The procedure of recording the following purchase transactions are explained here:
To create Purchase Voucher,
Go to Gateway of Tally > Accounting Vouchers > F9: Purchase
In F12: Purchase Invoice Configuration, set the options as given below:
Use Common Ledger A/c for Item Allocation to Yes as single classification is selected for all stock items.
Allow selection of VAT/Tax Class during entry to No as the VAT/Tax class is defined in the ledger master and need not be selected again while invoicing.
Select As Invoice mode (use key combination Ctrl+V if the screen is displayed in voucher mode. The invoice mode will be displayed)
Enter the reference number in Ref field
Select Fabric House in the Party’s A/c Name field from the List of Ledger Accounts
In the Party Details screen, enter/modify the required details
Select Purchase Ledger grouped under Purchase Accounts and predefined with VAT/Tax class - Purchases @ 12.5%
On selecting the Purchase @ 12.5% ledger, the VAT/Tax Class - Purchases @ 12.5% appears as it is defined in the ledger master
Select the Name of Item from the List of Items
Enter the Quantity and Rate. The amount is automatically displayed in the Amount field
Similarly select the required stock item, enter the Quantity and Rate. The amount is automatically displayed in the Amount field
Select the input VAT ledger with VAT/Tax class - Input VAT @ 12.5%. The value will be automatically calculated.
Select the input NHIL ledger with the VAT/Tax class - Input NHIL @ 2.5% and the value will be calculated on the assessable value and displayed.
The field Show Statutory Details will be set to No which can be enabled to view the breakup of assessable value and tax amount.
Press Y or Enter to accept the Purchase Invoice.
Enter the reference number in Ref field
Select the Party’s A/c Name as Melody Music Paradise from the List of Ledger Accounts
Select Purchases Ledger grouped under Purchase Accounts and predefined with VAT/Tax class - Purchases - Exempt
The VAT/Tax Class appears as Purchases – Exempt automatically
Select the Name of Item from the List of Items
Enter the Quantity and Rate. The amount is automatically displayed in the Amount field
The field Show Statutory Details will be set to No
Press Y or Enter to accept and save.
To record imports from foreign country, create the relevant foreign currency.
Go to F11: Features > F1: Accounting Features and set the option Allow Multi-Currency to Yes and accept the Accounting features screen.
Now go to Gateway of Tally > Accounts Info. > Currencies > Create and provide the details as shown:
Accept the Currency Creation screen.
In the Purchase invoice,
Enter the reference number in Ref field
Select the required party ledger in the Party’s A/c Name field
In the Party Details screen, enter/modify the required details
Select Purchase Ledger grouped under Purchase Accounts and predefined with VAT/Tax class - Purchases - Imports @ 12.5%
The VAT/Tax Class appear as Purchases - Imports @ 12.5%
Select the Name of Item from the List of Items
Enter the Quantity and Rate. The Forex Rate of Exchange screen will be displayed for entering the conversion factor.
The amount is automatically displayed in the Amount field
Select the input VAT ledger with the VAT/tax class - Input VAT @ 12.5% on Imports. The exchange rate and the resultant value will be automatically calculated and displayed
Select Input NHIL ledger with the VAT/tax class - Input NHIL @ 2.5%. The exchange rate and the resultant value will be calculated on the assessable value and displayed
The field Show Statutory Details will be set to No
Press Accept button (Ctrl+A) to accept and save.
'Purchases' has been shared with
