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https://help.tallysolutions.com/docs/te9rel51/Tax_International/Botswana/VAT_Ledgers.htm

VAT Ledgers

Input VAT Ledger

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

  1. Enter the Name as Input VAT @ 12%

  2. Select Duties & Taxes as the group name in the Under field

  3. Select VAT from the Type of Duty/Tax list in the field Type of Duty/Tax

  4. Set the VAT Sub Type as Input VAT

  1. Select Input VAT @ 12% in the VAT/Tax Class field from the VAT/Tax Class list displayed

  1. The option Inventory values are affected is set to No by default as it is a VAT ledger

  2. The Percentage of Calculation and Method of Calculation will be displayed as 12% and On VAT Rate respectively based on the VAT/Tax Class selected

  1. Press Y or Enter to accept and save the input VAT ledger.

Note: Similarly create separate input VAT ledgers grouped under Duties & Taxes with Type of Duty/Tax as VAT, VAT Sub Type as Input VAT and VAT/Tax class - Input VAT @ 12% (Capital Goods), Input VAT @ 12% on Capital Imports and Input VAT @ 12% on Imports.

Output VAT Ledger

In the ledger creation screen,

  1. Enter the Name as Output VAT @ 12%

  2. Select Duties & Taxes as the group name in the Under field

  3. Select VAT from the Type of Duty/Tax list in the field Type of Duty/Tax

  4. Select the VAT Sub Type as Output VAT

  1. Select Output VAT @ 12% in the VAT/Tax Class field from the VAT/Tax Class list displayed

  1. The option Inventory values are affected is set to No by default

  2. The Percentage of Calculation and Method of Calculation will be displayed as 12% and On VAT Rate respectively based on the VAT/Tax Class selected

  1. Press Y or Enter to accept and save the output VAT Ledger.

Note: Similarly create the output VAT ledger grouped under Duties & Taxes with Type of Duty/Tax as VAT, VAT Sub Type as Output VAT and VAT/Tax class - Output VAT @ 12% (Capital Goods).

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