You can create a common purchase ledger for all types of purchases without defining tax details in the purchase ledger master. The same can be done for common sales ledger. You can also create separate ledgers and define different tax rates in the purchase and sales ledger masters.
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/CST Applicable? to Applicable.
6. Press Enter to skip the field Set/Alter VAT Details?.
The Ledger Creation screen appears as shown below:
7. 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 Is VAT/CST Applicable? to Applicable.
6. Enable the option Set/alter VAT Details?
7. Click F12: Configure to enable additional details.
In the configuration screen, enable the following options, if required:
● Set type of goods?
● Provide nature of goods?
● Provide commodity details?
● Provide schedule details?
8. 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.
9. Select the Nature of Transaction.
10. Specify the Commodity name, Commodity code, and Reporting UoM in the Other Info section.
11. Enter the Tax rate, and Tax type.
The VAT Details screen appears as shown below:
12. Press Ctrl+A to accept.
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/CST Applicable? to Applicable.
6. Press Enter to skip the field Set/Alter VAT Details? The Ledger Creation screen appears as shown below:
7. Press Enter to save.
To create a ledger defined with nature of transaction, commodity details, and tax rate
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/CST Applicable to Applicable.
6. Enable the option Set/Alter VAT Details?.
7. Select the required Classification in VAT Details screen.
In the VAT Details screen,
1. Set the Classification 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 will disappear and cursor returns to Ledger Creation screen. Click here to view the detailed procedure of creating VAT Classifications.
2. Select the Nature of transaction.
3. Select the Commodity name.
4. Enter the Commodity code and tax rate. The VAT Details screen appears as shown below:
5. Press Enter to save, and return to Ledger Creation screen.
8. Press Ctrl+A to accept.
To select the entity type
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create.
2. Enter the Name of the ledger.
3. Select the required group in the Under field.
o Sales Accounts
o Purchase Accounts
o Direct Expenses
o Indirect Expenses
o Direct Incomes
o Indirect Incomes
o Fixed Assets
4. Set the option Is VAT/CST Applicable? to Applicable.
5. Enable the option Set/Alter VAT Details?.
In the VAT Details screen,
1. Set the Classification option in VAT Details screen to Undefined.
2. Set the Nature of transaction to any of the following depending on the account group selected in step 3:
o Purchase - Zero Rated
o Interstate Purchase - Zero Rated
o Sales Zero Rated
o Interstate Sales - Zero Rated
Note: The option Party Entity/Org. Type appears on selecting any of the above mentioned nature of transactions.
3. Select the appropriate Party Entity/Org. Type.
The VAT Details screen appears as shown below:
4. Enter the commodity and tax details.
5. Press Ctrl+A to accept the VAT Details screen.
6. Press Ctrl+A to accept.
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