How to create tax master
Here explaining how to create new tax master.
1. Go to Masters-->Tax.
2. Click New button or Press F3 button to create New Tax.
3. Choose Vatsales or CST sales
Vatsales-->For creating local tax
CSTSales-->For creation interstate tax
4. Type the print description of tax.This is the naming of the specific tax
5. Type the required Vat tax percentage in Vat/Sales tax %/CST
6. Choose in which rate the tax should be calculated.Normally the tax should be calculate on Sales rate in sales transaction,purchase rate in purchase transaction.For this we need to choose vat calculate on sales rate option in our DE.
7. Choose the vat calculate on qty or free or both.Normally the vat should be calcuate on qty only.In some state the vat should be calculate in both Qty and Free qty for an item.
8. Choose the Ledgers we need to post our respective transaction in the respective ledger.
For ex: The sales ledger a/c is cash sales means,then the sales values are posted in cash sales ledger.
The sales tax values are posted in Vat 5% tax a/c ledger.Like that we are mentioning the different ledgers to post the respective transactions for easy accessing of the values from ledgers.
9. Then press the Save Button to save the tax master
Note:
1.No tax is allowed to create as duplicate.
2.No tax is allowed to delete if the tax is used in any transactions.
1. Go to Masters-->Tax.
2. Click New button or Press F3 button to create New Tax.
3. Choose Vatsales or CST sales
Vatsales-->For creating local tax
CSTSales-->For creation interstate tax
4. Type the print description of tax.This is the naming of the specific tax
5. Type the required Vat tax percentage in Vat/Sales tax %/CST
6. Choose in which rate the tax should be calculated.Normally the tax should be calculate on Sales rate in sales transaction,purchase rate in purchase transaction.For this we need to choose vat calculate on sales rate option in our DE.
7. Choose the vat calculate on qty or free or both.Normally the vat should be calcuate on qty only.In some state the vat should be calculate in both Qty and Free qty for an item.
8. Choose the Ledgers we need to post our respective transaction in the respective ledger.
For ex: The sales ledger a/c is cash sales means,then the sales values are posted in cash sales ledger.
The sales tax values are posted in Vat 5% tax a/c ledger.Like that we are mentioning the different ledgers to post the respective transactions for easy accessing of the values from ledgers.
9. Then press the Save Button to save the tax master
Note:
1.No tax is allowed to create as duplicate.
2.No tax is allowed to delete if the tax is used in any transactions.
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