{"id":111135,"date":"2021-02-26T15:48:22","date_gmt":"2021-02-26T10:18:22","guid":{"rendered":"https:\/\/www.vskills.in\/certification\/tutorial\/?page_id=111135"},"modified":"2024-04-12T14:31:21","modified_gmt":"2024-04-12T09:01:21","slug":"creating-masters-for-vat","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/creating-masters-for-vat\/","title":{"rendered":"Creating Masters for VAT"},"content":{"rendered":"\n<p><strong><u>Creating Purchase Ledger<\/u><\/strong><\/p>\n\n\n\n<p>To create a Purchase Ledger,<\/p>\n\n\n\n<p>Go to&nbsp;<strong>Gateway of Tally &gt; Accounts Info. &gt; Ledgers &gt; Create<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Enter the<strong>Name<\/strong>&nbsp;of the Purchase Ledger<\/li><li>In the<strong>Under<\/strong>&nbsp;field, select&nbsp;<strong>Purchase Accounts<\/strong>&nbsp;from the&nbsp;<strong>List of Groups<\/strong><\/li><li>Set the field<strong>Inventory values are affected<\/strong>&nbsp;to&nbsp;<strong>Yes<\/strong><\/li><li>Select the<strong>Type of Ledger<\/strong>&nbsp;as&nbsp;<strong>Not Applicable<\/strong><\/li><li>Set the field<strong>Used in VAT Returns<\/strong>&nbsp;to&nbsp;<strong>Yes<\/strong><\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"http:\/\/www.vskills.in\/lms\/wp-content\/uploads\/2016\/12\/image208.gif\" alt=\"image208\" class=\"wp-image-76656\"\/><\/figure><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>Select the required<strong>VAT\/Tax Class<\/strong>&nbsp;from the list displayed<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"http:\/\/www.vskills.in\/lms\/wp-content\/uploads\/2016\/12\/image209.gif\" alt=\"image209\" class=\"wp-image-76658\"\/><\/figure><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>Accept the purchase ledger.<\/li><\/ul>\n\n\n\n<p><strong><u>Creating Input VAT Ledger<\/u><\/strong><\/p>\n\n\n\n<p>To create an Input VAT Ledger,<\/p>\n\n\n\n<p>Go to&nbsp;<strong>Gateway of Tally &gt; Accounts Info. &gt; Ledgers &gt; Create<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Enter the<strong>Name<\/strong>&nbsp;of the Input VAT ledger<\/li><li>In the<strong>Under<\/strong>&nbsp;field, select&nbsp;<strong>Duties &amp; Taxes<\/strong>&nbsp;from the&nbsp;<strong>List of Groups<\/strong><\/li><li>Select<strong>VAT<\/strong>&nbsp;in the&nbsp;<strong>Type of Duty\/Tax<\/strong>&nbsp;field<\/li><li>In<strong>VAT Sub Type<\/strong>&nbsp;select&nbsp;<strong>Input<\/strong>&nbsp;<strong>VAT<\/strong>&nbsp;from the&nbsp;<strong>List of VAT SubTypes<\/strong>&nbsp;screen<\/li><li>Select the input VAT classification in the<strong>VAT\/Tax Class<\/strong>&nbsp;field<\/li><li>The<strong>Percentage of Calculation<\/strong>&nbsp;and the&nbsp;<strong>Method of calculation<\/strong>&nbsp;will be displayed based on the VAT\/Tax Class selected.<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"http:\/\/www.vskills.in\/lms\/wp-content\/uploads\/2016\/12\/image210.gif\" alt=\"image210\" class=\"wp-image-76659\"\/><\/figure><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>Accept the Input VAT ledger.<\/li><\/ul>\n\n\n\n<p><strong><u>Creating Output VAT Ledger<\/u><\/strong><\/p>\n\n\n\n<p>To create an Output VAT Ledger,<\/p>\n\n\n\n<p>Go to&nbsp;<strong>Gateway of Tally &gt; Accounts Info. &gt; Ledgers &gt; Create<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Enter the<strong>Name<\/strong>&nbsp;of the Output VAT ledger<\/li><li>In the<strong>Under<\/strong>&nbsp;field, select&nbsp;<strong>Duties &amp; Taxes<\/strong>&nbsp;from the&nbsp;<strong>List of Groups<\/strong><\/li><li>Select<strong>VAT<\/strong>&nbsp;in the&nbsp;<strong>Type of Duty\/Tax<\/strong>&nbsp;field<\/li><li>In<strong>VAT Sub Type<\/strong>&nbsp;select&nbsp;<strong>Output VAT<\/strong>&nbsp;from the&nbsp;<strong>List of VAT SubTypes screen<\/strong><\/li><li>Select the output VAT classification in the<strong>VAT\/Tax Class<\/strong>&nbsp;field<\/li><li>The<strong>Percentage of Calculation<\/strong>&nbsp;and the&nbsp;<strong>Method of calculation<\/strong>&nbsp;will be displayed based on the VAT\/Tax Class selected<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"http:\/\/www.vskills.in\/lms\/wp-content\/uploads\/2016\/12\/image211.gif\" alt=\"image211\" class=\"wp-image-76660\"\/><\/figure><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>Accept the output VAT ledger.<\/li><\/ul>\n\n\n\n<p><strong><u>Creating Sales Ledger<\/u><\/strong><\/p>\n\n\n\n<p>To create a Sales Ledger,<\/p>\n\n\n\n<p>Go to&nbsp;<strong>Gateway of Tally &gt; Accounts Info. &gt; Ledgers &gt; Create<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Enter the<strong>Name<\/strong>&nbsp;of the Sales Ledger<\/li><li>In the<strong>Under<\/strong>&nbsp;field, select&nbsp;<strong>Sales Accounts<\/strong>&nbsp;from the&nbsp;<strong>List of Groups<\/strong><\/li><li>Set the field<strong>Inventory values are affected<\/strong>&nbsp;to&nbsp;<strong>Yes<\/strong><\/li><li>Select the<strong>Type of Ledger<\/strong>&nbsp;as&nbsp;<strong>Not Applicable<\/strong><\/li><li>Set the field<strong>Used in VAT Returns<\/strong>&nbsp;to&nbsp;<strong>Yes<\/strong><\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"http:\/\/www.vskills.in\/lms\/wp-content\/uploads\/2016\/12\/image212.gif\" alt=\"image212\" class=\"wp-image-76661\"\/><\/figure><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>Select the required<strong>VAT\/Tax Class<\/strong>&nbsp;from the list displayed<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"http:\/\/www.vskills.in\/lms\/wp-content\/uploads\/2016\/12\/image213.gif\" alt=\"image213\" class=\"wp-image-76662\"\/><\/figure><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>Accept the sales ledger.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Creating Purchase Ledger To create a Purchase Ledger, Go to&nbsp;Gateway of Tally &gt; Accounts Info. &gt; Ledgers &gt; Create Enter theName&nbsp;of the Purchase Ledger In theUnder&nbsp;field, select&nbsp;Purchase Accounts&nbsp;from the&nbsp;List of Groups Set the fieldInventory values are affected&nbsp;to&nbsp;Yes Select theType of Ledger&nbsp;as&nbsp;Not Applicable Set the fieldUsed in VAT Returns&nbsp;to&nbsp;Yes Select the requiredVAT\/Tax Class&nbsp;from the list displayed&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-111135","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized 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