Works contract purchase transaction can be recorded using:
● Predefined nature of works contract
Or
● User defined nature of works contract
To record a works contract transaction with predefined nature of works contract
1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
2. Select party ledger in the field Party's A/c Name.
3. Select purchase ledger with Purchase - Works Contract as the Classification / Nature.
Note: If common ledger is being used, click F12: Configure in the invoice and set the option Allow Modification of Tax Details for VAT? to Yes. Select Purchase - Works Contract in the VAT Classification Details screen displayed on selecting the common purchase ledger.
4. Select stock item and enter the Quantity and Rate.
5. Select Nature of Contract from the predefined List of Nature of Works Contract.
6. Enter amount for Deductions, as required.
7. Define Assessable Value for VAT rate and amount. The completed Works Contract Details screen appears as shown below:
8. Press Enter to save and return to the Accounting Voucher Creation screen.
9. Select the VAT ledger.
10. Click A: Tax Analysis to view the Tax Analysis screen.
o Click F1: Detailed to view the stock items. The Tax Analysis screen appears as shown below:
o Press Esc to return to the Accounting Voucher Creation screen.
11. The purchase invoice appears as shown below:
12. Press Enter to save the invoice.
To record a works contract transaction with user defined nature of works contract
1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
2. Select party ledger in field Party's A/c Name.
3. Select sales ledger with Purchase - Works Contract as the Classification / Nature.
Note: If common ledger is being used, click F12: Configure in the invoice and set the option Allow Modification of Tax Details for VAT? to Yes. Select Purchase - Works Contract in the VAT Classification Details screen displayed on selecting the common purchase ledger.
4. Select stock item and enter the Quantity and Rate.
5. Select New Nature of Works Contract from the List of Nature of Works Contract, as shown below:
6. Enter name for the New Nature of Works Contract.
7. Enter rate and amount for Deduction for Labour Charges.
8. Define Rate of VAT and Assessable Value, as required. The completed Works Contract Details screen appears as shown below:
9. Press Enter to save and return to the Accounting Voucher Creation screen.
10. Select the VAT ledger.
11. Click A: Tax Analysis to display the Tax Analysis screen.
o Click F1: Detailed to view the stock items. The Tax Analysis screen appears as shown below:
o Press Esc to return to the Accounting Voucher Creation screen.
12. The purchase invoice appears as shown below:
13. Press Enter to save the invoice.