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16/03/2017

How to create taxable Debit / Credit Note (Reversal Journal)

How to maintain taxable Debit / Credit Note

Debit note: When goods are returned by the customer to the supplier due to wrong quantity or quality of product, rate difference, discount, commission, etc is known as debit note. it is also known as purchased return.
Credit note: It is a official or commercial document which is provided by supplier to the customer.

How to activate Credit/ Debit note in Tally.ERP9

Go to Accounting Voucher->Press F11-> Go to Section Budget & Scenario management-> Select yes to Use Reversing Journals and optional vouchers.
In view of tax calculation on sales/ purchase, debit/ credit note adjust you tax liability/ refundable with your calculation automatically. E.G.
XYZ Limited purchase 5000 Units to ABC Private Limited @ Rs. 1/- per unit with 12.5% tax rate:
Now the entry is as below:
Cr. XYZ Limited                          Rs, 5625 (Inclusive vat @ 12.5%)
Dr. Purchase @ 12.5%                Rs. 5000 (Purchase Amount)
Dr. Input Vat @ 12.5%               Rs. 625
Now ABC Private Limited rejects 2500 units with tax rate @ 12.5%, then ABC Private limited raise debit note as purchase return. So What entry will be pass for this?
Solution:
Dr. XYZ Limited                                  Rs. 2812.5/-
Cr. Purchase @ 12.5%                        Rs. 2500/-
Cr. Input Vat @ 12.5%                       Rs. 312.50/-
Following Video shows you to how to maintain Debit Note in Tally.ERP9

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