ABC Company is a Service Organisation which purchases and sells services.
To create the Service Purchase Ledger
Go to Gateway of Tally > Accounts Info. > Ledgers > Create
Enter the Name of the service purchase ledger you wish to create, for e.g., Purchase- Advertising Services.
Select Purchase Accounts as the group name in the Under field.
Set Inventory values are affected to No.
Set Is Service Tax Applicable to Yes.
In Default Service Category field select Taxable Service from the List of Service Categories.
Note: All the Purchases/Expenses subject to Service Tax have to be associated with relevant predefined Service Category.
The Default Service Category specified in the Purchase Ledger can be overridden during Voucher entry.
From Rel 4.8 an option to provide Bank Details is provided in the Ledger Master.
Note: The option Any can be selected from the List of Service Categories, where the user doesn't want to define the Service Category during Ledger Creation. This allows the user to use an Purchase/Expense Ledger (as a common Ledger) to account multiple Service Categories.
Press Enter to save.
Note: Depending on the company's accounting practices, purchase of services can be accounted by creating service ledger under Direct Expenses or Indirect Expenses or Purchases.
'Service Purchase Ledger' has been shared with
