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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