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:
[12-32]
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%
[12-33]
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:
[12-34]
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%
[12-35]
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:
.
[12-36]
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%
[12-37]
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.
[12-38]
Provide
the details as shown:
[12-39]
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
[12-40]
Record the
entry as shown:
[12-41]
Accept
the sales invoice.
VAT
Computation
Go to Gateway of Tally >
Display > Statutory Reports > VAT > VAT Computation
[12-42]
|
