Procure to Pay Localization

-
Procure to Pay – Localization Entries
Purchase Value 100
Excise 16+ Cess 2+ S.H. Cess 1                     19
VAT  4
Non-Recoverable Tax Like Freight 10
At the time of Purchae Order No Entry
Receipts of Inventory (Only Localization Entry)
Receiving Inventory Dr  29.00 
VAT Interim Recovery Dr  4.00 
To Inventory AP Accrual Cr  33.00
On Generation of AP Invoice
Inventory AP Accrual Dr 133
To AP Liability Cr 133
On Claiming Excise (Cenvat Adj)
RG23APart II (Cenvat RM) Dr  16.00 
RG23APart II (Cess RM) Dr  2.00 
RG23APart II (S.H. Cess RM) Dr  1.00 
(Account code will be picked from 
Organization Additional Information)
To Receiving Inventory Cr  19.00
On Claiming VAT
VAT Recovered Dr  4.00 
To VAT Interim Recovery Cr  4.00
On Delivery (Non Recoverable)
Material Dr  10.00 
To Receiving Inventory Cr  10.00
Order To Cash – Localization Entries
Cost  110.00 
Sales Value  130.00 
Excise  20.00 
VAT  6.00 
Sales
COGS Dr  110.00 
To Material Cr  110.00
On Generation of AR Invoice
Receivable Dr  156.60 
To Excise Paid/Payable Cr  20.00
To Cess  Paid/Payable Cr  0.40
To S.Cess  Paid/Payable Cr  0.20
To VAT Interim Liability Cr  6.00
To Revenue Cr 130.00
After Running India-Excise Invoice Generation (OM)
Excise Paid/Payable Dr  20.00 
Cess  Paid/Payable Dr      0.40 
S.Cess  Paid/Payable Dr      0.20 
To RG23AP II (or) RG23AC II (Cenvat RM) / PLA Cr  20.60
(Credit is based on Register preferences set in org. addl. Info)
After Running India-VAT Invoice Generation/Accounting  (OM)
VAT Interim Liability Dr  6.00 
To VAT Liability Cr    6.00
Procure to Pay – Localization Entries (Service Tax)
At the time of Purchae Order No Entry
Receipts of Services
Service Tax Interim Recovery Dr xxx
To Expense AP Accrual Cr  xxx
On Generation of AP Invoice
Expense AP Accrual Dr  xxx
To AP Liability Cr  xxx
After Running India-Service Tax Processing
(Service Tax can be recovered only after Payment)
Service Tax Recovered Dr  80.00 
To Service Tax Interim Recovery Cr  80.00
Order To Cash – Localization Entries (Service Tax)
Sales
COGS Dr  xxx
To Material Cr  xxx
On Generation of AR Invoice
Receivable Dr  xxx
To Service Tax Interim Liability Cr  200
To Revenue Cr  xxx
After Receipt & Running India-Service Tax Processing
Service Tax Interim Liability Dr  200 
To Service Tax Liability Cr  200
Service Tax Recovered (AP)  Rs.80/-
Service Tax Liability     (AR) Rs.200/-
On Settlement (Smillar entry for VAT Settlement also)
Service Tax Liability Dr  80.00 
To Service Tax Recovered Cr  80.00
Service Tax Liability Dr 120.00 
To AP Liability Cr 120.00
(Balance payable to Authority)
Procure To Pay – Customs Localization Entries (Import – BOE)
Recoverable  60.00 
Non-Recoverable  40.00 
Total   100.00 
At the time of Purchae Order No Entry
Receipts of Inventory
Receiving Inventory Dr 100
To  BOE Account Cr  100
On Delivery – Non Recoverable (Moving to FG / Stores )
Material Dr  40
To Receiving Inventory Cr  40
Claiming Excise (Cenvat Adj) – Recoverable Portion
RG23AP II (or) RG23CP II (Cenvat RM) Dr  60
To Receiving Inventory Cr  60

Comments

Post a Comment

Popular posts from this blog

Difference Between MTS, ATO, MTO ,PTO ,CTO and ETO.

-
Image
 Make-to-stock (MTS) In MTS environments, products are created before receipt of a customer order. Customer orders are then filled from existing stock, and then those stocks are replenished through production orders. MTS environments have the advantage of decoupling manufacturing processes from customer orders. Theoretically, this enables customer orders to be filled immediately from readily available stock. It also allows the manufacturer to organize production in ways that minimize costly changeovers and other disruptions. However, there are risks associated with placing finished goods into inventory without having a firm customer order or an established need. These risks tend to limit MTS environments to simple, low-variety, or commodity products whose demand can be forecasted readily.  Assemble-to-order (ATO) In ATO environments, products are assembled from components after the receipt of a customer order. The key components in the assembly or f...
Read more

Scheduling ,Reservations and ATP in Oracle Order management

-
Before we start understanding scheduling we need to know certain terms and how they are derived in Oracle. Terminology Understanding the following terms will help you understand how scheduling works in OM. Actual Arrival Date - The date the order line arrives at the customer site. Actual Ship Date - The date the order line is shipped. This date is recorded by the ship confirm action. Arrival Set - A set of order lines which arrive at the same time at the destination. Available to Promise (ATP) - The quantity of current on-hand stock, outstanding receipts and planned production not already committed to sales orders or other sources of demand. ATP Date - The date that a requested quantity will be available to promise. Delivery Lead Time - Time (in days) for items to reach the customer once they are shipped. There are two ways to help system calculate this date. 1) Create a location for the Ship-to address and assign it as the internal location and then define...
Read more

Accounting entries in Oracle Purchasing and Payables

-
This document gives in detail different accounts used and the accounting impact of various transactions that take place in Oracle Purchasing and Oracle Payables. Both Standard costing and Average costing methods are considered. The accounts are Oracle Applications specific and might differ from the conventional accounting names. Examples are given wherever required for better understanding of the concept. The sources of these accounts are given. PURCHASING:  Receiving – For Accrual Process for perpetual Accruals Receipts for inventory purchases are always accrued upon receipt. And also use perpetual accruals for expense purchases you want to record uninvoiced purchase liabilities immediately upon the receipt of the expense goods. Receiving Account (Receiving Account) To record the current balance of the material in receiving and inspection. Where to define in Apps: Define Organization           ...
Read more