Taxsathi How to enter purchase return in tally

How to enter purchase return in tally

Purchase return entry in Tally

Purchase return and return outward of goods by a company when, there has defected of the purchased item, due to which debit note will be created of purchase return in Tally.

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What is a purchase return?

When a company returns purchased goods for what reasons, then this transaction is called purchase return in tally and also called return outward. In case of purchase return a situation, we have to issue or create a debit note in Tally.

The reasons for purchase the return is written below.

Reasons for Purchase return

v Latent Defect ( for Example purchase of oranges it seems goods outside at the time of purchase but it internally defected)
v Outdated the product we have purchased.
v Out of order (not able to use due to t some defect in purchase goods).
v Delays in payments (we have not to give the cost of purchase goods after a particular period).
v Due to Damage.

Purchase entry in Tally

As you know, when we purchase goods, we do an entry in tally in the purchase voucher types.
Let’s understand this with an example:
Ram buy furniture from Raju on credit amount 5000 then the entry in ram accounts.


Purchase A/c             5000  Dr

       To Raju               5000  Cr


v  Open the getaway of tally you can use shortcut F11.
v  Open the accounting features on screen.
v  Now select the purchase voucher by clicking by mouse and you can use shortcut key F9.
v  Raju is creditors that’s why we credit the Raju account and Debit the purchase account.


How to enter purchase return  in tally
How to enter purchase return in tally

Purchase return in tally.
 Above example, we purchased Furniture from Raju but due to some reasons, we have to return to Raju.

 In this case, we will be done purchase return entry in tally.

For example:
            Raju                           5000 Dr
                To furniture A/c      5000 Cr

v  Open the getaway of tally you can use shortcut F11
v  Open the accounting features on screen
v  Now select the Debit Note voucher by clicking by mouse and you can use shortcut Key  CRTL +F9
v  We will debit the Raju A/c because of we reduce the liability by debited his account due to Purchase return in Tally.


How to enter purchase return  in tally
How to enter purchase return in tally

For Better Understanding for Purchase return entry in Tally, you can watch this



FAQ Regarding Purchase return In tally:


What is a purchase?

when we buy something to fulfilling our needs and for furtherance for the business we buy goods in cash or credit period.

Reasons for purchase return.

1.  Damage condition.
2.  Latent defect.
3.     Expired products or Goods.

How to open tally?

For open tally, you can use shortcut key F11.

Who can Operates Tally software?

Any person who has some basic knowledge of accounting and his background from commerce side he can easily operate tally software.

How to create purchase return ledger in tally?

You can create a purchase return ledger in tally.
1.  Open account info.
2.   Open ledgers.
3.  Open creates

Just simply type purchase return A/c  in Name Column under purchase A/c head and save it.


How to operate tally for free?

Sorry tally is not free. you have to purchase if you want to use it.


How it creates ledger in tally?

you can use direct shortcut key ALT + C to create ledger at the time of purchase return in Tally.


How to find All shortcut Keys of Tally?

You can check out this article.Shortcut keys for tally


What is the journal entry for purchase return?

For example, we purchased Furniture from Raj but due to some reasons, we have to return to Raj.

 purchase return entry in tally.

For example:
            Raj                           5000 Dr

                To furniture A/c      5000 Cr


Is the purchase return is an expense?

Purchase is the cost of buying inventory during a period for the purpose of sale in the ordinary furtherance of the business. hence it is a kind of expense and it will be include income statement when it will be sold in the future.



As the purchase is current Asset.

purchases are treated as expenses or revenue  expenditure, if
its profit is expired or exhausted among the year
Purchases are treated as assets or costs if their profits accrue on the far side one year.



Conclusion

Now you can easily understand the meaning of purchase return, reasons for purchase return in tally, Purchase Return entry in tally but for further questions, you can easily ask me any query about purchase return entry in tally and many more problems in the comment section.

Last updated 2-Feb-2020

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