FAQ-5 ( VAT / CST ):

Retail Invoice - VAT Inclusive Voucher Class for Three Stock Items

Query

 

How to record sale of more than two stock items using VAT inclusive voucher class?

Solution

It involves invoicing sale of three stock items using VAT Inclusive Voucher Class

 

Step 1:

 

Creating VAT Commodity

 

Go to Gateway of Tally > Inventory Info > VAT Commodity Create 

 

Name

 

Used for

 

Commodity Code

 

Schedule Number

 

Schedule Serial Number

 

COFFEE BEANS & SEEDS

VAT

 

0901 00 00

 

Schedule I

 

30

 

JAMS & JELLIES

 

VAT

 

2007 00 00

 

Schedule II

 

107

 

PASTRIES

 

VAT

 

1905 90 10

 

Schedule III

 

 ---------

 

Step 2:

Creating Stock Items

In the stock item master, Set/Modify Default Ledgers for Invoicing: Yes [If this option is not available, press F12: Configure button in the stock item master and set Specify Default Ledger Allocation for Invoicing to Yes].

 

Item 1: Coffee Beans taxable at 4%

 

Name: Coffee Beans

Set/Modify Default Ledgers for Invoicing: Yes

 

The Stock Default screen will be displayed. Under ‘Default Accounting Allocations for Sales Invoice’ specify the details as shown:

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Pressing the Enter key will bring you back to the ‘Stock Item Creation’ screen. 

Under: Primary

Units: Kgs 

Commodity: COFFEE BEANS & SEEDS 

Rate of VAT: 4%

 

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Accept the stock item creation screen.

 

Note: The denominator is determined by adding the assessable value and tax amount. For assessable value of Rs. 100 the tax is Rs. 4. So the denominator will be 104. The percentage is calculated for Sales @ 4% as 100/104*100 = 96.15 and output VAT @ 4% as 100/104*4 = 3.85. The percentage can also be computed as 100 - 96.15 = 3.85.

 

Depending on the percentage specified, the assessable value and vat will be calculated.

 

Item 2: Fruit Jam taxable at 5%

 

Name: Fruit Jam

Set/Modify Default Ledgers for Invoicing: Yes

 

The Stock Default screen will be displayed. Under ‘Default Accounting Allocations for Sales Invoice’ specify the details as shown:

 

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Pressing the Enter key will bring you back to the ‘Stock Item Creation’ screen. 

Under: Primary

Units: bottle

Commodity: JAM & JELLIES 

Rate of VAT: 5%

 

 

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 Note: The denominator is determined by adding the assessable value and tax amount. For assessable value of Rs. 100 the tax is Rs. 5. So the denominator will be 105. The percentage is calculated for Sales @ 5% as 100/105*100 = 95.24 and output VAT @ 5% as 100/105*5 = 4.76. The percentage can also be computed as 100 - 95.24 = 4.76.

 

Depending on the percentage specified, the assessable value and vat will be calculated.

 

Item 3: Pastries taxable @ 14.5%

 

Name: Pastries

 

Set/Modify Default Ledgers for Invoicing: Yes

 

The Stock Default screen will be displayed. Under ‘Default Accounting Allocations for Sales Invoice’, specify the details as shown:

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Pressing the Enter key will bring you back to the ‘Stock Item Creation’ screen.

Under: Primary

Units: Pcs

Commodity: PASTRIES

Rate of VAT: 14.5%

 

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Note: The denominator is determined by adding the assessable value and tax amount. For assessable value of Rs. 100 the tax is Rs. 14.5. So the denominator will be 114.5. The percentage is calculated for Sales @ 14.5% as 100/114.5*100 = 87.34 and output VAT @ 14.5% as 100/114.5*14.5 = 12.66. The percentage can also be computed as 100 - 87.34 = 12.66.

 

Depending on the percentage specified, the assessable value and vat will be calculated.

 

Step 3:

Creating Voucher Class for Retail Invoice

Go to Gateway of Tally > Accounts Info. > Voucher Type > Alter > Create

In Name of Class field enter VAT Inclusive. In the Voucher Type Class screen.

 

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Provide the details as shown:

 

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Accept the Voucher Type Class screen and Retail Invoice voucher type.

Sales Entry

Go to Gateway of Tally > Accounting Vouchers > F8: Sales > Select Retail Invoice from the List of Types and VAT Inclusive from the Voucher Class List

  

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Record the entry as shown:

 

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Accept the sales invoice.

 

VAT Computation

Go to Gateway of Tally > Display > Statutory Reports > VAT > VAT Computation  

Tally Accountant

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Company Information @ Tally.ERP9
 
 
 
Group & Ledger
Introduction
1. THE GROUP
2. THE LEDGER
3. VOUCHERS TYPES
Advanced Inventory / Stock
Meaning
Order Processing
Re-Order Levels
Tracking Numbers
Batch-wise Details
Additional Cost Details
Bill of Materials (BOM)
Price Lists and Price Levels
Stock Valuation
Zero Valued Entries
Inventory Ageing Report
Actual and Billed Quantities
 
Advanced Usage of Vouchers
Maintain Bill-wise Details
Cost Center and Cost Category
Interest Calculation
Reversing Journals
Post-Dated Voucher
Memo (Memorandum) Voucher
Optional Voucher
Using Tracking Number
Knowledge Base @ Tally.ERP9
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Inventory Masters
Inventory Vouchers
Inventory Report Statements
Balance Sheet
Accounting Reports
Accounting Vouchers
Interest Calculation
VAT-Value Added Tax
Service Tax
TDS (Tax Deducted at Source)
 
 
 
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