Type search words and press enter

Purchases - Imports Taxable (Kenya)

You can record a imports taxable purchase by selecting Imports Taxable as the Nature of transaction.

To record a purchase - imports taxable

1.    Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.

2.    Enter Supplier Invoice No. and Date.

3.    Select the Party's A/c Name.

4.    Select the purchase ledger with Imports Taxable as the Nature of transaction.

Note: If purchase common ledger is being used:

1. Click F12: Configure in the invoice and set the option Allow modification of Tax Details for VAT? to Yes.

2. Select Imports Taxable in the VAT Classification Details screen displayed on selecting the common purchase ledger.

5.    Select the stock item imported, enter the Quantity and Rate (in foreign currency).

o     Enter the Rate of Exchange in the Forex Rate of Exchange screen. The amount is automatically displayed in the Amount field.

o     Press Enter.

6.    Select the common VAT ledger.

7.    Click A: Tax Analysis button to display the Tax Analysis screen.

o     Click F1: Detailed button to view the name of stock item. The Tax Analysis screen appears as shown below:

o     Pres Esc to return to purchase invoice screen.

8.    Enter Custom Entry No..

The purchase invoice appears as shown below:

9.    Press Enter to save.