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Account for Increase in Price of Goods/Services After Sales

The price of goods may increase after you have made a sales deal with the buyer. Price hikes might happen due to changes in government tax rates, market price fluctuations, or incorrect pricing or tax rates used earlier.

In TallyPrime, you can record such post‑sale price increases using a debit note, to collect the additional amount from the buyer. This may also affect GST, as the assessable value of the sale changes.

1. Create a debit note in the Item Invoice mode.
   1. Press Alt+G (Go To) > Create Voucher > press F10 (Other Vouchers) > Debit Note.
   2. Press Ctrl+H (Change Mode) > select Item Invoice.
2. Specify the buyer details.
   1. Party A/c name: Select the initial recipient of the goods and press Enter.
   2. Dispatch Details: Under Original Invoice Details, update the Original Invoice No. and Date of the original sales transaction against which you are recording the price hike and press Enter.
      
   3. Party Details: Update the original buyer details.
3. In the Ledger account, select the sales ledger.
4. Enter the stock item details.
   1. Name of Item: Select the stock item that you have sold initially.
   2. Do not specify Quantity and Rate.
   3. In the Amount column, enter the balance amount after the price hike.
5. Select the applicable tax ledgers: CGST & SGST for local; IGST for interstate.
6. Enable Provide GST details, and select the reason for issuing the debit note.
   
7. Press Ctrl+A to accept the Additional Details : Local Sales – Taxable screen.
   
8. Press Ctrl+A to save the debit note.

You can view the debit note under GSTR-1 > Credit or Debit Notes section depending on whether the party is registered or unregistered.