Sometimes after purchase of goods there are chances that some of the purchased goods are damaged or there is a shortage in the quantity of goods delivered. However, during the purchase the importer has already incurred a tax. Similarly during sales too such instances occur. In these cases, the incurred tax should be reversed. This can be recorded in TallyPrime using a journal and such an entry is called adjustment entry.
To record a journal voucher to account for loss or damage of goods
- Gateway of Tally > Vouchers > press F7 (Journal).
Alternatively, press Alt+G (Go To) > Create Voucher > press F7 (Journal).
- Press Alt+J (Stat Adjustment).
- Select the options as shown below.
- Debit the expense ledger (grouped under Direct Expenses, Is Excise Applicable is set to Not Applicable).
- Enter the amount.
- Credit the purchase ledger to reverse the purchase cost.
- Press Enter to view Inventory Allocations screen.
- In the Inventory Allocations screen, select the name of the item.
- Press Enter to view the Supplier Details. To provide supplier details
- Select the purchase bill against which the goods are lost or wasted.
- Enter the quantity of item which is lost or destroyed in Quantity Utilised column.
- Press Enter to save.
- Provide the details.
- Enter details in Stock Item Allocations screen.
- Select the Godown.
- Enter the Quantity of goods lost/wasted.
- Enter the Rate at which the goods was purchased. Amount will be calculated and displayed automatically.
- Press Enter. The item details are displayed in Inventory Allocations screen.
- Press Ctrl+A to save.