Sometimes back I have write aboutauto duty calculation voucher class creation to avoid any mistake while posting sales and purchase register. Auto duty calculation voucher class also help you for speedy entry and protect you to enter any wrong entry or select wrong accounting head.
To create an auto duty calculation voucher class, user is also required to create an item ledger with duty details otherwise the auto duty calculation voucher class will not work. Further user must create excise duty ledger correctly in tally.erp 9 otherwise no use of auto duty calculation voucher class
Many tally users are not aware with the right path for creating excise duty ledger in tally.erp 9. Some accountant create an excise duty ledger under purchase or sales group which is totally wrong treatment.
Creating excise duty in tally.erp 9 under duties and taxes is the correct path if are you serious about accounting and want to prepare your balance sheet perfectly.
Here I will explain you step by step procedure for creating excise duty ledger in tally.erp 9
Go main menu of tally, Ledger Create new account
Type excise duty @10% in the name field of ledger (It doesn’t matter sales or purchase excise )
in tally.erp 9 excise duty ledger will be captured in sales and purchase transactions and you don’t need to create separate duty ledgers but you must group excise duty ledger under Duty and Taxes.
There will be two types of duty tax for excise purpose.
One is CENVAT : it is used for set off of excise duty paid on purchase. for e.g. when you want to claim excise duty paid on purchases of items have to be set off, then you should select type of duty/tax as CENVAT and another is without CENVAT.
Without CENVAT : when you purchase some materials on which you pay excise duty and these duty is by its nature is not available for set off then you have to select type
Select type of duty as Cenvat
Ignore accounting code. you may refer tally solution’s site for correct accounting code however I do not consider it material.
Select the duty type as Basic Excise duty from the pop up window.
Select % of calculation as applicable e.g. 10% here
It will capture method of valuation as On Assessable Value automatically . You will not be able to change it or select your own in any case.
ITs all done ! in the same way, create duty ledger for Cess @2%, S.E.Cess 1%
ITs all done!