Advance Receipts against GST Sales in Tally ERP9

Advance receipts if your company turnover is less than Rs.1.5 Crores

 

If your company turnover in the previous financial year was less than 1.5 crores then you need not to pay tax on advance receipts against supply of goods.

  

 

Advance receipts if your company turnover is more than Rs.1.5 Crores

 

If the turnover of your company is more than Rs.1.5 crores then you have to enable the option – Enable tax liability on advance receipts to Yes in the company GST details screen, to calculate the tax liability on advance receipts.

 

You need to record advance received from customer against supply of goods or services in a receipt voucher.

 

Example 1: Advance received and total order completed in same month.

Advance receipt -> Raise tax liability -> Outward supply (adjusting advance) -> reverse the tax liability of advance amount ->File the returns

 

Example 2: Advance received in current month and order completed in subsequent month.

Advance receipt -> Raise tax liability -> File returns -> Outward supply in next month (adjusting advance) ->reverse the tax liability of advance amount ->File the returns

 

 

How to enable tax liability on advance receipts

 

Path: Gateway of Tally -> F11 Features -> Statutory & Taxation

 

Enable tax liability on advance receipts: Yes

 

 

 

Record advance received from customer transaction in Tally.ERP9

 

Path: Gateway of Tally -> Accounting Vouchers -> F6 Receipt

 

Click on Advance receipt V for advance receipt

 

 

Account: Select the bank

 

Select party ledger

 

 

In the above advance receipt details screen under particulars you need to select stock item from the list of stock items, against which stock item you have received advance amount.

 

Enter advance amount, which is inclusive of GST

 

Select the type of reference as Advance

 

During the advance receipt details screen click on L Show ledgers and click on F12 Configure and enable the below options.

 

 

Allow to provide rate of stock items: Yes, to enter or modify the slab rate of the stock item.

 

Allow to provide quantity for calculation of cess on quantity: Yes, to enter the cess rate

 

Allow modification of tax details: Yes, to override the GST and cess rates during the voucher.

 

Press enter to save the screen

 

 

During the advance receipt voucher press Alt+P to print advance receipt.

 

 

Print GST advance receipt: Yes

 

Press Enter

 

 

 

Check GSTR1 Report

 

Path: Gateway of Tally -> Display -> Statutory Reports -> GST -> GSTR1

 

Select the period, for which period you want to view GSTR1

 

 

 

Record a voucher to raise the tax liability

 

Path: Gateway of Tally -> Accounting vouchers -> F7 Journal

 

Click on Stat Adjustment

 

Select the options as shown in below screenshot

 

 

 

Debit the Tax on advance ledger

 

Credit the CGST and SGST ledgers

 

Provide GST details: Yes, once enable this option then the below screen will appear.

 

 

 

Press enter to save the screen

 

 

Check the impact in GSTR-1 Report

 

Path: Gateway of Tally -> Display -> Statutory Reports -> GST -> GSTR-1

 

 

 

Record sales invoice and link advance received amount against invoice

 

Path: Gateway of Tally -> Accounting Vouchers -> F8 Sales

 

 

Reference no: Enter invoice number

 

Date: Enter date

 

Party a/c name: Enter party name

 

Sales ledger: Select sales ledger

 

Enter name of item, enter quantity and price of each

 

Select GST tax ledgers

 

 

In bill wise details screen you need to adjust advance received amount against sales invoice like as shown above.

 

Press enter to save the screen

 

 

Check GSTR1 report

 

 

Click on B2B Invoices 4A, 4B, 4C, 6B, 6C  

 

 

 

Reverse the tax liability on advance receipt

 

Path: Gateway of Tally ->  Accounting Vouchers -> F7 Journal

 

 

Provide GST details: Yes, once enable this option then the below screen will appear.

 

 

 

 

Check the GSTR-1 report and observe the adjustment of advances 11B (1), 11B (2)

 

Path: Gateway of Tally -> Display -> Statutory Reports -> GST -> GSTR-1

 

 

 

 

 

Related Topics

 

Sales to Unregistered Dealer in Tally ERP9

 

Export Sales under GST in Tally ERP9

 

Recording Sales of Composite Supply under GST in Tally ERP9