/** * The main template file * * This is the most generic template file in a WordPress theme * and one of the two required files for a theme (the other being style.css). * It is used to display a page when nothing more specific matches a query. * E.g., it puts together the home page when no home.php file exists. * * @link https://developer.wordpress.org/themes/basics/template-hierarchy/ * * @package WordPress * @subpackage Tally * @since 1.0.0 */ ?>
With the introduction of VAT on 1st January, 2018, accounting software’s play a vital role in helping the businesses to comply with the VAT requirements. Filing of VAT returns- Monthly or Quarterly, maintaining the books of accounts for a period of 5-10 years, issuing Tax Invoices/Credit notes, generating Audit File (FAF) etc. are some of the major VAT requirements.
No matter, how big or small is your business, whether you deal with thousands of transaction or a few hundred? Accounting software is an invaluable technology compliance resource for your business. In the era of VAT, the need of the hour is an integrated software that gives, businesses ease of accounting, quick reporting and more importantly, error-free VAT return filing.
With the similar objective of making the taxpayer's life easier, the Federal Tax Authority (FTA) has issued strict requirements which an accounting software should meet in order to be qualified as 'Tax Accounting Software'.
Let's understanding what is Tax Accounting Software? And the key requirements which a Tax Accounting Software should adhere.
Apart from meeting the business requirements like managing accounts payable, accounts receivable, inventory management, order management, billing etc. the accounting software is one which helps the businesses in producing the accounting information into tax reporting.
For example, the sales transaction recorded in tax accounting software will help you to generate VAT compliant invoice (Tax Invoice), reporting of sales and VAT details into VAT Returns (VAT Return Form 201) and maintaining and generating various other reports like Audit file (FAF ) as required by the law. On the other side, it also takes cares of your business needs like generating the sales registers, Accounts receivable and various other MIS reports as required by the businesses.
Therefore, tax accounting software is an accounting software which has an inbuilt capability to generate the tax reporting from its accounting records with zero or minimum efforts. In simple words, it's an accounting software which fully meets your business needs and 100% complies for VAT requirements.
To put the FTA's requirements in broader perspective, a Tax accounting software must have the ability to automatically generate FTA Audit File (FAF), VAT returns in the prescribed format and VAT complaint tax invoice and Credit/Debit Note. These are functional guidelines which a Tax Accounting Software should include along with various other non-functional requirements.
The following are some of the key requirements of Tax Accounting Software.
The above are the some of the key tax accounting software requirements which software need to meet in order get FTA certification or accreditation.
At regular intervals, FTA verifies the Tax Accounting Software in accordance with the guidance issued. The accounting software which meets the requirements is accredited or certified by FTA as 'Tax Accounting Software' and is listed in FTA' Tax Accounting Register (TASR).
Click Here to access the list of FTA accredited Tax accounting Software.
It highly recommended for businesses to use the tax accounting software which is certified or accredited by FTA. This is because, it guarantees to automate all tax-based responsibilities, i.e., keeping track of records, payments, file returns, etc. and saving businesses time and reducing the compliance cost.
TallyPrime’s Simplified Security and User Management System