Purchase fixed assets with Gst and claim Gst

purchase fixed assets in tally is a way of recording the acquisition of fixed assets such as buildings, machinery, equipment, vehicles, and so on in an accounting software called tally. Fixed assets are long-term assets that are used for business operations and cannot be easily converted into cash. Some of the steps to purchase fixed assets in tally are:

• To create a ledger for fixed assets in tally, go to Gateway of Tally > Accounts Info > Ledger > Create. Enter the name and group it under Fixed Assets. Set GST Applicability to Applicable and enter the HSN/SAC & Related Details as required. Select Type of Supply as Capital Goods.
• To record the purchase of fixed assets in tally, go to Gateway of Tally > Accounting Vouchers > F9: Purchase. Click F12: Configure > F12: Advanced > set Allow expenses/fixed assets in purchase vouchers to Yes. Enter the Supplier invoice no. and Date. Credit the party ledger and debit the fixed asset ledger. Enter the GST details if applicable.
• To record the depreciation of fixed assets in tally, go to Gateway of Tally > Accounts Info > Ledger > Create. Enter the name and group it under Indirect Expenses. To record the depreciation entry, go to Gateway of Tally > Accounting Vouchers > F7: Journal. Debit the depreciation ledger and credit the accumulated depreciation ledger.

For more information watch video

Receive