Page 305 - DMGT104_FINANCIAL_ACCOUNTING

Unit 14: Introduction to Tally

Notes

 By default Inventory Values are affected is set to No
 Set Percentage of Calculation will be set to 10% as per the VAT/Tax Class selected
 The Method of Calculation will be automatically set to On VAT Rate
 Enter the opening balance, if any
 Accept the Input VAT ledger.

Creating an Output VAT Ledger

To create an output VAT ledger,
Go to Gateway of Tally > Accounts Info. > Ledgers > Create
 Enter the Name of the VAT Ledger as Output 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 Output VAT @ 10%

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