Type search words and press enter
Seamless e-invoicing is now at your fingertips. Check out our self-help videos.
https://help.tallysolutions.com/docs/te9rel49/Service_Tax_New/Account_Service_Receipt.htm

Accounting Service consideration Receipts through Journal

Currently, all the service Consideration receipts or payments are accounted in Receipts and Payments Voucher.

The re-modelled service Tax provides you the facility to account service consideration receipts and payments through Journal Voucher. To account service consideration - Service Consideration Adjustments flag has been provided in Journal Voucher.

Tally.ERP 9 also allows the user to record service consideration transactions for Advance receipt.

Example: On 25-4-2010 ABC Company received payment of Rs. 70,000 from CreativeIn Ad Agency towards the Tax bill -Sale/7-2 dated 21-4-2010 (bill No. ABC/682 dated 21-4-2010)

Record the Transaction in Journal Voucher

To account Service consideration Receipts through Journal, create the Voucher Class in Journal Voucher. To create voucher class refer - Create the Voucher Class in Journal Voucher

To record the Journal voucher

Go to Gateway of Tally > Accounting Vouchers > F7: Journal

Setup:

In F12: Journal Configuration, set the option Allow Cash Accounts in Journals to Yes

  1. In Change Voucher Type screen, in Class filed select Service Tax Adjustments

  2. Press F2 and change the date to 25-04-2010

  3. In Used for field select the flag - Service Consideration Adjustments

  1. In Debit field select Canara Bank ledger

  2. In Debit amount field enter Rs 70,000

  3. In Credit field select CreativeIn Ad Agency and press enter to view Service Tax Details screen

  4. In Service Tax Details screen

  5. In Type of Ref field select Agst Ref

  6. In Name field select tax bill Sale/7-2 dated 21-4-2010 from Pending Tax Bills

  7. On selecting the Tax bill Type of Service, Category, Amount (Incl. of tax) and Service Amount details will be defaulted.

  1. In Bill-wise Details screen

  2. In Type of Ref select Agst Ref

Note: To record an advance receipt for Service Consideration Adjustments, select Advance in the Type of Ref. field.

  1. In Name field select ABC/682 dated 21-4-2010 from the pending Bills list to adjust towards receipts

  2. Amount will be defaulted automatically to Rs. 70,000.

The completed Journal voucher is displayed as shown

  1. Press enter to accept and save.

Mail this article