The section below describes the nature of adjustments in Tally.ERP 9 release 5.0, and how each adjustment corresponds to the adjustment flags available in previous releases. Journal vouchers for accounting adjustments can be recorded using the various nature of adjustments provided in 5.0.
VAT Adjustments - upto Release 4.93 |
Type of Duty/Tax (From 5.0) |
Nature of Adjustment (From 5.0) |
Additional Details (From 5.0) |
Adjustment Towards CST |
VAT and CST |
Decrease Of Input Tax |
Against CST |
Adjustment Towards Refund Claim |
VAT |
Refund of Input Tax |
|
Excess CST Carried Forward |
CST |
Decrease Of CST |
Excess Paid |
Input Tax Adjustment for Purchases From URDs |
VAT |
Input Tax Adjustment for Purchases From URDs |
|
Input Tax Credit on Opening Stock |
VAT |
Increasing Input Tax |
Opening Stock |
Interest Payable |
VAT |
Increase of Tax Liability |
Interest |
Interest Payable on CST |
CST |
Increase of Tax Liability |
Interest |
Refund Adjustment As Per Rule 65 |
VAT |
Refund of Input Tax |
Rule 65 |
Refund Adjustment As Per Rule 66 |
VAT |
Refund of Input Tax |
Rule 66 |
Reversal Input Tax Credit on Interstate Sales |
VAT |
Reversal of Input Tax |
Interstate Sales |
Reversal Input Tax Credit on Transfer |
VAT |
Reversal of Input Tax |
Stock Transfer |
Reversal of ITC on Apportionment for Manufacturing of Exempt Goods |
VAT |
Reversal of Input Tax |
Manufacturing of Exempt Goods |
Reversal of ITC on Goods Sold Below Purchase Price |
VAT |
Reversal of Input Tax |
Goods Sold Below Purchase Price |
Reverse Credit - on Exempt Goods |
VAT |
Reversal of Input Tax |
Exempted Goods |
Reverse Credit on Goods Damaged / Lost |
VAT |
Reversal of Input Tax |
Goods Damaged / Lost |
Reverse Credit on Goods Sold Other Than Interstate Sales |
VAT |
Reversal of Input Tax |
Reverse Credit on Goods Sold Other Than Interstate Sales |
Reverse Credit on Goods Unsold As Per Section 16 |
VAT |
Reversal of Input Tax |
Goods Unsold As Per Section 16 |
Reverse Credit on Goods Unsold at the Time of Business Closure |
VAT |
Reversal of Input Tax |
Goods Unsold at the Time of Business Closure |
Reverse Credit on Others |
VAT |
Reversal of Input Tax |
Others |
Reverse Credit - On Switch Over Option |
VAT |
Reversal of Input Tax |
Switch Over |
Reverse Input Tax Credit on Mining and Electricity |
VAT |
Reversal of Input Tax |
Used in Mining and Electricity |
Tax Paid in Excess |
VAT |
Decrease of Output Tax |
Tax Paid in Excess |
Adjustment of ITC Towards Transfer Rights |
VAT |
Increasing Input Tax |
Adjustment of ITC Towards Transfer Rights |
|
VAT |
Decrease of Output Tax |
Advance Tax |
|
VAT |
Input Tax Credit Admitted On Capital Goods |
|
|
VAT |
Reversal of Input Tax |
Capital Goods |
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment.
In the Stat Adjustment Details screen,
o Select Type of duty/tax as VAT.
o Select the required adjustment, for example, Decrease of Input Tax, from the List of Nature of Adjustments. The option Against CST is automatically selected as Additional Details.
o Press Enter to return to the voucher creation screen.
Note: Based on the selection made for Nature of adjustments, the Additional Details option appears.
3. Debit the CST ledger and enter the value in the amount field.
4. Credit the VAT ledger created under Duties & Taxes.
The journal voucher appears as shown below:
5. Press Enter to save.
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