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How to create Party (Service Provider/Receiver) Ledger? (Knowledgebase) @ Tally.ERP9

Query

How to create Party (Service Provider/Receiver) Ledger?

Solution

To create Service Provider Ledger under Sundry Creditors

Go to Gateway of Tally> Accounts Info.> Ledgers> Create

In F12: Configure (Ledger Configuration)

  • Set Allow Advanced entries in Masters to Yes
  • Set Use Addresses for Ledger Accounts to Yes

In the Ledger creation screen:

  • Enter the Name of the Party Ledger e.g. Creative Online Agency.
  • Select Sundry Creditors from the List of Groups in the Under field.
  • Set Maintain balances bill-by-bill to Yes.
  • Enter the Default Credit Period, if required.
  • Set Is Service Provider/Receiver to Yes.
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Note: In day-to-day business scenario a party can provide services as well as receive services. In such cases, same party ledger can used to account both the sale and purchase of services.

  • Set the option Set/Alter Service Tax Details to Yes and press enter to view Service Tax Details screen
  • In Service Tax Details screen enter Ragistration Number, Registration Date and select the Type of Classification as Not Applicable
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Note: The Type of Classification selected in the Service Provider/Receiver will determine the Type of Service which can be overridden in the voucher entry. Exempt: Select this option when the service provider/service receiver is exempt from Service Tax. Export: Select this option when the services are Exported. Import: Select this option when the services are Imported. Pure Agent: Select this option when the service provider/service receiver acts as a pure agent. Not Applicable: Select this option when the service purchased/sold is a taxable service and eligible to avail input credit. Tax on Service Received: Select this option when the transport services are purchased and the service receiver is liable to pay the tax.

  • Enter the Mailing Details and Tax Information
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