Home Busy Accounting Software Unit 5 – Masters 101

Unit 5 – Masters 101

8 min read
0
0
95

Unit 5 – Masters 101

Sales Account Information

This group gets activated if you have disabled the option of Separate Sales / Purchase Account with Items in Administration à Configuration à Features / Options à Inventory tab. If you have enabled the option of Separate Sales / Purchase Account with Items then account to be credited on sale will be dependent on the Sales account specified with item in Item master. Otherwise, if you have disabled this option then account to be credited on sale will be dependent on the Sale Type used in voucher.

Under this group, you can specify Sales account to be credited when the Sale Type is used in vouchers.

In the group, following three options appear:

Specify Here (Single Account)

Select this option if you want to specify a single account to which entry will be posted when the Sale Type will be used in voucher. On selecting this option, a data field appears in which you have to select the account, which is to be credited when the Sale Type is used in voucher.

Specify Here (Separate accounts for different Tax – Rates)

This data field gets activated only on selecting Multi – Tax option in the Taxation Type group (explained below). Enable this option if you want to specify separate account for each tax rate. This option is most useful for Multi taxation voucher in which you want entries to be posted in account according to the tax rate charged on the item. For example, you want all the entries related to 5% tax to be posted in Sales 5% account and all the entries related to 13.5% tax to be posted in Sales 13.5% account. In this case, you can specify Sales 5% account for the 5% tax rate and Sales 13.5% account for the 13.5% tax rate in Multi Tax Account Configuration window that appears on clicking the Configure button placed next to this option. Given here is a screenshot of Multi Tax Account Configuration window.

Figure 5.17 Multi Tax Account Configuration

102

In the Multi Tax Account Configuration window, a grid and various data fields appear. The grid and data fields are:

Tax Details grid – Various fields in the grid are:

o Tax (in %) – Specify the rate of tax in this field.

o Type – Focus comes to this field only if you specify ‘0’ in the Tax (in %) field. Select from the list the type of taxation.

o Sales Accounts – Select the sale account to which entry will be posted when the specified tax rate will be charged.

o Tax Account – Select the tax account to which entry will be posted when the specified tax rate will be charged.

o Surcharge Account – This field appears if you have enabled surcharge for the company. Select the surcharge account to which entry will be posted when the specified tax rate will be charged.

Default Sales Account – Select the default sale account to which entry will be posted for tax rate not specified in the Tax Details grid.

Default Tax Account – Select the default tax account to which entry will be posted for tax rate not specified in the Tax Details grid.

Default Surcharge Account – Select the default surcharge account to which the entry will be posted for tax rate not specified in the Tax Details grid.

Specify in Voucher

Select this option if you want to specify Sale account to which entry will be posted in the voucher itself. In Sales voucher, a Sales Account data field appears in which you can select the account to be credited on selecting a Sales Type in which this option is enabled.

Taxation Type

Under this group, you can specify the type of tax to be used with the items of voucher in which the

Sale Type you are creating will be used. Various options under this group are:

Taxable

Select this option if the item is taxable i.e. tax is to be paid on sale of the item.

Multi Tax

Select this option if different tax rates are to be levied on different items in a single Sales Invoice. If there are different items of different tax rates in a Sale invoice then this option provides the facility of charging different tax rates to individual items. In a Sales voucher with Sale Type having this option enabled, an Item wise VAT window appears with each item in which you can specify the tax rate applicable for the item.

Load More Related Articles
Load More By amitgupta
Load More In Busy Accounting Software

Leave a Reply

Check Also

What is Account Master & How to Create Modify and Delete

What is Account Master & How to Create Modify and Delete Administration > Masters &…