Purchase Invoice with MRP (Karnataka)

You can create invoices for purchase of goods for the following scenarios:

Tax Exclusive of Item Rate and MRP

Tax Inclusive of Item Rate and MRP

Tax Inclusive of Item Rate and exclusive of MRP

Tax Exclusive of Item Rate and Inclusive of MRP

Tax Exclusive of Item Rate and MRP

To create an invoice for purchase of goods with tax exclusive of item rate and MRP

1.     Go to Gateway of Tally > Accounting Vouchers > F9: Purchases

2.     Click F12: Configure and disable the option Use common ledger A/c for item allocation.

3.     Enter Supplier Invoice No and Date.

4.     Select the Party’s A/c Name from the List of Ledger Accounts. Enter the required details on Party Details screen.

5.     Select the stock item which is predefined with the settings as tabulated below:

Note: To enable MRP for stock items:

Press F12:Configure in Stock Item Creation screen

Enable the option Allow MRP/Marginal for stock items.

6.     Enter the Quantity and Rate.

To enter accounting details

1.     Select the required purchase ledger and its nature of classification.

2.     Press Enter to save.

3.     Enter MRP/Marginal if it was not entered in the item master.

4.     Select the VAT ledger and the VAT amount will be calculated automatically on the MRP value.

Note: Since the option, Calculate VAT on MRP is enabled in item master, VAT amount will be calculated on MRP value.

5.     Set Provide VAT Details to Yes/No as per requirement. If Provide Statutory Details is enabled, enter the required details including Invoice Number, Date of purchase transaction and e-Sugam Details details.

6.     Press Enter to save.

Tax Inclusive of Item Rate and MRP

To create an invoice for purchase of goods with tax inclusive of item rate and MRP

1.     Go to Gateway of Tally > Accounting Vouchers > F9: Purchases

2.     Click F12: Configure and disable the option Use Common Ledger Account for Item Allocation

3.     Enter Supplier Invoice No and Date

4.     Select the Party’s A/c Name from the List of Ledger Accounts. Enter the required details on Party Details screen

5.     Select the stock item which is predefined with the settings as tabulated below:  

6.     Enter the Quantity and Rate

To enter accounting details

1.     Select the required purchase ledger and its nature of classification. Press Enter to save.

Note: The assessable value will be calculated as [(100/100+VAT Rate) * item value. For example, if VAT rate is 14.5%, then the formula for calculation would be = 100/114.5 * item value.

2.     Enter MRP/Marginal if it was not entered in the item master

3.     Select VAT ledger and the VAT amount will be calculated automatically on the MRP value

Note: Since the option, Calculate VAT on MRP is enabled in item master, VAT amount will be inclusive of MRP, i.e. 100/100+VAT rate * MRP value.  For example, if the VAT rate is 14.5%, the formula for calculation would be, 100/114.5 * MRP value.

4.     Set Provide VAT Details to Yes/No as per requirement. If Provide Statutory Details is enabled, enter the required details including Invoice Number, Date of purchase transaction and e-Sugam Details details.

5.     Press Enter to save

Tax Inclusive of Item Rate and Exclusive of MRP

To create an invoice for purchase of goods with tax inclusive of item rate but exclusive of MRP

1.     Go to Gateway of Tally > Accounting Vouchers > F9: Purchases

2.     Click F12: Configure and disable the option Use Common Ledger Account for Item Allocation

3.     Enter Supplier Invoice No and Date

4.     Select the Party’s A/c Name from the List of Ledger Accounts. Enter the required details on Party Details screen

5.     Select the stock item which is predefined with the settings as tabulated below:

6.     Enter the Quantity and Rate

To enter accounting details

1.     Select the required purchase ledger and its nature of classification. Press Enter to save.

Note: The assessable value will be calculated as [(100/100+VAT Rate) * item value. For example, if VAT rate is 14.5%, then the formula for calculation would be = 100/114.5 * item value.

2.     Enter MRP/Marginal if it was not entered in the item master.

3.     Select VAT ledger and the VAT amount will be calculated automatically on the MRP value.

4.     Set Provide VAT Details to Yes/No as per requirement. If Provide Statutory Details is enabled, enter the required details including Invoice Number, Date of purchase transaction and e-Sugam Details details.

5.     Press Enter to save.

Tax Exclusive of Item Rate and Inclusive of MRP

To create an invoice for purchase of goods with tax exclusive of item rate but inclusive of MRP

1.     Go to Gateway of Tally > Accounting Vouchers > F9: Purchases

2.     Click F12: Configure and disable the option Use Common Ledger Account for Item Allocation.

3.     Enter Supplier Invoice No and Date.

4.     Select the Party’s A/c Name from the List of Ledger Accounts. Enter the required details on Party Details screen.

5.     Select the stock item which is predefined with the settings as tabulated below:

6.     Enter the Quantity and Rate.

To enter accounting details

1.     Select the required purchase ledger and its nature of classification. Press Enter to save.

2.     Enter MRP/Marginal if it was not entered in the item master.

3.     Select VAT ledger and the VAT amount will be calculated automatically on the MRP value.

Note: VAT calculation will be inclusive of MRP. The VAT amount will be calculated as [(100/100+VAT Rate) * MRP value. For example, if VAT rate is 14.5%, then the formula for calculation would be = 100/114.5 * MRP value.

4.     Set Provide VAT Details to Yes/No as per requirement. If Provide Statutory Details is enabled, enter the required details including Invoice Number, Date of purchase transaction and e-Sugam Details details.

5.     Press Enter to save.