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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%

 

tally erp9 tutorial

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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:

 

tally erp 9 video tutorial

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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%

 

 

tally erp 9 learning book

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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:

. tally erp 9 book pdf

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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%

 

cst in tally erp 9

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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

   [12-42]

 
 
 
 
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