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Opening Balance of Purchase Tax (VAT)

You can create a journal voucher to account for the opening balance of purchase tax for Karnataka VAT.

  1. Gateway of Tally > Vouchers > press F7 (Journal).
    Alternatively, press Alt+G (Go To) > Create Voucher > press F7 (Journal).
  2. Press Alt+J (Stat Adjustment) , select the options as given below:
    • In the Stat Adjustment Details screen, select Type of duty/taxVAT.
    • Select the Nature of Adjustment – Opening Balance of Purchase Tax.
    • Press Enter to save and return to the voucher screen.
  3. Debit the VAT ledger.
    • Enter the Rate and Assessable Value in the VAT Details screen.
    • Press Enter to return to voucher screen.
  4. Credit the ledger grouped under Current Assets.
    As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger > press Enter.
  5. Enter Narration, if required. The journal voucher appears as shown below:
  6. Accept the screen. As always, you can press Ctrl+A to save.
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