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Opening Balance of Purchase Tax (VAT)

You can create a journal voucher to account for the opening balance of purchase tax for Karnataka VAT.

1. Gateway of Tally > Vouchers > press F7 (Journal).
   Alternatively, press Alt+G (Go To) > Create Voucher > press F7 (Journal).
2. Press Alt+J (Stat Adjustment) , select the options as given below:
   • In the Stat Adjustment Details screen, select Type of duty/tax – VAT.
   • Select the Nature of Adjustment – Opening Balance of Purchase Tax.
   • Press Enter to save and return to the voucher screen.
3. Debit the VAT ledger.
   • Enter the Rate and Assessable Value in the VAT Details screen.
   • Press Enter to return to voucher screen.
4. Credit the ledger grouped under Current Assets.
   As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger > press Enter.
5. Enter Narration, if required. The journal voucher appears as shown below:
   
6. Accept the screen. As always, you can press Ctrl+A to save.