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Configure Statutory Details in Masters

The master experience has been enhanced such that you can configure statutory details and get started with  the transactions within no time.

Configuration-based behaviour

It is now possible to create a tax ledger under current assets or current liabilities, and the ledger can now exhibit the properties of a ledger grouped under duties and taxes


To modify the ledger behaviour

  1. Click F12: Configure in the Ledger Creation/Alteration screen.
  2. Enable Select type of Duties or Taxes.
  3. Enable Set Ledgers to Behave as Duties and Ledgers.
  4. Press Ctrl+A.
  5. In the Ledger Creation/Alter screen, select the Type of Duty/ Tax.
  6. Select the required tax information, depending on the type of duty selected.

Similarly, you can create a party ledger under loans and liabilities.

The change in behaviour will reflect for tax calculation, but doesn’t have an effect on the reports.

Appropriation of ledgers

You can now appropriate the ledger to the cost of the item

from the ledger master screen, instead of the group.

To appropriate a ledger

1.Select the required Duty/ Tax Type in the field Include in Assessable Calculation for.

2.Select the Method of Calculation.

MRP Details

You can configure tax based on MRP

from the ledger master.

To enable MRP based tax calculation

1.Set the option Enable Tax based on MRP to Yes.

2.Enter the MRP rate in the VAT/ Excise details screen.

Default accounting entries

For any voucher type, you can now define default accounting entries

. This will populate information for the specified ledger, every time a transaction is recorded using this voucher type.

To set default accounting entries

1.Set Enable Default Accounting Entries to Yes in the required voucher type creation/ alteration screen.

2.Enable the option Set/ Alter Default Accounting Entries.

3.Select the Ledger, required and define the percentage of allocation.

4.Press Ctrl+A.

For any voucher type, now you can define default accounting entries. This will populate the ledgers by default, every time a transaction is recorded using this voucher type.

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