https://help.tallysolutions.com/docs/te9rel60/Tax_India/VAT/Puducherry/PY_Pur_Sale_Ldgr.htm

Creating Purchase and Sales Ledgers (Puducherry)

On this page:

Purchase Ledger

Sales Ledger

If a common ledger has to be used for all types of purchases or sales, it can be created without specifying the tax details. If separate rate ledgers have to be created for different tax rates, it can be done by defining the tax rates in the respective purchase and sales ledger masters.

Purchase Ledger

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.    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 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/CST Applicable? to Applicable.

6.    Set the option Set/alter VAT Details? to Yes.

7.    Click F12: Configure.

o     Set the option Provide commodity details? to Yes.

o     Press Ctrl+A to return to the VAT Details screen.

8.    The VAT rate can be specified in either one of the following ways:

     Select a user defined VAT classification in the Classification field. On selecting a user defined VAT classification, the Ledger Creation screen is displayed.

     Specify VAT details

o     Press Enter in the Classification field.

o     Select the Nature of transaction.

o     Enter the Commodity name and Commodity code.

o     Enter the Tax rate. If the Tax rate entered is above 0, the Tax type automatically appears as Taxable.  If it is set as 0, Exempt or Tax Free appears as Tax type.

The VAT Details screen appears as shown below:

9.    Press Enter to accept.

10.  Press Ctrl+A to save.

Sales Ledger

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.    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 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.    Click F12: Configure:

o     Set the option Provide commodity details? to Yes.

o     Press Enter to return to the VAT Details screen.

8.    The VAT rate can be specified in either one of the following ways:

     Select a user defined VAT classification in the Classification field. On selecting a user defined VAT classification, the Ledger Creation screen is displayed.

     Specify VAT details

o     Press Enter in the Classification field.

o     Select the Nature of transaction.

o     Enter the Commodity name and Commodity code.

o     Enter the Tax rate. If the Tax Rate entered is above 0, the Tax type automatically appears as Taxable. Enter 0 as the Tax rate, to select the Exempt or Tax Free as the Tax type.

The VAT Details screen appears as shown below:

9.    Press Enter to save and return to the Ledger Creation screen.

10.  Press Ctrl+A to save.

Selection of Entity Type in Sales Ledger

To select the entity type

1.    Go to Gateway of Tally > Accounts Info. > Ledgers > Create.

2.    Enter the Name of the ledger.

3.    Select any of the following groups, 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?.

6.    Select the option Undefined in Classification field of VAT Details screen.

7.    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

8.    Select the appropriate Party Entity/Org. Type. This option appears only on selecting the Nature of transactions listed in step 7.

9.    Enter the commodity and tax details.

10.  Press Enter to save the VAT Details screen.

11.  Press Ctrl+A to save.