Currently, all the service Consideration receipts or payments are accounted in Receipts and Payments Voucher.
The re-modelled service Tax provides you the facility to account service consideration receipts and payments through Journal Voucher. To account service consideration - Service Consideration Adjustments flag has been provided in Journal Voucher.
Tally.ERP 9 also allows the user to record service consideration transactions for Advance receipt.
Example: On 25-4-2010 ABC Company received payment of Rs. 70,000 from CreativeIn Ad Agency towards the Tax bill -Sale/7-2 dated 21-4-2010 (bill No. ABC/682 dated 21-4-2010)
To account Service consideration Receipts through Journal, create the Voucher Class in Journal Voucher. To create voucher class refer - Create the Voucher Class in Journal Voucher
To record the Journal voucher
Go to Gateway of Tally > Accounting Vouchers > F7: Journal
Setup:
In F12: Journal Configuration, set the option Allow Cash Accounts in Journals to Yes
In Change Voucher Type screen, in Class filed select Service Tax Adjustments
Press F2 and change the date to 25-04-2010
In Used for field select the flag - Service Consideration Adjustments
In Debit field select Canara Bank ledger
In Debit amount field enter Rs 70,000
In Credit field select CreativeIn Ad Agency and press enter to view Service Tax Details screen
In Service Tax Details screen
In Type of Ref field select Agst Ref
In Name field select tax bill Sale/7-2 dated 21-4-2010 from Pending Tax Bills
On selecting the Tax bill Type of Service, Category, Amount (Incl. of tax) and Service Amount details will be defaulted.
In Bill-wise Details screen
In Type of Ref select Agst Ref
Note: To record an advance receipt for Service Consideration Adjustments, select Advance in the Type of Ref. field.
In Name field select ABC/682 dated 21-4-2010 from the pending Bills list to adjust towards receipts
Amount will be defaulted automatically to Rs. 70,000.
The completed Journal voucher is displayed as shown
Press enter to accept and save.