Thursday, June 20, 2013

How to create VAT Ledger in Tally ?


Normally you will be create Four Type of Ledgers for VAT Transactions.

Purchase Ledgers
Sales Ledgers
Input VAT Ledgers
Output VAT Ledgers
Create Purchase Ledgers: Purchase Leger creation is based on your company
requirements. For Example, if your company purchased material 5% VAT and 14.5% VAT, then you will be create two types of Purchase Ledgers. (i.e: Purchases 5% & Purchases 14.5%).


Gateway of Tally > Accounts Info. > Ledgers > Create

> Enter Ledger Name as Purchases 5%
> In the Under field, select Purchase Accounts from the List of Groups.
> Set the field Used in VAT Returns to Yes
> From the VAT/TAX Class, Select Purchases@5%
> Press Ctrl+A, to save the Ledger.




In the same way create another Ledger Purchase 14.5%

Create Sales Ledgers: Sales Leger creation is based on your company requirements. For Example, if your company sale Goods  5% VAT and 14.5% VAT, then you will be create two Sales Ledgers. (i.e: Sales 5% & Sales 14.5%)

Gateway of Tally > Accounts Info. > Ledgers > Create

> Enter Ledger Name as Sales 5%
> In the Under field, select Sales Accounts from the List of Groups.
> Set the field Used in VAT Returns to Yes
> From the VAT/TAX Class, Select Sales@5%
> Press Ctrl+A, to save the Ledger.


In the same way create another Ledger Sales 14.5%


Create Input VAT Ledgers: In the above example, your have Purchased two VAT Rates Purchases, i.e, Purchases 5% & Purchases 14.5%, So, create Two Input VAT Ledgers.

1) Input VAT 5%
2) Input VAT 14.5%
 
Gateway of Tally > Accounts Info > Ledgers > Create

> Enter Ledger Name as Input VAT 5%
> In the Under field, Select Duties & Taxes
> In the Type of Duty/Tax filed, Select VAT
> In the VAT Sub Type field, Select Input VAT
> In the VAT/TAX Class filed, Select Input VAT @ 5%
> In the Rounding Method filed, Select Not Applicable
> Press Ctrl+A, to save the Ledger.




In the same way create another Ledger Input VAT 14.5%
 


Create Output VAT Ledgers: In the above example, your have Sales two VAT Rates Sales, i.e, Sales 5% & Sales 14.5%, So, create Output VAT Ledgers.

1) Output VAT 5%
2) Output VAT 14.5%
 
Gateway of Tally > Accounts Info > Ledgers > Create

> Enter Ledger Name as Output VAT 5%
> In the Under field, Select Duties & Taxes
> In the Type of Duty/Tax filed, Select VAT
> In the VAT Sub Type field, Select Output VAT
> In the VAT/TAX Class filed, Select Output VAT @ 5%
> In the Rounding Method filed, Select Not Applicable
> Press Ctrl+A, to save the Ledger.

In the same way create another Ledger Output VAT 14.5%





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