A credit note is recorded against the original sales invoice to record a Sales Return.
To create a credit note for taxable goods
1. Go to Gateway of Tally > Accounting Vouchers > Ctrl+F8.
2. Enter the reference number in the Ref. field.
3. Select the Party’s A/c Name from the List of Ledger Accounts.
4. Enter the required details in Party Details screen.
5. Select the common sales ledger in Sales Ledger field.
6. Select the required taxable stock item.
7. Enter the Quantity and Rate.
8. Select the required common VAT ledger.
The ledger must be grouped under Duties & Taxes in which the options:
● Type of duty/tax is set to VAT.
● Percentage of Calculation (eg 5)? is set to 0.
9. Set the option Provide VAT Details? to Yes.
10. Select the Nature of Return.
Select the Nature of Return as,
o Not Applicable to account for sales returns.
o De-Escalation of Price to account for reduction in sales price.
o Press Enter after selecting the required Nature of Return.
The credit note appears as shown below:
11. Enter Narration, if required.
12. Press Enter to save.
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