Below is a brief description about the nature of adjustments in Tally.ERP 9 release 5.1, and how each adjustment corresponds to the adjustment flags available in previous releases. Journal vouchers for accounting adjustments can be recorded using the various nature of adjustments provided in 5.1.
VAT Adjustments - upto Release 4.93 |
Type of Duty/Tax (From 5.1) |
Nature of Adjustment (From 5.1) |
Additional Details (From 5.1) |
Adjustment Against Compounding Scheme Liability |
VAT and CST |
Increase of Tax Liability |
Compounding Scheme Liability |
Adjustment Against Tax Payable |
VAT |
Reducing Tax Liability |
Adjusting with ITC |
Adjustment Against TDS Liability |
VAT |
Reducing Tax Liability |
Adjusting with TDS |
Adjustment Towards CST |
VAT |
Decrease of Input Tax |
Against CST |
Adjustment Towards Refund Claim |
VAT |
Refund of Input Tax |
Not Applicable |
Adjustment Towards Refund Order |
VAT |
Refund of Input Tax |
Refund Order |
Compounding Scheme Liability |
VAT |
Increase of Tax Liability |
Switch Over |
Input Tax Credit Admitted On Capital Goods |
VAT |
Input Tax Credit Admitted On Capital Goods |
--- |
Input Tax Credit Not Qualifying and Reversal |
VAT |
Reversal of Input Tax |
--- |
Input Tax Credit on Opening Stock |
VAT |
Increasing Input Tax |
Opening Stock |
Tax on URD Purchase |
VAT |
Tax on URD Purchase |
--- |
TDS Liability |
VAT |
Reducing Tax Liability |
TDS Liability |
To create a journal voucher for refund
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment to enable the required options in the Stat Adjustment Details screen.
In the Stat Adjustment Details screen,
1. Select Type of duty/tax as VAT.
2. Select Refund of Input Tax, as the Nature of adjustment.
3. Select the Not Applicable in Additional Details section.
Note: Based on the selection made for Nature of Adjustments, the Additional Details option will appear or disappear.
4. Press Ctrl+A to return to the voucher.
3. Debit the ledger grouped under Current Assets and enter the amount.
4. Credit the VAT ledger. Enter the tax Rate, Addl. Tax and Assessable Value in the VAT Details screen.
5. Credit the additional tax ledger. The journal voucher appears as shown below:
6. Press Enter to save.
'Journal Vouchers in Release 5.1 (Uttar Pradesh)' has been shared with
