When the firm pays or gives cash or cheque to another party, the entry is made in Payment Voucher. It is also made if the firm or business pays for expenses in cash or cheque.
You can also make a Payment Voucher by applying VAT on the amount paid.
Example: If you purchase stationary for cash, prepare a Payment Voucher and click on VAT check box if VAT is applicable.
1. After Login, click Cash/Bank (or press F3).
2. Then click on Payment Voucher Button (or press Alt+p).
The following screen will appear:
Fig. 1
1. Voucher Series and Voucher Number:
It is used for voucher identification. It is a combination of alphabets and numbers.
“AB” series is set by default if any other series is not created. It can be changed.
Last entered series for Cash Sales, will be set in Combo Box from list of series. You can change this series.
The Voucher No. is set according to the voucher series. It is set to the maximum number for the selected Voucher Series. You can change it.
2. Date: Enter the date on which transaction is entered. By default, the Date set is the date on which the Payment Voucher was last entered.
3.
Debit Account: Accounts falling under the group other than Cash/Bank group, CST on Sales and VAT on Sales will
appear on Debit side of the Payment Voucher.
If you select Accounts under group VAT on Purchase or CST on Purchase,
you can not apply VAT. In these cases, you can enter taxable amount for
the Tax applied. (See Fig. 2)
Here you will see the Closing
Balance for Debit Account.
4. Credit Account: Only the accounts that fall under Cash/Bank Group will appear in credit side of Payment Voucher. Here you will see the Closing Balance for selected Credit Account.
5. Amount: Enter the amount payed in this field.
6. Narration: You can select a Narration from the Combo Box or enter another narration.
Fig. 2
7. Taxable Amount: 1.If you select an account from CST On Purchase or VAT On Purchase Group, then taxable amount field will appear.
Taxable amount is assessable value on which VAT or CST is calculated. If you do not enter any amount then the system will take the Taxable amount as zero and VAT and CST report are prepared accordingly.
Taxable Amount does not have any accounting effect. It is only for preparing VAT and CST report. If you want proper VAT/CST reports, then enter the basic taxable amount (Amount on which VAT/CST is calculated) in the taxable amount field.
8.
VAT: If you want to apply VAT you can select this Check Box.
The following screen will appear:
Fig. 3
9. VAT Rate: Here you can enter the percentage of VAT to be applied on the amount. This is retained in the Combo Box. New value can be added every time a new voucher is created.
10.
Rounding: If this Check Box is selected, you will get the
Grand Total in round figures only.
Example: If the total is Rs. 102.37 and
if rounding is selected, the Grand Total will be Rs. 102.00 and
Purchase RoundOff account will be debited by Rs. 0.37. If the total is
Rs. 102.64 and if rounding is selected, the Grand Total will be Rs.
103.00 and Purchase RoundOff account will be credited by Rs. 0.36.
11. Account: This Combo Box contains all the accounts under VAT on Purchase Group. When you select a VAT Rate and if there is a VAT account for that rate, that account will be set in the Combo Box. If there is no VAT account for the selected VAT Rate, 'VAT on Purchase' account will be set. You can change this account. The calculated VAT amount will be debited to the selected account.
12. Grand Total: This total includes the amount paid and the Tax amount(VAT). If you have selected Rounding Check Box, the difference between actual amount and total after rounding goes into Purchase RoundOff account. If the Rounded amount is less than 50 paise it is debited in Purchase RoundOff account else it is subtracted by 1 and credited in Purchase RoundOff account.
13.
TIN: This is the Tax Identification Number of the party to
whom we are making a payment. This field is optional.
14. Party
Name: Party Name is the name of a person or firm to whom we
make a payment. This name does not have any accounting effects. This
field is optional.
15. Finish: After clicking Finish button the Payment Voucher will be saved. If you select a customer or supplier whose Bill Break Up facility is selected then you have to perform Bill Break Up.
16. Finish and Print: If you want to save the voucher and print it simultaneously, click this button. The voucher is saved and you can see the Print Preview of the voucher. If you select a customer or supplier whose Bill Break Up facility is selected then you have to perform Bill Break Up.
17.
Close: In order to close the open screen, click 'Close'
button. If you close the screen without performing 'Finish', the
voucher will not be saved. You can also use 'Esc' to close the screen.
When a Payment Voucher is made, the selected Credit Account is Credited and selected Debit Account and VAT account is Debited (If selected).
Example: For the above case,
|
Account
Name
|
Debit
|
Credit
|
|
Cash Account
|
00.00
|
60.00
|
|
Stationery A/c
|
58.00
|
00.00
|
|
VAT on Purchase
4%
|
2.32
|
00.00
|
|
Purchase
RoundOff
|
00.00
|
0.32
|
