Adjustment for change in agreed sales consideration is accounted if there is a decrease/increase in the sales price agreed upon.
● Decrease in sales consideration is accounted using credit note.
● Increase in sales consideration is accounted in debit note.
To create an entry for increase in agreed sales consideration
1. Go to Gateway of Tally > Accounting Vouchers > Crl+F9: Dedit Note.
2. Press Ctrl+V to change to voucher mode.
3. Enter the original sales invoice number and date in the Original Invoice No. and Original Invoice Dt. fields.
4. Debit the party ledger from the original sales invoice and enter the amount in the Debit column.
o Select the bill towards which the consideration is changed in Bill-wise Details screen.
o Press Enter to return to voucher screen.
5. Credit the sales ledger from the List of Ledger Accounts.
o Select the item sold on which the price has changed and enter the amount of changed consideration in Inventory Allocation screen.
o Press Enter.
6. Credit the VAT ledger and enter the VAT charged on the changed agreed consideration in the Credit column.
The debit note voucher appears as shown below:
7. Press Enter to accept and save.
To create an entry for decrease in agreed sales consideration
1. Go to Gateway of Tally > Accounting Vouchers > Crl+F8: Credit Note.
2. Press Ctrl+V to change to voucher mode.
3. Enter the original sales invoice number and date in the Original Invoice No. and Original Invoice Dt. fields.
4. Credit the party ledger from the original sales invoice and enter the amount in the Credit column.
o Select the bill towards which the consideration is changed in Bill-wise Details screen.
o Press Enter to return to voucher screen.
5. Debit the sales ledger from the List of Ledger Accounts.
o Select the item sold on which the price has changed and enter the amount of changed consideration in Inventory Allocation screen.
o Press Enter.
6. Debit the VAT ledger and enter the VAT charged on the changed agreed consideration in the Debit column.
7. Enable Provide VAT Details? to display Statutory Details screen.
o Select Change in Consideration in the Nature of Return field.
o Press Enter.
The credit note voucher appears as shown below:
8. Press Enter to accept and save.
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