To create an output VAT ledger,
Go to Gateway of Tally > Accounts Info. > Ledgers > Create
Enter the Name of the ledger, for e.g., Output VAT @ 12% on Goods
In the Under field, select Duties & Taxes from List of Groups
Select the Type of Duty/Tax as VAT
In the VAT/Tax Class field, select the required classification, for e.g., Output VAT @ 12% on Goods
By default Inventory Values are affected is set to No
Set Percentage of Calculation will be set to 12% as per the VAT/Tax Class selected
The Method of Calculation will be automatically set to On VAT Rate
Accept the Output VAT ledger.
Note: From Rel 4.8 an option to provide Bank Details is provided in the Ledger Master.
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