Accounts and tax
LoftRay keeps full project accounts, with GST and TDS recorded on each transaction as it happens. Vouchers export to Tally as XML, using a ledger mapping agreed with your CA during setup, so your CA can keep working in Tally. Budgets, overrun approvals and payroll live in the same system.
Budgets · Budget against actual
Skyline Residences · Tower B · budget version 3
| Cost head | Budget | Actual | Used | Status |
|---|---|---|---|---|
| Civil works | ₹38.0 Cr | ₹21.4 Cr | 56% | On track |
| Steel | ₹9.6 Cr | ₹6.1 Cr | 64% | On track |
| Electrical | ₹4.2 Cr | ₹1.1 Cr | 26% | On track |
| Lifts | ₹2.8 Cr | ₹3.0 Cr | 107% | Needs approval |
Who it’s for
The people who answer for this part of the project, and what each of them gets from it.
Sees budget against actual by cost head, and approves any overrun before money is committed.
Gets journals posted from bookings, receipts and bills by rule, then closes periods and runs the trial balance.
Keeps working in Tally with vouchers exported in the ledger groups they agreed.
What it does
Everything listed here works in LoftRay today.
Chart of accounts, journals with reversal, accounting periods, posting rules and the trial balance.
Tax charges and TDS sections are applied on each transaction, so the figures are there when returns are prepared.
For B2B tax invoices on demands and lease charges, LoftRay gets the IRN and signed QR code from the government invoice registration portal, using your own e-invoice API credentials. An e-invoice can be cancelled within 24 hours.
Download GSTR-1 as a JSON file (B2B, B2C large, B2C small, HSN summary and documents issued) and upload it on the GST portal. LoftRay prepares the file; you or your CA file the return.
When material moves between your own sites and stores, LoftRay generates the e-way bill through the NIC e-way bill API, as a delivery challan for own use.
For TDS on vendor bills and contractor RA bills, LoftRay checks the data and makes the Form 140 statement file, the Income-tax Act 2025 form that replaces 26Q. You validate it with Protean’s free FVU utility and upload it.
Export vouchers to Tally as XML and import from it, with ledger mapping. The group mapping is agreed with your CA during setup.
Budgets by cost head, with versions. Budget against actual shows where each project stands, and an overrun needs approval.
PF, ESI and gratuity, payslips, arrears, settlements, loans, attendance, leave and tax declarations, with employee self-service.
How it works
During setup, your CA agrees how LoftRay ledgers map to Tally groups, and a second person signs off your tax rules.
Posting rules turn bookings, receipts, bills and payroll into journal entries, with GST and TDS applied.
Spending is compared with the approved budget version, and overruns wait for approval.
Close the accounting period and review the trial balance.
Export the vouchers as Tally XML for your CA. The GSTR-1 file and the TDS statement come from LoftRay; you or your CA upload and file them.
Questions
It does not have to. LoftRay keeps full project accounts with GST and TDS, and exports vouchers to Tally as XML, so your CA can keep working in Tally.
No, it prepares the files and you or your CA file them. LoftRay makes GSTR-1 as a JSON file for the GST portal, and the quarterly Form 140 TDS statement for vendor and contractor TDS, which you validate with Protean’s free FVU utility. E-invoices and e-way bills are generated in LoftRay through your own API credentials.
No. During setup you and your CA approve the tax and TDS rules for your company, and a second person signs them off before they are used.
Sources
Each page below was read on . Products change: if something here is out of date, write to us and we will correct it.
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