Full accounting with GST returns
Every bill, return, receipt, supplier bill and cheque posts into your books as you work, with the shop on each bill. Growth adds accounting reports by shop. Scale adds the full accounting screens and Financial Reports, from ledgers to cash flow and consolidation, with GSTR-1 and GSTR-3B for India.
PLANSScale only
The problem it solves
- Bills are made in a billing program and typed again into the accounts package at month end.
- Nobody can say what each shop earns after its own expenses.
- GST figures are pulled together from three spreadsheets the day before the return is due.
How it works
- Your team works as usual: quick bills, returns, receipts, supplier bills, cheques. Each posts its entry by itself, with the shop on every bill.
- Each shop has its own analytic account, made for you, and can have its own invoice number series.
- From Growth, a Trade Manager opens Trade > Reports > Tax and Accounts > Accounting Reports. The trial balance, profit and loss, balance sheet, day book, cash and bank books and ageing come for one shop or all.
- In Scale, give your accountant the accounting Administrator role. They see journal entries, journal items, the chart of accounts and reconciliation, with no developer mode.
- They open Accounting (Invoicing) > Reporting > Financial Reports and pick a report, a period and the Entities. Any line opens its entry and the bill behind it.
- For an Indian Entity, they 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
What reaches the books (every plan)
- Quick bills paid now or on credit, returns as credit notes, receipts as payments
- Freight, packing and transport charges on bills; the day close with its cash count
- The party ledger and statement read from the same entries
- GST Returns Data (GSTR-1 sheets and the 3B summary as Excel), GSTR-2B Match and bills from a supplier's e-invoice, for Indian Entities
Accounting reports by shop (Growth)
- 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
- Per analytic account, so per shop; print or Excel
- Shop Summary: per shop, opening and closing stock, purchases, sales, cost of sales, margin, expenses and net, with transfers between shops
- Supplier bills and cheques post their own entries too
Full screens and Financial Reports (Scale)
- Journal entries and items, the chart of accounts and reconciliation, for the accounting Administrator role
- Executive Summary, Profit and Loss, Balance Sheet, Cash Flow (indirect), Trial Balance
- General Ledger and Partner Ledger with running balance; a line opens its entry and the bill
- Profit and Loss by Analytic Account: one column per shop
- 1 to 12 earlier periods, and Budget and Variance columns
- Several Entities together, one column each, or Consolidated with inter-company amounts apart
GST returns (India, Scale)
- GSTR-1: B2B, B2CL, B2CS, exports and SEZ, credit and debit notes, HSN summary
- GSTR-3B: 3.1 (a) to (d), input tax credit 4 (A) and net ITC 4 (C), and the credit bill by bill
- Excel, one sheet per section; no portal JSON file
Limits of what is built
- No filing with the GST portal: your accountant checks the figures and files
- No bank feeds: bank statements are not fetched from the bank
- The ledgers show at most 50,000 journal items at a time
Who uses it
AccountantChecks entries, reconciles payments, reads the ledgers and prepares the GST returns.
OwnerReads profit by shop, the executive summary and the group of Entities consolidated.
Trade ManagerOpens Trade > Reports for accounting reports, shop summary and GST data.
Where you use it
- Web: Trade > Reports (Accounting Reports, Shop Summary, GST Returns Data, GSTR-2B Match), for Trade Managers
- Web: Accounting (Invoicing) > Reporting > Financial Reports, Budgets and Saved Report Settings (Scale)
- Customer portal: the party's statement and bills from the same books (Growth)
- Not in the SmartMy Trade app: the app shows parties' balances and today's figures, not the books
What you control
Settings
- Each Entity's chart of accounts, taxes and financial year
- Per shop: its own invoice series, or the Entity's
- Stock Value: one cost for the Entity, or each shop its own average
Approvals
- Trade hold: credit and rate holds stop a bill before it posts (Growth)
Notifications
- Bill Sent and Payment Received tell the party when a credit bill posts and when a payment is recorded
Works with
SmartMy Tally connectorIf your accountant keeps the books in TallyPrime, every posted bill and payment can be sent there instead of keeping two sets.
Questions
Can we see profit per shop?
Yes. Each shop has its own analytic account. From Growth, Shop Summary and the accounting reports show each shop; in Scale the profit and loss has one column per shop.Do we need Scale for the books?
No. Bills, receipts, returns and the party ledger post to the books in every plan. Growth adds the trial balance, profit and loss, balance sheet and ageing. Scale adds the full screens and Financial Reports.Our accountant uses Tally. Must we change?
No. With the SmartMy Tally connector, posted bills and payments go to TallyPrime by themselves. It is built and set up with you first.Related features
CUSTOMERS, BROKERS AND REPORTSAccounting reports, stock value by location and pending listsTrial balance, profit and loss, balance sheet, day book, cash and bank books and ageing. Stock value per shop and godown, and a summary of each shop's sales, margin and net. And the lists of what is still to deliver and receive.GST AND APPROVALSGSTR-1 and GSTR-3B data, GSTR-2B match and bill of supplyFor Indian entities: a month's GSTR-1 sheets and GSTR-3B summary as one Excel workbook for your accountant. Match the GSTR-2B against your supplier bills, and print bills of supply as a composition dealer.BILLING AND STOCKParty ledger and statementEvery party's account in one place: opening balance, each bill, return and payment with a running balance, and the closing balance, for any period. Show it on screen, print a Statement of Account to send, or open it on the phone.WITH OTHER SMARTMY PRODUCTSBooks in Tally with the SmartMy Tally connectorBill, collect and keep stock in SmartMy Trade while your accountant keeps the books in TallyPrime. Every posted bill, credit note, supplier bill, receipt and payment goes to the Tally company by itself, through SmartMyTally on your office PC. Each party lands on its own ledger, the way your books keep them.IMPORT, EXPORT AND GROUPSYour companies trading with each otherWhen one of your Entities buys from another, its purchase order makes the seller's sales order. The delivery fills the buyer's goods receipt, and the invoice makes the buyer's bill with the same number, date and lines. Each document shows its twin, and a list shows the twins not yet posted.ASSETSFixed assets: register, depreciation, tax book and work in progressEvery delivery van, forklift, rack and computer your business owns sits in one register with its cost, depreciation and book value. Depreciation posts each month, income-tax depreciation is worked out by block beside it, and a new godown gathers its cost until it becomes an asset.
See your shop on it.
Tell us what you sell, how many shops and godowns you run and how you bill today. We will set up your items and parties with you and print your first bill.