You can create common ledgers for sales or purchases without specifying tax details. These can be used to record all types of purchases or sales. You have to specify tax rates in the purchase and sales ledger masters if you need separate ledgers for different tax rates.
On this page:
To create a common purchase ledger
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create .
2. Enter the Name of the purchase ledger.
3. Select Purchase Accounts , in the Under field.
4. Set the option Inventory values are affected? to Yes .
5. Set Is VAT Applicable to Applicable .
6. Set the option Set/Alter VAT Details to No .
The Ledger Creation screen is displayed as shown below:
7. Press Enter to save.
To create a purchase ledger with the nature of transaction, commodity details and tax rate
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create .
2. Enter the Name of the purchase ledger.
3. Select Purchase Accounts , in the Under field.
4. Set the option Inventory values are affected? to Yes .
5. Set Is VAT Applicable? to Applicable .
6. Set the option Set/alter VAT Details? to Yes .
7. Press F12: Configure to view the Configuration screen to enable commodity details .
8. The VAT rate can be specified in either of the following ways:
● Select a user-defined VAT classification in the Classification field.
On selecting a user defined VAT classification, the Ledger Creation screen is displayed.
● Specify VAT details.
o Select the Nature of transaction .
Note: Select Purchase Exempt or Purchase - Zero Rated to choose Exempt or Zero Rated as the Tax type .
o Enter the Commodity name and Commodity code .
o Enter the Tax Rate . The Tax Type automatically appears as Taxable.
The VAT Details screen appears as shown below:
9. Press Enter to save.
10. Press Ctrl+A in Ledger Creation screen to save.
To create a common sales ledger
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create .
2. Enter the Name of the sales ledger.
3. Select Sales Accounts in the Under field.
4. Set Inventory values are affected? to Yes .
5. Set Is VAT Applicable? to Applicable .
6. Set the option Set/Alter VAT Details? to No .
The Ledger Creation screen appears as shown below:
7. Press Enter to save.
To create a sales ledger with the nature of transaction, commodity details and tax rate
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create .
2. Enter the Name of the purchase ledger.
3. Select Sales Accounts , in the Under field.
4. Set the option Inventory values are affected? to Yes .
5. Set Is VAT Applicable? to Applicable .
6. Set the option Set/alter VAT Details? to Yes .
7. Press F12: Configure to open the Configuration screen to enable commodity details .
8. The VAT rate can be specified in either of the following ways:
● Select a user defined VAT classification in the Classification field.
On selecting a user defined VAT classification, the Ledger Creation screen is displayed.
● Specify VAT details
o Select the Nature of transaction .
Note: Select Sales Exempt or Sales - Zero Rated to choose Exempt or Zero Rated as the Tax type .
o Enter the Commodity name and Commodity code .
o Enter the Tax Rate . The Tax Type automatically appears as Taxable.
The VAT Details screen appears as shown below:
9. Press Enter to save.
10. Press Ctrl+A in Ledger Creation screen to save.
