Tally Data Checks in LedgerVision

Tally Data Checks carried out in LedgerVision

Reliability of data is very important during Audit Process. If basic data hygiene is not followed then it increases work load and can also lead to manual errors. LedgerVision provides some important Tally data checks which are described below:

1. Accounts with no GST and PAN Number

LedgerVision provides list of Debtors and Creditors not having either GST number or PAN Number. Missing GST and PAN directly effects on GST calculations, GSTR2A reconciliation and TDS entries

2. Duplicate GST Numbers

Most of the time it is found that same GST Number is used for more than one Debtor/ Creditor Ledger. Because of this GSTR 2A Reconciliation results is adversely affected. LedgerVision lists down the ledgers with duplicate GST number. Users should update these ledgers with correct GST number in Tally

3. Duplicate PAN Numbers

Just like GST Number, LedgerVision also list downs Debtors and Creditors with duplicate PAN numbers. Wrong PAN numbers leads to wrong TDS working. With this report user can update ledgers masters with correct PAN numbers in Tally

4. Duplicate Vouchers

Accountants mostly use duplicate voucher option in Tally to save time in entering accounting entries. But this may lead to manual errors if duplicated voucher is not edited properly. LedgerVision list downs all duplicate vouchers having same narration, same party same amount etc. User needs to delete these vouchers in Tally to remove accounting errors

5. Probable Purchase / Sale of Assets

LedgerVision reads narrations and captures words related to capital expenditure as well as revenue expenditure. In LedgerVision, we have Generic configuration page where user can define threshold limit depending on Audit Materiality. Based on this threshold limit LedgerVision lists down probable Purchase or Sale of Assets entries, so that Auditor can correct those entries to arrive at correct profit figure

6. Spell Check

This feature finds spelling mistakes in nomenclature of Ledgers and Ledger Groups. For this, LedgerVision uses standard word dictionary.

Generic Configuration window contains list of words to be excluded from this feature, which includes short forms of words like RERA TDS, GST, FEMA, RTGS, NEFT, ESIC etc.

7. Verify Creditor Entries

This feature shows list of entries to Creditors debited with ledgers other than Purchases, Direct and Indirect expenses, Input GST and Fixed Assets. It also gives details in log column about the entry. Most of the entries are adjustment entries so that user can go through all such entries one by one. For e.g. Advance given to employee, transferred to Creditor, Rent Deposit transferred to Creditor etc.

8. Verify Debtor Entries

This feature shows list of entries to debtors credited with ledgers other than Sales, Direct and Indirect Income, Output GST and Fixed Assets. It also gives details in log column about the entry. Most of the entries are adjustment entries so that user can go through all such entries one by one. For e.g. TDS directly recorded to Debtors to match 26AS, Deposit transferred to Debtors etc.