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https://help.tallysolutions.com/docs/te9rel51/Tax_International/Kenya_VAT/Taxable_Sales_Addl_Ldgr.htm

Taxable Sales with Additional Ledgers

While carrying on business it is common that the supplier gives discount on purchase cost and provides charged services like Packing of Material, Transportation, etc.

In this scenario, VAT is calculated on the Assessable Value which is arrived at by Deducting the  Discount given and Adding the Packing Charges.

To create an entry for taxable sales with Discount and Packing Charges,

Go to Gateway of Tally > Accounting Vouchers > F8: Sales

  1. Enter the reference number in the Ref. field, if required.

  2. Select the Party’s A/c Name from the List of Ledger Accounts.

  3. Select the Sales Ledger with the VAT/Tax class - Sales @ 16%.

  4. The VAT/Tax Class appears as predefined for the sales ledger.

  5. Select the Name of Item from the List of Items.

  6. Enter the Quantity and Rate. The amount is automatically displayed in the Amount field.

  7. Select Discount ledger from the List of Ledger Accounts (created under Direct/Indirect Expenses by enabling the Use for Assessable Value Calculation option).

  8. Enter the Discount amount with negative sign.

  9. Select the Packing Charges ledger from the List of Ledger Accounts and enter the packing charges in Amount field.

  10. Select the Output VAT ledger with the VAT/Tax class - Output VAT @ 16%.

Note: Here Output VAT is calculated on Assessable Value (4,503,000) = Item Cost (4,500,000)- Discount (2,000) + Packing Charges (5,000).

  1. Select the Type of Device, the Device number will be captured automatically. Maximum of 20 characters is allowed for Device No. field.

  2. In Brief Desc for VAT field, enter the brief description of the goods being sold.

  3. Set the field Show Statutory Details to Yes to view VAT calculation.

  1. Enter the details in the field Narration, if required.

  1. Press Y or Enter to accept and save.

Note: The assessable value of sales made using taxable VAT/Tax classification - Sales @ 16% is captured in box 1 - TAXABLE Sales (GENERAL RATE)(in Value EXCL. VAT) of Form VAT 3. The Output tax payable on taxable sales is captured in box 1 -VAT Charged field.

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