Connect with ...
1. Creating a VAT Adjustment Class for Journal @ Tally.ERP9 ...
2. VAT Computation Report
VAT Computation Report
VAT Computation Report
3. VAT Adjustment against Tax Payable

At the end of every tax period it is advisable to set off the output vat amount of output vat ledgers with Input VAT amount of input VAT ledgers created.

In case where the net output is in excess, the balance amount of VAT due is transferred to VAT Payable ledger. In case of for any tax period if input tax is in excess of output VAT, need to adjust input VAT only to the extent of output VAT liability and balance of ITC can remain in the respective ledgers.

To create a journal voucher for adjusting the output VAT against input VAT,

Go to Gateway of Tally > Accounting Vouchers > F7: Journal > Select Not Applicable from the Voucher Class List.

  1. Select the required Output VAT ledgers to be debited from the List of Ledger Accounts and enter the corresponding ledger balance amount for the given period in the Debit field. These ledgers are to be debited for adjusting the total output vat (for each rate) against input vat ledgers.
  2. Credit the required Input VAT ledgers and enter the amount that has to be set-off against the output vat and purchase tax ledgers that are debited.
  3. In case the aggregate of input vat ledgers is less than the debit values of output VAT values debited, transfer the balance amount to VAT Payable ledger by selecting it in the credit field. VAT Payable ledger can be grouped under Current Liabilities or Duties & Taxes with Type of Duty/Tax as Others or Current Liabilities.
  4. In case where the input VAT value is more than the output VAT, use the excess amount to the extent required for set-off. Here the additional ledger like VAT payable need not be used.
  5. Accept the voucher and then make a payment entry for the payable amount if any
VAT Adjustment against Tax Payable
4. Creating an Entry for Payment of VAT Liability

To create a VAT Payment voucher,

Go to Gateway of Tally > Accounting Vouchers > F5: Payment

  1. Click the VAT Payment button or press Alt + V for VAT Payment Details sub screen to be displayed.
  2. In the Period From field, enter the period for which the payment is made.
Select the Type of Duty/ Tax towards which the payment is made (VAT if Payment is for VAT or CST).
Creating an Entry for Payment of VAT Liability

6. Press Enter to return to the Payment voucher screen.

7. Select the required bank account ledger in the Account field from the List of Ledger Accounts.

8. Select the VAT Payable ledger to be debited.

9. Enter the Amount to be credited.

10. Enter the details in the field Narration, if required.

11. Press Y or Enter to accept and save.

 
Text
 
ADVERTISEMENT
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
Tally.ERP9 Report
  1. Unit Objectives
  2. Modifying Reports (Options)
  3. Balance Sheet
  4. Profit & Loss Account
  5. Stock Summary
  6. Trial Balance
  7. Day Book
  8. Books of Accounts
  9. Statement of Accounts
  10. Inventory Books
  11. Statutory Reports
  12. List of Accounts ( Chart of Accounts)
  13. Exception Reports
  14. Printing Reports
Tally.ERP9 MIS and Other Reports
Statutory & Taxation
Utilities & Others @ Tally.ERP9
Credit Limits
Knowledge Base @ Tally.ERP9
Stock Items
Stock Groups
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)
 
 
 
SWAYAM EDUCATION
Mandal Bagicha, Hemkapada,
Sunhat, Balasore-756002 ( Odisha )-India
eMail ID : tallyerp9book@gmail.com
Web : www.tallyerp9book.com
Mob : 09437264738
Get Updated ...
Website Designed, Hosted, Owned by : www.BalasoreCity.Com