Tax Reporting on Journal Entries

Created by Level 1 Support Team, Modified on Wed, 25 Dec at 12:24 PM by Level 1 Support Team

The journal Entry module is not linked to Tax Reporting, customer, vendor, employee, or assets.
The journal Entry module is directly linked to Trial Balance, Balance Sheet, and P&L only.
We have designed HAL ERP in a way that every scenario is covered by the module, which is directly linked to REPORTING.
Therefore, kindly avoid Manual Journal Entry for the above-mentioned stuff.

If Asset Module is being used and proper depreciation will be RAN using Asset Module, then do the following:

Create an Asset (Article: https://halerp.freshdesk.com/a/solutions/articles/5000772926)
If a vendor doesn’t exist. Create Vendor (Article: https://halerp.freshdesk.com/a/solutions/articles/5000755884)
Directly you can create a Purchase Invoice with STOCK. It will record Asset Purchase + Record Payable against Vendor.
Step 3 will Add the Asset and impact Input VAT, along with recording Payables against the Vendor.
Now you can check Asset Management -> It will show Qty in Hand = 1.
If you want to record Vendor Bill Payments (Article: https://youtu.be/izOG9a4Wwi4)

In case Asset Module is not being used, and directly want to impact Asset ledger, without impacting Asset Module. Also, want to record Payable against Vendor along with Tax Report Reporting:

If vendor doesn’t exist -> Create Vendor (Article : https://halerp.freshdesk.com/a/solutions/articles/5000755884)
Create Bills Payable (Article: https://halerp.freshdesk.com/a/solutions/articles/5000716562 ) -> Select in Table ledger = Vehicles 1005 & select VAT EXC 15%. It will automatically calculate VAT.
Step 2 will impact Input VAT and tax reporting, along with recording Payables against Vendor. It impacts the Asset ledger without impacting the Asset Module.
If you want to record Vendor Bill Payments (Article: https://youtu.be/izOG9a4Wwi4)