Are you selling products inclusive of Tax? Then invoicing would be a hassle task if you are not using Voucher class for Inclusive of Tax. Now Inclusive of Tax/VAT invoicing becomes children’s play from Tally ERP9 release 5.
This tutorial will guide you how to specify rate inclusive of VAT in transaction.
Gateway of Tally>Accounting Vouchers>F8 Sales
In the Sales voucher click on F12 configure
Set YES for option ‘Allow entry of rate inclusive of tax for stock item’ (In release 5.3.1)
In earlier Release of 5, the option was’ provides support for inclusive of tax for stock item rate’?
Sales Voucher entry inclusive of VAT
Now let’s enter a sales transaction
Gateway of Tally>Accounting Vouchers>Sales F8
Enter the transaction; enter the net selling price in the field of ‘Rate Incl.of.tax’
Tally ERP9 release 5 will automatically bifurcate the assessable vale, and the VAT amount. Refer the below screenshot.
Now you can check Sales ledger, VAT ledger, and VAT statutory reports for proper allocation of Assessable value and VAT.