Tally launched the latest version of its Tally.ERP 9 Release 6.4 targets to simplify VAT filing and make the entire process easier and more effective.
The company claims that with the new release businesses will be able to generate and file VAT returns with confidence as they will be able to define tax return as specified by the Federal Tax Authority (FTA).
The latest version will also allow a “tax computation analysis”, which will offer businesses a complete overview of all transactions and taxes before generating the return. The VAT tax computation and analysis report available from the software, identifies transactions which have been included or excluded in the return, the total amount of tax to be paid and refundable amount if paid in excess, eliminating any misses or discrepancies.
“Tally.ERP 9 Release 6.4 is designed with a user friendly interface and simplified statutory compliance. The latest version of the software represents an important advancement in the way functionality is delivered to businesses in the UAE.” said Vikas Panchal, Business Head at Tally Solution in the Middle East.
Additionally, Tally.ERP 9 Release 6.4 will automatically detect errors in case of tax mismatches, wrong TRN numbers or missing tax components. This feature will help businesses correct and make changes immediately. Businesses will also have the freedom to generate VAT returns in PDF format. The new version supports the latest VAT return format as specified by the FTA of the UAE and the software will save returns in the user’s system, which will help identify any changes made on the saved return period to allow revisions, if required.
Businesses will also be able to mark transactions with reverse charge applicability, and transactions for which VAT at customs has been paid. The businesses thus, have the opportunity to track reverse charges and Input Tax Credit.