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This ebook helps to learn tally for beginners.
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TALLY ebook for
Beginner
Developed by:
Ram Krishna Prasad BCA from IGNOU, New Delhi
Email: [email protected]
&
Deepak Prasad B.Com from IGNOU, New Delhi
Email: [email protected]
Lesson 1
Ledgers & Group All financial entries are made using ledger account heads. Every transactions of
the same nature are classified under one group.
A group is a collection of ledgers which have similar transaction.
Accounting Voucher Contra Voucher (F4)
Payment Voucher (F5)
Receipt Voucher (F6)
Journal Voucher (F7)
Sales Voucher (F8)
List of Function Key
S. NO. KEY FUNCTIONALITY AVAILABILITY 1. F2 To change the data. At almost all screen in Tally.
2. F4 To select the contra voucher. At accounting voucher creation and
alteration screen.
To view the list of group. At the trial balance, cash/bank
summary, group summary and group
voucher screen.
To view the list of ledger. At the ledger voucher screen.
To change voucher type. At the journal register and daybook
screen.
3. F5 To select the payment voucher. At accounting voucher creation and
alteration screen.
To switch between grouped and ledger-wise
display.
At the trial balance, cash/bank summary
and group summary screen.
4. F6 To select the receipt voucher. At accounting voucher creation and
alteration screen.
5. F7 To select the journal voucher. At accounting creation and alteration
screen.
To view the monthly summary. At the ledger voucher screen.
To switch between group summary and group
voucher.
At the group summary and group
voucher screen.
6. F10 Navigate between accounting reports. At the reports screen, Trial balance,
account book and day book screen.
7. F11 To select the features screen. At almost all screen in Tally.
8. F12 To select the configure screen. At almost all screen in Tally.
SPECIAL FUNCTION KEY COMBINATION.
KEY COMBINATION USED FOR NAVIGATION.
1. Enter
To accept anything you type
into a field.
To accept voucher of master .
To get a report with further
details of an item in a report.
You have to use this key in
most areas in Tally.
2. Esc To remove what typed into a At almost all screen.
S. NO. KEY FUNCTIONALITY AVAILABILITY
1. Alt+F1
To close a company. At all menu screen.
To view a detailed report At almost all report screen.
To explore a line into its details. At almost all screen.
2. Alt+F2 To change period. At almost all screen.
3. Alt+F3
To select the company info
menu.
To create /alter /shut a company.
At gateway of Tally screen.
4. Alt+C
To create a ledger at a voucher
screen
At accounting voucher and
alteration screen, at a filed
where you have to select a
ledger from a list. If the required
ledger account has not been
created earlier, use the key
combination to create the ledger
without quitting from the
accounting voucher screen.
To add a new column to reports. At all the reports, trial balance,
cash/bank book(s), group
summary and journal register
screen.
5. Alt+N
To add multiple columns to a
report (Auto column).
At all the reports, trial balance,
cash/bank book(s), group
summary and journal register
screen.
6. Alt+P To print reports. At all reports screen.
7. Ctrl+Q
To quit a screen wherever you
use this key combination, it quits
that screen without making any
changes. It does not ask for
confirmation from the user
before quitting.
At almost all screen.
field.
To come out of a screen.
To indicate that you do not
want to accept voucher or
ledger.
3. Shift+Enter
To view the next level of
details and condense the next
level or details.
At the balance sheet, P/L A/C,
trial balance, cash/bank
book(s), group summary,
group voucher, register, day
book and list of accounts
screen.
1.4 RULES OF ACCOUNTING .
Real Account Personal Account Nominal Account
Debit What comes in The Receiver Expenses and Losses
Credit What Goes out The Giver Income and Gsind.
1.5 Mode of Accounting.
1.5.1 Journal and Ledgers.
A Journal is a book in which business transaction are entered in chronological order. A
record of a single business transaction is called a Journal entry. Every journal entry is
supported by a voucher, evidencing the related transaction.
A Voucher is a document containing the details of financial transaction. Examples
include sales invoice, purchase invoice, pay slip, rent receipt and so on. In a journal,
several entries are recorded, each of which are unrelated to the other. To know the total
effect of all the transaction, each journal entry must be moved/transferred to the account
it relates to.
An Account is a statement of trans action affecting any particular asset, liability, expense
or income. A ledger is the book in which all the accounts are maintained. A chart of
accounts is a list of all account titles used by an organization. The chart of account of the
business shows the categorization and grouping of its accounts.
1.5.2 Posting
Posting is the process by which information about transaction is transferred or moved to
an account.
1.5.3 Accounting period
A regular period of time, such as a quarter or a year, for which a financial statement is
generated is called an Accounting period.
1.5.4 Trial Balance
A Trial Balance is a list of the balance of all ledger accounts. It is prepared after all the
transactions are entered in the journal, journal entries posted to the ledger and the ledger
accounts balanced. It is the sum of balance of all real, personal and nominal accounts of
the organization.
A detailed trial balance has columns. For
Account Name
Debit balance
Credit balance
1.6 Financial statements.
A financial statements is a periodic report prepared from the accounting records of a
company. Financial statements include the P/L statements (or income statements) the
balance sheet, and the cash flow statements. Financial statements are usually compiled on
a quarterly basis or on an annual basis.
For reporting convenience, the
P/L account is divided into.
Trading account
Profit and loss account
The Profit and loss statements can be further classified into two levels.
Gross profit - Gross profit is arrived at, after considering the cora activities
It is expressed as
Gross profit= Net sales – Cost of sales
Net profit - Net profit is arrived at, after considering the other administrative
costs incurred for the period.
It is expressed as
Net profit= (Gross profit + other income) – (Selling and Administrative Expenses +
depreciation + Interest + Taxes + other expenses).
1.6.1 Trading Account. The Trading Account is prepared to arrive at the gross profit earned by the organization
over a specified period. This helps the organization to arrive at the cost of its core activity
and calculate the direct profit from its operations.
1.6.2 Profit and Loss Account.
The Profit and Loss Account gives the Net Profit earned by the company. After
considering all other incomes and expenses incurred over a period. This helps the
company monitor and control the costs incurred and improve its efficiency. In other
words, profit and loss statement shows the performance of the company in terms of profit
or losses over a specified period.
A key element of the Profit and Loss Account, and one that distinguishes it from a
balance sheet, is that the amounts shown on the statements represent transaction over a
period of time, while the items represented on the balance sheet show information as on a
specific date.
All revenue and expenses account are closed once the profit and loss account is prepared.
They will not have on opening balance for the next accounting cycle.
1.6.3 Balance Sheet
The Balance sheet is a statement that summaries assets and liabilities of a business. The
excess of assets over liabilities is the net worth of a business.
The balance sheet provides information that helps in assessing a company’s.
Long - term financial strength.
Efficient day - to - day working capital management.
Asset portfolio.
Sustainable long - term performance.
The balances of all the real, personal and nominal (capital in nature) accounts are
transferred from trial balance to balance sheet and grouped under the major heads of
assets and liabilities. The balance sheet is complete when the net profit/loss is transferred
from the profit and loss account.
1.7 Points to Remember.
Accounting is a comprehensive system to collect, analyses and communicate
financial information.
Double Entry accounting is a system of recording transactions in a way the maintains
the equality of the accounting equation.
The three types of account maintained for transactions are real accounts, personal
accounts and nominal accounts.
Entry is the organizational unit for which accountings records are maintained.
Journal entry is a record of a singal business transaction.
Voucher is a document evidencing the details of a financial transaction.
Ledger is a book in which accounts are maintained.
Trial balance is a list of the balance of all the ledger accounts.
Profit and loss statements shows the performance of the company in terms of profits
or losses made by it over a specified period.
Balance sheet gives an overview of the financial position of a company as on a
specific date.
Lesson 2
2.1 Service organization.
Service is defined as work done for others in lieu of a payment or a price. Service do not
have a physical from or substance. An organization providing service is called a service
organisation .
2.1.1 Nature of a service organisation.
Service organisation provide their service at the point of consumption by the
customer. Thus such organizations could be severely hit on price if there is a demand
dip at the time of production.
Service are perishable. So, the pressure on the service organisation to provide services
is more than that on a manufacturing organisation or a trading organisation.
Customer interaction is greater in service organisation that in manufacturing or
trading organisation. Employees help to create the “experience” which is vital to the
success of a service organisation.
In a service organisation, services are usually provided by people, not machines. So,
service organisation are more labour intensive than manufacturing organisation.
Customer goodwill is an intangible assets for service organisation, which can be
destroyed quickly. There is often ho way to correct “bad” service.
2.1.2 Accounting in a service organisation.
Customer
Services Payment of
bills
Service organisation.
Figure 2.1 Accounting in a service organisation.
The organisation maintains regular books of account. Most service organization
does not deal in inventory and therefore, do not need to maintain inventory
record.
They do not follow a standard pricing policy for all customers at all times.
Usually, performance is evaluated at the end of a market cycle. Thus, the input
cost and revenue earned for a periodic cycle do not reflect on performance.
Sometimes, the service may be rendered partially, but the billing is done only
when the service is completed.
In a service organisation, the focus, in an environment, is on effective utilisation
of human resources.
2.2 Trading organisation.
An organisation involved in the process of buying and selling is called a trading
organisation. Trading is a defined as an exch-ange of goods for a fixed market price or a
perceived value. Traders act as channels that provide goods produced by the
manufacturers at a convenient palace, price, pack (quantity) and time to the consumers.
2.2.1 Nature of a Trading organisation.
The actual market price is established and is valid for a short period based on the
current supply and demand.
The value of the product is determined by
The customer’s expectation of quality
The customer’s expectation of convenience in relation to the actual amount paid
for it.
The trader deals with goods. He repacks them, if necessary but does not process
them.
A trading organisation has to continually keep track of market demand and ensure
that inventory planning is done to take advantage of demand whenever it arises.
Different customers may be charged different prices by varying the percentage of
discount on the price list.
2.2.2 Accounting in a Trading organisation.
Figure 2.2 Accounting in a Trading organisation.
The trader must keep track of stock availability, customer requirement, cost of
procurement and market changes. The accountant in a trading organisation has to
maintain up dated inventory records a part from regular accounting.
Demand Custome
r
Arrival of stock
Inventory based on customer demand
Sales
Trading organisation
collections
2.3 Manufacturing organisation.
The process of transforming raw materials (inputs) into finished goods (output) for
consumers, or for further processing by others in the channel is called manufacturing.
The success of a manufacturing organisation depends on its ability to carry out this
process, effectively and profitable.
Manufacturing organisation can be classified according to the production processes they
undertake. These may range from extremely complex processes to simple ones. An
accountant in any manufacturing organisation must understand the kind of organisation
that he works for.
Compared to service and trading organisation a manufacturing organisation must
consider more factors to define its style of
The questions that a manufacturing would want answers for are.
Should the product be a standard one or a customized one?
If customization of product takes place,
Will it be manufactured by just reassembling different sub – components ?
Will changes be implemented at the process level to arrive at the customer
acceptance level ?
What will be the number of orders and order volume based on the above
combination ?
What will be the time required by the production team from the receipt of order to,
production considering available resources ?
What will be the requirement lifecycle (timeline from placement of the order to the
receipt of goods.) as agreed by both the customer and manufacturer, considering the
demand and competition for the product in the market ?
After finding suitable answers to these questions, the manufacturer, may decide to.
Product goods and stock them for sales.
Product goods against customer orders.
Keep sub - components at a strategic location, to assemble the final product and
deliver it to the customer in time.
The above list is not exhaustive or mutually exclusive.
2.3.1 Nature of a manufacturing organisation.
The production cycle and the market cycle need net match.
Usually, the entire cycle of procurement, production, distribution and realization is
longer as compared to other types of organisation.
A high level of standardisation is possible.
Scientific methods can be used to reduce the production cost, which forms a major
part of the total cost of the product.
2.3.2 Accounting in a manufacturing organisation.
Figure 2.3 Accounting in a manufacturing organisation.
A company needs to account for inventories like raw materials, work-in-process
(W/P) and finished goods to arrive at the profit made for the period.
Change in inventory valuation method change the profit made during the period.
Accounting in manufacturing organisation requires more planning, preparation and
scheduling as compared to accounting in trading and service organisation.
Calculating cost of sales is relatively complex in manufacturing organisation as
compared to that of trading organisation.
Research and development costs in manufacturing organisation are relatively higher
as compared to R&D costs in trading organisation.
4.1 Features of Tally.
BASIC ACCOUNTING BASIC INVENTORY
Complete book - keeping. Stock categories.
Books, registers and statements of accounts. Stock query by stock group, or stock
category.
General ledgers. Multiple godowns.
Accounts receivable and accounts payable. Stock transfers to godowns and branches.
Flexible voucher numbering. Multiple stock valuation methods.
Flexible classification of account heads. Batch-wise/lot-wise, including expiry date
handling.
Drill down display. Alternate units of measure and tail units.
Database reporting. Tracking through receipt notes/delivery
notes/rejections inwards/rejections
outwards.
Voucher and cheque printing. Additional costs in curred on purchase.
Columnar reports. Movement/profitability analysis party-
wise/Item-wise/stock group-wise.
Inventory planning
Working capital management
Demand
Market
Finished goods
Manufacturing organisation
Bank reconciliation. Customizable sales invoice using price lists
with multiple prices.
Sales and purchase order processing.
ADVANCED ACCOUNTING ADVANCED INVENTORY
Multiple companies. Stock items classified as raw materials,
work - in – progress, finished goods.
Multi – currency. Bill of material with auto adjustment of
stocks.
Multiple financial years. Job – working concepts, including sub –
contracting.
Comparison of data using multi-columnar
reporting.
Additional cost of manufacturing with
national value and percentage.
Memo voucher. Excise / Vat analysis on invoices.
Post –dated voucher. Modvat support.
User – defined voucher types. Recorder levels.
Sales and purchase extracts. Stock ageing analysis.
Cash flow statement. Batch related stock reports.
Daily balances and transaction value/
Interest calculations.
Percentage – based reporting.
Ratio analysis.
Vat introduction.
Value Added Tax is a tax levied on the sale of tangible goods, which according to their
nature and legal status, may be movable, immovable, or intangible assets.
The Government appoints VAT collectors, who collect the VAT due from goods
purchase or service received and forward the payments to the state treasury. VAT
collectors include production sharing contractors (PSCS), Government treasurer
companies, or Government institution appointed by the Minister of Finance.
Terminology used in VAT
Every tax payer should register at the office of Directorate of General of Taxes to obtain
a Taxpayer Identification Number, which will be unique to him/her.
Taxable period is equal to one calendar month or any other period that does not exceed
three calendar months as stipulated in a decree by the minister of Finance.
Taxpayer Identification Number
Taxable Period
Taxable year
Taxable year is a calendar year unless the taxpayer adopts an accounting year. Which is
different from the calendar year?
VAT in Tally
Vat for Indonesia in Tally is simple and easy to use with in – built class – fications for
easy voucher entry. It tracks all VAT enabled transactions and computer them
automatically. Transaction can be recorded in foreign currency.
Tally allows the generation of simple and standard invoices as well VAT return formsin
Government prescribed formats.
Creating a Party Ledger
To create a ledger for the supplier,
1) Go to Gateway of Tally > Accounts info > Ledger > Create
2) Enter the name of the ledger in the Name field
3) In the Under field, select Sundry creditors from List of Groups
4) Set Maintain Balance Bill by Bill to Yes
5) By default Inventory Values are affected is set to No, which can be set to Yes, if
applicable
6) Enter the Mailing Details for the ledger
7) Enter the 15 digit VAT Regn.No.
Creating a purchase Ledger
To create a Purchase ledger for VAT,
1. Go to Gateway of Tally > Accounts info > Ledger > Create/Alter
2. Enter the name of the ledger in the Name field
3. In the Under field, select the purchase Account from the List of Groups
4. By default Inventory Values are affected is set to No, which can be set to Yes, if
applicable
5. set Used In VAT Returns to Yes and select the VAT/Tax Class as shown in the
screen below
Creating a VAT Ledger
Ledger for VAT has to be created following the procedure mentioned below,
1. Go to Gateway of Tally > Accounts info > Ledger > Create
2. Enter the name of the ledger in the Name field
3. In the Under field, select the Duties & Taxes from the List of Groups
4. select VAT in the field Type of Duty / Tax
5. In the VAT/Tax Class field, select the appropriate Classification
Taxable year
Note: you can select the VAT/TAX Class during the voucher entry by
selecting Not Applicable in the above field.
6. By default Inventory values are affected is set to No which can be set to Yes it
applicable
7. Set Percentage of Calculation to the VAT rate that you selected in the VAT/Tax
Class field or set is to 0%
8. Select the Method of Calculation on VAT Rate from Type of Duty menu.
Cost Categories
Let us take an example.
1. Create three cost categories named
Departments, Executives and Projects.
2. Create three cost centres named
Marketing, Manufacturing and Finance under the Cost Category Departments, Create
three Cost Centres Salesman A, Salesman B and Salesman C under the Cost Category
Executives. Create three Cost Centres Airports, Roads and Buildings under the Cost
Category Projects.
The structure for creating Cost Categories and Cost Centres are shown below.
Cost Categories Departments Executives Projects
Cost Centres Marketing Salesman A Airports
Manufacturing Salesman B Roads
Finance Salesman C Buildings
You can specify a cost category to allow allocation of only revenue items or items of both
revenue and capital nature. In this example, allow allocation of items of both revenue and
capital in nature for both Departments and Projects categories and items of only revenue
in nature for Executives.
Now, salesman A, incurs conveyance expenses. If he has incurred it for marketing,
allocate this amount to the cost centres marketing and his own cost centre salesman A.
(you would do it while entering a payment voucher debiting conveyance and crediting
cash).
If the salesman A now incurs expense for the project Buildings, you would allocate to the
cost centres salesman A and Buildings. You may allocate an expense to one or more cost
centres and it is not essential to always allocate to all cost centres. An expense can remain
unallocated to other cost centres.
In case cost categories are not enabled, you will be able to allocate the expense to either
building cost centre under projects or salesman A under Executives and not to both. In
such a case, you would not obtain the third dimension.
You may not have cost categories activated if you do not need to without cost categories,
you will allocate the ledger amount to only one set of cost centre, and not to parallel sets.
Hence, you would allocate the conveyance expense to salesman A only and not to both
salesman A and project buildings. You can allocate the expense partly to salesman A and
party to project building that adds up to the total amount. This information will not enable
you to know now much salesman A spent for the project buildings.
Cost centre allocations have to be done in pop-up sub-screen in the main voucher entry
screen. The sub-screen pops up after the amount field pertaining to the ledger for which
cost centres have been activated. Hence, the following is the sub-screen for the ledger
Conveyance amount in a payment voucher.
Cost Allocations for: Conveyance
Upto: Rs. 1.000.00 Dr
Cost category
Name of cost centre Amount
Executives
Salesman A 600.00
Salesman B 400.00
1.000.00
Project
Buildings 1.000.00
Departments
Applying Cost centres to Ledger - Account
Activate Cost centre for the ledger Account that are used in voucher entry.
In this example, make a payment voucher for the amount Rs. 1,00,500. Hence, enable
cost centres for the ledger conveyance.
1. Go to Gateway of Tally
2. select Accounts info > ledger > Alter
3. Select the ledger Conveyance from the List of ledger. Set Cost centre are
Applicable to Yes. If the ledger Conveyance is not available create a new one with
Cost centres enabled.
Note: you do not allocate transaction to cost categories y allocate them to cost centres
only. The concept is like group / ledger account classification.
Marketing 1.000.00
Ledger Alteration ABC Company (C+M) X
Name : Conveyance
(alias) :
Total op. Bal.
Under : Indirect Expenses
Inventory values are affected :? No
Cost centres are applicable :? Yes
Position Index in Reports : 1.000
Mailing Details
Name :
Address :
State :
Pin code :
Contact person :
Telephone No :
Fax :
E - mail :
Tax Information
Pan/It No :
Sales Tax No :
Opening Balance (on 1-Apr-2006) :
Cost Centre Allocation in Voucher Entry
The entire objective of creating cost centre is to allocate expenses and revenues to cost
centres. Allocation is dynamic and done at one stage only, at the time of making voucher
entries.
For example, make a payment voucher for Conveyance
Go to Gateway of Tally > Accounting voucher > F5 payment
The voucher entry screen, appears. Debit the amount to the conveyance ledger. Cost
centre allocations have to be done in pop-up sub-screens in the main voucher entry
screen. A sub-screen pops up after the amount field pertaining to the ledger for which
cost centres have been activated. The sub-screen for the ledger conveyance and in a
payment voucher appears as shown below.
Cost Allocations for: Conveyance
Upto: Rs. 1,00,500,00 Dr
Cost category
Name of cost centre Amount
Executives
Salesman A 50,000.00
Salesman B 50,500.00
1,00,500,00
Project
Buildings 1,00,500,00
Departments
Price - List
introduction
Price Lists are useful for orders and invoice. An up-to-date price lists helps in decisions at
even the lower levels of the organisation and quickens the sales process. Tally assists in
creating guantity based pricing with complex discount structure. Price lists are available
only for inventory items and hence the feature is available only if inventory and invoicing
are activated for the company.
You can have one or more price lists. More than one price list is required when you have
different price structures or levels for different purposes, usually, different groups of
customers requiring different discounts or dealing in different products.
Price Levels
Customers can be assigned to specific price lists, called price levels in Tally. So that only
the relevant price is used during entry of orders and invoices.
Before you begin creating price lists, you should decide whether you want different price
levels. In a running business, you will already know that. You might want different price
levels for various reasons; e.g. different types of customers like wholesale customers,
Marketing 1,00,500,00
export customers and so on. Each customers type could have a different discount
structure. Write down on a piece of paper the price levels/bands that are reguired.
Enable and Create Price Lists
Ensure that the company has been set up for Accounts with Inventory.
F 11: Company Features
Allow Invoicing – set to Yes
(without invoicing the option for Price Lists will not be available).
Tab down to:
Set/Modify other company features- set to Yes
Use Multiple Price Levels for Invoicing-set to Yes
Type out the price levels that you wrote on the paper earlier.
Accept through each screen of company Features by pressing the Enter key (do not press
escape) and return to Gateway of Tally.
Alter price levels names
To alter the name of a price level, go through the same procedure as enable and create
price levels.
Advanced Company Operations
Company: Accounts with Inventory
Use per-defined cost centre Allocations during Entry ? No
Use Multiple Price Levels for Invoicing ? Yes
Follow Excise rules for Invoicing ? No
Enable cheque printing ? No
Company Price Levels
1. Export
2. Consumer
3. Dealer
Assigning Ledger Account to Price Levels.
When the Price List feature is activated, it enables an option in party (debtor and creditor)
ledger accounts where the account can be assigned or tagged to a specific Price Levels.
An account can be assigned to only one Price Levels.
If the ledger accounts already exist and you wish to assign them to a Price Levels, you
have to alter the ledger account.
If it is a new ledger account, the option to select a Price Level will be the same and
therefore, we will take alteration of an account as an example.
Gateway of Tally > Account info > Ledger > Alter(single)
Select the ledger account, e.g. cp Limited
Opening Balance (on 1-Apr-2006) :
Tab down to Pricing Level Applicable and select Export
Accept the rest of the options and return to Gateway of Tally.
You may assign other ledger accounts in this way.
It is not Mandatory to carry out the assigning activity before creating Price Lists. It can
be done even alter Price Lists are created.
The Pricing Level can be changed to reflect changed circumstances. For this, simply alter
the ledger account and select a different Pricing Level option.
How to Create and Use Price Lists.
Name : CP Limited
(alias) :
Under : Kenyan customers
(Afrlcan customers)
Currency of Ledger : Rs.
Pricing Level Applicable :
Maintain balance bill by bill ? Yes
Cost centre are applicable ? No
Inventory values are affected ? No
Not Applicable
Consumer
Dealer
Export
Price Levels
Gateway of Tally > Inventory Info > Price List
If the Price List option does not appear, confirm the activation procedure given in the
Central Sales Tax
Introduction
Central Sales Tax (CST) is a tax on sales of goods levied by the central Government of
India. CST is applicable only in the case of inter-state sales and not on sales made within
the state or import / export of sales.
Inter-state sales is when a sale or purchase constitutes movement of goods from one state
to another, Accordingly, Consignments to agents or transfers of goods to branch or other
offices is not a sale as per the CST Act.
CST is payable in the state where the goods are sold and movement commences. The tax
collected is retained by the state in which the tax is collected. CST is administered by
sales tax authorities of each state. Thus, the state Government sales tax officer who
assesses and collects total (state) sales tax also assesses and collects CST.
Inter – state sale
An inter-state sale takes place when a sale or purchase.
Leads to movement of goods from one state to another state.
Is achieved by the transfer of documents of title while the goods are being moved
from one state to another state.
Example 1: “A” in Andhra Pradesh sells and delivers goods to “B” in Karnataka.
Example 2: “A” in Maharashtra delivers goods to “B” in Gujarat. “B” sells it to “C” in
Gujarat by transferring the document of title during the goods movement from
Maharashtra to Gujarat.
Rate of CST
In an inter-state sale to a registered dealer against from C the rate of CST is 4% or
local sales tax rate which ever is lower.
If under the local sales tax law, sale or purchase is exempt from CST the CST is nil.
In an inter-state sale to government against from D the rate of CST is 4% or local
sales tax rate whichever is lower.
Note: Goods that are sold within a state but while transporting travel through state is
not considered inter-state sales.
Rate of CST in case of inter-state sale of declared goods without form C or D is
twice the rate of tax applicable to the local sale or purchase of such goods in that
state.
Rate of CST in case of other goods (i.e. non-declared goods) is 10% or the
applicable local sales tax of that state which ever is higher.
CST Features in Tally
State specific CST Return.
Tracking of forms:
o C forms – (Issuable/Issued/Receivable/Received).
o E1, E2 forms – Issued against sale of goods in transit by the buyer.
o F forms – For consignment sales and Branch Transfer.
o H forms- For sale in course of exports.
o D forms- For sales to Govt organisations.
o I forms- For sale to SEZ customers.
Reminder Letters/Covering letters to customers.
Auto Fill option.
Service Tax
Information on service tax
Currently the rate of service tax on all the taxable services is 12%. Presently, service tax
8*56*969ZV
A person/firm providing a service that comes under the service tax category has to pay
service tax. Service tax is to be shown separately in the invoice and is payable based on
the payment realized and not on the total amount shown in the invoice Similarly, when
you buy a service that falls under service tax category, you avail service tax credit based
on the payment made. So, you pay service tax on the services that you sell and get credit
on the service tax payable when you buy a service.
While you pay service tax on sale of service that come under the service tax category.
You can adjust service tax credit availed on purchase of service (Buyer). This deduction
is called adjusting credit against service tax. The different between the service tax that
you have to pay for selling service and the service tax credit on purchases that can be
adjusted is the payable service tax.
Service tax (sales) that is adjustable against service tax credit (purchases) is also called
availing input credit. Let us look at an example.
Adjust Credit ?
ABC Courier Company
buys telephone service
from 123 Telephone
Company
ABC co-
urier sells ABC courier has
courier to pay service tax
services of Rs.250 / for service
provided
Service tax paid on services provided (B) = Rs. 250/-
Service tax credit on payment to telephone company (A) = Rs. 145/-
Total service tax payable by ABC company courier (B-A) = Rs. 105/-
If you input service (purchase) can be directly related to the output service.
(sales) then you can use 100% credit adjustment on the service tax payable for example.
If you are providing a consultancy service over the phone then you can use the input
credit from the telephone charges to adjust against 100% of the service tax payable on
your consultancy service. If the input service is not solely used for the output service,
then 20% credit adjustment is applicable.
Input service tax credit can be adjusted to both output service tax and output cess
(surcharge on tax). But input cess credit can be adjusted only towards output cess.
Service tax is calculated on the assessable value. The assessable value is the service
charge value minus abatement and expenses.
The government has given a deduction on the value to be considered for service tax on a
few categories of services. For example, some categories of services include material
value. A caterer has to procure material to prepare food products and sell services.
Service tax is charged on the total amount for the service and does not include the rate of
the materials procured. Hence a deduction’s provided. This deduction from the service
charges to be considered for service tax is called abatement. Abatement is either
percentage of the service charges or a lump sum value.
123 Telephone Company
ABC courier service
Customers
Adjusting 100% credit & 20% credit
Assessable Value
Abatement
Example:
a. Charge on service Rs. 10.000/-
b. If an abatement of 30% is applied, then abatement Rs. 3.000/-
c. Here, the assessable value is (a-b) Rs. 7.000/-
Therefore, service tax@10% on Rs. 7.000/- Rs. 700/-
Expenses can be deducted from the total service charge to get the taxable amount.
E.g. a technical consultant might travel to different locations with respect to work.
The invoice is prepared as consultant and the travel expenses are included in the total
service charges.
If supported by records, you can deduct the travel expense from the total service charges
to drive the assessable value on which service tax is applicable.
Payment of Service Tax.
Flow of Transaction in Service Tax
Expenses
Corporate / Non - Corporate
Buyer of Service
Credit in Service tax
Service tax payable
Sellor of Service
Service tax
Commission rate of Service tax
Focal /Bank
Service Tax in Tally.
Service tax integrated in Tally takes care of your service tax transaction. It eliminates
error-prone information, incorrect remittance, penalties, interests, compliance issues, etc.
Service tax in Tally needs a one-time configuration for service tax features to be
activated.
Tally tracks bill-wise (Bill-by-bill) detail and automatically calculates service tax
payable and input credit with the flexibility to make adjustments later.
Service tax is part of a regular transaction. Information on service tax is maintained
and in service tax returns.
Adjusts input credit towards service tax payable .
Accounts for abatement and expenses.
Provision for exemption notification details.
Built-in assessable value feature on which service tax is calculated.
Transfer earlier pending service tax payable and available service tax input credit in
to Tally.
Report are generated as per government suggested format. Print and file reports:
TR6 challahs, Input credit form, ST3 Report and ST3-A Report.
Management Information Service (mis) reports Service Tax payable Report and
Input credit Form.
Enabling Service Tax in Tally.
Go to Gateway of Tally > F11: Feature > Statutory & Taxation
Set Enable Service Tax to Yes
Set Set/Alter Service Tax Details to Yes to enter the Company Service Tax Details
Entering Service Tax Details
Set Yes in the Set/Alter Service Tax Details option
Features of Service Tax in Tally
The Company Service Tax Details screen in where you will enter the Service Tax
Details. The name of the company is disp.
Layed at the top followed by different fields.
Display of Service Categories in Statutory Masters.
Go to Gateway of Tally > Display > Statutory info > Service Categories.
gjgjkjkllklklklkbhgndf.,dvhjdfyukghwuigtm,r.m,k,k
Company Service Tax Details
Company Service Tax Details Decision
Service Tax Registration No : SRKAR043AAC069T Code : South/?Bnglr/235
Date of Registration : 10-MAY-2004 Name : Bangalore
Assesse code : ACR548KAR723T97 Range
Type of Organisation : COMPANY-RESIDENT Code : Bang/Kar/0767/05
Major Service Category Name: ADVERTISING AGENCY Name : Ban/Kar
Credit Adjustment (%) : 20 Commissionerate:
Code : 4056
Name : Robert Smith
Focal Bank Details
Focal Bank Code : UB1000901
Focal Bank Name : UNION BANK OF INDIA
Focal Bank Address: BURROW AVENUE,BRIGADE ROAD, BANGALORE
Name : Advertising Agency
Applicable to Country : India
Code : 00440013
Accounting : 00440016
Category Code : ADV
Service Category
Service Tax Details
Applicable
From
Abatement (%) Notification
No.
Service Tax
Rate (%)
Cass Rate (%)
1-4-2005
18-4-2006
0%
0%
10%
12%
2%
2%
Creating Sales Ledgers for Service.
Go to Gateway of Tally > Account info > Create
1. Enter the name of a Sales ledger
2. Select the group Sales Account in the field Under
3. Set Inventory Values are affect to yes
4. Set Is Service Tax Applicable to yes
Create Output Service Tax ledger.
To Create on Output Service Tax ledger:
Go to Gateway of Tally > Account info > ledger cerate
1. Enter the Name of ledger
2. Select Duties & Taxes in the field Under
3. Select the Type of Duty from the List of Types of Duty Tax
4. Select the Category Name from the List of Service Categories
5. Set Inventory Value are affected to No
Creating Customer Ledger
To Create a Customer ledger:
Go to Gateway of Tally > Account info > Ledger > Create.
1. Enter the Name of the ledger.
2. Select the group from the List of groups
3. Set Maintain Balances Bill By Bill to Yes /No
4. Set Inventory Value are affected to No
5. Set Is Service Tax Applicable to Yes
Creating Ledgers for Indirect Expenses
To Create a ledger of Indirect Expenses
Go to Gateway of Tally > Account info > Ledger > Create
1. Enter the Name of ledger
2. Select the group from the List of group
Creating Input Service Tax Ledgers
To Create an Input Service Tax Ledger:
Go to Gateway of Tally > Account info > Ledger > Create
1. Enter the Name of the ledger.
2. Select the group from the List of groups
3. Select the Type of Duty from the Types of Duty/Tax
4. Select the Category Name from the List of Categories
5. Set Inventory Value are affected to No
Creating party Ledger for Service Tax
To Create a Party Ledger for Service Tax.
Go to Gateway of Tally > Account info > Ledger > Create
1. Select the group from the List of group in the field Under
2. Set Maintain Balance Bill by Bill to Yes
3. Set Inventory Value are affected to No
4. Set Is Service Tax Applicable to Yes
5. Select the Type of Classification from the List of Classification
Creating Ledger for Excise
To Create a Ledger for Excise.
1. Go to Gateway of Tally > Account info> Ledger > Create
2. Select the Group Duties & Taxes from the List of Groups
3. Select the Type of Duty/Tax from Type of Duty/Tax to Excise
4. Set Inventory Values are affected to No
5. Set the Percentage of calculation to 16%
6. Select the Method of Calculation from the list of Type of Duty
Creating Sales Vouchers
Let us Consider an example, a sales entry is made for an amount of 2,00,000.00
Go to Gateway of Tally > Accounting Voucher > F8: Sales
1. Select Acct Invoice on the right hand side of the screen.
Note: A sales Item Invoice can also be passed with Inventory allocations.
2. Enter the reference number in the Ref field if required.
3. Select the Party’s A/C Name from the List of Ledger Account
4. Select the Service ledger from the List of Ledger Account
5. Enter the Amount
6. Select the Service Tax ledger from the List of Accounts for the Service Tax
Details sub from to appear.
7. You can allocate the Expenses amount if any in above screen, else leave the field
blank and tab down to accept the above screen.
8. Tab down through the voucher entry screen for the Bill Wise Details Sub from to
appear.
Tax Deducted at Source (TDS)
Tax Deducted at Source (TDS) is one of the modes of collecting income tax. The buyer
(deductor) deducts the tax from the payment made to the seller (deductee) and remits the
tax to the Income Tax Department within the stipulated time.
The buyer (corporate and Non-corporate) make payments (Such as Salary, Rent, Interest
on securities, Dividends, Insurance Commission, Professional Fees, Commission on
Note: Set Use Common Ledger A/C for Item Allocation to No in the F12:
Configure
Service Ledger : Advertising Consultancy
Service Amount : 2,00,000.00
Less :
Abatement : @ 0%
Expenses :
Assessable Value : 2,00,000.00
Service Tax : @ 12% 24,000.00
Cess : @ 2% 480.00
Total Service Tax : 24,480.00
New Ref Sale/1 24,480.00 Cr/
Service Tax Details
Black
Service Tax Bill Wise Details for: Output Service Tax - AD
Type of Ref Name Amount Dr/
Cr/
Brokerage, Commission on Lottery Tickets, etc.) to the sellers (Service) and deduct the
requisite amount from such payments towards tax.
The buyer files the TDS returns containing details of the seller and bank, where the TDS
amount is deposited to the Income Tax Department (ITD).
The Income Tax Department has prescribed the format for filling these returns
electronically, which the buyer does in a CD/Floppy.
For additional details you can visit the Income Tax Website at
http://www.incometaxindia.gov.in.
TDS in Tally
TDS (Tax Deducted at source) in Tally provides an easy-to-use and flexible interface. It
helps you to handle intricate cases and calculate the tax payable to the Income Tax
Department.
Tally calculates the tax of all parties / suppliers where TDS deduction is mandatory. It
calculates the TDS automatically and prints form 16A certificates, forms 26Q,26,27 and
27A (cover note) for Quarterly / Annual Returns as per statutory requirement.
It allows the user to view and print various TDS reports, challans and TDS outstanding
statements.
TCS Introduction
TCS is the Tax Collected at Source by the seller (collector) from the buyer/lessee
(collectee/payee). The goods are as specified under section 206C of the Income Tax
Act,1961.
If the purchase value of goods is X the amount payable by the buyer is X+Y, where Y is
the value of tax at source. The seller deposits Y (tax collected at source) at any
designated branch of banks authorized to receive the payment.
The seller, lessor or licensor is responsible for the collection of tax from the buyer, lessee
or licensee. The tax is collected for sales of goods, on transaction, receipt of amount from
the buyer in cash or issue of cheque, draft or any other mode, whichever is earlier.
Classification of Seller for TCS
Under TCS, a Seller is defined as any of the following:
Central Government.
State Government.
Any Local Authority.
Any Statutory Corporation or Authority.
Any Company.
Any Partnership Firm.
Any Co-operative Society.
Any Individual/HUF whose total Sales or gross receipts exceed the prescribed
monetary limits as specified under Section – 44AB during the pervious year.
Classification of Buyer for TCS
A buyer is classified as a person who obtains goods or the right to receive gods in any
sale, auction, tender or any other mode. The following are not included.
Public Sector Companies
Central Government
State Government
Embassy of High commission, consulate and other Trade Representation of a foreign
state.
Any club, such as social clubs, sports clubs and the like.
Goods and Transactions Classified under TCS
Goods and transaction classified under TCS are listed below:
Alcoholic liquor for human consumption including India Made Foreign Liquor
(IMFL).
Tendu leaves.
Timber obtained under a forest lease.
Timber obtained by any mode other than under a forest lease.
Any other forest produce not being Timber or Tendu.
Scrap (scrap means waste and scrap from the manufacture or mechanical working of
materials which is usable as such because of breakage, cutting up, wear and tear and
other reasons).
Licensing or leasing of parking lot, Tool Plaza.
Mining and quarrying.
Enabling TCS in Tally
To enable TCS in Tally:
1. Go to Gateway of Tally.
2. Press F11 or click F11 Feature > statutory &Taxation to display the Company
operation Alteration screen.
3. Enter Yes in Enable TCS and Set/Alter TCS Details.
4. Enter the Company TCS Collector Details.
5. Enter the Tax Assessment Number The Tax Assessment Number (TAN) is a 10-
digit alphanumeric number, issued by the Income Tax Department (ITD) to the
collectors.
6. Enter the Income Tax Circle/ward (TCS). This is issued by the Income Tax
Department.
7. Select the Collector Type from the List of Company Type.
8. Enter the Name of Person responsible for filing the TCS returns.
9. Enter the Designation of the person responsible to filing of the TCS returns
Creating Party Ledger for Sundry Debtors / Sundry
Creditors.
To Create Party Ledg7er for Sundry Debtors / Sundry Creditors.
1. Go to Gateway of Tally > Account info > Ledger > Create.
2. In the ledger creation screen, enter the Name of the buyer company in the Name
field.
3. In the Under field, Select S.D./S.C. option from the List of Group.
4. If required, set Maintain balance bill by bill to Yes Enter details in the Default
Credit Period, if applicable, by default, the Inventory Values are affected ? field
is set to No.
5. Set Yes for Is TCS Applicable.
6. Select from the List of Collectee Types for Buyer / Lessee.
7. Set Yes in Is Lower41/No Collection Applicable if lower or no collection is
applicable, Press Enter to display the Lower/No Collection details screen.
Create Sales Ledger for TCS.
To Create Ledger Under Sales Account group.
1. Go to Gateway of Tally > Account info > Ledger > Create
2. Enter at name for the Sales account ledger in the Name field.
3. In the Under field , Select Sales Account from the list of groups.
4. Set the Inventory Value are affected to Yes if you are maintaining inventory.
5. Accept to save.
Creating Sales Voucher for TCS
To Create Sales Voucher with TCS details:
1. Go to Gateway of Tally > Accounting Voucher
2. In the Accounting Voucher Creation screen, Select F8. Sales to create a Sales
Voucher
3. Select As Invoice mode
4. Enter the date and reference
5. Select the Party to be Credited from the List of Ledger Account and enter Party’s
A/C Name
6. In the Party Details screen, Check/Modify details
7. Select Sales Ledger from the List of Ledger Account
8. Select the item from the List of Item in Name of Item
9. Enter the Quantity and the Rate to get the amount in the Amount field
10. Select the TCS Ledger (Under Duties & Taxes) for sales
11. By default, the gross amount is displayed in TCS Details in TCS Computations
screen. The Gross amount can be changed if required
12. Enter new reference (New Ref) and Due Date, or Credit Days (By default, 7th
of
the following month).
Payment of TCS in Tally
To Create a TCS Payment Voucher Manually
1. Go to Gateway of Tally > Accounting Voucher
2. In the Accounting Voucher Creation screen. Select F5. Payment
3. Enter the date
4. Select and debit the TCS Ledger in Particulars from the List of Ledger Account
and enter the amount
5. In the Tax Details screen. Select from List of TCS Payable and enter the amount
6. Select and Credit the Bank authorised to receive TCS in Particulars from the List of
Ledger Accounts and enter the amount
Question.
1. Sold to Concord Packing Service on credit of 10 days. The following items. Interest
is applicable at 10% P.a. after due date and 12% interest is further chargeable from
10/02/06 onwards.
Item Quantity
(Nos)
Rate
(Rs)
Vat Value
Computer P4 10 28000 4% 280000
// Athlon 10 25000 4% 250000
Note: To Create an item refer to the topic, Stock item
Note: Set Active Interest Calculation and Use Advanced Parameters to Yes.
2. Received a Cheque from Concorde Packing Service with interest an full settlement
of bill dated 20-01-06.
Features of Tally ERP 9. Payroll
The key features of the Payroll functionality in Tally. ERP 9 are as follows.
It is fully intergrated with accounts to give you the benefits of simplified Payroll
Processing and accounting.
It has user defined classifications and sub-classifications for comprehensive
reporting. Employee groups, pay components, departments etc.
It Provides the facility to create user defined earning and deductions pay heads.
It allows flexible and User-definable criteria for simple or complex calculations.
It allows the unlimited grouping of Payroll Masters.
It supports user-defined production units i.e., attendance/production/ time based
remuneration units.
It provides a flexible payroll processing period.
It provides comprehensive cost Centre as well as employee – wise costing reports.
It ensures an accurate timely salary processing, Employee Statutory Deductions &
Employer Statutory Contributions with the help of Predefined Processes.
It Provides auto-fill facility to expedite the Attendance, payroll & employer
Contributions Processes.
It facilitates an accurate computation and deduction of ESI,EPE, Professional Tax,
Gratuity etc.
It helps in the generation of statutory Forms & Challans for EPF & ESI, as
prescribed.
It allows drill-down facility to voucher level for any kind of alteration.
It facilitates computation of arrears pertaining to prior period (S).
It helps in tracking employee loan details.
Enabling Payroll in Tally.
To enable Payroll in Tally:
Go to Gateway of Tally > F11: Feature > Accounting Feature
Maintain Payroll Yes
More than ONE Payroll/Cost Category Yes
Payroll Configuration
Gateway of Tally > F12: Configure > Payroll Configuration
All Statement are Yes
Pay Heads
The Salary components constituting pay structures are called pay Heads. A pay Heads
may be an earning, which is paid to an employee, or a deduction, which is recovered
from his/her Salary. The value of these pay Heads could be either fixed or variable, for
each Payroll Period.
Pay Heads Type
A Pay Heads is categorized as Allowances, Deductions or Reimbursements
In Tally Payroll, Pay Head types are Provided in a natural language for ease of use, as
follows:
1. Earning for Employees
2. Deduction from Employees
3. Employees Statutory deduction
4. Employer’s Statutory Contribution
5. Gratuity
6. Loans and Advances
7. Reimbursement to Employees
Creating an Earning Pay Head
To Create an Earning Pay Head, Basic Salary, under Indirect Expenses
Go to Gateway of Tally > Payroll info > Pay Heads > Create
Name: Basic Salary
Pay Head info
Pay Heads Type : Earning for Employees
Under : Indirect Expense
Affect Net Salary : Yes
Name to Pear in Pay slip : Basic Salary
Use for Gratuity : No
Calculation Type : on Attendance
Attendance/Level with Pay : Not Applicable
Calculation Period : Months
Per Day Calculation Basic : As Per Calendar Period
Level without Pay : Absent
Rounding info
Rounding method : Not Applicable
Creating a Deduction Pay Head
To create a deduction Pay Head, Professional Tax Under Employees Deductions.
Go to Gateway of Tally > Payroll info > Pay Heads > Create
Pay Heads Creation Abc Company
Name : Professional Tax
(alias) :
Pay Heads info
Pay Head Type: Employees statutory deductions
Under: Current liabilities
Affect Net Salary: Yes
Name to pear in Pay slip: professional Tax
Calculation Type: As Computed Value
Calculation Period: Months
Rounding method: Not Applicable
Computation info
Compute: On Current Earnings Total
Effective
From
From
Amount
Amount
up to
Slab
Type
Value
Basic
Creating Salary Payable Ledger
A Salary Payable account under the group Current liabilities is used to credit the total
of Net Payable Salary of all employees. When Salary is disbursed, this account is
debited and Cash or Bank account is credited.
Salary Payable
Pay Heads Type: Not Applicable
Under: Current liabilities
Creating Gratuity Pay Head
To Create a Pay Head Gratuity, Under Current liabilities.
Name: Gratuity
Pay Heads info
Pay Head Type: Gratuity
Under:
Creating an Employee
Creating Single Employee
To Create an Employee under the Employee group, Sales
Go to Gateway of Tally > Payroll info > Employee > Create (Single Employee)
Creating an Employee Group
To Create Sales as an Employee Group.
Go to Gateway of Tally > Payroll info > Employee Groups > Create
Category: Primary Cost Category
Name: Sales
Under: Primary
Creating Salary Details for an Employee Group.
To create Salary details for an Employee Group, for example Sales.
Go to Gateway of Tally > Payroll info > Salary details > Create > Select Sales from
the List of Employee/Group.
Name: Salary
Under: Primary
Salary details
Effective
from
Pay heads Rate Per Pay Head
Type
Calculation
Type
Computed
on
Units (Work)
Go to Gateway of Tally > Payroll info > Unit (work)
Creating Units (work)
Type: Compound
Unit with multiplier Factors
(Example: Kgs of 1000 gms)
Frist Unit Conversion: Second unit
Hr. of 60 min.
Creating Single Employee
Creating an Attendance/Production Type
Go to Gateway of Tally > Payroll info > Attendance/Production Type > Create
Name: Paid Leave
Under: Primary
Attendance Type: Attendance/Leave with Pay
Period Type: Days
Name: Overtime
Under: Primary
Attendance Type: Production
Unit: Hr of 60 min
Similarly, you can create Box Production Attendance Type.
Attendance Voucher
Go to Gateway of Tally > Payroll Voucher > F5: Attendance
1. Click F2: Date to enter the date
2. Click A: Auto Fill
Employee Filters
Cost category: Primary Cost Category
Employee/Group: Sales
Auto Fill Voucher
Attendance/Production Type:
Creating an Attendance/ Production Type for Attendance/Leave with Pay
Creating an Attendance/Production Type for Production
Attendance Voucher Entry – Manual Entry
Attendance Voucher Entry – Auto Fill
I. Pay Heads. Employee Group 1. Basic salary
Employees
2. Hra premium cost category
Calculation Type – As computed Value Krishna Mathur
Pay Heads Primary 1. Hra 101
Earnings for Employees
Indirect Expenses
Yes
Hra
No
As Computed Value
Month
Not Applicable
2. Salary Payable
Not Applocable
Current liabilities
3. Ta
Earnings for Employees
Indirect Expenses
Yes
Hra
No
As Computed Value
Month
Not Applicable
4. Salary details
Krishna Mathur
Salary details
Pay Heads Rate Per Pay heads Type Calculation
Type
Computed on
Basic salary 15000 months Earning for
Employees
On Attendance
Hra - - ” ” ” ” As Computed
Values
On Current
Sub Total
Ta - - ” ” ” ” ” ” ” ” ” ” ” ”
5. Attendance/Production Types 6. Voucher Types
Overtime Attendance
Primary Automatic
Production No
Hra No
Paid Leave No
Primary Yes
Attendance/Leave with Pay No
Days No
Payroll Voucher
Primary cost category (Payroll)
Krishna Mathur
Basic salary – 15000
Hra - 1500
Ta - 1600
Krishna Mathur Overtime 2hr.
Lalit Overtime 5hr.
Ranjana Mahajan Paid Leave 3days
Tanaya Overtime 6hr.
Informatics Pvt. Ltd. Ka Ledger
Sundry debtors
Yes
No
No
No
No
No
No
F11 > F2
Allow Sale order Processing Yes Sales Order Ledger
Accounting Voucher Alt+F5 Concored Packing Service
F11 > F2 Sundry debtors
Tracking Number Yes Yes
Accounting Voucher Alt+F8 No
No
Rejection Note Yes
F11 > F2
Use Rejection Inward/Out ward notes Yes
Accounting Voucher Crt+F6
Rejections In
Informatic Pvt. Ltd.
Delivery Note Ka second entry me output vat 4%
Debit Note
Reliance info, Sunday debtors, Yes, 10, No,
Active interest calculation Yes
Interest Parameters
Calculate Interest T by T – Yes
Override Parameters for each T – Yes
Override advanced Parameters – Yes
Rate: 10%, Per 365Days, on debit balance only
Applicability: Past Due date, by 10 days, calculation due date of Nor applicable
Invoice/Ref
Rate: 12%, ” ” ” ” ” ” ” ” ” ” ” ” ”
Applicability: Always calculate from: Date specified during Entry.
The End
