A credit note is recorded against the original sales invoice to record a Sales Return
To create a credit note for taxable goods
1. Go to Gateway of Tally > Accounting Vouchers > Crl+F8: Credit Note.
2. Enter the reference number in the Ref. field.
3. Select the customer ledger in Party’s A/c Name field.
4. Enter the required details in Party Details screen.
5. Select the common sales ledger in Sales Ledger field.
6. Select the returned taxable stock item.
7. Enter the Quantity and Rate.
8. Select the common VAT ledger.
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.
o Select the Nature of Return as:
Not Applicable to account for sales returns.
Cancelled if the entire sales transaction is to be cancelled.
Change in Consideration to account for price difference.
Change in Nature to account for change in nature of sale. The Statutory Details screen appears as shown below:
o Press Enter after selecting the required Nature of Return.
The credit note appears as shown below:
10. Press Enter to save.
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