You can create purchase ledgers and define the nature of transactions using the procedure in this topic.
To create a common purchase ledger
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create.
2. Enter the Name of the purchase ledger.
3. Select Purchase Accounts in the Under field.
4. Set the option Inventory values are affected? to Yes.
5. Set the option Type of Ledger? to Not Applicable.
Note: To create a discount ledger, group the ledger under Direct/Indirect Expenses, and select the Type of Ledger as Discount.
6. Set Is VAT/CST Applicable? to Applicable.
7. Press Enter to skip the field Set/Alter VAT Details?.
The Ledger Creation screen is displayed as shown below:
8. Press Enter to save.
To create a ledger defined with Nature of Transaction and tax rate
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create.
2. Enter the Name of the purchase ledger.
3. Select Purchase Accounts in the Under field.
4. Set the option Inventory values are affected? to Yes.
5. Set the option Type of Ledger? to Not Applicable.
6. Set Is VAT/CST Applicable? to Applicable.
7. Enable the option Set/alter VAT Details?
8. Click F12: Configure to enable additional details. In the configuration screen, enable the option, Provide commodity details?, if required.
9. Set the Classification option in VAT Details screen to:
o Undefined if unique tax rate and commodity details have to be defined.
o Any of the user-defined Classification. Once it is applied, rest of the options disappear and cursor returns to Ledger Creation screen. Click here to view the detailed procedure of creating VAT Classifications.
10. Select the Nature of Transaction.
11. Specify the Commodity name, Commodity code, and Sub commodity code in the Other Info section.
12. Enter the Tax rate, and Tax type.
The VAT Details screen appears as shown below:
13. Press Ctrl+A to accept.
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