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In this chapter, the accounting entries created for accounting localization taxes are discussed. In the general ledger proper accounts need to be defined for accounting localization taxes. Accounting entries will be created on completion of the respective transaction and the same can be imported to General Journal.
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On Receipt of Material
Account Inventory Receiving A/c AP Accrual A/c Debit PO price PO price Credit
of
the
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Delivery of Material For Average Costing Organization ( Bonded Warehouse Sub Inventory)
Account Sub inventory A/c Debit All non-CENVATable taxes + Amount not loaded in CENVATable taxes Credit
* In addition to passing these accounting entries, Item cost gets increased by the amount that is additionally loaded on to the inventory.
Delivery of Material For Standard Costing Organization ( Bonded Warehouse Sub Inventory)
Account Purchase Price Variance (PPV) A/c Debit All non-CENVATable taxes + Amount not loaded in CENVATable taxes Credit
All tax amounts both CENVATable/ non-CENVATable taxes except Individual taxes * In addition to passing these accounting entries, Item cost gets increased by the amount that is additionally loaded on to the inventory.
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For Standard Costing Organization Account Purchase Price Variance (PPV) A/c
Debit All tax amounts both CENVATable/ non-CENVATable taxes except Individual taxes
Credit
All tax amounts both CENVATable/ non-CENVATable taxes except Individual taxes
Note: 1. Where the delivery of an Inventory Item is made to an Expense Subinventory, the Expense Account is picked up from the Subinventory setup. Similarly, the same account would be considered for reversal entries created on Return to receiving.
Return to Vendors
Return to Receiving(Bonded Sub Inventory)
On Return from Inventory to Receiving Inspection (By Base product) Account Debit Receiving Inspection A/c Item Purchase Price Inventory Receiving A/c Credit Item Purchase Price
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Return to Receiving (Duty paid Sub Inventory) For Average Costing Organization
Account Inventory Receiving A/c Debit All tax amounts both CENVATable/ non-CENVATable taxes except Individual taxes Credit
All tax amounts both CENVATable/ non-CENVATable taxes except Individual taxes
* In addition to passing these accounting entries, Item cost gets increased by the amount that is additionally loaded on to the inventory.
Return to Receiving (Duty paid Sub Inventory For Standard Costing Organization
Account Inventory Receiving A/c Debit All tax amounts both CENVATable/ non-CENVATable taxes except Individual taxes Credit
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All taxes loaded to inventory for the Receipt Amount of CENVAT Originally Claimed (Only on Generation of Excise Invoice on RTV) Taxes (except Excise & CVD) with CENVAT
On Return to Vendor a year after Purchase (After claim of 100% CENVAT Credit)
Dr. Inventory Receiving Account Cr. CENVAT Account 100% of the credit for the Quantity Returned
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* According the current provisions of Excise Rules there is no need to pay duty while clearing the goods for sub contracting operations. User should take care to record zero percentage for OSP rate in the additional organization information
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RMA Receipts
RMA Receipts into a Bonded Warehouse
For the sale price amount with out excise duty. Account Sub inventory a/c Cost of goods sold a/c Debit Sales Inventory Cost Credit Sales Inventory Cost
Localization accounting entry for Excise Tax treatment Account Debit Excise Expense a/c Excise Amount Excise Paid Payable Account (Excise duty paid will be written off as an expense account)
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Vendor a/c
On Creation of Credit Memo at the time of approving the created Regular Invoice for TDS Deduction
Account Vendor a/c TDS a/c Debit Amount debited towards TDS Credit
On Creation of TDS Invoice at the time of approving the created Regular Invoice for TDS deduction
Account TDS a/c TDS Tax Vendor a/c Debit Amount debited towards TDS Credit
*Same accounting entries will be passed for different type of withholding taxes.
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Ship Confirmation
Accounting entries on Ship Confirmation
Base Application Accounting entries Account Cost of Goods Sold a/c Sub Inventory a/c Debit Sales Inventory Cost Credit Sales Inventory Cost
Accounting entries for updating the excise accounts Account Excise Paid Payable a/c CENVAT/ PLA a/c Debit Total Excise Duty Payable Credit Total Excise Duty Payable
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Accounting entries in AR
On Invoicing in AR
Accounting entries for raising invoices for dispatches made from both a duty paid or Bonded warehouse (After running Receivable Interfaces in OM and moved to AR module) Account Debit Credit Receivables a/c Sales Inventory Cost + Total of all taxes Revenue a/c Sales Inventory Cost Individual Excise Tax a/c Individual Excise Amounts Other Individual Tax a/c Individual Tax Amounts
On saving AR Transactions
Account Receivables a/c Revenue a/c Individual Excise Tax a/c Other Individual Tax a/c Debit Sales Inventory Cost + Total of all taxes Credit
On completion of an AR Transaction
Account Excise Paid Payable a/c CENVAT/ PLA a/c Debit Total Excise Duty Payable Credit Total Excise Duty Payable
For debiting duty under Rule 6 of The CENVAT Credit Rules (Old Rule 57 CC)
Account CENVAT Recovered a/c Debit 8% on Selling Price (based on Organization. Credit
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Credit
Amount set off from the CENVAT on input Account Amount set off from the CENVAT on capital goods
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FOB Point is set to Shipment: Account Inter-Organization Receivable Excise Paid/Payable account In-transit Inventory account Inter-Organization Payable Organization Debit Sending EXCISE AMOUNT Sending Receiving EXCISE AMOUNT Receiving Credit EXCISE AMOUNT EXCISE AMOUNT
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Direct Transfer
Account Inter-Organization Receivable Excise Paid/Payable account Inventory Receiving account Inter-Organization Payable Organization Debit Sending EXCISE AMOUNT Sending Receiving EXCISE AMOUNT Receiving Credit EXCISE AMOUNT EXCISE AMOUNT
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Process flow
To update the chapter number, press ALT F9. Update the sequence number as appropriate, for example 1, 2, etc. and press ALT F9 again. Highlight the chapter number and press F9 to update the number. This chapter contains a diagrammatic presentation of certain activities on how India Localization on Oracle Applications -Release11 addresses your business needs under Indian Laws.
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Enter IT registration Details and TDS Section & limit for Suppliers and at Supplier Site in Additional Vendor Info.
Enter TDS tax Names and specify TDS section to which it belongs.
Enter Invoice with applicable TDS Tax type matching with PO Approve
Apply Prepayment amount net of Tax system will adjust proportionate TDS
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or
Attach Order source or AR Invoice type to bond register or indicate it as for Process Export type
Automatic Duty Drawback Process Specify the receipt selection method i.e. LIFO/FIFO
Manual Duty Drawback Process Specify the receipt selection method i.e. LIFO/FIFO
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Process continued .. If Bill Of Material defined in Oracle BOM module process will consider latest wrt. Removal date else latest Bill Of Material defined in Oracle Inventory module process will be considered.
Automatic Duty Drawback Process Specify the receipt selection method i.e. LIFO/FIFO
Process will calculate the claim amount for each receipt till amount against entire quantity is claimed
If MODVAT is claimed against selected receipt Process will reverse the MODVAT credit in RG 23 A part II and corresponding GL entry will be passed. If the balance in register is insufficient then process will stop.
Process will calculate the claim amount for each selected receipt till amount against entire quantity is claimed Manual Duty Drawback Process Specify the receipt selection method i.e. LIFO/FIFO
If MODVAT is claimed against selected receipt Process will reverse the MODVAT credit in RG 23 A part II and corresponding GL entry will be passed. If the balance in register is insufficient then process will stop. If Bill Of Material defined in Oracle BOM module process will consider latest wrt. Removal date else latest Bill Of Material defined in Oracle Inventory module process will be considered.
Receipts will get listed based on receipt selection method selected. Select Receipts against which Duty Drawback to be claimed Selected BOM will be exploded to the lowest level and you can view that in Components Window
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Enter Trading registration Details For Organization / Location (Additional organization information)
Enter Purchase Order for Trading Item with Ship to Organization being Trading
Enter Receipt for Purchase Order and deliver them to Trading Sub Inventory
Match Receipt While matching receipt for an invoice Excise Duty per unit will be defaulted from the receipt line. Excise Duty will be made Zero for a delivery to duty exempted customer.
Report RG23D
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RMA Process
Invoice
Order
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Details of attributes used / being used in DFF by Release. 11i Localization Sl. Application Title Context Attribute No 1 Oracle Items India Items Attribute1 Inventory Attribute2 Attribute3 Attribute4 Attribute5 Attribute13 Attribute14 Attribute15 2 Oracle Inventory Oracle Human Resources Transaction history Additional Organization Unit Details India Other Transaction India Org Info Attribute1
Segment Name excise_flag modvat_flag item_class_id item_tariff item_folio Future use Future use trading_flag Temp
Remarks
NonDisplay
Tan No. Pan No. Ward No. OM Tax Source Future use Excise Invoice No. Excise Invoice Date Claim CENVAT on Receipt Generate Excise Invoice Future use Excise Invoice No Excise Invoice Date Claim CENVAT on Receipt RM_ITEM_NO RMA_Type Excise Invoice No. Excise Invoice Date Claim CENVAT on Receipt Paddr Excise Invoice No. Excise Invoice Date
Oracle Purchasing
Receiving Transactions
India Receipt
Oracle Purchasing
RCV_SHIPM ENT_HEADE RS
India Receipt
Transacti on Type
Attribute1 Attribute2
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Attribute3 Attribute4 Attribute5 6 Oracle Payables Invoice Distribution India Distributions Attribute1 Attribute2 Attribute3 Attribute4 Attribute5 7 Application Object Library Common Lookups India Lookup Codes Attribute1 Attribute2 Attribute3 8 Oracle Order Management Additional Line Attribute Information Invoice India Attribute2 Attribute3 Attribute4 Attribute5 Attribute14 Customer PO India Attribute2 Attribute3 Attribute4 Attribute5 Attribute14 Sales Order India Attribute2 Attribute3 Attribute4 Attribute5 Attribute14 9 Oracle Receivables Line Transaction FlexField SUPPLEMENT CM INTERFACE_ LINE_ATTRIB UTE2
Claim CENVAT on Receipt RM_ITEM_NO RMA_Type JA_IN_TDS_TAX_ NAME_INV JA_IN_WCT JA_IN_WCT1 Future use Future use Classification TDS Limit Tax Type Delivery Detail Id Allow Excise Credit? Allow Sales Tax Credit? Excise Duty Rate per Unit Excise Duty Rate (%) Delivery Detail Id Allow Excise Credit? Allow Sales Tax Credit? Excise Duty Rate per Unit Excise Duty Rate (%) Delivery Detail Id Allow Excise Credit? Allow Sales Tax Credit? Excise Duty Rate per Unit Excise Duty Rate (%) Value2
NonDisplay NonDisplay
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SUPPLEMENT DM SUPPLEMENT INVOICE TDS CREDIT 10 Oracle Assets Asset Category Payment Information India B Of Assets India Payment Information
INTERFACE_ LINE_ATTRIB UTE2 INTERFACE_ LINE_ATTRIB UTE2 INTERFACE_ LINE_ATTRIB UTE2 Attribute1 Attribute2
Value2 Value2 Value2 Date of Acquisitions Block of Assets Check Deposit date Bank Name Challan No. Original InvoiceTDS VAT Invoice Number VAT Invoice Date Date of Acquisitions Block of Assets None
11
Oracle Payables
12
Oracle Payables
Invoice
13
Oracle Assets
14
None
In addition to the above, we intend using First 5 attributes for all the remaining tables/ flex fields, in normal cases and/or Attribute 14,15 in special cases for future development, if required.
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