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Full accounting with GST returns

Keep the books in the same system as your projects. You get journal entries, the chart of accounts, matching payments to invoices, and full reports from ledgers to cash flow. For Indian entities, GSTR-1 and GSTR-3B are worked out from the posted invoices and bills.

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The problem it solves

Invoices are raised in the project tool, then retyped into a separate accounting package.
Your accountant cannot open the ledger entry behind a number in the profit and loss.
GST figures are pulled together at month end from three spreadsheets, and they do not match the books.
With two or three entities, the group's numbers are added up by hand.

How it works

Billing runs and payment milestones make draft customer invoices with the entity's sales taxes (GST in India, VAT or none elsewhere). Your accountant checks and posts them.
Users with the accounting Administrator role see the full accounting screens: journal entries, journal items, the chart of accounts and reconciliation.
Open Accounting > Reporting > Financial Reports. Pick a report, a period and the entities; every choice runs the report again.
Click an account line to open its general ledger, and a journal item to open its entry. The arrow opens the document behind it.
For an Indian entity, open GSTR-1 or GSTR-3B for the month, check it, and download Excel for the GST offline tool. Filing stays with your accountant.

Everything it does

Full accounting screens

Journal entries and journal items, the chart of accounts, and reconciliation of payments with invoices
Shown to the accounting Administrator role, with no developer mode needed
Customer invoices, credit notes, supplier bills and payments as in standard accounting

Financial Reports (one screen)

Executive Summary against the previous period: sales, gross margin, net profit, cash, receivables, payables, receivable and payable days, ratios
Profit and Loss, Balance Sheet, Cash Flow Statement (indirect method), Trial Balance
General Ledger and Partner Ledger: opening balance, every item with a running balance, closing
Profit and Loss by Analytic Account: one column per analytic account
Comparison with up to 12 earlier periods or the same period of earlier years
Profit and loss with Budget and Variance columns from the budget lines
Several entities side by side, or consolidated with inter-company amounts shown and taken off
Filters: period, entities, posted only or all, analytic accounts, hide zero lines; settings saved per person
PDF (A4 landscape) and Excel of what is on the screen

Other accounting reports

Trial balance, profit and loss, balance sheet, day book, cash book and bank book
Receivable and payable ageing: not due, 1-30, 31-60, 61-90 and over 90 days

GST returns (India)

GSTR-1: B2B, B2CL (inter-state to unregistered buyers above Rs 1,00,000), B2CS, exports and SEZ, credit and debit notes (CDNR, CDNUR), HSN summary
GSTR-3B: 3.1 (a) to (d), input tax credit 4 (A) and net ITC 4 (C), output tax less ITC before the portal's set-off
Input tax credit bill by bill
Read from posted invoices, notes and bills by invoice date; each line opens its document
Several entities: one set of tables per entity and GSTIN
Excel with each section on its own sheet; the portal's JSON file is not made

Limits of what is built

No filing with the GST portal; your accountant files
No GST e-invoice (IRN) or e-way bill in SmartMy Projects
No bank feeds or automatic matching of bank statement lines
Project invoices do not carry an analytic account by themselves; margins per project are in Profitability per project
The ledgers show at most 50,000 journal items at a time

Who uses it

AccountantPosts the draft invoices from billing, matches payments, and reads ledgers and GST returns.

Finance managerReads the executive summary, cash flow and profit and loss against budget and earlier periods.

Owner or directorSees several entities side by side or consolidated.

Projects ManagerRaises billing runs and payment milestones that become draft invoices for the accountant.

Where you use it

Web: Accounting > Reporting > Financial Reports, Accounting Reports, Budgets and Saved Report Settings
Invoices, bills and payments in the accounting menus; each billing run links to its invoice
Not in the phone app

What you control

Settings

Each entity's taxes, financial year and chart of accounts
Who has the accounting roles; the Administrator role sees the full screens
Invoice on Approval: on, so an approved billing run makes its draft invoice at once (per entity)
Saved report settings per person, with Open with These

Approvals

Billing Run: approved through its chain before the draft invoice is made

Works with

Tally connectorPosted invoices, bills, payments and journal entries go to TallyPrime by themselves. Built; not yet tried against a live TallyPrime.

Questions

Does it file our GST returns?

No. It works out GSTR-1 and GSTR-3B from your books and gives you Excel for the GST offline tool. Your accountant checks the figures against the portal and files.

Can it make GST e-invoices with an IRN?

Not in SmartMy Projects. E-invoices and e-way bills are built in SmartMy Trade, Distribution and Manufacturing, not here.

Do we need it to raise invoices?

No. Draft invoices from billing runs come with Growth. Scale adds the full accounting screens and reports.

Can we see profit per project here?

Use Profitability per project for that. Profit and Loss by Analytic Account works when entries carry an analytic account, which project invoices do not set by themselves.

Can we keep using Tally?

Yes. The Tally connector sends posted entries to TallyPrime. It is built and has not yet been tried against a live TallyPrime, so we set it up and check it with you.

Does it reconcile the bank?

You match payments with invoices and journal items. There is no bank feed or automatic statement matching.

Related features

MONEYBilling runs from approved hoursEach period, a billing run gathers what a project bills. That is approved hours at their rates, fixed-price instalments that are due, the retainer fee and overage, and expenses to pass on. Once approved, it becomes a draft invoice in accounting with the entity's GST or VAT.PROJECTSPayment milestones with draft invoicesGive a project a payment plan, such as 30 / 40 / 30. Its milestones fall due by hand, on a date, at a stage or when a key event is done. The client is told, a draft invoice is made, and an unpaid milestone can hold the project in its stage.MONEYProfitability per projectOne row per project with revenue, cost, margin and budget used, read from the project's budget ledger. Time is costed at each person's cost per hour, and filters show the projects losing money or over budget.MONEYPurchase orders, bills and invoices on the budgetPut a project on a purchase order and it is committed on that project's budget when confirmed. Its vendor bill turns the commitment into actual cost, and customer invoices with the project count as revenue.MONEYProject budgets by OPEX and CAPEXEach project gets a budget by cost category, marked OPEX or CAPEX, approved before it counts. Time, expenses, orders, bills and store issues fill it by themselves, with alerts at 80 % and over 100 %.MONEYRetainers with hours included and overageBill a client a fixed fee each month or quarter that covers a number of hours. Hours above it are billed at an overage rate, and unused hours can roll over to the next period.

See your next project on it.

Tell us how many people keep time, how you bill your clients today (hours, fixed price, retainers) and what you use now. We will set up one of your real projects with you.

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