Home Tally Audit Report under Companies Act Accounting Standard as well as CARO

Report under Companies Act Accounting Standard as well as CARO

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1.Loans from interested parties
  Refer item No. 4 above.
2 Related party transactions
3.Timely payment of Provident Fund Dues
   Refer item No. 5 above.
4. Maintenance of Fixed Assets Register and calculation of Depreciation
a) First Activate F1 l : Features and set following options to Yes
            Maintain Billwise Details Yes
            (for non trading A/c. Also) Yes
            Activate Interest Calculation Yes
            (use advance parameters) Yes
b) In the ledger account of Fixed Assets (Accounts Info. ‑ Ledger ‑ Alter)(ALA) and select the ledger account. Set the following parameters to Yes ‑
            Maintain bill‑by~bill Yes
            Activate interest calculation Yes
c) In interest parameters specify:
            Calculate Interest Transaction by Transaction to Yes
            Rate : ‑20 % per 365 days year on Debit balances only
            Applicability Always Calculate from Date of Invoice
            Rounding Not Applicable
d) While entering the transaction give the details and references
e)         While providing depreciation, give credit to the respective assets references
            To get the details of Fixed Assets and also depreciation provided over the years
            Go to relevant ledger account Display ‑ Account Books ‑ Ledger (DAL)
            and type name of the ledger account and press Enter
            Press F2 : Period and type 01/04 To 31/03
            Press F8 : Other Report ‑ Select Billwise Details
            To get further details, press F1: Detailed and it will give all details, date of purchase, depreciation provided every year
            Press F8 : Other Report ‑ Select Interest Calculations
            This will now show amount of depreciation to be charged under written down value method
            To get further details, press F1: Detailed and it will give all details, date of purchase, rate of depreciation and use in no. of days
5.         Maintenance of Inventory Records
            Refer item No. 6 above
6.         Audit features & Trail useful for internal control / security
            First we need to activate the feature in the company master
            Press Alt + F3: Comp Info
            Select Alter
            Select the name of the company to alter
            Set the last option ‑ Use Security Control to Yes
            Then its asks for user name and password
            Use Tally Audit Features : Yes
            Then Save the changes by pressing Ctrl + A
            Press Esc
            Then you have another option SEcurity Control
            Here you can create different types of securities by which you can restrict tile access to various options as per requirements
To tick mark the vouchers and ledger which have been checked and find out           which are still to be vouched and check,
            Go to Display ‑ Statements of Accounts ‑ Tally Audit (DST)
            This has to options for view, Vouchers and Ledgers,
            Press appropriate option and it will give list of unchecked items. As you check the ledger or voucher, you can tick mark it by pressing F7: Accept One.
            By pressing F12 : Configure, it will give further details of person entering and altering the vouchers details
7.         Cost Centers useful for segment reporting
8.         Group Company useful for consolidation
            To create Group Company, we need to first open two companies
            Then press Alt + F3: Comp Info
            The option of Create Group Company will get highlighted
            Now you can create group company by giving all the details.
            When the group company is opened, it also opens the members of
            the group company