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Selling Rate inclusive of tax without voucher class in Tally ERP9 Release 5

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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

Sales voucher

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’?

F12 configure

Sales Voucher entry  inclusive of VAT

Now let’s enter a sales transaction

Scenario
Sold 10 No Computer to ITC Limited @ 27000/ pcs inclusive of tax

 

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.

sales voucher with inclusive of tax option

Now you can check Sales ledger, VAT ledger, and VAT statutory reports for proper allocation of Assessable value and VAT.

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