FAQ-27 ( VAT / CST ):

Procedure to create VAT Masters using Quick Setup wizard

Query

 

What is the procedure to create/record the basic details of VAT using Quick Setup wizard?

 

Solution:


In Gateway of Tally click on the Quick Setup option. Select Value Added Tax option to setup the masters required for Value Added Tax.

 

 

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1. Company Setup

The Quick Setup - Value Added Tax screen, the Company Setup option will be displayed. The Company Setup guides you to select the State, Type of Dealer and enter the VAT Form specific information of the selected State in Additional Information section.

 

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Use down arrow key and then press Enter or double click on C: Entering Company VAT Details to provide company information.

 

In the Company VAT Details Setup screen, select the required State from the List of States, for e.g., Karnataka. Select the Type of Dealer as Regular or Composite. InRegular VAT Applicable From field the first day of the financial year as entered in company creation screen will be displayed which can be changed as per requirement. Enter the 11 digit VAT TIN and the Inter-state Sales Tax Number.

 

In the Additional Information section provide the Form Specific information in order to capture the same in the respective fields of Forms.

 

    

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Press Y or Enter to accept the Company VAT Details Setup screen.

 

2. Master Setup

Master Setup guides you to create masters like Sales/Incomes, Purchases/Expenses/Capital Goods, Tax Ledger, VAT Commodity, Party Ledger, Additional Charges/Discount Ledgers, Stock Item and Voucher Type.

S: Sales/Incomes

Using this option, the sales and income ledgers can be created.

Sales Ledger

§         Name of Ledger: Sales @ 5%

§         Under: Sales Accounts. The List of Groups will display Direct Income, Income (Direct), Income (Indirect), Indirect Incomes, Sales Accounts.

§         Set Used In VAT Returns to Yes to display the VAT/TAX Class sub-screen.

§         VAT/Tax Class: Select the required classification from the list of VAT/Tax Class. The list consists of state-specific Sales classifications. Here the VAT/Tax class provided forKarnataka State is displayed in the list.

 

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§         Accept to save the details.

 

Income Ledger

§         Name of Ledger: Discount Received

§         Under: Indirect Incomes. The List of Groups will display Direct Income, Income (Direct), Income (Indirect), Indirect Incomes, Sales Accounts.

§         Set Used In VAT Returns to No

 

 

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§         Accept to save the details.

 

On creating a ledger by setting the option - Used in VAT Returns to No and saving the Sales/Income Ledger Setup screen, the Master Setup will considered the ledger as NOT configured for VAT. Among the sales and income ledgers created in Quick Setup - Value Added Tax screen, only the Sales ledger is enabled for VAT. Hence the status is shown as 1 of 2 configured.

 

   

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U: Purchases/Expenses/Capital Goods

Using this option, the purchase, expenses and capital goods ledgers can be created.

 

Purchase Ledger

§         Name of Ledger: Purchases @ 5%

§         Under: Purchase Accounts. The List of Groups will display Direct Expenses, Expenses (Direct), Expenses (Indirect), Fixed Assets, Indirect Expenses and Purchase Accounts.

§         Set Used In VAT Returns to Yes to display the VAT/TAX Class sub-screen.

§         VAT/Tax Class: Select the required classification from the list of VAT/Tax Class. The list consists of state-specific Purchase classifications. Here the VAT/Tax class provided for Karnataka State is displayed in the list.

 

  

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§         Accept to save the details.

 

Expense Ledger

§         Name of Ledger: Freight Charges

§         Under: Direct Expenses. The List of Groups will display Direct Expenses, Expenses (Direct), Expenses (Indirect), Fixed Assets, Indirect Expenses and Purchase Accounts.

§         Set Used In VAT Returns to No

 

    

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§         Accept to save the details.

 

On creating a ledger by setting the option - Used in VAT Returns to No and saving the Purchases/Expenses/Capital Goods Ledger Setup screen, the Master Setup will consider the ledger as NOT configured for VAT. Among the purchase and expense ledgers created in Quick Setup - Value Added Tax screen, only the Purchase ledger is enabled for VAT. Hence the status is shown as 1 of 2 configured.

 

   

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T: Tax Ledger

Using this option, the VAT and CST tax ledgers can be created.

 

VAT Ledger

§         Type of Tax: Select the Type of Duty/Tax as VAT. The list will display CST also for selection.

§         Name of Ledger: Input VAT @ 4%.

§         Under: Duties & Taxes.

§         Method of Calculation: Select On VAT Rate. The Type of Duty list will also display Additional Tax, Cess on VAT, On Total Sales along with On VAT Rate.

§         VAT/Tax class: Input VAT @ 4%.

§         Similarly, enter Output VAT @ 4% as Name of Ledger grouped under Duties & Taxes with Method of Calculation set to On VAT Rate with VAT/Tax class - Output VAT @ 4%.

 

   

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§         Accept to save the details.

 

CST Ledger

§         Type of Tax: Select CST

§         Name of Ledger: CST @ 2%

§         Under: Duties & Taxes.

§         Method of Calculation: On Total Sales

§         VAT/Tax Class: Inter-State Sales

 

   

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§         Accept and save the screen.

 

V: VAT Commodity

Using this option, the VAT Commodity master can be created.

 

VAT Commodity

§         Name of Commodity: Coffee Beans.

§         Under: Select VAT. In the Tax Type list the options – Both, Excise and VAT will be displayed.

§         Commodity Code: Enter 11094. This field can also be left blank in absence of commodity code.

§         Schedule No.: Enter the relevant Schedule Number. For example ‘III’ or ‘Third Schedule’.

§         Serial No.: Enter the relevant serial number. For example 24

 

   

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§         Accept to save the details.

 

A: Party Ledger

Using this option, the Sundry Debtor and Sundry Creditor ledgers can be created.

 

Party Ledger

§         Name of Ledger: Supreme Traders

§         Under: Sundry Debtors. The List of Groups will display Branch/Division, Sundry Creditor and Sundry Debtor.

§         VAT TIN: Enter the customer’s VAT TIN number

§         CST Regn No.: Enter the customer’s CST Registration number

§         Type of VAT Dealer: Select Registered Dealer

 

   

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Note: Based on the State selected in Company Creation screen and respective Form requirements, the Type of Dealers list has been provided. Here the State is selected asKarnataka.

§         Accept to save the party ledger.

R: Additional Charges/Discount Ledgers

Using this option, the additional expenses ledgers enabled/disabled for apportionment can be created.

Additional Charges/Discount Ledger

The expenses, incomes, purchase and sales ledgers created earlier will be listed in the Additional Charges / Discount Ledgers Setup screen. The additional ledgers can either be created afresh or the existing expense and income ledgers can be configured for apportionment towards the assessable value.

§         Name of Ledger: Enter the required ledger name you wish to create.

§         Under: Select the required Account group.

§         Set the option Use for Assessable Value Calculation to Yes/No as per requirement. On setting this option to Yes, the expense/income value will be apportioned to assessable value else the same will be considered as separately charged expense.

§         Set Method of Apportion to Based on Quantity or Based on Value as per requirement.

 

   

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  §         Accept the ledger creation screen.

  Note: In the Additional Charges/Discount Ledgers Setup screen, the column - Use for Assessable Value Calculation will be displayed for ledgers grouped under Direct Expenses/Incomes, Indirect Expense/Incomes, Purchase Accounts and Sales Accounts. In case of ledgers which add to the cost of purchase or sale value, this field needs to be enabled to select the Duty/Tax Type as VAT with the required Method of Apportion. Care should be taken to disable the option Used for Assessable Value Calculation in case of regular Purchase and Sales ledgers for VAT enabled companies.

 

I: Stock Item

Using this option, the stock item can be created.

 

Stock Item

§         Name of Item: Roasted Coffee Beans

§         Under: Create a Group using Alt+C key combination and select it. Else select Primary.

§         VAT Commodity: Select the required VAT commodity from the List of VAT Commodities.

§         Units: Create the unit of measurement using Alt+C key combination and select the same in Units field.

§         Enter the Opening Quantity and Rate if any.

 

   

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§         Accept to save the details.

 

Voucher Types Setup

Voucher Types Setup guides you to create/alter sales and journal voucher types to record VAT transactions.

 

F8: Sales

In the Voucher Type Setup screen, select F8: Sales.

The sales voucher type can be configured for being used as Tax Invoice and default print title can also be given to it.

 

  

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Accept the Voucher Type Setup screen.

 

F7: Activate Adjustment Flags in Journal

After configuring the sales voucher type, in the Voucher Type Setup screen, select F7: Activate Adjustment Flags in Journal. This option enabled the creation of voucher class for journal voucher type. In journal voucher, the VAT adjustment entries can be recorded using the applicable VAT Adjustments displayed in Used for field.

§         Specify the Name of Class as VAT Class

§         Set Use for VAT Adjustment to Yes

 

 

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§         Accept the Voucher Type Setup screen.

 

Q : Quit

Click on Quit to return to the Quick Setup menu.

 
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