Zero Valued Entries
On special Request of one tallynine reader Mr.abhimanyu, I am posting today concept of Zero Valued Entries
Zero Valued entries are those entries where a voucher entry is made without any values, i.e., one of the parameters (Qty or Rate) may not have a value but needs to updated in the records.
Zero-rated VAT or Exempt from Tax Account. You are permitted to make such an entry. The Exempt Ledger account can be viewed for all Exempt Sales.
The items which are given as Free Samples.
Note: Zero Valued entries are allowed only in Sales and Purchase vouchers only and are not available in Receipt, Payment vouchers and journal vouchers.
For enabling Zero Valued entries, Go to F11 under General under General Tab for accounting/inventor set yes to Allow zero valued entries .
Now suppose you are selling an item under a scheme of buy 3 get 1 free then this concept is very useful for recording proper inventory.here for every sales transaction of 3 items (eligible for the scheme) you have to put rate of 3 items while the 4th item which you are giving your customer free of cost you only have to mention the name of item and qty.
resulting that the quantity will be automatically deducted from your inventory however the value of sales doesn’t affect because you are not getting any money for selling the 4th item.