Dear cin experts
Normal procrument process, the entries are follows like this
During GR
Material Stock Dr.
GR/IR clearing Cr.
During Excise Invoice Credit
Cenvat Account Dr.
Cenvat Clearing Cr.
During Invoice Verification
Cenvat Clearing Dr.
GR/IR Clearing Dr.
Vendor Payable Cr.
my question here Cenvat clearaing account will be zero right, actually this cenvat clearing accounts belongs balance sheet account, whether this account belongs to liabilities or assets
can u explain
raj