You can create common ledgers for sales or purchases without specifying tax details. These can be used to record all types of purchases or sales. You have to specify tax rates in the purchase and sales ledger masters if you need separate ledgers for different tax rates.
On this page:
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 Is VAT Applicable to Applicable.
6. Set the option Set/Alter VAT Details to No.
The Ledger Creation screen is displayed as shown below:
7. Press Enter to save.
To create a purchase ledger with the nature of transaction, commodity details 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 Is VAT Applicable? to Applicable.
6. Set the option Set/alter VAT Details? to Yes.
7. Press F12: Configure to view the Configuration screen to enable commodity details.
The Configuration screen appears as shown below:
To enable commodity details
● Enable the option Provide commodity details?.
● Press Ctrl+A to return to the Tax/rate details screen.
8. The VAT rate can be specified in either of the following ways:
● Select a user-defined VAT classification in the Classification field.
To create a user defined classification
1. Enable the option to define tax and commodity details in masters.
To enable the option to define tax and commodity details in masters
1. Go to Gateway of Tally > F11: Features > Statutory & Taxation.
2. Set the option Define VAT commodity and tax details as masters to Yes.
3. Press Ctrl+A to save the Company Operations Alteration screen.
2. Go to Gateway of Tally > Accounts Info. > Statutory Info. > VAT Classifications > Create.
3. Enter the Name of the new classification.
4. Enter the applicability date with the corresponding tax rates in Applicable From and Tax Rate columns. The Stat Classification Creation screen appears as shown below:
5. Press Enter to save.
To define Nature of Transactions and commodity details in the Stat Classification Creation screen
1. Press F12: Configure to open the Configuration screen to enable commodity details.
The Configuration screen appears as shown below:
To enable Nature of Transactions and commodity details
1. Set the option Enable nature of transaction? to Yes.
2. Enable the option Provide commodity details?
3. Press Ctrl+A to return to the Stat Classification Creation screen.
2. Select the required Nature of Transaction.
3. Enter the Commodity Name and Commodity Code.
The Stat Classification Creation screen appears as shown below:
4. Press Enter to save.
On selecting a user defined VAT classification, the Ledger Creation screen is displayed.
● Specify VAT details.
o Select the Nature of transaction.
Note: Select Purchase Exempt or Purchase - Zero Rated to choose Exempt or Zero Rated as the Tax type.
o Enter the Commodity name and Commodity code.
o Enter the Tax Rate. The Tax Type automatically appears as Taxable.
The VAT Details screen appears as shown below:
9. Press Enter to save.
10. Press Ctrl+A in Ledger Creation screen to save.
To create a common sales ledger
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create.
2. Enter the Name of the sales ledger.
3. Select Sales Accounts in the Under field.
4. Set Inventory values are affected? to Yes.
5. Set Is VAT Applicable? to Applicable.
6. Set the option Set/Alter VAT Details? to No.
The Ledger Creation screen appears as shown below:
7. Press Enter to save.
To create a sales ledger with the nature of transaction, commodity details and tax rate
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create.
2. Enter the Name of the purchase ledger.
3. Select Sales Accounts, in the Under field.
4. Set the option Inventory values are affected? to Yes.
5. Set Is VAT Applicable? to Applicable.
6. Set the option Set/alter VAT Details? to Yes.
7. Press F12: Configure to open the Configuration screen to enable commodity details.
The Configuration screen appears as shown below:
To enable commodity details
● Enable the option Provide commodity details?.
● Press Ctrl+A to return to the Tax/rate details screen.
8. The VAT rate can be specified in either of the following ways:
● Select a user defined VAT classification in the Classification field.
To create a user defined classification
1. Enable the option to define tax and commodity details in masters.
To enable the option to define tax and commodity details in masters
1. Go to Gateway of Tally > F11: Features > Statutory & Taxation.
2. Set the option Define VAT commodity and tax details as masters to Yes.
3. Press Ctrl+A to save the Company Operations Alteration screen.
2. Go to Gateway of Tally > Accounts Info. > Statutory Info. > VAT Classifications > Create.
3. Enter the Name of the new classification.
4. Enter the applicability date with the corresponding tax rates in Applicable From and Tax Rate columns. The Stat Classification Creation screen appears as shown below:
5. Press Enter to save.
To define Nature of Transactions and commodity details in the Stat Classification Creation screen
1. Press F12: Configure to open the Configuration screen to enable commodity details.
The Configuration screen appears as shown below:
To enable Nature of Transactions and commodity details
1. Set the option Enable nature of transaction? to Yes.
2. Enable the option Provide commodity details?
3. Press Ctrl+A to return to the Stat Classification Creation screen.
2. Select the required Nature of Transaction.
3. Enter the Commodity Name and Commodity Code.
The Stat Classification Creation screen appears as shown below:
4. Press Enter to save.
On selecting a user defined VAT classification, the Ledger Creation screen is displayed.
● Specify VAT details
o Select the Nature of transaction.
Note: Select Sales Exempt or Sales - Zero Rated to choose Exempt or Zero Rated as the Tax type.
o Enter the Commodity name and Commodity code.
o Enter the Tax Rate. The Tax Type automatically appears as Taxable.
The VAT Details screen appears as shown below:
9. Press Enter to save.
10. Press Ctrl+A in Ledger Creation screen to save.
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