VAT- Value Added Tax is a consumption tax. As value addition takes place, tax on the value added is paid at that stage. Value added Tax is the tax charged on sales made within the state. VAT paid on purchases is adjusted against VAT collected on sales. Thus, VAT paid is an asset

VAT Computation Statement-

VAT Computation is the summary report of all transactions related to VAT.

Select Display→ Statutory Reports→ VAT Reports→ VAT Computation

The report is primarily is split into 2 sections, namely Sales & Purchases. Particulars of Output tax appears under Sales while Input tax under Purchases.

VAT Return-

The periodical VAT return forms can be accessed through the Tally. The Statutory return forms for each state varies and the Tally produces the return form applicable for the state.

Display→ VAT Reports→ VAT Forms→ VAT Return

Ageing Analysis Report

Debtors/ Creditors Ageing-

Debtors/ Creditors ageing refers to the process of generate report of debtors/creditors age wise/bill wise. Ageing analysis of bills outstanding is done to identify the bills for which amount is due for a long period of time. These bills can be classified as bad debts or provisions can be created for such losses in the books of accounts depending on the results of ageing analysis

Path –

Display →Statement of A/c → Outstanding→ Receivables→ Sundry Debtors/Creditors→ Press F6

Note-

If in ledgers classified under the head of sundry debtors, maintain balance bill by bill feature is turn off then we can’t generate proper report of debtors.