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How to record MRP Based Sales Entries? @ Tally.ERP 9

Query

 

How to record sales entries which are MRP based?

 

Solution:

 

In the Stock item master, click on F12: Configure button and set Calculate VAT on MRP/Margin to Yes.

 

MRP Exclusive of VAT

 

In the Stock Item master, enter the MRP rate in MRP/Marginal field, set the options - Use MRP to Print and MRP Incl. of VAT to No.

 

Go to Gateway of Tally > Accounting Vouchers > F8: Sales

 

1.       Select the customer ledger in the Party’s A/c Name field.

2.       Select the sales ledger and the required VAT/Tax classification (for e.g., Sales @ 4%) in the VAT/Tax Class field.

3.       Select the Name of Item from the List of Items.

4.       In the MRP/Marginal field, enter the amount.

5.       Select the Output VAT ledger. The output VAT will be calculated on the MRP amount and not on the item rate.

 

Accounting Voucher Creation : MRP Based Sales Entries

In the above entry the output VAT is calculated as MRP/Marginal amount X Quantity X Rate of VAT = 520*10*4% = 208

The MRP value can be displayed in the printed sales invoice if the option Print MRP/Marginal Column is set to Yes in the Invoice Print Configuration.

MRP Inclusive of VAT

 

In the Stock Item master, enter the Rate in MRP/Marginal field and set MRP Incl. of VAT to Yes.

 

Stock Item Alternation : MRP Based Sales Entries

 

Go to Gateway of Tally > Accounting Vouchers > F8: Sales

 

Follow the steps as specified for the above entry to record the sales invoice for MRP inclusive of VAT.

 

Accounting Voucher Creation : MRP Based Sales Entries

 

In the above entry, the MRP is inclusive of VAT, so the MRP rate will be computed as 520/104*100 = 500

 

The output VAT will be calculated by considering the item value as 500.

 

Output VAT = 500*10*4% = 200

 
 
 
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