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A new GSTR-2B API is applicable from 14th Nov 2024, which affects auto-reconciliation of GSTR-2B for Oct-24. Stay tuned for our upcoming release, TallyPrime 5.1, which supports this and makes reconciliation even smoother.
https://help.tallysolutions.com/docs/te9rel64/Tax_International/GCC_VAT/appl_of_VAT_on_non-rev_accts.htm

Application of VAT on Non-revenue Accounts

You can calculate tax for non-revenue accounts created under the group Current Assets and Current Liabilities . Further, for non-revenue account ledgers created under the group Investments , Loans & Advances (Assets) , Loans (Liability) , and Misc. Expenses (Assets) .

Non-revenue accounts can be used for recording transactions related to advances, receivables, and payables. They become taxable when used to record a provisional transaction and then adjusted when the transaction is accrued. For example, expenses paid in advance with VAT are then adjusted when the actual payment becomes due. Further, advance received from a customer with tax is adjusted when the actual sales transaction is recorded. When a non-revenue account is used to book a payment or receipt, the voucher value will not affect the turnover for the period.

Enable VAT for non-revenue account ledgers

1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create .

2. In the Ledger Creation screen, click F12: Configure and enable the option Allow GCC VAT for Non-Revenue Accounts?

3. Press Ctrl+A .

4. Enter the name of the ledger.

5. Select the group Current Liabilities or Current Assets in the field Under .

6. Select the option Taxable in the field Taxability . The Tax rate appears automatically.

7. Select Goods or Services in the field Type of supply .

8. 8. Save the ledger.

Record advance premium paid

1. Go to Gateway of Tally > Accounting Vouchers > F6: Payment .

2. Debit the non-revenue account created for advances by configuring VAT details and enter the amount in the Debit column.

3. Debit VAT ledger and enter the tax amount in the Debit column.

4. Credit cash or bank ledger. The amount appears in the Credit column.

5. Save the voucher.

Record journal voucher when expense is accrued

1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal .

2. Debit the expense account and enter the accrued premium value in the Debit column

3. Credit the current assets ledger that was debited for advance payment. The amount appears in the Credit column.

4. Save the voucher.

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