Creating Masters for VAT

Creating Purchase Ledger

To create a Purchase Ledger,

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

• Enter theName of the Purchase Ledger
• In theUnder field, select Purchase Accounts from the List of Groups
• Set the fieldInventory values are affected to Yes
• Select theType of Ledger as Not Applicable
• Set the fieldUsed in VAT Returns to Yes

• Select the requiredVAT/Tax Class from the list displayed

• Accept the purchase ledger.

Creating Input VAT Ledger

To create an Input VAT Ledger,

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

• Enter theName of the Input VAT ledger
• In theUnder field, select Duties & Taxes from the List of Groups
• SelectVAT in the Type of Duty/Tax field
• InVAT Sub Type select Input VAT from the List of VAT SubTypes screen
• Select the input VAT classification in theVAT/Tax Class field
• ThePercentage of Calculation and the Method of calculation will be displayed based on the VAT/Tax Class selected.

• Accept the Input VAT ledger.

Creating Output VAT Ledger

To create an Output VAT Ledger,

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

• Enter theName of the Output VAT ledger
• In theUnder field, select Duties & Taxes from the List of Groups
• SelectVAT in the Type of Duty/Tax field
• InVAT Sub Type select Output VAT from the List of VAT SubTypes screen
• Select the output VAT classification in theVAT/Tax Class field
• ThePercentage of Calculation and the Method of calculation will be displayed based on the VAT/Tax Class selected

• Accept the output VAT ledger.

Creating Sales Ledger

To create a Sales Ledger,

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

• Enter theName of the Sales Ledger
• In theUnder field, select Sales Accounts from the List of Groups
• Set the fieldInventory values are affected to Yes
• Select theType of Ledger as Not Applicable
• Set the fieldUsed in VAT Returns to Yes

• Select the requiredVAT/Tax Class from the list displayed

• Accept the sales ledger.