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  • How To Implement VAT in Busy

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    Suresh Sharma
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    This document provides instructions for enabling and implementing VAT in BUSY 3.0 accounting software. It outlines how to enable VAT when creating a company or later in the configuration settings. It also discusses entering VAT opening balances, data entry which remains the same, and how default VAT sales and purchase types are created. The document notes that VAT can be enabled or disabled at any time and that reports are available once enabled. It provides directions for printing tax or retail invoices and accessing VAT reports and registers.

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    How to Implement VAT in Busy

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    How to Implement VAT in Busy

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    This document provides instructions for enabling and implementing VAT in BUSY 3.0 accounting software. It outlines how to enable VAT when creating a company or later in the configuration settings. It also discusses entering VAT opening balances, data entry which remains the same, and how default VAT sales and purchase types are created. The document notes that VAT can be enabled or disabled at any time and that reports are available once enabled. It provides directions for printing tax or retail invoices and accessing VAT reports and registers.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    11 views7 pages

    How To Implement VAT in Busy

    Uploaded by

    Suresh Sharma
    This document provides instructions for enabling and implementing VAT in BUSY 3.0 accounting software. It outlines how to enable VAT when creating a company or later in the configuration settings. It also discusses entering VAT opening balances, data entry which remains the same, and how default VAT sales and purchase types are created. The document notes that VAT can be enabled or disabled at any time and that reports are available once enabled. It provides directions for printing tax or retail invoices and accessing VAT reports and registers.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 7

    How to implement VAT in BUSY 3.

    0
    Enabling VAT in BUSY 1. Enabling VAT at the time of creating company.

    This will create the default masters required for VAT Accounting. 2. If the user wants to enable VAT later he can do so as follows: Go to Administration Configuration Features/Options. Select Sales Tax & VAT tab and set Enable VAT to Y. Provide 11-digit TIN No in specified field. Select the required State from Additional Sales Tax/VAT Registers for State list. Save this information.

    Provide TIN No.

    Choose State from the List To Enable VAT in Busy

    VAT Opening Balances After enabling VAT in Busy, You can provide VAT Opening Balances through Administration Configuration Opening Information VAT Opening Balances.

    VAT Opening Balances

    Data Entry according to VAT Since BUSY is VAT compliant from the beginning, there is no change in the way you would enter your Sales and Purchases after enabling VAT. You will keep on feeding the data as it is, as you would be doing before enabling VAT. Default Sales/Purchase Types (like VAT/1% (R), VAT/1% (T), VAT/4% (R), VAT/4% (T), VAT/12.5% (R), VAT/12.5% (T)), required for VAT, gets created in BUSY at the time of company creation. VAT/1% (R) denotes Sale Type of Retail Invoice when VAT is charged @ 1%. VAT/1% (T) denotes Sale Type of Tax Invoice when VAT is charged @ 1%.

    For Retail Invoice

    For Tax Invoice

    To make a Sale Type Go to Administration Masters Sale Type Add.

    Specify Y to make it a Tax Invoice, else it will treated as Retail Invoice.

    VAT can be enabled / disabled at any point of time, irrespective of whether you have fed your data or not. You can feed your data in any mode (VAT Enabled or Disabled). BUSY always save data in VAT compliant mode. So as soon as you enable VAT, VAT reports would be available to you.

    VAT INVOICES: In order to automatically print Tax Invoice or Retail Invoice, Go To Administration Configuration Document configuration standard Sales Invoice. This option will automatically print Tax Invoice or Retail Invoice as the case may be. By default this option is enabled.

    VAT Reports & Registers


    VAT Reports (for e.g. Delhi VAT Registers) can be shown through Display Sales Tax & VAT Reports Delhi VAT Registers

    VAT Summary

    Delhi Sales Tax Registers

    Delhi VAT Registers

    Note : Above document applies to BUSY 3.0(2k) or above.

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