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The Way to Success … Statutory Information of Tax Invoice and Expenses Statutory Information of Tax Invoice and Expenses Tax Invoice & Expense Tutorial Setup of Tax Invoice & Expense Tax Invoice & Expense

In Miracle Accounting Software which are the important aspects for TAX options? Which are the different types of Taxes? What is Single Tax And Multiple Tax? What is Invoice? What is expenses? Tutorial on Tax Systems How to create an Invoice, specific to Purchase/Sale Voucher?

In Miracle Accounting Software the important aspects for TAX are 1) VAT Setup (Settings for Single and Multiple Tax) 2) Creating voucher specific Invoice Types 3) Creating expenses specific to Voucher/Product In Miracle Accounting Software the important aspects for TAX are 1) VAT Setup (Settings for Single and Multiple Tax) 2) Creating voucher specific Invoice Types 3) Creating expenses specific to Voucher/Product Tutorial on Tax Systems In Miracle Accounting Software which are the important aspects for TAX options? Which are the different types of Taxes? What is Single Tax and Multiple Tax? What is Invoice? What is expenses? How to create an Invoice, specific to Purchase/Sale Voucher?

Tax can be of mainly two types 1) Single Tax and 2) Multiple Tax. It depends on the different type of products the business house is dealing with.. If only one product is used then it will be single tax if multiple product with multiple tax slab then multiple tax. Tax can be of mainly two types 1) Single Tax and 2) Multiple Tax. It depends on the different type of products the business house is dealing with.. If only one product is used then it will be single tax if multiple product with multiple tax slab then multiple tax. Tutorial on Tax Systems In Miracle Accounting Software which are the important aspects for TAX options? Which are the different types of Taxes? What is Single Tax and Multiple Tax? What is Invoice? What is expenses? How to create an Invoice, specific to Purchase/Sale Voucher?

Tutorial on Tax Systems In Miracle Accounting Software which are the important aspects for TAX options? Which are the different types of Taxes? What is Single Tax and Multiple Tax? In Single Tax only a single product of a specific TAX slab is purchased or sold. In a voucher one will find only one TAX type product. In Multiple Tax two products with two different VAT slab can be purchased or sold. In a voucher one will find multiple products with multiple VAT slab. In Single Tax only a single product of a specific TAX slab is purchased or sold. In a voucher one will find only one TAX type product. In Multiple Tax two products with two different VAT slab can be purchased or sold. In a voucher one will find multiple products with multiple VAT slab. What is Invoice? What is expenses? How to create an Invoice, specific to Purchase/Sale Voucher?

Invoice Type is the different types of tax slabs under which the billing is done. For e.g. If a person is purchasing a product with 4% + additional 1% VAT then a VAT Invoice type 4%+1% should be created in Purchase Invoice, in the same manner if a product with 12.5% + additional 2.5% VAT is to be purchased then such an invoice needs to be created in Miracle. In the same manner one has to create an TAX invoice for CST goods i.e. Central Sales Tax Thus invoice are the different Billing Type for any product. Invoice Type is the different types of tax slabs under which the billing is done. For e.g. If a person is purchasing a product with 4% + additional 1% VAT then a VAT Invoice type 4%+1% should be created in Purchase Invoice, in the same manner if a product with 12.5% + additional 2.5% VAT is to be purchased then such an invoice needs to be created in Miracle. In the same manner one has to create an TAX invoice for CST goods i.e. Central Sales Tax Thus invoice are the different Billing Type for any product. Tutorial on Tax Systems In Miracle Accounting Software which are the important aspects for TAX options? Which are the different types of Taxes? What is Single Tax And Multiple Tax? What is Invoice? What is expenses? How to create an Invoice, specific to Purchase/Sale Voucher?

For creating a purchase invoice use Setup --> Purchase Setup --> Invoice Type. Same way to create a sales invoice use Setup --> Sales Setup --> Invoice Type. For creating a purchase invoice use Setup --> Purchase Setup --> Invoice Type. Same way to create a sales invoice use Setup --> Sales Setup --> Invoice Type. Tutorial on Tax Systems In Miracle Accounting Software which are the important aspects for TAX options? Which are the different types of Taxes? What is Single Tax And Multiple Tax? What is Invoice? How to create an Invoice, specific to Purchase/Sale Voucher? What is expenses?

Tutorial on Tax Systems On Purchase OR Sales of products expenses are incurred. For e.g. when purchase is done, discount is received, tax specific to the product is incurred i.e. VAT 4%+1% OR VAT 12.5%+2.5% is calculated on the bill, Rounding Off expenses etc. On Sales of goods discounts may be given, advanced tax is collected in form of VAT. These expenses are subtracted/added from/to the bill. These expenses are calculated on the total bill amount in case of single tax system. In multiple tax system these expenses are calculated product wise. The expenses so incurred are accounted and thus the total bill is calculated. These expenses are connected to the accounts created in Master --> Account. On Purchase OR Sales of products expenses are incurred. For e.g. when purchase is done, discount is received, tax specific to the product is incurred i.e. VAT 4%+1% OR VAT 12.5%+2.5% is calculated on the bill, Rounding Off expenses etc. On Sales of goods discounts may be given, advanced tax is collected in form of VAT. These expenses are subtracted/added from/to the bill. These expenses are calculated on the total bill amount in case of single tax system. In multiple tax system these expenses are calculated product wise. The expenses so incurred are accounted and thus the total bill is calculated. These expenses are connected to the accounts created in Master --> Account. In Miracle Accounting Software which are the important aspects for TAX options? Which are the different types of Taxes? What is Single Tax And Multiple Tax? What is Invoice? How to create an Invoice, specific to Purchase/Sale Voucher? What is expenses?

Understanding Single Tax and Multiple Tax Setup for Single Tax Single Tax Method Creating Invoice Creating Expense Passing Sales Transaction Setup for Multiple Tax Multiple Tax Method Creating Invoice Creating Expense Passing Purchase Transaction Creating Products

TAX Setup Main Menu Press Enter here for Yes Click VAT Setup for Vat Setup Option

TAX Setup Main Menu On selecting “Yes” Miracle will automatically open VAT related accounts

Creating TAX Invoice type Main Menu Click Add OR Press Insert key for new Invoice Following slides will help in creating Tax Invoice Type for Sales Voucher in Single Tax System for VAT

Creating TAX Invoice type Main Menu Give Name of the invoice type to be created

Creating TAX Invoice type Main Menu From the list select VAT

Creating TAX Invoice type Main Menu If the invoice is related to Assets or Capital goods then select Yes else No

Creating TAX Invoice type Main Menu In Sales A/c select the Sales A/c according to the Vat tax type selected

Creating TAX Invoice type Main Menu Select “Yes” option if it is the case of “CST” in VAT. Give the Form name here

Creating TAX Invoice type Main Menu Give Name and select VAT in VAT

Creating TAX Invoice type Main Menu As VAT is 15%+2.5% the Sales A/c for the same is shown here

Creating TAX Invoice type Main Menu Select Form here, if a form is to be used in the trading i.e. in case of CST. Give the name of form in Form Name

Creating TAX Invoice type Main Menu List of Invoice created for Sales can be seen here

Creating TAX Invoice type Main Menu Here give the name as CST Steps for creating Tax Invoices Type for Sales voucher in Single Tax System for Central Sales Tax(CST)

Creating TAX Invoice type Main Menu Here in VAT select CST Here select the appropriate Sale A/c

Creating TAX Invoice type Main Menu In Capital Goods select No In Sale A/c, select Sale A/c. (CST C Form) In Sale A/c, select Sale A/c. (CST C Form) Here in Form, select Yes In Form Name give the Form used in trading

Creating TAX Invoice type Main Menu Invoices prepared for Sales Voucher Here list of Invoices for Sales are shown for Single Tax System

Expense Type for Sales Main Menu Click Add button or Press Insert Key Here we will see how to Create Expenses related to Sales Voucher

Expense Type for Sales Main Menu Give the Name of the expense Select any one option: Yes: Select Yes if the accounting effect is to be given. No: Select No if the accounting effect is not to be given. Separate: Use separate if the expense is not to be taken for accounting purpose but is to be used only for display Select any one option: Yes: Select Yes if the accounting effect is to be given. No: Select No if the accounting effect is not to be given. Separate: Use separate if the expense is not to be taken for accounting purpose but is to be used only for display Here Help is shown for creating Discount Expense

Expense Type for Sales Main Menu In Type select option as Expense

Expense Type for Sales Main Menu Give proper Serial No. here. The value here will decide the sequencing of expenses. For e.g. if 1 is given here then this expense will be the first to be displayed if 2 then second and thereon Give proper Serial No. here. The value here will decide the sequencing of expenses. For e.g. if 1 is given here then this expense will be the first to be displayed if 2 then second and thereon

Expense Type for Sales Main Menu Select Add or Deduct if the expense is to be added or deducted from the bill amount If it is Single Tax then in Calculation use Fixed and in case of Multiple Tax use Item wise.

Expense Type for Sales Main Menu Use the Type as explained under Fixed: If every time a fixed amount is to be processed, then use this option. Cumulative: If previous expenses are also to be taken into calculation for this expense, then use this option. Give percentage value in % Percentage: Select this option if every time the user is prompted to enter the percentage value for this expense Round Off: Use this option to do the rounding up of bill amount. Usually an expense is created for this and kept at the end of all expenses Surcharge: If additional tax is to be levied on the VAT amount use this option Use the Type as explained under Fixed: If every time a fixed amount is to be processed, then use this option. Cumulative: If previous expenses are also to be taken into calculation for this expense, then use this option. Give percentage value in % Percentage: Select this option if every time the user is prompted to enter the percentage value for this expense Round Off: Use this option to do the rounding up of bill amount. Usually an expense is created for this and kept at the end of all expenses Surcharge: If additional tax is to be levied on the VAT amount use this option

Expense Type for Sales Main Menu In A/c Type Fixed: For accounting of this expense, if every time the same account is to be used then select fixed here and select the account in the next A/c Name option. Variable: If the same account is not to be processed every time and different account is to be used select variable Purchase A/c: Use this option if the expense is to be directly accounted with Purchase A/c In A/c Type Fixed: For accounting of this expense, if every time the same account is to be used then select fixed here and select the account in the next A/c Name option. Variable: If the same account is not to be processed every time and different account is to be used select variable Purchase A/c: Use this option if the expense is to be directly accounted with Purchase A/c

Expense Type for Sales Main Menu Select the appropriate account in which the accounting for this specific expense is to be done. Here an account is to be selected as in A/c. Type fixed is selected Select the appropriate account in which the accounting for this specific expense is to be done. Here an account is to be selected as in A/c. Type fixed is selected

Expense Type for Sales Main Menu All the details for the expense name Discount is shown here. Click Ok or Press Enter to create the Expense

Expense Type for Sales Main Menu Give the Name of the expense to be created Select Yes if A/c Effect is to be given In Type select VAT as it is an expense related to VAT Give Serial no. as appearing in the expense list Here it is shown how to create VAT 4% expense account

Expense Type for Sales Main Menu Select Add if expense is to be added OR Deduct if it is to be deducted

Expense Type for Sales Main Menu Select Fixed for Single Tax and Item wise for Multiple Tax

Expense Type for Sales Main Menu Select Cumulative here

Expense Type for Sales Main Menu Here give 4% as we are creating expense of VAT 4% In A/c. Type select Fixed Here automatically the related VAT Output A/c name is shown

Expense Type for Sales Main Menu Click Ok to create the Expense

Expense Type for Sales Main Menu In Name give Vat 1% In A/c Effect select Yes In Type select VAT Here Additional 1% for 4% VAT expense account creation is shown

Expense Type for Sales Main Menu In Add/Deduct select Add In Serial No. give sequence of expense In Calculation select Fixed as it is single tax In type select Additional as it is Vat 1%

Expense Type for Sales Main Menu As 1% is Additional on Vat4% select the Account as shown below

Expense Type for Sales Main Menu Here give 1 as it is the additional on 4% Here select Fixed in A/c. Type Here the appropriate A/c Name is selected

Expense Type for Sales Main Menu Click Ok to create the expense

Expense Type for Sales Main Menu Give Round Off here Here in Type select Expense Here select Add In Calculation select Fixed Here select Round Off Here select the account that has been created in Master  Account for Round Off expenses Click Ok to create Round Off expense Here it is shown how to create Round Off Expense

Expense Type for Sales Main Menu Give Name of Sales Voucher Expense here CST Expense for Central Sales Tax is shown here

Expense Type for Sales Main Menu Here select CST in Type

Expense Type for Sales Main Menu Here in Add/Deduct select Add In Serial No. give a value

Expense Type for Sales Main Menu In Calculation give Fixed

Expense Type for Sales Main Menu Here select Cumulative in Type

Expense Type for Sales Main Menu Here in % give 2 In A/c Type give Fixed

Expense Type for Sales Main Menu Here select CST (C- Form) Tax A/c.

Sales Transaction with VAT Invoice Main Menu Select the Invoice Type Voucher Entry for Sales Transaction is shown here

Sales Transaction with VAT Invoice Main Menu Select the Product here

Sales Transaction with VAT Invoice Main Menu Expenses related to Sales voucher are shown here based on Invoice Type

Sales Transaction with CST Invoice Main Menu Here select CST as Invoice Type

Sales Transaction with CST Invoice Main Menu Select Product Name here

Sales Transaction with CST Invoice Main Menu The Expense related to CST invoice type can be seen here

Setup for Multiple Tax Main Menu Press Enter to select Yes for Multiple Tax in Purchase Voucher Press Enter to select Yes for Multiple Tax in Sales Voucher Setup for Multiple TAX System is shown below

Setting Invoice Type for Multiple Tax Main Menu Click Add or Press Insert key Invoice Type for Purchase Voucher in Multiple Tax System

Setting Invoice Type for Multiple Tax Main Menu Here give VAT as Name In VAT select VAT Nothing is to be selected in Purchase A/c, Form and Form Name

Setting Invoice Type for Multiple Tax Main Menu Here in Invoice Type give CST Here select CST as VAT

Setting Invoice Type for Multiple Tax Main Menu Here in Form select Yes Here give the Form Name

Setting Expenses for Multiple Tax Main Menu Give Name of the Expense Select VAT in Type Select Add as Tax is to be added to the bill amount Select Item wise as it is Multiple Tax Here automatically Cumulative is selected Purchase Expenses related to Purchase Voucher in Multiple Tax System is shown (VAT 4%)

Setting Invoice Type for Multiple Tax Main Menu Give value as 4 as it is Vat 4% Here the account for Vat 4% is shown

Setting Invoice Type for Multiple Tax Main Menu Give name as Vat 1% (additional for 4%) Give name as Vat 1% (additional for 4%) Select VAT in Type Select Add here Select Itemwise in Calculation as it is Multiple tax Select Additional in Type Additional 1% for VAT 4% is given here

Setting Invoice Type for Multiple Tax Main Menu As it is 1% additional on Vat 4% select the account name as shown here

Setting Invoice Type for Multiple Tax Main Menu Click Ok to create the Expense In A/c Type select Fixed Here select the Additional VAT 1%

Setting Invoice Type for Multiple Tax Main Menu Give Name here Select VAT here Select Add here Select Item wise as it is Multiple Tax Here Cumulative is selected Give 15 as value for Tax calculation Select the appropriate Account Name Click Ok to create the Expense VAT 15% expense account is shown below

Setting Invoice Type for Multiple Tax Main Menu Give Vat 2.5% here (Additional to 15%) Give Vat 2.5% here (Additional to 15%) Select VAT 15% as Expense name for Additional 2.5% Select VAT in Type Select Add here Give 2.5 as value for Tax calculation Additional 2.5% for VAT 15% is shown here

Setting Invoice Type for Multiple Tax Main Menu Select appropriate A/c Name for account calculation Click Ok to create the Additional expense account

Setting Invoice Type for Multiple Tax Main Menu Here give CST as Expense Name Here select CST in Type CST expense for Central Sales Tax is shown here

Setting Invoice Type for Multiple Tax Main Menu In Type select Cumulative Here in Calculation select Item wise

Setting Invoice Type for Multiple Tax Main Menu Here in A/c. Type select Fixed

Setting Invoice Type for Multiple Tax Main Menu Here select CST (C- Form) Tax A/c.

Setting Invoice Type for Multiple Tax Main Menu Click Ok to create CST Expense

Adding a Product in Multiple Tax Environment Main Menu Give the Name of the Product here Select the VAT slab of the product Click Ok to Add the new Product Adding product with different TAX slabs (Product with 4% + 1% VAT Slab)

Adding a Product in Multiple Tax Environment Main Menu Give the Name of the Product here Give VAT slab here Give Purchase and Sales Rate here Click Ok to create the Product Product with 15% + 2.5% VAT Slab

Adding a Purchase Bill in Multiple Tax System Main Menu Select Debit and the Party A/c In Invoice Type select only VAT Select the Product here Purchase Voucher for Multiple Tax Slab is shown here

Adding a Purchase Bill in Multiple Tax System Main Menu Here the Purchase A/c is shown Here the expenses related to purchase for VAT are shown Here the calculation is shown for 15% and 2.5% is shown Here the Round Off account is shown if any TAX calculation as per product selected is shown here (15% + 2.5%)

Adding a Purchase Bill in Multiple Tax System Main Menu Here the Purchase A/c for 4% + 1% is shown Here the Expenses related to Purchase for VAT are shown Here the calculation is shown for 4% and 1% is shown Here the tax calculation for 1 st Product selected is shown TAX calculation for 4% + 1% Product is shown here

Adding a Purchase Bill in Multiple Tax System Main Menu Here the Tax Calculation for Multiple Products is shown All Tax Expenses are shown below

Adding a Purchase Bill in Multiple Tax System Main Menu Select CST here for Invoice Type Purchase Voucher with CST Invoice Type is shown here

Adding a Purchase Bill in Multiple Tax System Main Menu Select the Product Name Selecting Product when Invoice Type is CST

Adding a Purchase Bill in Multiple Tax System Main Menu Here the purchase expense i.e. tax details is shown here Purchase Expenses for CST Invoice Type

Adding a Purchase Bill in Multiple Tax System Main Menu Here CST Expenses & other Expense are shown

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VAT Invoice & Expense Main Menu