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Configuring Statutory Details in Masters

The master experience has been enhanced such that you can configure statutory details and get started with  the transactions within no time.

The enhancements in masters and the steps to configure masters is as explained below:

Rearrangement of statutory information

If you have enabled within three statutory modules, then you can configure the statutory information in the ledger creation/ alteration screens.

If you have enabled more than three statutory modules, then enable the option Set/ Alter Statutory Details . You can configure details for each statutory module in the Statutory Details screen.

You can enter party's tax registration details, module-wise.

This will ensure a clutter free experience when creating/ altering masters.

Configuration based behaviour

It is now possible to create a tax ledger under current assets or current liabilities, and the ledger can now exhibit the properties of a ledger grouped under duties and taxes .

Similarly, you can create a party ledger under loans and liabilities.

The change in behaviour will reflect for tax calculation, but doesn't have an effect on the reports.

Appropriation of ledgers

You can now appropriate the ledger to the cost of the item from the ledger master screen, instead of the group.

MRP Details

You can configure tax based on MRP from the ledger master.

Default accounting entries

For any voucher type, you can now define default accounting entries . This will populate information for the specified ledger, every time a transaction is recorded using this voucher type.

For any voucher type, now you can define default accounting entries. This will populate the ledgers by default, every time a transaction is recorded using this voucher type.