Recording sales of mixed supply in TallyPrime requires careful attention due to the combined presence of goods and services, each potentially subject to different tax rates.
Here’s a detailed guide to help you handle it effectively:
1. Identify Components:
- Clearly identify the individual goods and services included in the mixed supply.
2. Configure Stock Items (if applicable):
- Ensure stock items (if any) have their “Taxability” set correctly (Nil Rated, Exempt, or Taxable) in the stock item master (Gateway of Tally > Create/Alter > Master > Stock Items).
3. Create a Sales Voucher:
- Go to Gateway of Tally > Accounting Vouchers > F8: Sales.
4. Enter Basic Information:
- Date: Enter the invoice date.
- Party A/c Name: Select the customer’s ledger account.
- Reference No.: (Optional) Provide an internal reference number.
5. Method 1: Single Sales Ledger (Common Approach):
- Choose a general Sales Ledger applicable to mixed supplies.
- Enter the total value of the mixed supply (excluding taxes) in the amount field.
- Set Tax Details:
- Click Enter and Enable Enable Tax Details.
- Nature of Transaction: Choose “Goods & Services” (or similar option representing both).
- Place of Supply: Indicate if applicable for interstate transactions.
- HSN/SAC codes: Add relevant codes for both Goods and Services (mandatory for some industries).
- Taxability:
- If all components have the same tax rate, apply that rate uniformly.
- If rates differ, consider alternative methods (explained below).
6. Method 2: Separate Sales Ledgers (Complex Scenarios):
- Create separate Sales Ledgers for each component based on their tax rates (Goods, Services).
- Enter individual values for each component (excluding taxes) in their respective ledgers.
- Set Tax Details:
- Set individual tax details for each component, applying their specific rates in “Taxability”.
7. Method 3: Bill of Materials (BOM) (Advanced Approach):
- Create a BOM listing all constituent items (Goods and Services) in the mixed supply.
- Link the BOM to a new “Mixed Supply” item in the stock item master.
- Set the taxability of the “Mixed Supply” item based on the dominant component or prevailing rate.
- Use the “Mixed Supply” item in the Sales Voucher, ensuring accurate tax application.
8. Documentation and Reconciliation:
- Maintain proper documentation (invoices, agreements) highlighting the mixed supply nature and individual components.
- Regularly reconcile GST returns with TallyPrime data for accuracy.
Important Tips for Sales of Mixed Supply Under GST in TallyPrime:
- Consult a qualified accountant for specific guidance on mixed supply treatment, tax rates, and RCM applicability based on your industry and location.
- Understand the specific documentation requirements for mixed supplies under GST regulations.
- Choose the recording method that best suits your complexity and tax treatment needs.
- Consider using custom invoice templates to clearly show the mixed supply nature and individual components.
By following these steps and seeking professional advice, you can effectively record sales of mixed supply in TallyPrime, ensuring accurate tax calculations, reporting, and compliance with GST regulations.
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