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Voucher class when selling inclusive of tax

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This is a guide to configure voucher class when you are selling products inclusive of VAT.Many shops displaying  products price inclusive of tax. In such cases business have to segregate the tax component and price component when they put into billing.

Many are using calculator to segregate the tax and price,  and some are using Tally in built calculator by pressing Alt + C from amount field.

Now the paly is over ,after Voucher class invention ,The task  become easier than ever.We can automate this process of segregation by following the steps mentioned below.

 

This tutorial intended for those who use prior  version Tally ERP9 Release  5, Tally Has introduced a new option in Release 5 Onwards under   sales/purchase voucher F12: Configuration. I will be giving you a tutorial on that.

Let’s consider the following scenario for this Tutorial.

Scenario
 Shisana technologies Sold 10 Nos Computers to Penta system @ 27000 inclusive of 4% VAT.

How to segregate Sale vale and VAT from selling prize inclusive of Tax?

Before moving on to the Tally Lets learn a manual calculation

MRP Inclusive of tax

Computer Toal Selling Price = 27000 which includes Tax

VAT Rate is 4%

These are the known factors to us

The formula to find out the sale value without tax is

27000 x 100/104 = 25960

Hence VAT = 27000-25960 = 1040

If your Tax rate is 12.5% Use 112.5 instead of 104

Percentage of sale value and VAT for Voucher Class Set-up

For setting up Voucher class we want to know the percentage of Sale Value and VAT components included in that total sale price,rather than knowing its value. Here is the way.

Calculation of Tax component & Price Component

Hope You got an idea, still have doubt, comment below, any maths expert will help you :),I am afraid of maths.

Create a voucher class for sales voucher type

Gateway ofTally>Accounts Info >Voucher Types>Alter

Select  ‘Sales ‘ Voucher type.

Continue to press enter key until  the cursor reaches ‘Name of class”.Enter the name of the class as you wish. Lets name it ‘sales4%.

Voucher Type Creation screen

Press Enter Key to move on to the next step.You will have another screen called ‘Voucher Type Class’.

In default accounting allocation for all items in invoice  make sure that the accurate percentage

For sales ledger and VAT Ledger  from the above calculation

See the screen shot

Voucher Class Data entry screen

Press enter and save & save voucher type alteration screen also.

Voucher class is created now

Sales voucher entry using voucher class.

Gateway of tally>Accounting Voucher>F8

A voucher class selection option will appear like thisVoucher class selectionSelect the sales4% class

Enter the sales transaction as usual, here you don’t have to select VAT ledger & sales ledger.

Just select stock item, total selling price and save. That’s it.

Sales Voucher Inclusive of Tax

Now lets check the Ledger of VAT and sales, Just want to check whether the amounts allocated accurately.

Gateway of tally>Display>Account Book>Ledger

Sales 4% Ledger  Balance = Rs 259605.00

Output Vat 4 %  Balance   = Rs  10395.00

Total =  270000.00

So total tallies ,there is  no mismatch found.

In Tally ERP9 Release 5 onwards sales invoicing inclusive of tax become even easier. Hope this tutorial helps for earlier version users.

 

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