You can create separate purchase and sale ledgers with different tax rates. For the VAT details, you can specify ย the transaction info, commodity details and the tax rates for each of the ledgers.
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. Disable Set/Alter VAT Details .
7. Press Enter to save.
To create a ledger defined with Nature of Transaction and tax rate
1. Follow the first five steps provided for creating common purchase ledger.
2. Enable the option Set/alter VAT Details .
3. Set the Classification option in VAT Details screen to:
o Undefined if unique tax rate and commodity details have to be defined.
4. 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 .
5. Select the Nature of transaction .
6. Enter the Commodity Name .
7. Enter the Tax Rate .
8. Select the required Schedule .
The VAT Details screen appears as shown below:
9. Press Enter to save the VAT Details screen.
10. Press Enter to save.
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 .
o Set Is VAT/CST Applicable to Applicable .
o Disable Set/Alter VAT Details .
The Ledger Creation screen appears as shown below:
5. Press Enter to save.
To create a ledger defined with Nature of Transaction and tax rate
1. Follow the first five steps provided for creating common sales ledger.
2. Enable the option Set/alter VAT Details .
3. Set the Classification option in VAT Details screen to:
4. Undefined if unique tax rate and commodity details have to be defined.
5. 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 .
6. Select the Nature of transaction .
7. Enter the Commodity Name .
8. Select the required Schedule .
The VAT Details screen appears as shown below:
9. Press Enter to save the VAT Details screen.
10. Press Enter to save.
โ Selecting Nature of Goods and Providing Commodity Details
To define commodity details and select nature of goods
1. Click F12: Configure of VAT Details screen
2. Set the options Enable commodity details and Enable schedule details to Yes and save the configuration.
โ Selecting Nature of Goods and Providing Commodity Details
To define commodity details and select nature of goods
1. Click F12: Configure of VAT Details screen
2. Set the options Enable commodity details and Enable schedule details to Yes and save the configuration.
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