The adjustment entries to account for any payments made to the department or input tax credit obtained in adherence to any notification availed can be recorded in a journal voucher.
To create a Journal Voucher for Other Adjustment:
Go to Gateway of Tally > Accounting Vouchers > F7: Journal > Select the appropriate Class from the Voucher Class List for e.g., VAT Class.
Select Other Adjustments in the Used for field.
Debit the Input VAT ledger.
Enter the amount in the Debit field.
Credit the Income ledger grouped under Indirect incomes.
The credit amount is automatically entered.
Enter the details in the Narration field, if required.
Press Y or Enter to accept and save.
Note: The value of journal entry made using Other Adjustments as the VAT Adjustment to account for an increase/decrease in output VAT will be captured in Boxes 8, 9 and 20 of MUSAK–19. Whereas, the entry made to account for an increase/decrease in the input tax will be captured in Box 17, 19 and 22 of MUSAK 19.
The transaction details will also be captured in MUSAK–18.
'Other Adjustments' has been shared with
