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Supply of goods or rendering of services may involve additional expenses, which can either be part of stock items or service value, or can be charged separately. When such an expense is recovered from customers, it is treated as an income. As a GST registered dealer, you have to book such incomes under GST. TallyPrime provides you with the facility to do so and also create ledgers with the required GST applicability to round-off the invoice value. You can also enable the applicability of GST for non-revenue accounts as well.
You can create a ledger to round off the invoice value in TallyPrime to adjust the total amount of an invoice so that it ends in a round figure. This is done for a variety of reasons, including simplifying accounting records, making it easier to calculate taxes, and so on.
Enter the Name of the expense ledger.
Select Direct Expenses or Indirect Expenses in the Under field.
The option GST applicability will be set to Not Applicable.
Accept the screen. As always, press Ctrl+A to save the ledger.
Select this ledger in the invoice to round-off the invoice value.
While accounting for expenses and incomes, the ledgers have to be grouped either under Direct Expenses, Indirect Expenses, Direct Incomes or Indirect Incomes. You can create an expense ledger in TallyPrime to add its value to the assessable value of the invoice.
Enter the Name of the expense ledger.
Select direct or indirect expenses or incomes in the Under field.
GST will be calculated after considering the expense or income value in the invoice, only when the options are set as follows:
Type of Ledger – Not Applicable
Include in assessable value calculation for – GST
For the option Appropriate to, select:
Goods, if the expense or income value has to be included in the stock item cost.
Services, if the expense or income value has to be included in the service value.
Both, if the expense or income value has to be included in stock item cost or service value.
Select the Method of Calculation based on the selection made for the option Appropriate to. If you set it to Goods, select the Method of Calculation as:
Based on Quantity, if the expense or income amount has to be distributed based on the quantity entered for each stock item in the invoice.
Accept the screen. As always, you can press Ctrl+A to save the ledger.
Similarly, you can use this ledger while creating purchase invoices.
In TallyPrime, you can enable GST applicability for ledgers of non-revenue accounts.
Set GST applicability as Applicable and enter the GST details.
Select the Type of supply as:
Services, if the ledger is used to record sale of service. By default, the type of supply is set to Services.
Accept the screen. As always, you can press Ctrl+A to save the ledger.
You can create an expense ledger with GST applicable to record expenses that are subject to the Goods and Services Tax (GST).
Select direct or indirect expenses in the Under field.
Select the Type of Ledger as Not Applicable and Include in Assessable Value Calculation as Not Applicable.
Set GST applicability as Applicable and enter the GST details.
Select the Type of supply as:
Services, if the ledger is used to record sale of service. By default, the type of supply is set to Services.
Accept the screen. As always, you can press Ctrl+A to save the ledger.
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