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Creating Income or Expense Ledgers (Excise for Manufacturer)

Ledgers created under direct expenses, indirect expenses, direct incomes,and Ā indirect incomes, can be used to record incomes and expenses of the company. The income or expense thus recorded using the ledger can be included in the assessable value for excise, if required.

To create an income or an expense ledger

1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create .

2. Enter the Name of the Ledger .

3. Select the Group , as required in the field Under .

4. Set the option Inventory Values are Affected to Yes , if required.

5. Select the Rounding Method , as required.

6. Set the option Is VAT/ CST Applicable to Applicable .

7. Enable the option Set/ Alter VAT/ CST Details to define tariff details for this ledger, if required.

8. Set the option Is Excise Applicable to Applicable .

9. Enable the option Set/ Alter Excise Details to define tariff details for this ledger, if required.

10. Select the required Duty/Tax in the field Include in Assessable Value Calculation for .

11. Select the Method of Calculation , as required.

12. Press Enter.

13. Enter opening balance , if required.

The completed Ledger Creation screen appears as shown below:

14. Press Enter .

See Also:

Configuring Selection of Tariff Type

Configuring Tax Calculation based on MRP

Selecting Multiple Duty Details