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https://help.tallysolutions.com/docs/te9rel51/Tax_International/Philippines/output_vat_ledger_philippines.htm

Creating an Output VAT Ledger

To create an output VAT ledger,

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

  1. Enter the Name of the ledger, for e.g., Output VAT @ 12% on Goods

  2. In the Under field, select Duties & Taxes from List of Groups

  3. Select the Type of Duty/Tax as VAT

  4. In the VAT/Tax Class field, select the required classification, for e.g., Output VAT @ 12% on Goods

  1. By default Inventory Values are affected is set to No

  2. Set Percentage of Calculation will be set to 12% as per the VAT/Tax Class selected

  3. The Method of Calculation will be automatically set to On VAT Rate

  4. Accept the Output VAT ledger.

Note: From Rel 4.8 an option to provide Bank Details is provided in the Ledger Master.

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