A journal voucher is recorded to adjust the advance tax paid. The flag Reducing Tax Liability is selected to make this adjustement.
To record journal voucher for adjustment towards advance tax paid
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment to enable the required options in the Stat Adjustment Details screen.
3. Debit the tax ledger created under the group Duties and Taxes.
o Enter the Rate and Assessable Value in the VAT Details screen.
o Press Enter to return to voucher.
4. Credit the ledger grouped under Current Assets, and enter the value.
The journal voucher appears as shown below:
5. Press Enter to save.