Home Busy Accounting Software Unit 6 – Transactions 141

Unit 6 – Transactions 141

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Unit 6 – Transactions 141

Figure 6.13 VAT Adjustment Details (Payment / Tax Adjustment / Refund)

In the window, there are various data fields. The data fields are:

VAT Details – By default, ‘Y’ is specified in this data field. Specify ‘N’ in the data field if you do not want to enter VAT details.

VAT Adjustment Type – This data field is active if ‘Y’ is specified in the VAT Details data field. Select from the list the type of VAT Adjustment you are making. In the list, there are three options. The options are:

o Payment – Select this option if you are making payment for the VAT.

o Input Tax Adjustment – Select this option if you are making an adjustment to input tax. o Output Tax Adjustment – Select this option if you are adjusting output tax.

Amount – Enter the amount of VAT to be adjusted in this data field.

Nature of Adjustment – This data field appears if you have selected the Input Tax Adjustment or Output Tax Adjustment option in the VAT Adjustment Type data field. Select from the list the nature of adjustment such as Change in Price, Sale / Purchase Cancellation and so on.

Description – This data field gets activated if you select the Other Adjustment option in the Nature of Adjustment data field. Enter description of the adjustment in this data field.

If you have selected Payment option in the VAT Adjustment Type data field then following data fields will appear:

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Challan No – Enter the number of challan, which is deposited in the Bank such as DVAT20 in case of Delhi and so on.

Dated – Enter the date when the challan is deposited.

Cheque / DD No. – Enter the cheque or Demand Draft number through which VAT is paid.

Dated – Enter the cheque date in this data field.

Bank Name – Enter the name of the bank where VAT is to be deposited.

Bank Code – Enter the Bank code in this data field.

Period Ending – Specify the period ending for which you are paying the VAT.

Interest – Enter the amount of interest paid if any.

Penalty – Enter the amount of penalty paid if any.

After entering appropriate data in the data fields, click the Ok button to save the details entered by you.

CST Adjustment Details (Payment)

This window appears if you have selected an account in which Tax Category is specified as CST in the

Account master. In the window, there are various data fields. The data fields are:

Input CST Adjustment Details – Specify ‘Y’ in this data field if you want to adjust input CST details.

CST Adjustment Type – Select the type of CST adjustment. Only CST Payment option appears in this data field.

Amount – Specify the amount of CST to be adjusted in this data field.

Challan No. – Enter the challan number, which is deposited in the bank.

Dated – Enter the date on which challan is deposited.

Cheque / DD No. – Enter the Cheque / Demand Draft number through which the CST is paid.

Dated – Enter the cheque date in this data field.

Bank Name – Enter the name of the bank where CST is to be deposited.

Bank Code – Enter the Bank code in this data field.

Period Ending – Specify the period ending for which you are paying the CST.

Interest – Enter the amount of interest paid if any.

Penalty – Enter the amount of penalty paid if any.

After entering appropriate data in the data fields, click the Ok button to save the details entered by you.

Let us now discuss the Single Entry System for entering Payment voucher.

In Single Entry system, while entering a Payment voucher you only need to select the payment mode and specify the affected accounts. You do not need to remember and specify the debit / credit aspect

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