Type search words and press enter
GSTR-1 upload is now as easy as 1-2-3! Upload your returns on the GST portal right here from TallyPrime. Don't worry about opening the portal or doing any other manual activity.
https://help.tallysolutions.com/docs/te9rel51/Tax_International/Kenya_VAT/change_in_sales_consideration.htm

Change in Agreed Sales Consideration

Adjustment for Change in Agreed Sales Consideration will be accounted if there is a decrease/increase in the sales price agreed upon.

  • Decrease in Sales Consideration shall be accounted in Credit Note

  • Increase in Sales Consideration shall be accounted in Debit Note (Voucher Mode)

 

To create an entry for Change in Agreed Sales consideration,

Go to Gateway of Tally > Accounting Vouchers > Crl+F9: Debit Note (Voucher Mode)

  1. Enter the original sales invoice number and date in the Original Invoice No. and Original Invoice Dt. fields. These details will be captured in Relevant Invoice Number and Relevant Invoice Date columns of e-return.

  2. Select Change in Agreed Consideration in the Used for field.

  3. In Debit field select the Party Ledger from the List of Ledger Accounts.

  4. In Debit Amount field enter the changed consideration 5,220 (including VAT amount).

  5. In Bill-wise Details screen select the bill towards which the consideration has changed.

  1. In Debit field select the Sales Ledger with the VAT/Tax class - Sales @ 16%. The VAT/Tax Class appears as predefined in ledger master in VAT/Tax Class screen.

  2. In Inventory Allocation screen, select the item on which the price has changed and enter the amount of changed consideration.

  1. In Debit field select the Output VAT ledger with the VAT/Tax class - Output VAT @ 16% to reverse the VAT charged on the changed agreed consideration.

  2. In VAT/Tax Class screen enter the Assessable Value on which VAT needs to be calculated.

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

  4. In Brief Desc for VAT field, enter the brief description.

  1. Press Y or Enter to accept and save.

Note: The assessable value of entries made in Debit Note by selecting Change in Agreed Consideration in the Used for field is captured in

 

* Box 1:Change in agreed Consideration of sales recorded using VAT/Tax Class Sales @ 16%

* Box 2: Change in agreed Consideration of sales recorded using VAT/Tax Class  Sales @ 12%

* Box 3: Change in agreed Consideration of sales recorded using VAT/Tax Class Sales - Zero Rated

* Box 4: Change in agreed Consideration of sales recorded using VAT/Tax Class Sales - Exempt and Export.

 

of Form VAT 3 under Value Excl. VAT field. The input vat is captured in box 6 & 7 under VAT Charged field.

 

The change in sales consideration can also be accounted through Journal Voucher using the flag Change in Agreed Consideration.

Mail this article