Record purchase returns in debit notes for taxable goods. Specify the VAT rate in Company Details screen.
To record a debit note for purchase return of taxable goods
1. Go to Gateway of Tally > Accounting Vouchers > Ctrl+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.
10. Select the Nature of Return.
Select the Nature of Return as,
o Not Applicable to account for purchase returns.
o Cash/Trade Discount if the price at which purchase transaction was recorded is reduced. The Statutory Details screen appears as shown below:
o Press Enter after selecting the Nature of Return, and recording other details from purchase transaction.
The debit note appears as shown below:
11. Press Enter to save.
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