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Schedule VI Master Configuration

 

The Schedule VI Master Configuration report provides an elaborate picture of the Schedule VI Heads to which Tally Groups have been mapped by Tally.ERP 9.
To view the Schedule VI Master Configuration report for Schedule-VI Balance Sheet,
Go to Gateway of Tally > Audit & Compliance > Financial Statements > Balance Sheet

• Click on F9: Master Config or press Alt+F9

The Schedule VI Master Configuration report appears:
Groups that have been automatically classified under Schedule VI Heads by Tally.ERP 9 can be reclassified by the user under different Schedule VI Heads.
See more on Schedule VI Rule Configuration

Button options in Schedule VI Master Configuration report

F1: Detailed

Click on F1: Detailed ore press Alt+F1 to view a detailed Schedule VI Master Configuration report:

F4: Group

Click on F4: Group or press F4 to view the Schedule VI Master Configuration for a specific Group

F5: Led-wise

Click on F5: Led-wise or press F5 to view the Schedule VI Master Configuration for every Ledger

Ctrl+F9: Rename Heads

Click on Ctrl+F9: Rename Heads or press Ctrl+F9
The Configuration Schedule VI Heads report appears:

• The report provides details of Schedule VI Heads and their names as displayed in the Schedule-VI Balance Sheet
  
• Click on F1: Condensed or press Alt+F1 to view a condensed version of the report
  
• Click on R: Rename Head or press Alt+R to Rename Schedule VI Heads
  
• Select a Schedule VI Head using Spacebar and click on Ctrl+F10: Restore Name or press Ctrl+F10 to undo any changes made to it
  
• Click on F12: Configure to change the default view of the report:

• Set the option Show Only Renamed Heads? To Yes to view only those Schedule VI Heads for which Display Names have been changed

Ctrl+F10: Restore Def.

Click on Ctrl+F10: Restore Def. or press Ctrl+F10 to undo any reclassifications done to the Tally Groups

Ctrl+B: Bifurcate Value

Click on Ctrl+B: Bifurcate Value or press Ctr+B to view the Bifurcate Value Classification report:
To know more about Bifurcating Balances, see Schedule VI Rule Configuration

• Click on F12: Configure or press F12 to change the view of Bifurcate Value Classification report:

• Appearance of Names: Set the Display Name Style for the report
  
• Expand all levels in Detailed Format: Set this option to Yes to view a detailed Bifurcate Value Classification Report
  
• Show Closing Balance: Set this option to Yes to view the Closing Balances of the Groups displayed

C: Multi Classify

Select multiple Groups using Spacebar and click on C: Multi Classify or press Alt+C to set their Schedule VI Rule Configuration

F9: Inv Reports

Click on F9: Inv Reports or press F9 to navigate to the default Inventory Reports like Godown Summary, Movement Analysis, Stock Summary etc.

F10: Acc Reports

Click on F10: Acc Reports or press F10 to navigate to the default Accounting Reports like Balance Sheet, Cash Flow, Trial Balance etc.

F10: Audit Reports

Click on F10: Audit Reports or press Alt+F10 to navigate to the other Audit Reports within Statutory Audit and Tax Audit

F12: Configure

Click on F12: Configure or press F12 to change the default view of the Schedule VI Master Configuration report:

• Appearance of Names: Set the Display Name Style for the report
  
• Sorting Method: Select the required sorting method -Alphabetical or Default, from the list of Sorting Methods.
  
• Expand all levels in Detailed Format: Set this option to Yes to view a detailed Schedule VI Master Configuration Report
  
• Show Closing Balance: Set this option to Yes to view the Closing Balances of the Groups displayed.

Option to Move Tally Groups/Ledgers from one Schedule VI Head To another Schedule VI Head

Tally.ERP 9 provides users with the option to Move Tally Groups/Ledgers from one Schedule VI Head To another Schedule VI Head.
Go to Gateway of Tally > Audit & Compliance > Financial Statements > Balance Sheet

• Place the cursor on a Schedule VI Head and press Enter

The Note Summary report for the Schedule VI Head appears.

• Click on F1: Detailed or press Alt+F1 for the detailed Note Summary
  
• Place the cursor on the Group/Ledger that has to be Moved to a different Schedule VI Head
  
• Click on Ctrl+X: Move or press Ctrl+X

The Group/Ledger gets selected.

• Move the cursor over to the Schedule VI Head under which the Group/Ledger needs to be placed
  
• Click on Ctrl+V: To or press Ctrl+V to move the Group/Ledger under the selected Schedule VI Head

The selected Group/Ledger appears under the selected Schedule VI Head:

• Click on Ctrl+Z: Undo or press Ctrl+Z to restore the Note Summary from the last change made

Inserting and Renaming Heads In Schedule-VI Balance Sheet

 

Tally.ERP 9 provides users with the option to rename and insert Heads in the Schedule-VI Balance Sheet as per their business needs.

Renaming Heads

To rename Schedule VI Heads,

Go to Gateway of Tally > Audit & Compliance > Financial Statements > Balance Sheet

• Place the cursor on the Schedule VI Head that has to be renamed.

• Click on R: Rename Head or press Alt+R

The Change Display Name sub-screen appears:

• Type in the name to be given to the chosen Schedule VI Head

• Press Enter

• Press Enter or Y to Accept (save) the change

The Schedule VI Head appears renamed in the Schedule-VI Balance Sheet:

Inserting Heads

Users can insert Heads at lowest level of the hierarchy of Schedule VI Heads.

For e.g.: User will not be able to insert head at Current Assets (Schedule VI Head) level, but will be able to do it at Other Current Assets (Sub-head) level.

To insert a head in the Balance Sheet,

Go to Gateway of Tally > Audit & Compliance > Financial Statements > Balance Sheet

If, for instance, Interest Accrued on Investments has to be inserted under Other Current Assets,

• Place the cursor under the required Schedule VI sub-head (here, Other Current Assets) and click on Ctrl+I: Insert Head or press Ctrl+I

• The Create Schedule VI Head screen appears. Press Backspace to change the Head under which the new one has to be inserted

A List of Heads appears:

• Select the appropriate Head (here, Other Current Assets), and press Enter

• Type in the Name of the new head and press Enter

• Press Enter or Y to Accept (save) the new head

The newly inserted Head (Interest Accrued on Investments) appears classified under the chosen Head (Other Current Assets)

Deleting inserted Heads

To delete an inserted Head,

• Place the cursor on the (inserted) head

• Click on Ctrl+D: Delete Head or press Ctrl+D

• Press Enter or Y to delete the head

Note: Default Schedule VI Heads cannot be deleted. Also, Inserted Heads to which Tally Groups have been linked cannot be deleted.

Schedule-VI Balance Sheet

Schedule-VI Balance Sheet provides the representation of company's financial position at any point in time in the Schedule VI format of Companies Act. The Balance Sheet displays:

• Equity and Liabilities comprising of Shareholders' Funds, Share Application money pending allotment, Non-Current Liabilities, and Current Liabilities
  
• Assets comprising of Non-Current Assets and Current Assets

To generate the Schedule-VI Balance Sheet,
Go to Gateway of Tally > Audit & Compliance > Financial Statements > Balance Sheet
 

• The report displays the Schedule VI Heads with the respective balances. Default Tally Accounting Groups are automatically linked to their respective Schedule VI Heads. The Ledgers that are classified under these Accounting Groups, too, get linked to the Schedule VI Heads. This is a broad classification provided by Tally.ERP 9. Users can reclassify the Groups/Ledgers under other Schedule VI Heads, while keeping the Balance Sheet intact.
  
• Schedule VI Heads consisting of Groups/Ledgers that have not been categorised by the user, will be displayed as Ungrouped and in red, to bring the same to attention.
  
• Press Enter on the required Schedule-VI head/sub-head to view the respective Note Summary report.

Exceptions in Schedule-VI Balance Sheet

In the Schedule-VI Balance Sheet all the possible exceptions will be displayed in red for users’ attention.

• Previous Year Ungrouped – Any Ledger/Group present only in Previous Year that remain unclassified under Schedule VI Groups, will be shown under this Exception.
  
• Balance in Branch / Division – Any Ledger grouped or created under Tally.ERP 9's reserved group Branch and Division, will be shown under this Exception.
  
• Balance in Suspense A/c – Any Ledger grouped or created under Tally.ERP 9's reserved group Suspense A/c, will be shown under this Exception.
  
• Difference In Opening Balance – Difference in Total of Assets side or Liability side will be shown under this Exception.
  
• Unadjusted Forex Gain or Loss – If there is any unadjusted Forex Gain or Loss from the Forex Transactions it will be shown under this Exception.
  
• Difference in Bifurcation - This exception occurs where Ledgers have been mapped to Schedule VI Heads using the Bifurcate Balance option. If their opening balances have been modified, or transactions have been passed using these ledgers, this exception occurs, and is displayed as Difference in Bifurcated Balance

The user can regroup/reclassify these exceptions to the respective Schedule VI Groups using the Move (Ctrl+X) and To (Ctrl+V) options or using Schedule VI Rule Configuration.

Button options in the Schedule-VI Balance Sheet

F1: Detailed

Click on F1: Detailed or press Alt+F1 to view the Balance Sheet in detailed form.
The detailed view for Schedule-VI Balance Sheet displays the default Tally Groups with balances which are mapped under various Schedule VI Groups.

F2: Period

Click on F2: Period or press F2 to change the selected period for the Audit Year (Current Year). If two separate companies are loaded or if the transactions of multiple years are available in the same data, then the Period for the Previous Year is also changed accordingly.

F3: Hide Prev. Year

Press F3 or click on F3: Hide Prev. Year to display the Previous Year column while displaying report. This will be available for use only when multiple years are available in the same data.

Ctrl+O: Copy Classify

Click on Ctrl+O: Copy Classify or press Ctrl+O to copy the configurations of the Schedule-VI Balance sheet from another Company on Tally.ERP 9.

Ctrl+F3: Compare Cmp

Click on Ctrl+F3: Compare Cmp or press Ctrl+F3 to load the Company having previous years data.
Note: If the data for both the years is available in the same Company, loading of a second Company is not required.
For the Company with two years data, system will check for the Vouchers passed on any Day for the month March to determine the Audit Year.

F8: Note. No.

Click on F8: Note No. or press F8 for Note Number Configuration.

F9: Master Config

Click on F9: Master Config. Or press Alt+F9 to view the Schedule VI Master Configuration

Ctrl+F10: Restore Def.

Click on Ctrl+F10: Restore Def. or press Ctrl+F10 to undo any manual Schedule VI classification performed on the default Tally Groups/Ledgers.

A: Additional Info.

Place the cursor on a Schedule VI Head and click on A: Additional Info. or press Alt+A to go to the respective Additional Details report

Ctrl+C: Classify Helper

Click on Ctrl+C: Classify Helper or press Ctrl+C for Current and Non-Current Classification report.

F9: Inv Reports

Click on F9: Inv Reports or press F9 keys to navigate to the default Inventory Reports like Godown Summary, Movement Analysis, Stock Summary etc.

F10: Acc Reports

Click on F10: Acc Reports or press F10 keys to navigate to the default Accounting Reports like Balance Sheet, Cash Flow, Trial Balance etc.

F10: Audit Reports

Click on F10: Audit Reports or press Alt+F10 keys to navigate to the other Audit Reports within Statutory Audit and Tax Audit.
F12: Configure
Click on F12: Configure or press F12 to change the default display for the Schedule-VI Balance Sheet report.
Scale Factor for Values: Select the required Scale Factor from Crores, Hundreds, Lakhs, Millions, Ten Lakhs, Ten Millions, Ten Thousands, Thousands or Default for displaying the balances in the Schedule VI Balance Sheet.
Note: The Default Tally Group & Balances will be displayed only in the expanded mode.

Financial Statements

Every company registered under the Companies Act, 1956, is required to prepare its Balance Sheet, Statement of Profit and Loss, and the notes thereto in accordance with Schedule VI of the Act. Schedule VI has now been revised by the Ministry of Corporate Affairs (MCA) in order to keep the disclosure requirements in concurrence with the objective of achieving a fair and uniform presentation of financial information.

In Tally.ERP 9, the following are the Financial Statements that can be generated in the format as per the Revised Schedule VI:

• Balance Sheet

• Profit & Loss A/c

To view the Financial Statements,

Go to Gateway of Tally > Audit & Compliance > Financial Statements