Below is a brief description about the nature of adjustments in Tally.ERP 9 release 5.0, 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 5.0.
VAT Adjustments - upto Release 4.93 |
Type of Duty/Tax (From 5.0) |
Nature of Adjustment (From 5.0) |
Additional Details (From 5.0) |
Adjustment of Deposit on Voluntary Registration |
VAT |
Decrease Of Output Tax |
Deposit on Voluntary Registration |
Adjustment Towards CST |
VAT and CST |
Decrease Of Input Tax |
Against CST |
Adjustment Towards Entry Tax Paid |
VAT |
Reducing Tax Liability |
Entry Tax |
Adjustment Towards Refund Claim |
VAT |
Decrease Of Output Tax |
Towards Remission U/s 41 |
Adjustment Towards Sale to Commission Agent |
VAT |
Decrease Of Output Tax Increase of Output Tax |
Sale to Commission Agent Sale to Commission Agent |
Excess CST Carried Forward |
CST |
Decrease Of CST |
Excess Paid |
Interest Payable |
VAT |
Increase of Tax Liability |
Interest |
Interest Payable on CST |
CST |
Increase of Tax Liability |
Interest |
Others |
VAT |
Reversal Of Input Tax |
Capital Goods |
Penalty Due |
VAT |
Increase of Tax Liability |
Penalty |
Penalty Payable on CST |
CST |
Increase of Tax Liability |
Penalty |
Purchases Not Qualifying for Tax Credit |
VAT |
Reversal Of Input Tax |
Purchases Not Qualifying for Tax Credit |
Remission Towards CST |
VAT and CST |
Decrease Of CST |
Remission Towards CST |
Reverse Credit on Others |
VAT |
Reversal Of Input Tax |
Others |
Reverse Credit on Stock Transfer |
VAT |
Reversal Of Input Tax |
Stock Transfer |
Reverse Tax Credit - Fuels Used in Manufacture of Goods |
VAT |
Reversal Of Input Tax |
Fuels Used in Manufacture of Goods |
Reverse Tax Credit - Manufactured Goods |
VAT |
Reversal Of Input Tax |
Manufactured Goods |
Reverse Tax Credit - Used in Manufacture of Exempted Goods |
VAT |
Reversal Of Input Tax |
Manufacturing of Exempt Goods |
|
Sales of Goods Outside the State (With C -Form) Sales of Goods Outside the State (Without C -Form) |
CST |
Decrease in Sales |
--- |
Tax Adjustment Towards Transfer of Right to Use |
VAT |
Reversal Of Input Tax |
Tax Adjustment Towards Transfer of Right to Use |
Tax on URD Purchase |
VAT |
Tax on URD Purchase |
--- |
TDS Adjustment |
VAT |
Decrease Of Output Tax |
TDS Adjustments |
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment, to view the Stat Adjustment Details screen.
3. Select Type of Duty/Tax as VAT.
4. Select the required adjustment, for example, Reversal of Input Tax, from the List of Nature of Adjustments.
5. Select the required Nature of Adjustments in Additional Details section.
Note: Based on the selection made for Nature of Adjustments, the Additional Details option will appear or disappear.
6. Debit the purchases ledger grouped under Purchase Accounts, and enter the value in the amount field.
7. Credit the VAT ledger. Enter the VAT Details as shown below:
8. Credit the additional tax ledger.
The journal voucher appears as shown below:
9. Press Enter to save.
'Nature of Adjustments in Journal Voucher - Release 4.93 vs 5.1 (Gujarat)' has been shared with
