Ledger Name
Select the ledger to be credited for each Stock Item sold in the invoice. More than one ledger may be affected for each item. For example, for Tax-inclusive items, the ledgers to be credited will be Sales and Tax in a definite proportion. This is where percentage helps.
Percentage %
This is useful in tax-inclusive price cases. You can allocate say 82.5% for the sales ledger account and the balance can be allocated for Tax account. Normally, for tax-exclusive prices, you will give 100% for the Sales account. The percentage (%) symbol has to be mentioned.
While creating or altering classes for the Voucher Types Credit Note, Delivery Note, Sales and Sales order in the Voucher Type Class screen, for the Column Percentage % under Default Accounting Allocations for each Item in Invoice, the number of decimal places allowed for the numbers input in this column has been increased from two to three irrespective of the number of decimal places defined for the company.
Rounding Method
The Rounding Method may be used only where the sales account is NOT 100%. The amounts that are calculated may be required to be rounded off either under Upward Rounding or Downward Rounding or Normal Rounding. Normal Rounding is rounding to the number of decimal places specified for the currency based on the less than 5 and greater than 5 rules. You can set your own rounding off rule. For example, round off to the next whole number. In such cases, you can round off Upwards.
Rounding Limit
When any of the rounding method is selected from the list, you can round off (Upwards/Downwards/Normal). For example: set it to 1 to obtain the amount to the next whole number. To round off upwards to the nearest 50P, set it to 0.50.
Override using Item Default?
Select Yes or No. Item default refers to the Default Ledger account that you had set for a Stock Item. For example, Computers – Sale of Finished Goods. If in the Class Table, you mention Sales –Local, and set No to this question, then Sales –Local will be the account affected and not Sale of Finished Goods. Setting it to Yes will affect Sale of Finished Goods. The advantage of this is that you can use different classes to affect different sales accounts.
Additional Accounting Entries
This part is relevant for Tax and other charges like freight and insurance.
Ledger Name - Select other Additional Ledgers if any, one by one.
Type of Calculation - Select the suitable method of calculation from the drop-down menu. The Value Basis that you will provide in the next column will calculate using the type of calculation specified. For more details refer Type of Calculation.
Value Basis - Enter the amount, which is to be used for the Type of Calculation. For percentage, you can use the symbol %. In the example, 17.5% is specified for Tax on Sales on Item Rate, to use the rate given in the Stock Item.
Remove if Zero? - Enter Yes for Tally to ignore the account and not to make any entry in it if its value is zero. If Yes, ensure that Allow 0 valued entries in vouchers in F11: Features is set to No. On Setting No Tally will record the invoice in the ledger account with nil amounts. Under normal circumstances, you will probably wish to set this value to Yes. However, in cases such as 'Zero Rated VAT', you may wish to retain the Ledger Account line, even though the calculation yields a nil amount.
Additional Information
Effect on Cost Centres - Cost Centres will remain un-allocated when Classes are used to allocate account entries. Cost centres can also be predefined under Cost Centre Classes. Refer to Cost Centre Classes for further information.