I have started working on Tally 9 with ERP. Having worked on Tally 5 before this, version 9 works like a dream. This is much more user friendly and easy to work with. One single example i can give regarding the difference between 2 versions is....In version 5, while doing purchase or sales voucher, i had to key in purchase value and also the respective VAT, but in version 9, i am only required to put in the sales or purchase value, the VAT is automatically calculated by Tally....simple isnt it?
Showing posts with label accounting. Show all posts
Showing posts with label accounting. Show all posts
Wednesday, July 6, 2011
Monday, July 4, 2011
1%, 20% and Purchase 8 E
Last week, it was a bit hectic at our office as we had to file a lot of stock details before June 30. Although it was not a tough job, but still was a bit monotonous. Anyway, now it is over and we are back to our basic book keeping work.
Today I was doing preparing purchase voucher and learned that there are 2 additional VAT %, 1%, and 20% (soft drinks).
If a purchase bill contains different VAT enteries, for example 4 and 12.5%, then we have to prepare seperate purchase vouchers for the same in tally.
Similarly, some times, some businessmen instead of entering seperate cess, mix it with VAT while showing in bill, so for them, 12.5% becomes 12.6%. In dealing with such type, we have segregate the 1% from 12.6 before entering in tally..
Let us for example say that tax of 12.6% VAT purchase is Rs. 356.
so, what we do is = 356 - 3.56 = 352.44 (subtracting 1% of 356)
now, this is the 12.5% VAT amount
to calculate amount on which this VAT was paid = 352.44/12.5*100= 2819.52.
Another thing which I learned today was Purchase 8 E. Businesses have to maintain separate ledger called purchase 8 E for purchases made from house/self help units. Since this is cash purchase, payment voucher is used. This is charged under 4% VAT.
Today I was doing preparing purchase voucher and learned that there are 2 additional VAT %, 1%, and 20% (soft drinks).
If a purchase bill contains different VAT enteries, for example 4 and 12.5%, then we have to prepare seperate purchase vouchers for the same in tally.
Similarly, some times, some businessmen instead of entering seperate cess, mix it with VAT while showing in bill, so for them, 12.5% becomes 12.6%. In dealing with such type, we have segregate the 1% from 12.6 before entering in tally..
Let us for example say that tax of 12.6% VAT purchase is Rs. 356.
so, what we do is = 356 - 3.56 = 352.44 (subtracting 1% of 356)
now, this is the 12.5% VAT amount
to calculate amount on which this VAT was paid = 352.44/12.5*100= 2819.52.
Another thing which I learned today was Purchase 8 E. Businesses have to maintain separate ledger called purchase 8 E for purchases made from house/self help units. Since this is cash purchase, payment voucher is used. This is charged under 4% VAT.
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