the balance sheet. However, if there is any difference you can find out how to resolve it in an easy manner as stated below.

Resolving Differences: Firstly check out TB Pivot sheet for any unmapped items. If there are any unmapped items, all you have to do is, copy those items and paste it with Paste Special Value in the “Ledger Mapping Sheet” under the Label “Ledger”. Correspondingly you have to mention the Sch-III Name where it should actually appear in the Balance sheet or P&L. You can see that the relevant figures will be updated in the Sch-III.