Accounting Entries of Outgoing Excise Invoice and Commercial Invoice

[Former Member]

Hi All,

I am using SBO 2005 B. After adding Excise Invoice and Comm. Invoice. I am checking the A/c. effect from Comm. Invoice -> Accounting Tab. and click on the link. It is creating two entries. The Entry it opens is as below..

Account Debit Credit

C01735 -A D Enterprice 46500

221202 - CST Payable 911.76

412001 - Sales Treding Gujarat 40000.00

510010 - Excise Duty 5587.75

420011 - Rounding Off 0.49

when i go to its previous entry, it shows me below entry...

Account Debit Credit

221225 - Excise Duty Payable 5425.00

Cess On Excise - Payable 162.75

510010 - Excise Duty 5587.75

I have doubt i have enter wrong accounts in G/L account determination. - > generatl - > CENVAT

Can any body explain me wht accounts i have to enter there.

Thanks and regards..

Chintesh Soni

[Former Member · Accepted solution]

Hi Chintesh Soni,

The A/c 510050 is a CENVAT Clearing A/c that is set in the G/L Account Determaination - General Tab - Outgoing CENVAT Clearing Account.

This a/c is a clearing a/c that is debited when Outgoing Excise Invoice is created and credited when Invoice is created.

Plese refer to the G/L posting of A/c 510050. You may find

1) A debit entry for Rs. 5587.75 which is posted because of the Outgoing Excise Invoice

2) A credit entry for Rs. 5587.75 which is posted because of the Invoice

Hope this clarifies your doubts.

Regards,

Sridharan T