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Former Member

account updates

Dear Experts ,

Can any one help me knowing the following-

ater billing and after excise invoice also accounting entries hits

after invoice --- customer account is debited

sales revenue and all tax accounts including excise are credited

after excise invoice -


cenvat suspense a/c is debited

all excise duties a/c is credited

why there is updation of excise duties again and again ?

please clear the doubt

Regards

Supriya Parimal

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3 Answers

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    Former Member
    Dec 06, 2011 at 09:51 AM

    Dear supriyaparimal0,

    In commercial invoice the excise duties will be credited in a clearing account.

    When you raise the excise invoice the same clearing account will be debited and part-2 registers will be credited.

    Hope this will help you

    Thanks&Regards

    Raghu.k

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    Former Member
    Dec 06, 2011 at 09:52 AM

    Because those are 2 separate legal documents.those must have separate accounting entries

    This excise invoices are submitted to the central department of excise In every year like as billing documents.so excise invoice should have excise duties.

    In billing document over all billing value will be calculated including with excise duties.

    Thank you,

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    Former Member
    Dec 07, 2011 at 09:43 AM

    closed

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