To create a VAT Commodity,
Go to Gateway of Tally > Inventory Info. > VAT Commodity > Create
Enter the Name of the VAT Commodity
Select VAT in the Used for field
On selecting VAT in Used for field, the cursor will skip HSN Code and prompt to enter the information under VAT section
Under VAT section, enter the Commodity Code, Schedule Number and Schedule Serial Number as applicable.
Enter the Notes if required and accept the VAT Commodity Creation screen.
Note: In the Inventory Info. menu, the commodity code or tariff classification can be created from:
1. VAT Commodity sub-menu for VAT enabled companies
2. Tariff/VAT Commodity sub-menu for companies in which both VAT and Excise feature/excise rules for invoicing is enabled.
In Commodity Creation screen, the HSN code can be entered only when the Used for option is selected as Both or Excise only. If VAT is selected, the cursor will skip the HSN Code and prompt for information under VAT details section.
To create a Stock Item,
Go to Gateway of Tally > Inventory Info. > Stock Items > Create
Enter the Name of the stock item.
Select the group name in the Under field.
Select the unit of measurement of the stock item in the Units field.
In the Commodity field, select the required VAT Commodity. The VAT Commodity Code will also be displayed if entered while creating the VAT Commodity along with the Commodity Name in the List of VAT Commodities
Enter the Rate of VAT for the stock item.
Enter the Opening Balance (quantity and rate of the stock item), if any.
Press Y or Enter to accept and save.
To copy the stock defaults, an option – Update VAT Info is provided in Inventory Info menu. On selecting this menu option, the Set Default Accounting Allocations for Invoicing screen appears. In this screen the stock item defaults of the required item can be copied to another item.
For stock items predefined with purchase/sales ledger, the facility is provided to copy the stock defaults of one item to another.
In the Inventory Info menu select Update Vat Info option.
Only the stock items having default ledger allocations will be displayed in the list of items for copying the stock defaults.
In the Set Default Accounting Allocations for Invoicing screen, the following fields are displayed:
Copy From: Here select the source stock item from which the stock defaults/commodity details needs to be copied.
Destination Type: Here the inventory master types - stock item, stock group and commodity gets listed. Based on the selection made here, the stock item or group gets listed in Copy to field.
Copy Info: Depending on the Destination type the data to be copied appears here. On selecting destination type as:
Commodity - Default Accounting Allocation appears in Copy Info field and the cursor will skip this field.
Stock Group or Stock Items - Commodity or Default Accounting Allocation or both can be copied.
Copy To: The parameters selected for copying can be applied to stock items or stock groups based on the destination type.
All the stock items will be listed if Stock Item is selected as Destination Type.
The stock group to which the stock item (selected in copy from field) belongs appears here on selecting the Destination Type as Stock Group.
The commodity tagged to the stock item (selected in copy from field) appears here on selecting the Destination Type as Commodity.
In the stock item master, press F12: Configure and set the option - Specify Default Ledger Allocation for Invoicing to Yes.
In stock item master, enable the option - Set/Modify Default Ledgers for Invoicing.
Select the sales ledgers with the respective VAT/Tax class and enter the percentage of calculation for sales and output VAT ledgers.
Accept the Stock Defaults and enter the other details in stock item masters.
Accept the stock item master.
Go to Gateway of Tally > Inventory Info. > Update VAT Info.
Select the required stock item in Copy From field.
In the Destination Type field select Stock Items to copy the default accounting allocation or commodity to all the items.
In Copy Info field, select Default Accounting Allocation to copy the accounting allocation. For copying the commodity select Commodity.
In Copy To field select the required Item or All Items from the List.
The Stock Defaults screen will be displayed with the message - Proceed to Set Default Vat Details. Press Enter to accept.
In the stock item master, enable Set/Modify Default Ledgers for Invoicing. Select the required sales ledgers in Default Accounting Allocation for Sales and enter the percentage. Select the required Stock Group and accept the stock item master.
In the Inventory Info menu select Update Vat Info option. Select the stock item in Copy From field. In Destination Type field select Stock Groups. If stock group is selected in Destination Type field, the list displays All Items and Stock Groups but not the individual stock items. The stock defaults get copied to all items tagged to the selected stock group.
In the Stock Defaults screen, accept default accounting allocation and press Enter to accept. The message Proceed to Set Default Vat Details will be displayed. Press Enter to accept it.
The accounting allocations defined for the stock item selected in Copy From field gets copied to all the items belonging to the selected Stock group.
In the stock item master predefined with default accounting allocation, select the required VAT Commodity in Commodity field and accept the stock item master.
In the Inventory Info menu select Update Vat Info option. Select the stock item in Copy From field. In Destination Type field select Commodity. If commodity is selected in Destination Type field, the default accounting allocation will be made available for copying and the cursor will skip the Copy Info field. In Copy To field the list displays All Items and the stock items which are tagged to the selected commodity. The stock defaults get copied to all items tagged to the selected commodity.
In the Stock Defaults screen, accept default accounting allocation and press Enter to accept. The message Proceed to Set Default Vat Details will be displayed. Press Enter to accept it.
The accounting allocations defined for the stock item selected in Copy From field gets copied to all the items belonging to the VAT Commodity tagged to the selected stock item.
