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

VAT Payment

Offsetting VAT Payable against Tax Credit

In case where transactions are recorded using foreign currency, you can record a journal voucher to offset the payable amount to the extent of tax credit available. To record a journal voucher,

Go to Gateway of Tally > Accounting Vouchers > F7: Journal > Select Not Applicable

Debit the output VAT ledger and enter the amount to the extent of tax credit available in the Input VAT ledger used in imports transaction using foreign currency to offset against the payable amount (you can view this amount in VAT Computation report). The balance output VAT amount can be paid while recording payment voucher.

Credit the input VAT ledger.

Press Y or Enter to accept and save.

Payment Voucher

Go to Gateway of Tally > Accounting Vouchers > F5: Payment

In the F12: Voucher Printing Configuration screen, set the option, Use Single Entry mode for Pymt/Rcpt/Contra to Yes.

  1. In the Payment voucher screen, select the Bank ledger in the Account field.

  2. Click Stat Payment button or press Alt + S for the Statutory Payment sub-screen to be displayed.

  1. In the Statutory Payment screen, select the Type of Duty/Tax as VAT and set Auto-Fill Statutory Payment to Yes. Set Adjust Input VAT for Payment to Yes and specify the return period.

  1. The Output VAT amount will be captured as positive values.

  2. The Input VAT amount will be captured with a negative sign.

  3. The difference between the output VAT and Input VAT gets displayed as payable amount.

  4. Set Provide Details field to Yes.

  1. In the VAT payment Details screen, Period From details will be captured form Statutory Payment screen and cursor will not move to Period From field.

  2. Enter the Deposit Date, Name of the Bank, Branch Name and Branch Code (remittance).

The completed Payment Voucher displays as shown:

  1. Press Y or Enter to accept and save.

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