A common purchase/sales ledger for all types of purchases/sales without defining tax details in the purchase or sales ledger master. Separate ledgers to define different tax rates in the purchase and sales ledger masters.
On this page:
You can create:
● A common purchase/sales ledger for all types of purchases/sales without defining tax details in the purchase or sales ledger master.
● Separate ledgers to define different tax rates in the purchase and sales ledger masters.
To create a common purchase ledger
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create .
2. Enter the Name of the purchase ledger.
3. Select Purchase Accounts in the Under field.
4. Set the option Inventory values are affected? to Yes .
5. Set Is VAT/CST Applicable? to Applicable .
6. Press Enter to skip the field Set/Alter VAT Details? .
The Ledger Creation screen is displayed as shown below:
7. Press Enter to save.
To create a ledger defined with Nature of Transaction and tax rate
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create .
2. Enter the Name of the purchase ledger.
3. Select Purchase Accounts in the Under field.
4. Set the option Inventory values are affected? to Yes .
5. Set Is VAT/CST Applicable? to Applicable .
6. Enable the option Set/alter VAT Details?
7. Click F12: Configure to enable additional details.
In the configuration screen, enable the following options, if required:
● Set type of goods?
● Provide nature of goods?
● Provide commodity details?
● Provide schedule details?
8. Set the Classification option in VAT Details screen to:
o Undefined if unique tax rate and commodity details have to be defined.
o Any of the user-defined Classification . Once it is applied, rest of the options disappear and cursor returns to Ledger Creation screen. Click here to view the detailed procedure of creating VAT Classifications .
9. Select the Nature of Transaction .
10. Specify the Commodity name , Commodity code , and Reporting UoM in the Other Info section.
11. Enter the Tax rate , and Tax type .
The VAT Details screen appears as shown below:
12. Press Ctrl+A to accept.
To create a common sales ledger
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create .
2. Enter the Name of the sales ledger.
3. Select Sales Accounts in the Under field.
4. Set Inventory values are affected? to Yes .
5. Set Is VAT/CST Applicable? to Applicable .
6. Press Enter to skip the field Set/Alter VAT Details? The Ledger Creation screen appears as shown below:
7. Press Enter to save.
To create a ledger defined with nature of transaction, commodity details, and tax rate
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create .
2. Enter the Name of the sales ledger.
3. Select Sales Accounts in the Under field.
4. Set Inventory values are affected to Yes .
5. Set Is VAT/CST Applicable to Applicable ..
6. Enable the option Set/Alter VAT Details? .
7. Select the required Classification in VAT Details screen.
In the VAT Details screen,
1. Set the Classification to:
o Undefined if unique tax rate and commodity details have to be defined.
o Any of the user-defined Classification . Once it is applied, rest of the options will disappear and cursor returns to Ledger Creation screen. Click here to view the detailed procedure of creating VAT Classifications .
2. Select the Nature of transaction .
3. Select the Commodity name .
4. Enter the Commodity code and tax rate . The VAT Details screen appears as shown below:
5. Press Enter to save, and return to Ledger Creation screen.
8. Press Ctrl+A to accept.
To select the entity type
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create .
2. Enter the Name of the ledger.
3. Select any of the following groups, in the Under field:
o Sales Accounts
o Purchase Accounts
o Direct Expenses
o Indirect Expenses
o Direct Incomes
o Indirect Incomes
o Fixed Assets
4. Set the option Is VAT/CST Applicable? to Applicable .
5. Enable the option Set/Alter VAT Details? .
In the VAT Details screen,
1. Set the Classification option in VAT Details screen to Undefined .
2. Set the Nature of transaction to any of the following depending on the account group selected in step 3:
o Purchase - Zero Rated
o Interstate Purchase - Zero Rated
o Sales Zero Rated
o Interstate Sales - Zero Rated
Note: The option Party Entity/Org. Type appears on selecting any of the above mentioned nature of transactions.
3. Select the appropriate Party Entity/Org. Type .
The VAT Details screen appears as shown below:
4. Enter the commodity and tax details.
5. Press Ctrl+A to accept the VAT Details screen.
6. Press Ctrl+A to accept.
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