Page 304 - DMGT104_FINANCIAL_ACCOUNTING

Financial Accounting

Notes

6. Accept the sales ledger creation screen.
It is recommended that separate Sales Ledgers be created for each of the sales related VAT/Tax
classifications.

Task Create sales return ledger.

14.3.1 Creating VAT Ledger

Creating an Input VAT Ledger

To create an input VAT ledger,

Go to Gateway of Tally > Accounts Info. > Ledgers > Create
 Enter the Name of the VAT Ledger as Input VAT @ 10%
 In the Under field, select Duties & Taxes from List of Groups
 Select the Type of Duty/Tax as VAT

 In the VAT/TAX Class field, select Input VAT @ 10%

298 LOVELY PROFESSIONAL UNIVERSITY