To record journal entry to account for input tax adjustment for purchase from URD
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment.
o Select the option VAT in the Type of Duty/Tax field.
o Select the option Tax on URD Purchase in the Nature of Adjustment field.
o Press Enter to return to voucher.
3. Debit a ledger created under Indirect Expenses and enter the value in the Amount field.
4. Credit a VAT ledger created under Duties and Taxes and by selecting Type of duty/tax as VAT.
o Enter the Rate and Assessable Value in the VAT Details screen.
The completed screen appears as shown below:
5. Press Enter to save.
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