Vat accounting


1 Answer(s)


go to F11>F3 Enable Vat save and accept the screen
go to create following ledgers
Purchases @ 4%
under Purchase Accounts
use for Vat YES
VAT Class Purchases @ 4%
Use for Assessable Value Calculation : Yes
Based on Item Value
similarly create
Sales @ 4%
under Sales Accounts
use for Vat YES
VAT Class Sales @ 4%
Use for Assessable Value Calculation : Yes
Based on Item Value
create Input Vat @ 4%
under duties & Taxes
Type VAT
Class Input Vat @ 4%
similarly create Output Vat @ 4%
under duties & Taxes
Type VAT
Class Output Vat @ 4%
now pass the purchase & sales entry selecting the party ledger
Purchase @ 4% or Sales @ 4% as purchase and sales ledger respectively
the class is selected automatically
select or create the item to be purchased or sold
enter the qty. & rate
now select input or output vat for purchase & sales entries respectively