Below is a brief description about the nature of adjustments in Tally.ERP 9 release 5.3, 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 5.3.
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VAT Adjustments - upto Release 4.93 |
Nature of Adjustment (5.3) |
Additional Details (5.3) |
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Adjustment of Excess/short Amount of VAT |
1. Decrease of Input Tax 2. Increasing Input Tax 3. Decrease of Output Tax 4. Increase of Tax Liability |
1. Excess Claimed Earlier 2. Short Claimed Earlier 3. Tax Paid in Excess 4. Short Paid Earlier |
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Adjustment of ITC Towards Transfer Rights |
Increasing Input Tax |
Adjustment of ITC Towards Transfer Rights |
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Adjustment Towards CST |
Decrease Of Input Tax |
Against CST |
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Adjustment Towards Refund Claim |
Refund of Input Tax |
Refund Claim |
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Adjustment Towards Refund Order |
Reducing Tax Liability |
Refund Order |
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Advance Tax Paid |
Payment Type: Advance |
|
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Amount of Tax Deferred |
Decrease Of Output Tax |
Tax Deferred |
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Input Tax Credit Available on Opening Stock |
Increasing Input Tax |
Opening Stock |
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Interest Payable on CST |
Increase of Tax Liability |
Interest Payable Under Section 33 |
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Interest Payable Under Section 33 |
Increase of Tax Liability |
Interest Payable Under Section 33 |
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Late Fees Payable |
Increase of Tax Liability |
Late Fees |
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Others |
Increase of Tax Liability |
Others |
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Penalty Payable Under Section 32 |
Increase of Tax Liability |
Penalty Payable Under Section 32 |
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Purchase Tax Adjustments |
Tax on URD Purchase |
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Reverse Credit - Goods Given As Gift, Free Sample |
Reversal of Input Tax |
Goods Given As Gift, Free Sample |
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Reverse Credit on Exempt Sale |
Reversal of Input Tax |
Sale of exempt goods |
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Reverse Credit on Goods Damaged / Lost |
Reversal of Input Tax |
Goods Damaged / Lost |
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Reverse Credit on Others |
Reversal of Input Tax |
Others |
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Reverse Credit on Stock Transfer |
Reversal of Input Tax |
Stock Transfer |
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Reverse Credit - Transfer of Right to Use Goods, Gifts Or Self Consumptions |
Reversal of Input Tax |
Transfer of Right to Use Goods, Gifts Or Self Consumptions |
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Reverse Tax Credit - Used in Manufacture of Exempted Goods |
Reversal of Input Tax |
Manufacturing of Exempted Goods |
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Sale of Goods Outside the State |
NA |
NA |
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Tax on URD Purchase |
Tax on URD Purchase |
NA |
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Tax Paid in Excess |
Decrease of Output Tax |
Tax Paid in Excess |
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TDS Adjustment |
Reducing Tax Liability |
Adjusting with TDS |