When you record a payment or a receipt voucher for expenses or revenue that also involves VAT, it is important to capture the details of the party to whom or from whom the amount is received or paid. Without the details of the party, any transaction involving VAT will not be included in the returns.
You can record party details in payment or receipt voucher by enabling the option Show Party Details? It is very useful when you are into the practice of not recording sales and purchase transactions but only payment and receipt vouchers.
Enable the party details option in receipt voucher
1. Go to Gateway of Tally > Accounting Vouchers > F6: Receipt .
2. Click F12: Configure .
3. Enable the option Show Party Details?
4. Press Ctrl+A to accept.
Enable the party details option in payment voucher
1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment .
2. Click F12: Configure and then click F12: Advance .
3. Enable the option Show Party Details?
4. Press Ctrl+A to accept.
Record party details in payment voucher
1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment .
2. Debit the expense ledger created by selecting taxable in the Taxability field, and enter the amount in the Debit column.
3. Debit VAT ledger and enter the tax amount.
4. Credit cash or bank ledger. The Party Details screen appears.
5. Enter the party Name , Address , and Country .
6. Select the VAT Registration Type and enter the party TIN or TRN .
7. Press Enter .
8. Accept the credit amount.
9. Save the voucher.
Record party details in receipt voucher
1. Go to Gateway of Tally > Accounting Vouchers > F6: Receipt .
2. Credit sales or income ledger created by selecting taxable in the Taxability field, and enter the amount in the Credit column.
3. Credit the VAT ledger and enter the amount.
4. Debit cash or bank ledger. The Party Details screen appears.
5. Enter the party Name , Address , and Country .
6. Select the VAT Registration Type and enter the party TIN or TRN .
7. Accept the Debit amount.
8. Save the voucher.
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