Dear all
my query is whether purcahse is to be show with duty +vat amount in Purchase reg. and P&L or without duty +vat
We have older release of Tally , firstly we backed up and download the latest version then we restore the data but now problem ocuurs
before latest release the P&L shows only cost of Purchase and Duty and VAT go under Duties & Taxes
after restoring the latest version the purchse in P&L and purchase reg shows the purchase cost with duty and VAT
how can we resolve this problem
Only Cost of Purchase should reflect in purchase book
please check the group of Duty and VAT ledgers
For future ..
u shoud do the entries with breakup it will easier while claiming input credit.
Purchase and VAT is to be debited separately. Purchase should only be reflected in trade accounts and input VAT is to be shown separately.
Input VAT is an asset and purchase is coming under purchase accounts.
Call Tally solutions for technical help.
Thanks to all
Only Cost of Purchase should reflect in purchase verify grouping of Duty and VAT ledgers
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
