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ALT+R : Additional Charges / Discount Ledgers

(Quick Setup for Excise for Manufacturer in Tally.ERP 9)

During Purchase or sale there is a possibility that some additional charges (or Discounts) might have been incurred (or given) during purchase (or sales) which will be included in purchase cost (or sales cost) to calculate the duty amount. Accounting duty on Assessable value inclusive of additional charges (or exclusive of discounts) is possible only when the expenses/discount ledger is created with appropriate configurations.

To create Additional Charges/ Discount Ledgers press Alt+R or select the option R: Additional Charges/Discount Ledgers and press Enter to view Additional Charges/Discount Ledgers Setup screen

Additional Charges Ledger

In Additional Charges/Discount Ledgers Setup screen

1.    Enter the Name of the expense ledger you wish to create, for e.g., Packing Charges in Name of Ledger field

2.    Select Direct Expenses as the group name in Under field.

3.    Set the option Use for Assessable Value Calculation  to Yes

4.    In Apportion for field select Excise & VAT form Duty/Tax Type.

Note:  Based on the Duty/Tax Type selected (Excise & VAT) for the option Use for Assessable Value Calculation, the Value given against this ledger in the sales/Purchase voucher will be considered to calculate the assessable value of the stock item to compute the excise duty and VAT.

5.    In Method of Apportion select Based on Value from Method of Apportion.

Example 1: Based on Value

In case of Based on Value method of apportion, expenses will be apportioned based on the Value of the Stock item.

o    Packing charges is 5,000

o    Value of Item X is 50,000

o    Value of Item Y is 60,000

o    Apportionment of Packing Charges to Item X: 5,000*50,000/1,10,000 =2272.73

o    Apportionment of Packing Charges to Item Y: 5,000*60,000/1,10,000 = 2727.27

o    Assessable Value of Item X (52,272.73) = Value of Item X (50,000) +Packing Charges (2,272.73)

o    Assessable Value of Item Y (62,727.27) = Value of Item Y (60,000) +Packing Charges (2,727.27)

Example 2: Based on Quantity

In case of Based on Quantity method of apportion, expenses will be apportioned based on the quantity of the Stock item.

o    Packing charges is 5,000

o    Quantity of Item X is 200 and Value is 20,000

o    Quantity of Item Y is 600 and Value is 60,000

o    Apportionment of Packing Charges to Item X: 5,000*200/800 =1,250

o    Apportionment of Packing Charges to Item Y: 5,000*600/800 = 3,750

o    Assessable Value of Item X (21,250) = Value of Item X (20,000) +Packing Charges (1,250)

o    Assessable Value of Item Y (63,750) = Value of Item Y (60000) +Packing Charges (3,750)

http://www.tallysolutions.com/website/CHM/TallyERP9/Taxation_Setup/Images/Taxation_Setup_-_Excise_for_Manufacturer_19.gif
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6.    Press Enter to Save.

Note: You can also Additional Charges/ Discount Ledgers from Gateway of Tally > Accounts Info. > Ledgers

          To know more on creating Additional Charges/ Discount Ledgers from Ledgers menu refer topics - Creating a Expense Ledger.

 
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