Input VAT ledgers are required to account for input credit on Goods/Services purchased.
To create an Input VAT Ledger,
Go to Gateway of Tally > Accounts Info. > Ledgers > Create
Enter the Name of the Input VAT ledger.
Select Duties & Taxes as the group name in the Under field.
Select VAT from the Type of Duty/Tax list in the field Type of Duty/Tax.
In VAT Sub Type field select the appropriate VAT Sub Type - Input VAT (to account for input credit on Purchases. Depending on the VAT Sub Type selected, Tally.ERP 9 will display the VAT/Tax Class for selection in VAT/Tax Class field. For Example, if Input VAT is selected as VAT Sub Type, application will display only the Input VAT Classifications for selection in VAT/ Tax Class field.
In VAT/Tax Class field select the required VAT/Tax Class from the VAT/TAX Class list.
The Percentage of Calculation and Method of Calculation is set as per the VAT/Tax Class selected.
Accept the input VAT ledger.
Note: It is recommended that Input VAT Ledgers be created with appropriate VAT classifications for different rates of VAT.
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