Debit Note and Credit Note Voucher with Vat, Rate Difference

Dear friends, today we discuss how could you use Debit Note and Credit Note vouchers with Vat for purchases and sales return entries and also how could you increase or decrease any debtor or creditor amount due to rate difference.

you know very well about the Debit Note and Credit Note and Vat. Debit Note voucher is used specially for purchases return entry and you can also use this voucher to increase any debtor amount due the reason of rate difference while Credit note voucher is used specially for sales return entry and you can also use this voucher to decrease the creditor amount due the reason of rate difference.

This article will help you when you have to issue or receive vat credit note in your company. VAT credit note is generally used for the purpose of making an adjustment in relation to the VAT invoices.

How to Use Credit Note voucher with Vat (Debit Note and Credit Note):

Normally credit note is voucher is used when sales goods are returned from customer. This voucher is also used in extra charged amount by creditors. Press Ctrl + F8 for active credit note voucher. When sold goods are returned from the party against the VAT than normally following entry be passed.

Note: By default Sales Return entry made in invoice mode in the Credit Note voucher. To see same entry in voucher mode you have to press Ctrl + V, on this voucher.

Must Read: How to Use Debit Note Voucher in Tally

How to increase bill amount of debtor (Rate Difference):

You can also use this voucher when increased the creditor’s amount, same as debit note for increased debtor’s amount.

How to use Debit Note voucher with Vat (Rate Difference):

Debit note is also used to increase debtor’s amount. When you make sales to any debtor, but not send sales bill to debtor of compete amount. Then send debit note to him of remaining amount. E.g. If you sold goods of Rs. 10252.50 to Mr. Amit debtor with vat@1%, but you send bill of Rs. 10000 to him. In future, you remember you not send complete amount sales bill. Then send 252.50 debit notes to the Mr. Amit debtor.

Dr. Amit Debitor’s   a/c  252.50
Cr. Sales@1%      250.00
Cr. Output Vat @1%                 2.50
(Amount increased entry of debtors in voucher mode).

Must Read: Important Shortcut Keys of Tally

I hope, now you will be able to do entry easily in Debit Note and Credit Note voucher during purchases / sales return entries and rate difference. Give your important suggestions in the comment box regarding this post. Thanks.

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