Below is a brief description about the nature of adjustments in Tally.ERP 9 release 5.1, and how each adjustment corresponds to the adjustment flags available in previous releases. Journal vouchers for accounting adjustments can be recorded using the various nature of adjustments provided in 5.1.
|
VAT Adjustments - upto Release 4.93 |
Nature of Adjustment (From 5.1) |
Additional Details (From 5.1) |
|
Adjustment in Input Tax on Account of Branch Transfer |
Decrease of CST |
Stock Transfer |
|
Adjustment of Output VAT Against Notional ITC |
Decrease Of Input Tax |
Adjustment of Output VAT Against Notional ITC |
|
Adjustment Towards CST |
Decrease of Output Tax |
Against CST |
|
Adjustment Towards Refund Claim |
Increase of Output Tax |
--- |
|
Apportionment of Input Tax for Tax Free Goods |
Increase of Tax Liability |
Apportionment of Input Tax for Tax Free Goods |
|
Apportionment of ITC for Branch Transfer |
Increasing Input Tax |
Apportionment of ITC for Branch Transfer |
|
Apportionment of Notional ITC for Manufacturing Tax Free Goods |
Input Tax Credit Admitted On Capital Goods |
Apportionment of Notional ITC for Manufacturing Tax Free Goods |
|
Cash Discount on Sales |
Decrease Of Output Tax |
Cash Discount on Sales |
|
Installment of Input Tax on Stock Held on Appointed Day |
Increasing Input Tax |
Installment of Input Tax on Stock Held on Appointed Day |
|
Interest for Sales by Hire Purchase Or Installment Purchase |
Increase of Tax Liability |
Sales by Hire Purchase Or Installment Purchase |
|
Other Adjustments (Purchase) |
Reversal of Input Tax |
Other Purchase Adjustment |
|
Other Adjustments (Sales) |
Decrease Of Output Tax |
--- |
|
Purchase Cash Discount |
Reversal of Input Tax |
Cash Discount on Purchase |
|
Purchase Trade Discount |
Reversal of Input Tax |
Trade Discount |
|
Reversal of ITC |
Reversal of Input Tax |
Not Applicable |
|
Reversal of Notional ITC on Account of Sales |
Reversal of Notional Input Tax |
On Account of Sales |
|
Reversal of Notional ITC on Branch Transfer and Consignment |
Reversal of Notional Input Tax |
On Branch Transfer and Consignment |
|
Reversal of Notional ITC on Purchase Return |
Reversal of Notional Input Tax |
On Purchase Return |
|
Reversal of Tax in Sales |
Increase Of Output Tax |
--- |
|
Tax on Schedule H Items |
Increase of Tax Liability |
Schedule H Items |
|
Tax on URD Purchase |
Tax on URD Purchase |
--- |
|
TDS Adjustment |
Decrease Of Output Tax |
TDS Adjustments |
|
TDS on Works Contract |
Decrease Of Output Tax |
TDS on Works Contract |
|
Trade Discount on Sales |
Increase Of Output Tax |
Trade Discount |