Recording of reversal amount for notional tax credit on sales can be done through a journal voucher.
To account for notional tax on sales
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment. In the Stat Adjustment Details screen
o Select Type of duty/tax as VAT.
o Select Reversal of Notional Input Tax, as the Nature of adjustment.
o Select the on Account of Sales in Additional Details section.
Note: Based on the selection made for Nature of Adjustments, the Additional Details option either appears or disappears.
o Press Ctrl+A to return to the voucher.
3. Debit the expense ledger and enter the amount.
4. Credit the output VAT ledger. Enter the tax Rate and Assessable Value in the VAT Details screen. The journal voucher appears as shown below:
5. Press Enter to save.
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