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FAQ-10 ( VAT / CST ):

Displaying the Values of Consignment/Branch Transfers in Profit and Loss A/c

Query

 

How to bifurcate and capture the values of stock transfers from purchases and sales in profit & loss account?

 

Solution:

 

The user-defined account group needs to be created for Consignment/Branch Transfer inward and outward to bifurcate the value of stock transfers and actual purchases/sales. This value gets captured in Profit & Loss Account.

 

1.     Creation of User Defined Accounts Group

2.      

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

 

Stock Group for Stock Transfer Inward

 

Enter the Name, select Primary in Under field with Nature of Group as Expenses. Set Does it affect Gross Profit to Yes.

 

The account group displays as shown:

 

 

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Accept to save the group creation screen.

 

Stock Group for Stock Transfer Outward

 

Enter the Name, select Primary in Under field with Nature of Group as Incomes. Set Does it affect Gross Profit to Yes.

 

The account group displays as shown:

 

 

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Accept to save the group creation screen.

 

2.     Creation of Ledgers

 

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

 

Consignment/Branch Transfer Inward Ledger

 

Enter the Name, select Stock Transfers - Inward in Under field, set the fields - Inventory values are affected and Used in VAT Returns to Yes

 

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Select the VAT/Tax Class as Consignment/Branch Transfer Inward.

 

Accept the ledger creation screen.

 

Consignment/Branch Transfer Outward Ledger

 

Enter the Name, select Stock Transfers - Outward in Under field, set the fields - Inventory values are affected and Used in VAT Returns to Yes.

 

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Select the VAT/Tax Class as Consignment/Branch Transfer Outward.

 

Accept the ledger creation screen.

 

3.     Purchase Invoice

 

Go to Gateway of Tally > Accounting Vouchers > F9: Purchase

  • Press F12: Configure and set the option Allow Expenses/Fixed Assets in Purchase Vouchers to Yes to select the Consignment/Branch Transfer Inward ledger which is not created under Purchase Accounts group.
  • Select the branch office ledger grouped under Branch/Division in Party’s A/c Name field.
  • Select the stock transfer ledger grouped under the user-defined account group with the VAT/Tax class - Consignment/Branch Transfer Inward.
  • The VAT/Tax Class appears as Consignment/Branch Transfer Inward.
  • Select the required stock items enter the quantity and rate. Select F Form as Form to Issue.
  • Enter the Form Series Number, Form Number and Date, if details are available.

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  • Accept the purchase invoice.

 

4.     Sales Invoice

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

Press F12: Configure and set the option Allow Income Accounts in Sales Vouchers to Yes.

  • Select the branch office ledger grouped under Branch/Division in Party’s A/c Name field.
  • Select the stock transfer ledger grouped under user-defined account group with VAT/tax class - Consignment/Branch Transfer Outward.
  • The VAT/Tax class appears as - Consignment/Branch Transfer Outward.
  • Select the required stock items enter the quantity and rate. Select F Form as Form to Receive.
  • Enter the Form Series Number, Form Number and Date, if details are available.

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  • Accept the sales invoice.

5.     Profit & Loss Account

Go to Gateway of Tally > Profit & Loss Account

The Profit & Loss Account displays as shown:

 

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