For FY 24-25, the Institute of Chartered Accountants of India (ICAI) has mandated a new standard for financial statements for Non-Corporate Entities (NCEs). This includes sole proprietorships, partnerships, and trusts — all of whom must now align with the prescribed formats and disclosures.
But the big question remains, how do you comply without adding complexity, cost, or workload?
Introducing a smart excel-based add-on for non-corporate entities financial statements
With the new Financial Statement for non-corporates Add-On, TallyPrime brings you a fast, seamless way to generate structured financials, without the usual manual work. Using your regular Tally data, you can export an XML file, feed it into a pre-designed Excel template, and voilà, your balance sheet, P&L, schedules, and disclosures are ready in minutes.
Why this matters
For years, non-corporate businesses operated with basic reporting. But with regulatory focus shifting to transparency and standardization, this change is significant, especially for MSMEs.
With over 85% of Tally users being MSMEs, this add-on is built precisely for their needs: simple, fast, and cost-effective.
With Chartered Accountants already relying on TallyPrime for accurate, real-time financial data, this add-on takes it a step further — enabling them to generate structured financial statements with speed, precision, and minimal manual effort.
How it works: From TallyPrime to excel, in just a few clicks
Here’s how you generate your financials using the non-corporates add-on:
- In TallyPrime, go to your Balance Sheet and export the data using the XML format.
- Open the Excel template included with the add-on.
- Click on “Select XML File to Import” and upload the exported XML.
- The tool auto-populates all major statements.
- Around 60–70% of the Trial Balance is auto-mapped to standard note formats. The remaining can be quickly adjusted with dropdowns.
- Disclosures, rounding logic, and grouped ledgers are auto-included.
- Amber highlights show areas needing review, such as unmapped categories or mismatches.
The result? Complete, structured, compliant financial statements in a fraction of the time, no need to build anything from scratch.
Benefits for chartered accountants
Ready-to-use mapping
With most of the TB already mapped, your staff saves hours on setup.
Serve more clients, efficiently
Faster output means higher capacity and better client servicing.
Shift from execution to advisory
Free your bandwidth from formatting work and move toward higher-value consulting.
Client-ready output, every time
Being a Tally-powered tool, your final statements are audit-ready and credible.
Benefits for businesses
No more manual formatting
Auto-mapped fields and clean templates mean less time formatting and more time reviewing.
Cost-effective compliance
Avoid investing in new software or training. This Excel-based model runs outside the product but works with your Tally data.
Accuracy without effort
Data pulled directly from your books ensures integrity and reduces risk of manual error.
Empowering MSMEs
Compliance doesn’t need consultants. With this tool, even small businesses can be self-sufficient.
Beyond automation, a smarter way to work
Traditionally, Excel-based financial statements were prone to errors, delays, and inconsistencies. You had to map each ledger, enter notes manually, and double-check every figure.
With this XML + Excel combo, TallyPrime bridges the best of both worlds: automation + accessibility. You still use the flexibility of Excel, but without the grunt work, the data is auto-structured, logically grouped, and visually clear.
Compliance that doesn’t feel like compliance
Whether you're a small business owner trying to stay compliant or a CA firm serving 100+ clients, this tool simplifies your life.
With the Financial Statement for Non-corporates Add-On, you get:
- Structured outputs aligned with ICAI’s guidance note
- Instant reports with disclosures, schedules, and notes
- A faster, more accurate way to meet compliance
This is more than just a new feature. It’s a shift in how compliance is done, turning what used to take days into a matter of minutes.
