Basic Info: the choices you make once

The Basic Info sheet holds the entity's particulars and the decisions that shape the whole report. Make them before you start classifying.

The entity

Name of the entityrequired

Permanent Account Number (PAN)

Registered address

Pre-filled from the client record and from what Tally reported. Correct them here if the company name in Tally is not how the statements should read.

Statement type

Shown, not chosen: the type was picked at New before the books were read, and the statements, the notes and the classification vocabulary already follow it.

Non-Corporate Entities (NCE)

Tally's V1.2 template, the ICAI's form for non-corporate entities: owners' funds, 28 notes.

Limited Liability Partnership (LLP)

The ICAI's illustrative format for LLPs: partners' contribution and current accounts on the face, 25 notes, with borrowings, provisions and loans and advances each printed as one note carrying the long-term and short-term figures side by side. Starts on the Gross Block, which is how its note 11 prints; the block stays yours to change.

Company (Schedule III Division I)

Schedule III Division I as amended in 2021: shareholders' funds on the face, the two classes of trade payable beneath the trade payables line, a Statement of Profit and Loss that ends on earnings per share, and 31 notes — share capital, the movement of reserves, the ageing schedules, the ratios and the additional regulatory information among them. Rounding is mandatory for a company: pick a unit the turnover allows (hundreds to millions under Rs.100 crore of turnover, lakhs to crores from there) or the Checks sheet says so.

Company (Schedule III Division II — Ind AS)

Schedule III Division II, for a company that follows Ind AS: assets before equity and liabilities on the face, financial assets and financial liabilities as their own groups, right-of-use assets, a Statement of Profit and Loss that carries other comprehensive income and ends on earnings per share for continuing and discontinued operations, a Statement of Changes in Equity and a Cash Flow Statement printed as documents of their own, and 57 notes. Rounding follows total income here, not turnover, and the threshold for showing an item separately is Rs.10 lakh.

NBFC (Schedule III Division III — Ind AS)

Schedule III Division III, for a non-banking financial company that follows Ind AS. The Balance Sheet is liquidity based: assets first, then liabilities, then equity, each grouped financial and non-financial, and nothing on it is split into long-term and short-term — so the Bifurcate Balance columns ask you for nothing under this format. Four borrowing lines stand where the other formats print one. The Statement of Profit and Loss is an NBFC's — interest income, fee and commission income and the gains on financial instruments as revenue, finance costs leading the expenses — and it carries other comprehensive income. A Statement of Changes in Equity, with a Statutory Reserves column for the transfer section 45-IC requires, and a Cash Flow Statement in which lending is an operating activity, print as documents of their own. 60 notes follow. Rounding bands on total income and the threshold for showing an item separately is 1% of total income with no floor — not Rs.1,00,000.

Not-for-Profit Organisation (ICAI)

The ICAI's Technical Guide on Accounting for Not-for-Profit Organisations, Revised 2023 — for a trust or society with no statutory format of its own. The Balance Sheet is Sources and Application of Funds in a single column, opening on NPO Funds rather than on capital or reserves. In place of a Statement of Profit and Loss there is an Income and Expenditure Account with a column per fund class — unrestricted, restricted, and their total — and no tax line anywhere. 24 notes follow. Each ledger carries a fund class of its own, which is the one thing no trial balance can tell you. Rounding is a suggestion here rather than a requirement: the Guide says figures “may be” rounded, so the Checks sheet advises and never fails, and the threshold for showing an item separately is 1% of gross income or Rs.1,00,000, whichever is higher.

The fund class (NPO)

Under the NPO format every ledger carries one more answer than under any other: whether the balance is restricted or unrestricted.

The test is who imposed the restriction. A condition set by the contributor or by law makes a fund restricted. A purpose the NPO's own management set for itself — a designated or earmarked fund — is unrestricted, because the management can lift its own designation whenever it wishes.

Nothing in a trial balance records this: a restriction lives in the donor's terms or in a statute, not in a ledger balance. So it is asked, ledger by ledger, on the trial balance sheets. A ledger you have not answered for prints in the unrestricted column — the safe default, since a balance nobody has restricted is the NPO's to spend — and the Checks sheet tells you how many are still on that default. Where only part of a balance is restricted, enter that part instead of choosing a class.

This is the axis the whole format turns on: it is what the Income and Expenditure Account's columns are, and what note 3 separates.

Re-measurements and own credit risk (NBFC)

Division III lets you choose where two items of other comprehensive income accumulate in equity — the re-measurement of defined benefit plans and the fair value changes on your own credit risk. The note beneath the Statement of Changes in Equity gives both options, and the choice moves both items together.

In retained earnings, disclosed in the notes

The default. Both accumulate inside retained earnings, and a table beneath the Statement of Changes in Equity discloses each one separately — the amount recognised in the year, and the amount inside the closing balance. The second is yours to enter: once an item is inside retained earnings, no ledger separates it.

As a column of their own

Each takes its own column under Reserves and Surplus, and the separate disclosure is no longer needed. Choosing this means keeping a reserve ledger for each: every column of the statement closes on a ledger, so if the amount is still inside your retained earnings ledger the Checks sheet will say by how much the column does not close.

Total equity is the same either way — it is a presentation choice, not a re-measurement.

Entity type (NCE)

Under the NCE format the Entity card carries an optional Entity type: Proprietorship, Partnership Firm, or Other Non-Corporate Entity. It is pre-filled from the client record's constitution where that says one, and you can leave it unset or change it at any time. It changes wording only: whose capital account the Balance Sheet and note 3 name, whether the Statement of Profit and Loss carries the partners' remuneration rows (a proprietorship or other entity with none classified prints without them), how the owner signs, and the "Type of Entity" line. Nothing is reclassified and no figure changes. Left unset, the statements keep the generic owners'/partners' wording every earlier report printed. The fetch from Tally never asks for it.

Income tax on other comprehensive income (Ind AS)

Under the Ind AS company format the settings card carries one more choice: whether the Statement of Profit and Loss shows each section of other comprehensive income before tax with the tax on that section as its own line (the statute's form, and the default), or each section net of its tax. Ind AS 1 allows either. The total comprehensive income is the same either way, and the choice is saved with the report.

Company particulars

Under the company format this card replaces the owners and partners table. None of it is in the books, so all of it is yours: the CIN, the class of company, the date of incorporation, the directors who sign the statements with their DINs, and the Chief Financial Officer and Company Secretary where the company has them. They print in the signature block of both statements.

The share capital registers — authorised, issued and paid-up by class, the reconciliation of shares, holders of more than 5%, the promoters' holding and the rights attached to each class — are entered on note 3 itself, beside the figures they explain. The paid-up capital defaults to the ledger balance.

Property, Plant and Equipment block

Net Block or Gross Block. This is the first of the once-per-report decisions made here.

Net Block

Note 13 presents assets at written-down value.

Gross Block

Note 13 presents cost, accumulated depreciation and the net figure.

Ledger-wise detail in notes

On by default. Where a note line is made of more than one ledger, party or stock item — the parties behind trade payables, the bank accounts behind current accounts, the items behind inventories — each is named under the line with its own figures for both years, and the line's total follows. The totals, the face and every check are the same either way; turn it off for the bare V1.2 form.

Round off amounts to the nearest

Whether figures print in rupees, thousands, lakhs or higher.

Applied once, in the model, so the screen and the files round identically. Changing it later reflows everything consistently.

Leave it on the default and nothing is rounded at all — every figure prints to the paisa, exactly as Tally reported it. The other settings are the Guidance Note's presentation options, and choosing one is the only thing in the product that rounds an amount.

First financial statements

Set this when the entity has no prior year. The Checks sheet then stops asking for comparatives, which would otherwise be reported as missing for the rest of the engagement.

Notes 1 and 2

Brief about the entity (Note 1)

What the entity is and what it does.

Summary of significant accounting policies (Note 2)

Your accounting policies, in your own words.

Both are free text and both print as notes. Neither is generated for you — they are the two notes that are entirely a matter of judgement.

Owners and partners

One row per owner or partner, with the share of profit. Under the LLP format each partner also carries the agreed contribution from the LLP agreement, which prints beside the share on note 3a.

Under the LLP format the movement columns here are optional: notes 3a and 3b are filled from each partner's ledgers — the ones classified to the partners' capital and current accounts with the partner's name at Classification 5 — and from what those ledgers' entries were posted against. Anything you type here, or on the note itself, stands over what was derived.

Signatories

Signing on behalf of the entity

With Designation and Place.

Audit firm

With Firm Registration Number.

Signing auditor

With Membership number.

UDIN

Generated on the ICAI portal for this document.

Signing date