You can record a debit note to capture purchase return of taxable goods. A debit note is a commercial document sent to the seller by a buyer, requesting for credit note, or to adjust for amounts pending with the seller.
To record a debit note for purchase return of taxable goods
1. Go to Gateway of Tally > Accounting Vouchers > Crl+F9.
2. Enter the reference number in the Ref. field.
3. Select the required Party’s A/c Name from the List of Ledger Accounts.
4. Enter the required details in Party Details screen.
5. Select the common purchase ledger.
To create a common purchase ledger
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create.
2. Enter Name of the purchase ledger.
3. Set Is VAT/CST Applicable? to Applicable.
4. Ensure that Set/Alter VAT Details? is set to No.
6. Select the required taxable stock items.
7. Enter the returned Quantity and Rate. The amount is automatically displayed in the Amount field.
8. Select the required common VAT ledger.
The ledger must be grouped under Duties & Taxes in which the options:
o Type of duty/tax is set to VAT.
o Percentage of Calculation (eg 5)? is set to 0.
9. Set the option Provide VAT Details? to Yes. In the Statutory Details screen,
o Select the Nature of Return.
Select the Nature of Return as,
o Not Applicable to account for purchase returns.
o Change in Nature to account for difference in tax amount arising from change in tax rate or nature of transaction.
o Prior Period to account for returns made against purchases of previous return period.
o Press Enter after selecting the Nature of Return.
The debit note appears as shown below:
10. Press Enter to save.
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