Purchase vat & input vat
This query is : Resolved
Guest
Guest
(Querist)
26 December 2012
Dear Sir / Ma'am,
I am a bit confused here. I understand that in tally when we have to enter the Purchase VAT entry, we put that under Purchase Account & Heading in tally.
But when we also debit the Input VAT @ (any percentage) that would go under the head Duties & Taxes or will that also go under Purchase Account?
I would really appreciate if you can clarify this point of mine.
I am a bit confused here. I understand that in tally when we have to enter the Purchase VAT entry, we put that under Purchase Account & Heading in tally.
But when we also debit the Input VAT @ (any percentage) that would go under the head Duties & Taxes or will that also go under Purchase Account?
I would really appreciate if you can clarify this point of mine.
Guest
Guest
(Expert)
04 January 2013
Either way it is possible. The possible ways are:
1. Add VAT to purchase and pass a Journal Entry to transfer the VAT amount to Input VAT A/c.
2. Create a ledger of Input VAT under the head Duties & Taxes.
1. Add VAT to purchase and pass a Journal Entry to transfer the VAT amount to Input VAT A/c.
2. Create a ledger of Input VAT under the head Duties & Taxes.
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