Vat Invoicing In Busy 3.0

Printing of VAT Invoices with BUSY 3.0 1. Introduction to VAT Invoicing Printing of Invoice under VAT Regime is not much different from that in Sales Tax Regime. The main difference being that, under VAT regime, there are two types of Invoices – namely, TAX INVOICE and RETAIL INVOICE. Tax Invoice Tax Invoice is issued in case of local sales to registered VAT dealers. It is mandatory to mention the TIN no. of the buying dealer on the invoice. Retail Invoice Retail Invoice is issued in case of local sales to unregistered dealers and also in case of inter-state sales, whether to a registered or an unregistered dealer. To put it in tabular form, S.No. 1. 2. 3. 4.

Type of Sale Local Sale to Registered Dealer Local Sale to Un-registered Dealer/Consumer Inter-State Sale to Registered Dealer Inter-State Sale to Un-registered Dealer/Consumer

Invoice Type Tax Invoice Retail Invoice Retail Invoice Retail Invoice

Thus, at the time of Invoicing, you have to print Tax Invoice or Retail Invoice at the top of the Invoice depending upon the type of Sale. Also, it is mandatory to mention Original, Duplicate, Triplicate …… on the Invoice copies.

2. VAT Invoicing in BUSY 3.0 VAT Invoicing in BUSY is a simple 3-step process, as explained below:

2.1Creation of a Company / Enabling VAT in an existing Company First step is to create a company or to enable VAT, in case you already have an existing company.

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Creation of a Company a) Run BUSY b) Go to Company  New to create a new company. You get the following screen:

Enter the required details and press SAVE button. A new window pops up, prompting you to enter VAT details.

Enter the VAT details here and press to create a new company.

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Enabling VAT in an existing Company If you already have an existing company in which you want to enable VAT, open the company. In the main menu, go to Administration  Configuration  Features / options  Sales Tax and VAT, and do the following:

Set this to ‘Y’

Click this button to create default VAT Masters. Enter your TIN No.

The above step will create the default VAT Masters required for Invoicing and Accounting.

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2.2Configuring the Sales Invoice using STANDARD Format The second step is to configure the STANDARD format of Sales Invoice. To do so, choose Administration  Configuration  Document Configuration  Standard  Sales Invoice. The following screen appears: To Automatically Print “Tax Invoice / Retail Invoice” on your Invoice, choose this option.

To Print ‘Original/Duplicate etc.’ on your Invoice set this option to ‘Y’.

To Print Retail Invoice “Inclusive of Tax”, set this option to ‘N’.

Enter “Terms and conditions” here.

If you want to print Item-wise VAT % and Amt., set this option to ‘Y’.

All other fields are self-explanatory. After completing the above configuration, you are now ready to print VAT Invoices.

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2.3Entering the Sales Invoice and printing VAT Invoice While entering the Sales Invoice, the most important part is to choose the correct ‘Sale Type’ (depending upon the Tax classification). At the time of company creation, some default ‘Sale Types’ are created that cover almost all types of VAT classifications (1%, 4%, 12.5% etc.). The name of Sale Type indicates the type of sales (VAT / Central), Tax Percentage (1%, 4%, 12.5% etc.) and Invoice Type (Tax / Retail). Depending upon the Sale Type you choose, ‘Tax Invoice’ or ‘Retail Invoice’ will automatically be printed on top of the Invoice. To enter Sales Invoice, go to Transactions  Sales  Add. The Sales Voucher pops up as below:

“C/C-Form” implies a Central “Retail Invoice” with 4% CST “VAT/12.5 % (R)” implies a “Retail Invoice” with 12.5 % VAT “VAT/12.5 % (T)” implies a “Tax Invoice” with 12.5 % VAT.

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If Items in a single Invoice are charged at different VAT rates, feed the data as shown below :

Choose ‘VAT/MultiTax’ .

A windows will pop up after feeding the item amount where Itemwise VAT Rates can be mentioned.

After you have entered the voucher and saved, you are prompted to PRINT the same. If you respond with “Y”, the following windows appears:

Choose STANDARD format to print Standard TAX and RETAIL Invoice.

After passing the parameters in the above fields, click to print Invoice.

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