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 of Tally > 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 Y 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%.