For calculating VAT, first of all changes in statutory and taxation. It is the main company features.on the other hand, For impose a VAT. click on features which are shown on the right hand on the screen. Then click on statutory and taxation. For VAT, only one option is changed. This is (enable Value added Tax). And also tax information is necessary like VAT TIN, local sales tax no., inter sales tax no., PAN income tax no. Then again go on create ledger and impose vat on five items.
Double vat system: In business, some of the items which are imposed double vat. e.g: Suppose in spareparts items like: (comet ,gurse, plug) imose double vat --> In comet imposed 4% and in gurse and plug imposed 12.5%. so, we will discuss how will impose double vat:
In comet item, imposed vat 4%
In plug item, imposed vat 12.5%
- In double vat system, go to ledger creation then create double vat. But it will be created separately like input 5.5% separately and 12.5% separately both in input and output.
- When Impose vat combine then only vat are written e.g. vat 4%.
- After the ledger creation, open the accounting voucher. First of all open the purchase voucher with the help of press F9.
- Press F12 and not activate (one use common ledger a/c for items allocations). It is so because when different vat are imposed are shown combine e.g. when two items one item impose 4% vat and in second item impose 12.5% vat then it will be asked assessable value then write the assessable value then it can be calculated automatically. When vat are not in the list of ledger then it will be calculated himself but when it can be shown differently than activate it.
- After, continue all the procedure to fill the purchase voucher.
In purchase voucher:
Date: In which when stock is purchased then date is written according to purchased stock. And voucher date press F2.
First of all party name: when stock are borrowed from party then party name. But when purchased in cash then cash is written.
Purchase ledger: In purchase ledger is written purchases 5.5%. In other words we can say that when you have prepared the purchase vat then only enter option.
Name of items: all the items which are shown in stock items are recorded with quantity, rate, and amount. Narration is being also very necessary. Rate is being selected which are shown in standard rate of stock item.
Double vat impose: after recording all the items firstly impose 5.5% vat including surcharge. And then accept it.
then go to sales voucher and accept it
then go to sales voucher and accept it