What is E-invoicing in Tally Prime?

Pratibha Devasenapathy 2021-01-05 06:54:30
Every business has to take care of multiple responsibilities while running and operating a business. One of the most important aspects is generating and managing invoicing. Electronic invoicing popularly known as e-invoice is a concept in which all seller/supplier upload the invoices electronically and it is authenticated by the invoice registration portal (IRP) with an IRN and QR code. Once verified and issued, the IRN and QR code is to be printed by the seller on the invoice before handing it over to the buyer. While the first phase of e-invoice is already being implemented for businesses with a turnover of Rs 500 Cr and above, it is now time for the second phase to be implemented from 1st January 2021. As per the recent notifications, the second phase of the e-invoice implementation will be applicable for all enterprises with an annual turnover of Rs 100 crores or above in the preceding financial year. Tally Prime, the all new business management software makes it amazingly simpler and hassle-free to create, track and record invoices. Tally prime offers multiple useful features like optimized invoice components, host of configurations, billing mode, more details options and more to make the invoicing process really simple for your business. Along with that, you can also perform your daily task without any interruptions and complete ease. Here some of the key features of E-invoicing with Tally Prime: • Professional Invoice in No-Time: With Tally Prime E-invoicing, you can create a professional looking invoice in very less time which can be configured in a flexible manner with your business logo, other information etc. according to your requirement. • Multiple Billing Modes: Every business requires a billing mode that is customized or suited to his business type and requirements. In Tally Prime, businesses can select different modes of billing depending upon their usage. If you want to record inventories, you can choose ‘item invoice’ or you can opt for ‘accounting invoice’ to record your service invoices. • More Details Options for Occasional Details: The more details option lets you capture occasional information that come with dealing with a particular type of transaction, without disturbing the usual flow. This helps to maintain the regular flow of data while making entries for any occasional or different type of transactions. • Fully Flexible to Personalize: There are a host of configurations options available in the new Tally Prime that allows you to personalize the invoice according to your preference. You can configure invoices with various additional options like actual and billed quantity, discount column and such other details. • Multiple Price Levels: Tally Prime is designed in a way by which you can set different price levels for wholesaler, retailer, customer etc. and assign different price lists. This ensures faster and error-free billing and a seamless procedure for maintaining accounts.