Sunday, July 28, 2013

VAT Transactions in Tally (Tutorials-1)

 TUTORIAL-1

This tutorial is very helpful for your regular VAT Transactions. I have posted number of VAT Transactions tutorials in this website. Use this VAT transactions entry technicians and skip manual VAT Calculation work and reduce mistakes.


 
XYZ Company April 2013 Transactions.

 PURCHASES

01.04.2013
XYZ Company purchased material from M/s.Purna Electronics Pvt Ltd. for Rs. 80,000/- + Vat 5% Rs.4,000, Invoice No.PEPL/008/2013-14


01.04.2013:
XYZ Company purchased material from M/s.Kanna Engg Pvt Ltd., for Rs. 100,000/- + Vat 5% Rs.5,000, Invoice No.19/2013-14

02.04.2013:
XYZ Company purchased material from M/s.BPV Company & Co for Rs. 200,000/- + Vat 14.5% Rs.28000, Invoice No.5/2013-14.

SALES

01.04.2013:
XYZ Company sales material to M/s.Rexi India Pvt Ltd., for Rs.100,000 + VAT 5% Rs. 5,000, Invoice No. XYZ/001/2013-14.

02.04.2013:
XYZ Company sales material to M/s.G.M.Tech India Ltd, for Rs.200,000 + VAT 5% Rs. 10,000, Invoice No. XYZ/002/2013-14.

STEP 1


STEP 2

Enter Purchase Vouchers in Tally

Gateway of Tally -> Accounting Vouchers -> Click on  F9: Purchase from right side panel or Press F9

Dt:01.04.2013
Dr. Purchases 5% - Rs.80,000
Dr. Input VAT 5% - Rs.4,000
Cr. Purna Electronics Pvt Ltd - Rs.84,000

Dt:01.04.2013
Dr. Purchases 5% - Rs.100,000
Dr. Input VAT 5% - Rs.5,000
Cr. Kanna Engg  Pvt Ltd - Rs.105,000




Dt:02.04.2013
Dr. Purchases 14.5% - Rs.200,000
Dr. Input VAT 14.5% - Rs.28,000
Cr. BPV Company & Co - Rs.228,000



After entered the all three VAT Purchases transaction in tally, the transactions are look like this.


STEP 3

Enter Sales Vouchers in Tally


Gateway of Tally -> Accounting Vouchers -> Click on  F8: Sales from right side panel or Press F8

Dt:01.04.2013
Dr. Rexi India Pvt Ltd - Rs.105,000
Cr. Sales 5% - Rs.100,000
Cr. Output VAT 5% - Rs.5,000

Dt:02.04.2013
Dr. G.M.Tech India Ltd - Rs.210,000
Cr. Sales 5% - Rs.200,000
Cr. Output VAT 5% - Rs.10,000



After entered the all two VAT Sales transaction in tally, the transactions are look like this.


VIEW VAT REPORT

Gateway of Tally -> Display -> StatutOry Reports -> VAT-> VAT Computation.
Press Alt+F2->  Change Date From 01.04.2013 To 30.04.2013.



Total Input Tax: (Rs.4,000+Rs.5000+Rs.28,000) = Rs.37,000/-
Total Output Tax: (Rs.5,000+Rs.10,000)=Rs.15,000/-

Excess Input Credit  (Input Tax-Output Tax) = Rs.22,000/-
This amount you can adjust in CST Returns or Carried forward to next month.

Cont... Read VAT Transactions in Tally (Tutorials -2)

2 comments:

  1. Information is valuable and can be followed.

    ReplyDelete
    Replies
    1. Dear Mr.Kurra Prabhakar Rao,

      Thank you for your comment

      Delete

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