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F7 : Adjustment of CENVAT Credit /Advanced Adjustment @ Procedure to Quick Setup for Excise for Manufacturer  in Tally.ERP 9

Under Central Excise Act Excise duty is payable monthly or quarterly depending on the Type of manufacturer. If you’re a Regular Manufacturer, Excise Duty is payable Monthly and if you are SSI Excise Duty is payable Monthly. Hence the CENVAT Credit Adjustment entry is recorded at the end of Every month or Quarter depending on the type of Manufacturer.

For the payment of Excise Duty, CENVAT Credit available to a Unit will be adjusted towards the Duty Payable to arrive at the Net Duty Payable to the Government.

In Tally.ERP 9 to record the adjustment entry is recorded in Journal Voucher with a CENVAT Adjustment Voucher Class by Crediting - CENVAT Ledgers and Debiting - Excise DutyLedgers to nullify their balances and the net balance in the Excise Duty ledgers will be paid to the Government.

Note: This Voucher Type can also be used to adjust the Advance Excise duty paid to the Government towards Excise Duty payable for the current month.

To create CENVAT Adjustment Class in Journal Voucher press F7 Key or select F7: Adjustment of CENVAT Credit / Advanced Adjustment and press enter to view CENVAT Credit /Advanced Adjustment Voucher Type Setup screen.

In CENVAT Credit /Advanced Adjustment Voucher Type Setup screen, Application displays default Journal Voucher

  1. Select Journal Voucher Type. Retain the default settings in Name of Voucher Type,  Method of Voucher Numbering

  2. In Name of Class field mention the class name as - CENVAT Credit Adjustment


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  1. Press Enter to view Voucher Type Class screen

  2. In Voucher Type Class screen

  3. Set the option Use Class for Excise /CENVAT Adjustments to Yes


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  1. Press Enter to save Voucher Type Class screen.


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  1. Press enter to save.

Note: You can also create voucher class for Journal from Gateway of Tally > Accounts Info. > Voucher Types > Alter > Journal Voucher

 
 
 
Tally.ERP 9 Reference Manual LIBRARY
1.
Installation of Tally.ERP9
2.
Site Licensing of Tally.ERP9
3.
Shortcut Keys in Tally.ERP9
4.
Maintaining Company Data
5.
Creating Masters
5a. Accounts Information [Creating Masters]
5b. Inventory Information [Creating Masters]
6.
Voucher Entry
7.
Reports in Tally.ERP9
8.
Excise for Dealer
9.
Excise for Manufacturer
10.
Reports [ Excise for Manufacturer]
11.
Excise for Importer
12.
Service Tax in Tally.ERP9
13.
Tax Collected at Source (TCS) in Tally.ERP9
14.
Tax Deducted at Source (TDS) in Tally.ERP9
15.
Value Added Tax (VAT) in Tally.ERP9
16.
Central Sales Tax (CST) in Tally.ERP9
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
 
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