Rent Expenses Entry In Tally ERP.9 With VAT

Scenario:  VIDYA T V Office rent expenses paid to Shivani  Real Estate LLC AED 12000/- with 5% VAT  dated 01-01-2018,  for the period of 01-01-2018 to 31-12-2018

Office Rent                   : 12000

5% Vat                          : 600

Total                             :  12600

How to Post above Entries in Tally ERP.9

Create Following Ledger in Tally

Rent Expenses (Group Under – Indirect Expenses)
Prepaid Rent (Group Under – Current Asset)
Shivani Real Estate LLC (Group Under – Sundry Creditor)

Step 01: Rent Expenses Booking for VAT Claiming.

Date	Particulars	Debit	Credit
1/1/2018	Rent Expenses	12000
	VAT	600
	Shivani  Real Estate LLC		12600

Step 02: Rent Expenses carry forward to current Asset.

In this above scenario all total amount of expenses booked for a single month but this figure is not only for a single month it’s for whole year rent so we can carry forward this figure to current asset without VAT.

Date	Particulars	Debit	Credit
1/1/2018	Rent Prepaid Expenses	12000
	Rent Expenses		12000

Step 03: Monthly Rent Payment Entry.

Date	Particulars	Debit	Credit
1/1/2018	Rent Expenses	1000
	Rent Prepaid Expenses		1000

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