Monday, 31 August 2015

VAT TAX CLASS

by Santosh Srivastava
VAT TAX CLASS

VAT Tax Class is used to pre - define a ledger specified in Purchase/ Sales Voucher.

Working steps:-

Create a company and then activate VAT as follow:-


To Activate VAT: - G.O.T. (Gateway of Tally)--> Press F11 (Company Features)--> Press F3 (Statutory & Taxation).


And then create ledger as follow:-

Path for ledger creation: - G.O.T. (Gateway of Tally)--> Accounts Info--> Ledger--> Create (Single).










Create stock master as follow:-

To Create Stock Group: - G.O.T. (Gateway of Tally)--> Inventory Info--> Stock Group--> Create.



To Create Stock Item: - G.O.T. (Gateway of Tally)--> Inventory Info--> Stock Item--> Create--> Press F12 (Configuration).








Now alter in voucher types (purchase and sales) as follow:-

Path for Purchase Voucher Type Alteration: - G.O.T. (Gateway of Tally)--> Inventory Info--> Voucher Types--> Alter--> Purchase.




Path for Sales Voucher Type Alteration: - G.O.T. (Gateway of Tally)--> Inventory Info--> Voucher Types--> Alter--> Sales.




After that do purchase voucher entry:-

Path for voucher creation: - G.O.T. (Gateway of Tally)--> Inventory Voucher--> Press F9 (Purchase Voucher)--> Purchase Class.



And then do sales voucher entry:-

Path for voucher creation: - G.O.T. (Gateway of Tally)--> Inventory Voucher--> Press F8 (Sales Voucher)--> Sales Class.



You can see the VAT computation:-

Path for view VAT computation: - G.O.T. (Gateway of Tally)--> Display-->Statutory Report--> VAT Report--> VAT Computation.


Now create voucher types:-

Path for Voucher Type Creation: - G.O.T. (Gateway of Tally)--> Inventory Info--> Voucher Types--> Create.




And then do Journal Voucher entry as follow:-

Path for voucher creation: - G.O.T. (Gateway of Tally)--> Inventory Voucher--> Press F7 (Journal Voucher).





Press F5 to open Payment Voucher.


See the VAT computation report:-

Path for view VAT computation: - G.O.T. (Gateway of Tally)--> Display--> Statutory Report--> VAT Report--> VAT Computation.


Press ”Alt + F1” for more details.

11 comments:

  1. Unknown8 April 2016 at 05:30

    its been very informative, thanks for your kind help

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    ReplyDelete
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  6. Unknown17 March 2019 at 08:06

    Could you explain about vatable expenses entries other than purchase and sale. In UAE purchase and sale rate is single rate 5% and expenses as well.
    In Purchase and sale we book only one entry showing VAT amount and it stands as debtor or creditor, and while making any vatable expenses for the organization in that time it is required to pass two entry, one is journal and another is payment.
    Suppose, DEWA Bill paid 2000/- Including VAT.
    Solution:Journal voucher DEWA Bill for XYZ Location Dr.1904.76
    INPUT Vat Dr.95.24
    Dubai Electricity and water authority Cr. 2000/-

    Payment Voucher
    Dubai Electricity & water Authority Dr.2000/-
    Cash/Bank cr. 2000/-
    Here it is required 2 entry for every vatable exp. so, is there any other entry ???

    ReplyDelete
  7. Unknown17 March 2019 at 08:10

    can we show VAT entry in payment voucher. if we pass one entry in payment voucher showing VAT therefore there will no double entry system accounting.
    in purchase and sale there we only book purchase and sale it it stands debtor or creditor and while we make payment or receipt amount against the INV it becomes double entry.

    ReplyDelete
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