Generally it is very simple to pass purchase of fixed Assets entry in Tally but query arise are we passing it correct way ? Are we following correct technique to maintain Fixed Assets register in Tally?
This PDF will help you to understand most appropriate way to Pass entry for Fixed Assets Purchase under GST. It will cover different scenario which may be suitable to your organization need.
Let us understand with an example :
Sohan India Purchase 10 Laptop @ 25000 each with GST Rate @ 28% from Vijay Sales on Cash Basis\Credit Basis.
Above case explain that we have purchase laptops which are assets of organization so before booking we need to think what is correct way to pass the entry in Tally?
Normally we pass the entry using fixed assets ledger mode in Tally but we have alternate option to process the entry in Tally.
CASE A :
Item Invoice Mode : Using Fixed Assets as stock item way.
In this case Assets purchase can be created as stock item and booked in Tally. Now many of us think why to create stock where it is our Assets. So I would like to update you that in case if you will pass the entry using inventory method then it will help you to get the number of Assets available in Tally itself no need to maintain extra excel sheet to keep track of it. You can book quantity purchase as well. So just check out the scenario.
In case of Credit Basis
Masters
Party Master : Vijay Sales - Mention state and GSTIN number of Party (To create Party Ledger>>Gateway of Tally>>Account Info>>Ledger>>Create)
Fixed Assets Ledger : Laptop and Computers as below (To create Fixed Assets>> Gateway of Tally>>Account Info>>Ledger>>Create)
Please Note : If you have already created your Fixed Assets ledger then alter your ledger and enable the option for Inventory Values are affected and do not enable the option of set alter GST details.
Stock Item : Now you need to create Laptop as Stock Item but how to configure the same just check this out as below.
Please Note : You need to set costing method as Zero Cost for this. If you wont keep it as Zero Cost then Tally will treat this as stock item and will add the value under closing stock value instead of Fixed Assets.
Enable the option for set alter GST details and select costing method as ZERO COST Mention HSN Code and Rate of GST.
Passing Entry
In case of Credit Purchase
Now under Scenario A we are ready to pass purchase entry in Tally. To Pass Purchase entry follow the process
Gateway of Tally>>Accounting Voucher>>Press F9 Purchase>>
Before Passing Purchase entry Press F12 (2 time) and enable the option>>allow expenses and fixed assets for accounting allocation Select Party Ledger>>Select Laptop & Computer Fixed Assets Ledger>>Stock Item and pass entry as below.
If Tax classification box appear then do not mention anything ignore this page :
This entry will hit your Fixed Assets under Balance sheet and Party balance and will not hit your stock summary as costing method of stock has been selected as ZERO Cost.
In case of CASH Purchase
Above example explained was in case of Credit Purchase. Now Let us understand in case of Purchase made under Cash. Instant Payment.
To Pass the entry>>Gateway of Tally>>Accounting Voucher>> Press F9>>Purchase>> Party Name should be your cash or bank ledger. As soon as you will select cash or bank ledger supplementary detail will be asked as below.
You need to mentioned name of supplier and GST details if applicable.
Now after Pass the entry like below :
CASE B
In this case we will follow traditional method where No stock item is being used.
Passing without selecting stock items using only fixed Assets ledger.
In case of Credit Purchase (Pass Purchase entry)
Gateway of Tally>>Accounting Voucher>>Purchase Voucher>>click on CTL+V>>Voucher mode.
Above method will help you to pass the entry but it will not show you the quantity purchase & GST amount you need to put manually.
GST amount need to Put manually and once you select Fixed Assets ledger please mention Tax Classification details as below :
Before saving entry if shows any notification of override then click on override.
In case of Cash Purchase : In case of Case purchase without using stock item method you can directly pass the entry of Payment.
Gateway of Tally>>Accounting Voucher>>Press F5>>Payment
Before passing entry press F12 (2 time) and enable the option for party details & Enable the option of use reference number to mention supplier invoice number and date below Payment voucher Number.
GST Amount need to Put manually As soon as we will select bank or cash ledger it will show Supplementary details fill the details as below :
In Tax Classification details you can mention as :
While saving entry it will show option as override >>click on override and save entry So this was the scenario which you can follow according to your need.
Similarly we can pass entry for stationary purchase where different rate of stationary is being purchased and it is quite tough to maintain different rate ledger for stationary so check out the E-Book for the best solution on that as well.
Incase of any queries, please whatsapp on 9699333653 or mail me at gstintally786@gmail.com. Check
out my latest blog on GST in Tally on www.gstintally.in.
Disclaimer : This PDF book is only for study purpose using any of content for selling purpose is not allowed.
This PDF will help you to understand most appropriate way to Pass entry for Fixed Assets Purchase under GST. It will cover different scenario which may be suitable to your organization need.
Let us understand with an example :
Sohan India Purchase 10 Laptop @ 25000 each with GST Rate @ 28% from Vijay Sales on Cash Basis\Credit Basis.
Above case explain that we have purchase laptops which are assets of organization so before booking we need to think what is correct way to pass the entry in Tally?
Normally we pass the entry using fixed assets ledger mode in Tally but we have alternate option to process the entry in Tally.
CASE A :
Item Invoice Mode : Using Fixed Assets as stock item way.
In this case Assets purchase can be created as stock item and booked in Tally. Now many of us think why to create stock where it is our Assets. So I would like to update you that in case if you will pass the entry using inventory method then it will help you to get the number of Assets available in Tally itself no need to maintain extra excel sheet to keep track of it. You can book quantity purchase as well. So just check out the scenario.
In case of Credit Basis
Masters
Party Master : Vijay Sales - Mention state and GSTIN number of Party (To create Party Ledger>>Gateway of Tally>>Account Info>>Ledger>>Create)
Fixed Assets Ledger : Laptop and Computers as below (To create Fixed Assets>> Gateway of Tally>>Account Info>>Ledger>>Create)
Please Note : If you have already created your Fixed Assets ledger then alter your ledger and enable the option for Inventory Values are affected and do not enable the option of set alter GST details.
Stock Item : Now you need to create Laptop as Stock Item but how to configure the same just check this out as below.
Please Note : You need to set costing method as Zero Cost for this. If you wont keep it as Zero Cost then Tally will treat this as stock item and will add the value under closing stock value instead of Fixed Assets.
Enable the option for set alter GST details and select costing method as ZERO COST Mention HSN Code and Rate of GST.
Passing Entry
In case of Credit Purchase
Now under Scenario A we are ready to pass purchase entry in Tally. To Pass Purchase entry follow the process
Gateway of Tally>>Accounting Voucher>>Press F9 Purchase>>
Before Passing Purchase entry Press F12 (2 time) and enable the option>>allow expenses and fixed assets for accounting allocation Select Party Ledger>>Select Laptop & Computer Fixed Assets Ledger>>Stock Item and pass entry as below.
If Tax classification box appear then do not mention anything ignore this page :
In case of CASH Purchase
Above example explained was in case of Credit Purchase. Now Let us understand in case of Purchase made under Cash. Instant Payment.
To Pass the entry>>Gateway of Tally>>Accounting Voucher>> Press F9>>Purchase>> Party Name should be your cash or bank ledger. As soon as you will select cash or bank ledger supplementary detail will be asked as below.
You need to mentioned name of supplier and GST details if applicable.
Now after Pass the entry like below :
CASE B
In this case we will follow traditional method where No stock item is being used.
Passing without selecting stock items using only fixed Assets ledger.
In case of Credit Purchase (Pass Purchase entry)
Gateway of Tally>>Accounting Voucher>>Purchase Voucher>>click on CTL+V>>Voucher mode.
Above method will help you to pass the entry but it will not show you the quantity purchase & GST amount you need to put manually.
GST amount need to Put manually and once you select Fixed Assets ledger please mention Tax Classification details as below :
Before saving entry if shows any notification of override then click on override.
In case of Cash Purchase : In case of Case purchase without using stock item method you can directly pass the entry of Payment.
Gateway of Tally>>Accounting Voucher>>Press F5>>Payment
Before passing entry press F12 (2 time) and enable the option for party details & Enable the option of use reference number to mention supplier invoice number and date below Payment voucher Number.
Similarly we can pass entry for stationary purchase where different rate of stationary is being purchased and it is quite tough to maintain different rate ledger for stationary so check out the E-Book for the best solution on that as well.
| Download The PDF - Purchase of Fixed Assets under GST in Tally | Click Here |
Incase of any queries, please whatsapp on 9699333653 or mail me at gstintally786@gmail.com. Check
out my latest blog on GST in Tally on www.gstintally.in.
Disclaimer : This PDF book is only for study purpose using any of content for selling purpose is not allowed.
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