on 11-21-2012 10:04 AM
HI
kindly explain me SAP MM FICO financial entries of
(1) VAT
(2) CST
(3) Service tax
(4) Freight
(5) Packing and forwarding
with values eg
2. GR
Inventory Dr. 100
GR/IR Cr.
Basic Excise duty Dr.
Cenvat Cr.
Kindly give example with values
reg
cns
Hi,
This is very general question, can not give all the accounting entries in one go as diferent scenarious have different accounting entries From excise perspective some of the entreis are as below
~ For Domestic Procurement of Raw Material
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.
For Domestic proceurement of Capital Goods
During GR
Material Stock Dr.
GR/IR clearing Cr.
During Excise Invoice Credit
Cenvat Account Dr. (50%)
Cenvat On-hold Dr. (50%)
Cenvat Clearing Cr.
During Invoice Verification
Cenvat Clearing Dr.
GR/IR Clearing Dr.
Vendor Payable Cr
Subsequent of Capital Goods
Cenvat Account Dr. (50%)
Cenvat On-hold Cr. (50%)
For Import Procurement of Raw Material
During Customs Duty Clearing invoice
Custom Clearing Dr.
Custom Payable Cr.
During GR
Material Stock Dr.
GR/IR clearing Cr.
During Excise Invoice Credit
Cenvat Account Dr.
Custom Clearing Cr.
During Invoice Verification
GR/IR Clearing Dr.
Vendor Payable Cr.
For Excise Duty Credit of Raw Material without PO
Cenvat Account Dr.
Cenvat Clearing Cr.
For Excise Duty Reversal through Excise JV
Cenvat Clearing Dr.
Cenvat Account Cr.
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Example Material A - 100 Rs
Frieght - 10 Rs (added to your Material Account)
Packing and forwarding - 2 Rs (added to your Material Account)
Total - 112
CST @ 2% on 112 - 2.24 Rs (Added to CST account Different GL)
VAT at 14% on 112 - 15.68 (Added to CST account Different GL)
how to do above scenario?
For Domestic Procurement of Raw Material
During GR
Material Stock Dr.
GR/IR clearing Cr.
Freight Cr.
Packing and forwarding Cr.
During Excise Invoice Credit
Cenvat Account Dr.
Cenvat Clearing Cr.
During Invoice Verification
Cenvat Clearing Dr.
GR/IR Clearing Dr.
Vendor Payable Cr
It will loaded up on material cost.
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Material A - 100 Rs
Frieght - 10 Rs (added to your Material Account)
Packing and forwarding - 2 Rs (added to your Material Account)
Total - 112
CST @ 2% on 112 - 2.24 Rs (Added to CST account Different GL and added to material cost)
VAT at 14% on 112 - 15.68 (Added to CST account Different GL- Npot added to material cost)
how to do above scenario?
During GR
Material Stock Dr. 100
GR/IR clearing Cr.- 112
Freight Dr.- 10
Packing and forwarding Dr- 2
.
During Excise Invoice Credit
Cenvat Account Dr. 15.68
Cenvat Clearing Cr. 15.68
During Invoice Verification
Cenvat Clearing Dr. 15.68
GR/IR Clearing Dr. 112
Vendor Payable Cr 127.68
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Check the link
|http://sap-iq.blogspot.com/search/label/SAP%20MM
http://sap-iq.blogspot.in/2009/08/accounting-entries-related-to-mm.html
Example Material A - 100 Rs
Frieght - 10 Rs (added to your Material Account)
Packing and forwarding - 2 Rs (added to your Material Account)
Total - 112
CST @ 2% on 112 - 2.24 Rs (Added to CST account Different GL)
VAT at 14% on 112 - 15.68 (Added to CST account Different GL)
At the Time of GR - Inventory Dr - 112 Rs
GR - IR Cr - 112 Rs
At the time of Invoice Vendor Cr - 122.92 Rs
CST Dr - 2.24 Rs
VAT Dr - 15.68 Rs
GR-IR Dr - 112 Rs
Thanks,
Shiva
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