Below is a brief description about the nature of adjustments in Tally.ERP 9 release 5.2, 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 5.2.
|
VAT Adjustments - upto Release 4.93 |
Type of Duty/Tax (From 5.0) |
Nature of Adjustment (From 5.2) |
Additional Details (From 5.2) |
|
Adjustment Towards CST |
VAT and CST |
Decrease Of Input Tax |
Against CST |
|
Adjustment Towards Refund Claim |
VAT |
Refund of Input Tax |
|
|
Change in Use of Goods, for Purchase Other Than for Which Credit Allowed |
VAT |
Decrease Of Input Tax Increase of Output Tax |
Change in Use of Goods, for Purchase Other Than for Which Credit Allowed |
|
Goods Lost, Stolen Or Destroyed, Used As Gift, Sample |
VAT |
Reversal of Input Tax |
Goods Lost, Stolen Or Destroyed, Used As Gift, Sample |
|
Input Tax Credit Admitted On Capital Goods |
VAT |
Input Tax Credit Admitted On Capital Goods |
|
|
Interest Payable |
VAT |
Increase of Tax Liability |
Interest |
|
Other Adjustments (Sales) |
VAT |
Increase of Output Tax/Decrease of Output Tax |
Other Adjustments |
|
Other Adjustments (Purchase) |
VAT |
Increasing Input Tax/Decrease of Input Tax |
Other Adjustments |
|
Penalty Due |
VAT |
Increase of Tax Liability |
Penalty |
|
Tax Adjustment Towards Other Dealers' Dues |
VAT |
Reversal Of Input Tax |
Tax Adjustment Towards Other Dealer's Dues |
|
Tax Adjustment Towards Transfer of Right to Use |
VAT |
Increasing Input Tax |
Tax Adjustment Towards Transfer of Right to Use |
|
Tax Credit Disallowed in Respect of Branch/Consignment Transfer |
VAT |
Reversal of Input Tax |
Tax Credit Disallowed in Respect of Branch/Consignment Transfer |
|
Tax Credit for Goods Held on the Date of Withdrawal From Composition Scheme |
VAT |
Increasing Input Tax |
Switch Over |
|
Tax Credit for Purchase of Second-Hand Goods |
VAT |
Increasing Input Tax |
Tax Credit for Purchase of Second-Hand Goods |
|
Tax Credit for Trading Stock and Raw Materials Held at the Time of Registration |
VAT |
Increasing Input Tax |
Opening Stock |
|
Tax on URD Purchase |
VAT |
Tax on URD Purchase |
|
|
Tax on URD Purchase |
VAT |
Decrease of Output Tax |
Tax on URD Purchase |
|
Tax Payable on Goods Held on the Date of Cancellation of Registration |
VAT |
Increase of Tax Liability |
Tax Payable on Goods Held on the Date of Cancellation of Registration |
|
TDS Adjustment |
VAT |
Decrease of Output Tax |
TDS Adjustment |
|
Tax on URD Purchase |
VAT |
Input Tax Adjustment for Purchases From URDs |
|
|
|
CST |
Increase of Tax Liability |
Penalty |
|
|
CST |
Increase of Tax Liability |
Interest |
|
|
CST |
Increase of Tax Liability |
Others |
|
|
CST |
Reducing Tax Liability |
Advance Tax |
|
|
CST |
Reducing Tax Liability |
Refund |
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal .
2. Click J : Stat Adjustment , to view the Stat Adjustment Details screen.
o Select VAT as Type of duty/tax .
o Select the required adjustment, for example, Reversal of Input Tax , from the List of Nature of Adjustments .
o Select the required Nature of Adjustments in Additional Details field.
Note: Based on the Nature of adjustments selected, the Additional Details option will appear or disappear.
3. Debit the purchases ledger grouped under Purchase Accounts , and enter the value in the Debit column.
4. Credit the VAT ledger.
o Enter the VAT Details as shown below:
o Press Enter .
The journal voucher appears as shown below:
5. Press Enter to save.