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 Original Invoice No. of sales invoice against which credit note is recorded.
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 sales ledger.
6. Select the required taxable stock item.
7. Enter the Quantity and Rate.
8. Select the required 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 is set to 0.
9. Set the option Provide VAT Details? to Yes.
10. Select the Nature of Return as:
o Not Applicable to account for sales returns.
o De-Escalation in Price to account of price difference.
11. Select the required Nature of Return and press Enter. The credit note appears as shown below:
12. Press Enter to save.
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