Setthe optionCalculate Tax on current Sub-TotaltoYes
PressAlt+IforItem Invoicemode (If the invoice mode is Account invoice).
Enter the date and reference.
Select thePartyfrom the List of Ledger Accounts in Party’s A/c Name.
SelectSales Ledger from the List of Ledger Accounts.
VAT/Tax Classfield gets updated as per theVAT/Tax Classselected during Sales ledger Creation.
Select theStock Itemfrom the List of Items in Name of Item.
Enter theQuantityand theRateto get the amount in theAmountfield.
Select theOutput VATledger from the List of Ledger Accounts.
Select theTCSledger from the List of Ledger Accounts and press enter to viewTCS Detailsscreen.
In theTCS Detailsscreen, by default the accumulated value ofItem valueandVAT amount is picked up and displayed as theGross Amount(can be changed if required).Income Taxis calculated at prescribed rate on the Gross amount.
In TCS - Bill-wise Details for:TCS @ 2.5%section, accept the default bill details forType of Ref,Name,Due Date, orCredit Days(By default, 7th of the following month) and Amount.
Note: To calculate TCS on Gross amount (Item value and output VAT), ensure the optionCalculate Tax on current Sub-Totalis set toYesinF12: Configuration (Sales Invoice Configuration).
Accept theDefault Bill Allocationin the Bill-wise Details screen.
EnterNarration, if required.
PressEnterto accept and save.
Similarly check forsale of goods @ Lower/Zero Rate
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