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Wednesday, April 3, 2013

Creating Master Ledgers affected by VAT'@ Tally.ERP 9

Creating Master Ledgers affected by VAT'@ Tally.ERP 9 
  • Purchase Voucher
  • Sales Voucher
  • Input/Output VAT Ledger
  • Party Ledger
  • Creating Stock Item
Creating Purchase Ledger
Go to Gateway oTally > Accounts Info. > Ledger > Create.

Ledger
Under
Inventory val- ues are affected
Used in VAT Returns
VAT/Tax Class
Purchase @ 4%
Purchase
Accounts
Yes
Yes
Purchases @ 4%


                    Select the VAT/Tax class as Purchases @ 4% as shown below:




 Retain the other fields as default and accept the screen.

Practice Exercise
Create the following purchase ledger

Ledger
Under
Inventoryvalues are affected
Used inVAT Returns
VAT/Tax Class
Purchase @ 12.5%
Purchase
Accounts
Yes
Yes
Purchases @ 12.5%

Creating Sales Ledger

Create the following Sales Ledgers

Ledger Name
Under
Inventory values are affected
VAT/Tax Class
Used in VAT Returns
Sales @ 4%
Sales Account
Yes
Sales @ 4%
Yes
Sales @ 12.5%
Sales Account
Yes
Sales @ 12.5%
Yes


Creating Input/Output VAT Ledger

Go to Gateway of Tally > Accounts Info. > Ledger.
‡       Create the ledger Input VAT @ 4% under Duties and Taxes.
‡       Select Input VAT @ 4% from the drop down list of VAT classification
The ledger Input VAT @ 4% appears as shown below :



The Percentage of Calculation field displays the VAT rate that you have selected in the VAT/Tax Class field and the Method of Calculation displays On VAT Rate if you have selected VAT under Type of Duty/Tax.

                    After entering the details as displayed in the above ledger creation screen, press Ctrl+A to accept the screen.

Practice Exercise
Create the following ledgers:

1. Input VAT @ 12.5%
‡        Name: Input Vat @ 12.5%
‡        Under: Duties & Taxes
‡        Type of Duty/Tax: VAT
‡        VAT/Tax Class: Input VAT @ 12.5%
‡        Percentage of Calculation: 12.5%
‡        Method of Calculation: On VAT Rate
‡        Inventory values are affected: No


2. Output VAT @ 4%
‡        Name: Output Vat @ 4%
‡        Under: Duties & Taxes
‡        Type of Duty/Tax: VAT
‡        VAT/Tax Class: Output VAT @ 4%
‡        Percentage of Calculation: 4%
‡        Method of Calculation: On VAT Rate
‡        Inventory values are affected: No


3. Output VAT @ 12.5%
‡        Name: Output Vat @ 12.5%
‡        Under: Duties & Taxes
‡        Type of Duty/Tax: VAT
‡        VAT/Tax Class: Output VAT @ 12.5%
‡        Percentage of Calculation: 12.5%
‡        Method of Calculation: On VAT Rate
                   Inventory values are affected: No
Creating Party Ledger

Create the following party ledgers:

Ledger
Under
Maintain balances bill-by-bill
Sujan Ltd.
Sundry Creditors
Yes
Chahak Traders
Sundry Debtors
Yes
Somi Telicomm
Sundry Debtors
Yes


Creating Stock Items

Create a stock item Surya Lamps as shown below :

Press or Enter to accept the screen

Practice Exercise
Create the following Stock Items under the stock group Bulbs with units of measure as Nos.:

‡        Philips Lamps with a VAT rate of 4%.
‡        GE Lamps with a VAT rate of 12.5%.
                    Bajaj Lamps with a VAT rate of 4%.

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