When doing sales returns create credit notes against the original invoice.
To create a credit note for taxable goods
1. Go to Gateway of Tally > Accounting Vouchers > Ctrl+F8.
2. Enter the reference number in the Ref. field.
3. Select the Party’s A/c Name from the List of Ledger Accounts.
4. Enter the required details in Party Details screen.
5. Select the common sales ledger in Sales Ledger field.
6. Select the required taxable stock item.
7. Enter the Quantity and Rate.
8. Select the required common VAT ledger.
The ledger must be grouped under Duties & Taxes in which the options:
● Type of duty/tax is set to VAT.
● Percentage of Calculation (eg 5)? is set to 0.
9. Set the option Provide VAT Details? to Yes.
10. Select the Nature of Return.
Select the Nature of Return as,
o Not Applicable to account for sales returns.
o Cash/Trade Discount if the price at which sales transaction was recorded is reduced. The Statutory Details screen appears as shown below:
o Press Enter after selecting the required Nature of Return, and recording the other details from sales transaction.
The credit note appears as shown below:
11. Press Enter to save.
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