This document provides instructions for processing hotel and travel vendor invoices and payments as part of the accounts payable process. Key steps include daily invoice processing ensuring compliance with tax rules, following up with banking teams for payments, providing payment confirmations to vendors, and ensuring payments are made according to closing norms and procedures. Invoices are received from the travel desk team, checked for required details, and processed in batches by entering invoice details in Oracle and distributing amounts to the proper general ledger codes before being approved and sent to banking for payment.
- Input tax credit (ITC) allows businesses to claim a credit for taxes paid on inputs against the GST charged on their outputs. This avoids double taxation.
- To claim ITC, businesses must be registered under GST and hold a valid tax invoice. The goods or services must have been received and taxes paid to the government. ITC can only be claimed for business purposes and not for exempt or personal supplies.
- Businesses must file their ITC claims in GSTR-3B returns. They can provisionally claim up to 20% of the ITC shown in their GSTR-2A. Full ITC is claimed after matching with supplier returns. ITC must be reversed if invoices remain
1) Service tax is a tax on services rendered that is paid by the person providing the service. It was first introduced in 1994 and the scope of taxable services has expanded each year.
2) Service tax is calculated as a percentage of the gross amount charged for a service, excluding material costs. It is also due on reimbursements that are part of the service. Service tax is paid when payment is received from the customer.
3) In Tally.ERP 9, service tax features must be enabled through configurations. The software then allows users to record service tax transactions, generate reports, and calculate tax payable and input credits.
This document provides instructions for setting up Oracle Financials for India localization features. It discusses setting up the E-Business tax regime and rates, enabling triggers post-upgrade, enabling the India distributions descriptive flexfield, defining additional organization information such as excise registration details, and defining accounting information for localization tax accounts.
GST Enrolment/Migration of Existing Assessees: Are You Ready?Rajender Kapoor
GST Enrolment of existing assessees has started in many States and is scheduled in other States in the coming days and weeks. Though Enrolment is a onetime activity but enrolling multiple clients within the specified time period would take a lot of time, effort and patience.
The document provides step-by-step instructions for registering as a normal taxpayer with GST. It explains how to access the GST portal and fill out the registration application in two parts. Part A involves selecting applicant details like legal name, PAN, and contact information. Part B has multiple tabs to enter business, authorized persons, locations and other details. OTP verification is required at various steps. The application must be submitted within 15 days or the registration process has to be restarted.
This document is a report submitted by a group of students for their income tax calculator project. It includes sections on the purpose of the project, basic income tax fundamentals, a description of the application including screenshots, and the source code for building the GUI application in Python using Tkinter. The application allows users to calculate their income tax liability under the old and new tax regimes and determine which provides greater savings.
This document provides information about setting up and using Tax Deduction at Source (TDS) functionality within Oracle Applications for India localization. It discusses:
1. Required setups for TDS functionality including defining the organization TAN number, TDS authority, sections, vendor types, tax codes, year, and thresholds.
2. Capturing TDS details for suppliers in additional information fields.
3. Handling TDS deductions and payments in Oracle Payables and Receivables, including generating TDS certificates.
4. Standard reports related to TDS such as those showing rates, related invoices, and amounts deducted at lower rates.
- Input tax credit (ITC) allows businesses to claim a credit for taxes paid on inputs against the GST charged on their outputs. This avoids double taxation.
- To claim ITC, businesses must be registered under GST and hold a valid tax invoice. The goods or services must have been received and taxes paid to the government. ITC can only be claimed for business purposes and not for exempt or personal supplies.
- Businesses must file their ITC claims in GSTR-3B returns. They can provisionally claim up to 20% of the ITC shown in their GSTR-2A. Full ITC is claimed after matching with supplier returns. ITC must be reversed if invoices remain
1) Service tax is a tax on services rendered that is paid by the person providing the service. It was first introduced in 1994 and the scope of taxable services has expanded each year.
2) Service tax is calculated as a percentage of the gross amount charged for a service, excluding material costs. It is also due on reimbursements that are part of the service. Service tax is paid when payment is received from the customer.
3) In Tally.ERP 9, service tax features must be enabled through configurations. The software then allows users to record service tax transactions, generate reports, and calculate tax payable and input credits.
This document provides instructions for setting up Oracle Financials for India localization features. It discusses setting up the E-Business tax regime and rates, enabling triggers post-upgrade, enabling the India distributions descriptive flexfield, defining additional organization information such as excise registration details, and defining accounting information for localization tax accounts.
GST Enrolment/Migration of Existing Assessees: Are You Ready?Rajender Kapoor
GST Enrolment of existing assessees has started in many States and is scheduled in other States in the coming days and weeks. Though Enrolment is a onetime activity but enrolling multiple clients within the specified time period would take a lot of time, effort and patience.
The document provides step-by-step instructions for registering as a normal taxpayer with GST. It explains how to access the GST portal and fill out the registration application in two parts. Part A involves selecting applicant details like legal name, PAN, and contact information. Part B has multiple tabs to enter business, authorized persons, locations and other details. OTP verification is required at various steps. The application must be submitted within 15 days or the registration process has to be restarted.
This document is a report submitted by a group of students for their income tax calculator project. It includes sections on the purpose of the project, basic income tax fundamentals, a description of the application including screenshots, and the source code for building the GUI application in Python using Tkinter. The application allows users to calculate their income tax liability under the old and new tax regimes and determine which provides greater savings.
This document provides information about setting up and using Tax Deduction at Source (TDS) functionality within Oracle Applications for India localization. It discusses:
1. Required setups for TDS functionality including defining the organization TAN number, TDS authority, sections, vendor types, tax codes, year, and thresholds.
2. Capturing TDS details for suppliers in additional information fields.
3. Handling TDS deductions and payments in Oracle Payables and Receivables, including generating TDS certificates.
4. Standard reports related to TDS such as those showing rates, related invoices, and amounts deducted at lower rates.
Under the upcoming GST ( Goods and service tax) environment in INDIA the migration of registered dealers under various State Vat to GST network has started. It is the duty of every dealer to migrate. This book is a handy guide for migration related information.
The document summarizes several fraud cases identified through data analysis of transaction databases from three car dealerships. At Dealership 1, the service cashier was pocketing cash payments by not recording invoices until later. At Dealership 2, the cashier converted cash job cards to zero value internal invoices, pocketing payments. Used car staff underreported trade-in values, pocketing the difference. A rental clerk manipulated rates and mileages to extract extra payments. Stronger system controls and auditing could have prevented these frauds.
This document summarizes the key accounts and records that must be kept under the Goods and Services Tax (GST) in India. It outlines the requirements for tax invoices, credit notes, debit notes, and other documents. It also specifies the accounts and records that must be maintained, including production, inventory, supplies, taxes, and other required documents. All accounts and records must be kept for 5 years or longer if under audit or legal proceedings.
ITO Ward-1, Churu vs. Gunjan Enterprisessuresh ojha
This document summarizes an order from the Income Tax Appellate Tribunal regarding an appeal by the tax department against an order of the Commissioner of Income Tax (Appeals). The tribunal upheld some additions made by the assessing officer in the taxpayer's (M/s. Gunjan Enterprises) income for assessment year 2008-09. Specifically, the tribunal upheld the addition of Rs. 65,21,044 for non-deduction of tax at source on commission payments as required by section 40(a)(ia) of the Income Tax Act, finding that the taxpayer was liable to deduct tax on the commission amounts paid. The tribunal also upheld restricting the disallowance of commission expenses to Rs. 1 lakh rather
1) All existing Central Excise and Service Tax assessees will migrate to GST starting January 7, 2017 and will be provided a Provisional ID and Password by the Central Board of Excise and Customs (CBEC) to do so.
2) Provisional IDs will only be issued to assessees with a valid PAN associated with their registration, except in some cases such as if the PAN is invalid or registered with a State Tax authority.
3) Assessees must use the Provisional ID and Password to log on to the GST Common Portal and fill out and submit Form 20 along with supporting documents to complete the migration process.
This document provides instructions for Maharashtra VAT dealers to obtain provisional GST registration through the GST common portal. It outlines the system requirements, documents needed, enrollment process steps which include updating business, authorized signatory and other details. It also explains how to register and use a digital signature certificate to electronically sign and submit the provisional registration application.
This document provides instructions for creating, submitting, and filing outward supply details in Form GSTR-1 in India. It outlines the following steps: 1) Log in and navigate to the GSTR-1 page, 2) Generate a GSTR-1 summary, 3) Enter details in various sections like invoices, credit/debit notes, exports, etc., 4) Preview and submit GSTR-1, 5) File GSTR-1 with a digital signature. It then provides detailed guidance on entering invoice details for B2B and B2C supplies.
The document provides a summary of various official letters and regulations from Vietnamese authorities regarding tax, accounting, banking, and labor issues:
1) It outlines changes to import tax exemptions, VAT policies, and personal income tax rates on overseas incomes.
2) It summarizes new guidelines on invoice usage periods, management expenses, and determining reasonable expenses for tax purposes.
3) It notes a regulation on payment to foreign contractors in foreign currency.
4) It describes amendments to labor contract and severance pay regulations, requirements for enterprise compliance with labor laws, and changes to work permit and training procedures.
E book GST Transitional Credits - Disputes & Way ForwardTaxmann
CONTENTS
1. Background of Transitional Provision
2. Practical issues faced in transitional provisions
a) Problems due to the automation process Other reasons
3. The issues in transitional credit can be summarized
as follows:
a) Applicable to all sub-sections (1) to (8) of Section 140.
b) Section 140(1) & (2) – Transfer of closing balance of credit
4.Impact of retrospective amendment in explanation 11
1, 2, and 3 of Section 140.
The four key documents required to sign up as a seller are:
1. Cancelled cheque with clear printing of name, IFSC code and account number or bank declaration if cheque unavailable.
2. PAN card with clear image and company name for non-individuals.
3. Address proof such as electricity bill less than 3 months old or rent agreement with all pages.
4. GSTIN with active status, regular taxpayer type for operating state, and matching PAN.
Presentation on GST Transitional Credits - Disputes & Way ForwardTaxmann
Topics Covered in this Presentation:
1. Background of Transitional provisions
A. Different circumstances under Section 140
2. Practical Issues
A. Judgments on Transitional Credits
B. Deemed Credit
3. Impact of transitional provisions amendment
GST reconciliation and Input Tax Credit (ITC) - massive savings in corporate...Snehal Nimje
GST reconciliation for travel has been complex but it is no rocket science.
Why ITC for travel? Companies can save up to 5% in corporate travel expenses, for instance, one large conglomerate ended up saving INR 1.12 crores ($ 200k) on a volume of 100,000 trips last fiscal year. T&E is a major cost component in G&A expenses so the impact of savings on the balance sheet is quite sizable.
Over the years, we have been helping numerous CFOs and finance teams with ITC and maximizing savings. In the end, we discuss how Zoliday enables one-click reports for reconciliation and smart strategies with GST routing.
The document discusses e-compliances under the Maharashtra Value Added Tax (MVAT) Act, including e-registration, e-enrollment, e-payment, e-filing of returns, and e-filing of Form 704. It provides step-by-step instructions on completing each of these processes online through the Maharashtra VAT website. Key points covered include mandatory technology requirements, downloading necessary forms and templates, filling out forms, validating data, and uploading completed returns and forms electronically.
Presentation provides an overview of India’s GST registration process.
To learn more about how Avalara can help you with GST
automation, contact us through https://www.avalara.com/in/products/gst-calculation/
The Permanent Account Number (PAN) is a 10-digit alphanumeric number issued by the Income Tax Department to individuals and entities. It is a unique identifier that links all financial transactions of the person or entity to the department. It is compulsory for all individuals and entities who file an income tax return or are liable to pay taxes. PAN must be quoted for various financial transactions above a certain value as well as for tax-related documents and communications. Penalties may be imposed for failing to apply for a PAN or quote it as required without reasonable cause.
The document summarizes key aspects of the Goods and Services Tax (GST) and its impact on small businesses in India. It outlines the basic GST registration requirements, tax slabs, and the composition scheme option for small businesses selling goods or services. The composition scheme provides benefits like reduced compliance and tax liability but has limitations such as no input tax credits, limited business territory, and ineligibility for e-commerce sellers. The document also discusses GST provisions for services, e-commerce businesses, and concludes with compliance suggestions.
Ie code registration in chennai convertedSolubilis
We Solubilis one of the best professional companies register your IECode registration in Chennai. We have more than 5 years of experience in application of IE Code. Our team of professionals and dedicated individuals aims for the clients to be satisfied for our service.
For more details: http://chennai.iecoderegistration.com/
We Solubilis one of the best professional companies register your IECode registration in Chennai. We have more than 5 years of experience in application of IE Code. Our team of professionals and dedicated individuals aims for the clients to be satisfied for our service.
What is Importer Exporter Code (IEC)
This document outlines an e-invoicing system for Company X. It consists of 5 parts: 1) the basic logic and details of automatic invoicing, 2) automatic invoicing for recurring clients, 3) generating one-time invoices with a single click, 4) the admin panel, and 5) the client panel. The system allows employees to generate invoices, managers to oversee invoicing, and clients to view invoices and make payments. Workflows and interfaces are presented for invoice generation, recurring billing, and administrative and client dashboards.
This document provides instructions for invoice matching with a purchase order (PO) in 3 steps: press 'F11' to begin the process, paste the PO number, and press 'Control+F11' to query the PO details and complete the matching of the invoice to the existing PO.
No PO-No Problem! Strategies for Ensuring Contract ComplianceSAP Ariba
Purchase order invoices offer a level of control that supports your compliance goals, but what about invoices that don’t have POs? Non-PO invoice management is arguably the most challenging task in accounts payable, and the source of many errors and exceptions that require extra effort to process. In this session, we’ll examine how customers are turning to contract invoicing to achieve the same level of control with non-PO invoices as PO invoicing.
The document provides an overview of the key processes in SAP FI Accounts Payable, including:
1) Master data maintenance including vendor, account groups, and number ranges.
2) Invoice processing such as document entry, posting, special GL transactions, and foreign currency.
3) Payments and disbursements including payment programs, bank transfers, and account analysis.
Under the upcoming GST ( Goods and service tax) environment in INDIA the migration of registered dealers under various State Vat to GST network has started. It is the duty of every dealer to migrate. This book is a handy guide for migration related information.
The document summarizes several fraud cases identified through data analysis of transaction databases from three car dealerships. At Dealership 1, the service cashier was pocketing cash payments by not recording invoices until later. At Dealership 2, the cashier converted cash job cards to zero value internal invoices, pocketing payments. Used car staff underreported trade-in values, pocketing the difference. A rental clerk manipulated rates and mileages to extract extra payments. Stronger system controls and auditing could have prevented these frauds.
This document summarizes the key accounts and records that must be kept under the Goods and Services Tax (GST) in India. It outlines the requirements for tax invoices, credit notes, debit notes, and other documents. It also specifies the accounts and records that must be maintained, including production, inventory, supplies, taxes, and other required documents. All accounts and records must be kept for 5 years or longer if under audit or legal proceedings.
ITO Ward-1, Churu vs. Gunjan Enterprisessuresh ojha
This document summarizes an order from the Income Tax Appellate Tribunal regarding an appeal by the tax department against an order of the Commissioner of Income Tax (Appeals). The tribunal upheld some additions made by the assessing officer in the taxpayer's (M/s. Gunjan Enterprises) income for assessment year 2008-09. Specifically, the tribunal upheld the addition of Rs. 65,21,044 for non-deduction of tax at source on commission payments as required by section 40(a)(ia) of the Income Tax Act, finding that the taxpayer was liable to deduct tax on the commission amounts paid. The tribunal also upheld restricting the disallowance of commission expenses to Rs. 1 lakh rather
1) All existing Central Excise and Service Tax assessees will migrate to GST starting January 7, 2017 and will be provided a Provisional ID and Password by the Central Board of Excise and Customs (CBEC) to do so.
2) Provisional IDs will only be issued to assessees with a valid PAN associated with their registration, except in some cases such as if the PAN is invalid or registered with a State Tax authority.
3) Assessees must use the Provisional ID and Password to log on to the GST Common Portal and fill out and submit Form 20 along with supporting documents to complete the migration process.
This document provides instructions for Maharashtra VAT dealers to obtain provisional GST registration through the GST common portal. It outlines the system requirements, documents needed, enrollment process steps which include updating business, authorized signatory and other details. It also explains how to register and use a digital signature certificate to electronically sign and submit the provisional registration application.
This document provides instructions for creating, submitting, and filing outward supply details in Form GSTR-1 in India. It outlines the following steps: 1) Log in and navigate to the GSTR-1 page, 2) Generate a GSTR-1 summary, 3) Enter details in various sections like invoices, credit/debit notes, exports, etc., 4) Preview and submit GSTR-1, 5) File GSTR-1 with a digital signature. It then provides detailed guidance on entering invoice details for B2B and B2C supplies.
The document provides a summary of various official letters and regulations from Vietnamese authorities regarding tax, accounting, banking, and labor issues:
1) It outlines changes to import tax exemptions, VAT policies, and personal income tax rates on overseas incomes.
2) It summarizes new guidelines on invoice usage periods, management expenses, and determining reasonable expenses for tax purposes.
3) It notes a regulation on payment to foreign contractors in foreign currency.
4) It describes amendments to labor contract and severance pay regulations, requirements for enterprise compliance with labor laws, and changes to work permit and training procedures.
E book GST Transitional Credits - Disputes & Way ForwardTaxmann
CONTENTS
1. Background of Transitional Provision
2. Practical issues faced in transitional provisions
a) Problems due to the automation process Other reasons
3. The issues in transitional credit can be summarized
as follows:
a) Applicable to all sub-sections (1) to (8) of Section 140.
b) Section 140(1) & (2) – Transfer of closing balance of credit
4.Impact of retrospective amendment in explanation 11
1, 2, and 3 of Section 140.
The four key documents required to sign up as a seller are:
1. Cancelled cheque with clear printing of name, IFSC code and account number or bank declaration if cheque unavailable.
2. PAN card with clear image and company name for non-individuals.
3. Address proof such as electricity bill less than 3 months old or rent agreement with all pages.
4. GSTIN with active status, regular taxpayer type for operating state, and matching PAN.
Presentation on GST Transitional Credits - Disputes & Way ForwardTaxmann
Topics Covered in this Presentation:
1. Background of Transitional provisions
A. Different circumstances under Section 140
2. Practical Issues
A. Judgments on Transitional Credits
B. Deemed Credit
3. Impact of transitional provisions amendment
GST reconciliation and Input Tax Credit (ITC) - massive savings in corporate...Snehal Nimje
GST reconciliation for travel has been complex but it is no rocket science.
Why ITC for travel? Companies can save up to 5% in corporate travel expenses, for instance, one large conglomerate ended up saving INR 1.12 crores ($ 200k) on a volume of 100,000 trips last fiscal year. T&E is a major cost component in G&A expenses so the impact of savings on the balance sheet is quite sizable.
Over the years, we have been helping numerous CFOs and finance teams with ITC and maximizing savings. In the end, we discuss how Zoliday enables one-click reports for reconciliation and smart strategies with GST routing.
The document discusses e-compliances under the Maharashtra Value Added Tax (MVAT) Act, including e-registration, e-enrollment, e-payment, e-filing of returns, and e-filing of Form 704. It provides step-by-step instructions on completing each of these processes online through the Maharashtra VAT website. Key points covered include mandatory technology requirements, downloading necessary forms and templates, filling out forms, validating data, and uploading completed returns and forms electronically.
Presentation provides an overview of India’s GST registration process.
To learn more about how Avalara can help you with GST
automation, contact us through https://www.avalara.com/in/products/gst-calculation/
The Permanent Account Number (PAN) is a 10-digit alphanumeric number issued by the Income Tax Department to individuals and entities. It is a unique identifier that links all financial transactions of the person or entity to the department. It is compulsory for all individuals and entities who file an income tax return or are liable to pay taxes. PAN must be quoted for various financial transactions above a certain value as well as for tax-related documents and communications. Penalties may be imposed for failing to apply for a PAN or quote it as required without reasonable cause.
The document summarizes key aspects of the Goods and Services Tax (GST) and its impact on small businesses in India. It outlines the basic GST registration requirements, tax slabs, and the composition scheme option for small businesses selling goods or services. The composition scheme provides benefits like reduced compliance and tax liability but has limitations such as no input tax credits, limited business territory, and ineligibility for e-commerce sellers. The document also discusses GST provisions for services, e-commerce businesses, and concludes with compliance suggestions.
Ie code registration in chennai convertedSolubilis
We Solubilis one of the best professional companies register your IECode registration in Chennai. We have more than 5 years of experience in application of IE Code. Our team of professionals and dedicated individuals aims for the clients to be satisfied for our service.
For more details: http://chennai.iecoderegistration.com/
We Solubilis one of the best professional companies register your IECode registration in Chennai. We have more than 5 years of experience in application of IE Code. Our team of professionals and dedicated individuals aims for the clients to be satisfied for our service.
What is Importer Exporter Code (IEC)
This document outlines an e-invoicing system for Company X. It consists of 5 parts: 1) the basic logic and details of automatic invoicing, 2) automatic invoicing for recurring clients, 3) generating one-time invoices with a single click, 4) the admin panel, and 5) the client panel. The system allows employees to generate invoices, managers to oversee invoicing, and clients to view invoices and make payments. Workflows and interfaces are presented for invoice generation, recurring billing, and administrative and client dashboards.
This document provides instructions for invoice matching with a purchase order (PO) in 3 steps: press 'F11' to begin the process, paste the PO number, and press 'Control+F11' to query the PO details and complete the matching of the invoice to the existing PO.
No PO-No Problem! Strategies for Ensuring Contract ComplianceSAP Ariba
Purchase order invoices offer a level of control that supports your compliance goals, but what about invoices that don’t have POs? Non-PO invoice management is arguably the most challenging task in accounts payable, and the source of many errors and exceptions that require extra effort to process. In this session, we’ll examine how customers are turning to contract invoicing to achieve the same level of control with non-PO invoices as PO invoicing.
The document provides an overview of the key processes in SAP FI Accounts Payable, including:
1) Master data maintenance including vendor, account groups, and number ranges.
2) Invoice processing such as document entry, posting, special GL transactions, and foreign currency.
3) Payments and disbursements including payment programs, bank transfers, and account analysis.
Supercharge Your Ariba Investment with Dynamic Discounting and Value EngineeringSAP Ariba
Are you considering Dynamic Discounting with Ariba Discount Professional™, but not sure if you have the internal expertise or focus to achieve your full potential? Never fear, the Value Engineering Team is here! Ariba combines market leading dynamic discounting technology with the industry’s most experienced managed services team dedicated solely to helping you achieve world class dynamic discounting results. In this session you will hear from a panel of customers who have combined Ariba Discount Professional™ and Managed services to accelerate their time to value and achieve excellent results.
One wasteful place where money flows out the door in small businesses is in late fees. Invoices get paid late when they are out of sight. Having an accounts payable process in place that includes visual cues can reduce, even eliminate paying fees, fines and penalties associated with missed or past due invoices.
This document summarizes an automated invoice processing solution offered by DataBank IMX. The solution digitizes invoices upon receipt, extracts key data using optical character recognition, and verifies the data against purchase orders. This streamlines approval workflows and eliminates manual data entry. Extracted invoice images and data are delivered to clients securely overnight via FTP.
The document provides an overview of the key tables involved in the procure to pay (P2P) cycle in Oracle Applications, including tables for requisitions, purchase orders, receipts, invoices, payments, and the transfer of transactions to the general ledger. It describes the purpose and structure of tables for requisition headers and lines, purchase order headers and lines, receipt headers and lines, invoice headers and lines, payment schedules, checks, and accounting entries.
SAP Accounts Payable Payment | http://sapdocs.infosapdocs. info
This document provides an overview of the key processes for payments in SAP Accounts Payable. It discusses the payment run, which determines which vendors to pay and the payment method. The payment run process involves setting parameters, running a payment proposal to review selections, and executing the actual payment run. It also covers displaying check information, voiding checks, clearing open items, resetting cleared items, and viewing the check register. Key transaction codes used include F110, FCH1, FCH8, F-44, and FBRA.
The procure to pay process involves 9 steps: 1) determining requirements, 2) sourcing, 3) vendor selection, 4) purchase order processing, 5) order monitoring, 6) goods receipt, 7) invoice verification, 8) payment verification, and 9) payment. The process tracks requirements and ensures accurate matching between purchase orders, goods receipts, and invoices. It allows efficient payment of vendor invoices and updating of accounting records.
The document provides an overview of the accounts payable process in SAP, including master data, invoice processing, payments, account analysis and reconciliation, and reporting. Key steps include maintaining vendor master records, entering invoices, processing payments, reconciling accounts, and generating reports. Special processes like foreign currency transactions, reversals, and intercompany billing are also summarized.
This document provides instructions for manually creating accounts payable invoices in Oracle E-Business Suite R-12. It outlines the purpose, scope, basic business needs, process overview, and step-by-step procedures for invoice creation when no purchase order exists. Key steps include verifying supplier and tax information, entering invoice header and line details, adding tax lines, and approving the invoice for payment processing.
Account receivable ar incoming payment process in sapKrishnam Raju
1. The document describes the process for incoming payments in SAP, including payments from customers for products, projects, services, and exports.
2. Commercial creates a payment advice that is used by Finance to post payments in SAP using transaction code F-28.
3. Payments can be posted using the payment advice number or by selecting open invoices if no payment advice was created.
This document discusses key setups required for the Accounts Receivables module in Oracle ERP. It outlines workbenches, roles, and various setup tasks needed like managing transaction types, auto accounting rules, and more. The main setups covered are transaction types, transaction sources for numbering, and auto accounting rules to define default general ledger accounts for transactions.
This document outlines the employee exit and recruitment processes at Indusind Bank Ltd. It describes the process for handling employee resignations, including getting approvals, posting exit flags, calculating exit payments and benefits, releasing settlement payments, and issuing relieving letters. It also provides learnings from the role, including understanding FNF settlements, employee retention, maintaining resignation data, conducting exit formalities, and learning Excel skills. For recruitment, it outlines learnings around sourcing candidates, screening, scheduling interviews, market mapping, generating background checks, understanding products, and following up on references.
TDS Reimbursement Process discusses TDS submission process including documents required, processing time, applicable TDS rates, and points to remember. Key details include:
- Form 16A provided by CA is required along with commission invoice to claim TDS reimbursement.
- TDS is filed on a quarterly basis and reimbursement will be processed within 25 working days if details are correct.
- Applicable TDS rates are 5% for marketing and PG fees, 2% for logistics and fulfillment center charges.
- TDS amount must match amount in certificate, and must be filed for Paytm e-commerce instead of one97 communication.
TDS reimbursement involves deducting tax at source from payments made to merchants and remitting it to the government. The deductee receives credit for the TDS amount based on Form 26A or TDS certificate. Form 16A providing TDS details will be provided by the merchant's CA. TDS is filed on a quarterly basis. Documents required for reimbursement include Form 16A and commission invoice. Processing time for reimbursement is 25 working days if details are correct. Certain fees like marketing fees and PG fees have a TDS rate of 5% while logistic charges have 2% rate. Merchants must file TDS on behalf of the specified company and TDS amount must match certificate for reimbursement.
Accounts payable notes provide definitions and explanations of key concepts related to vendor invoice processing and payment in SAP. This includes defining accounts payable, purchase orders, vendor master data, invoice posting, payment methods, and the automatic payment program (APP). The APP allows for automated multiple vendor payments and printing of remittance documents. Maintaining accurate vendor records and timely payments are important parts of managing cash flow and vendor relationships in SAP.
This document provides an overview of performing vendor payments in SAP. It discusses the key steps and transactions for conducting a payment run, including setting parameters, running a payment proposal, reviewing and editing the proposal, executing the payment run, and managing payment data. Transactions covered include F110 for payment runs, FCH1 for displaying check information, FCH8 for voiding checks, F-44 for clearing open items, and FCHN for the check register.
The document describes posting vendor payments in SAP using transaction code F-04. With posting and clearing, line items are entered and then open items are selected to clear them. Once the open item amounts equal the line item amounts, the system clears the items by creating documents to debit vendor accounts and credit bank accounts. Fields required for posting include document date, type, company code, posting date, currency, bank account, account, and amount.
The document describes posting vendor payments in SAP using transaction code F-04. With posting and clearing, line items are entered and then open items are selected to clear them. Once the open item amounts equal the line item amounts, the system clears the items by creating documents to debit vendor accounts and credit bank accounts. Fields required for posting include document date, type, company code, posting date, currency, bank account, account, and amount.
1. The document discusses the Tax Deducted at Source (TDS) reimbursement process for merchants selling on Paytm Mall. It defines what TDS is and the applicable rates.
2. To raise a ticket for TDS reimbursement, merchants need to provide the Form 16A, commission invoice number, and calculate TDS amount paid against the taxable value.
3. Once submitted, Paytm Mall will validate the details and reimburse the TDS amount within 15 working days if correct, or update the merchant within days if there is any discrepancy.
Feroz Ahmed Pathan provides his curriculum vitae. He has over 10 years of experience working in accounts payable and trade finance roles for companies like CHEP India Pvt Ltd, Deutsche Bank, and McDonald's. His experience includes making vendor payments, reconciling statements, assisting with accounting work, and verifying financial transactions and reports. He holds a B.Com degree from Shankar Narayan College and is proficient in MS Office, SAP, and other accounting software.
The audit found $250,370 in duplicate invoice payments from 2010-2013. 165 cases were identified where the same invoice was paid twice, often due to keying errors, paying the wrong vendor, or lack of invoice review. $463,657 in possible duplicates were determined not to be errors. The audit recommends improving controls over vendor setup, invoice matching, and review of payments to prevent future duplicate payments.
A paper requesting payment is sent with a service or product by the supplier to the buyer. The document in question includes a cost summary for the good or service, in addition to other pertinent details including the item description, cost, buyer and seller names and addresses, and terms of payment. In the unlikely circumstance that there is a disagreement over the payment, it can also be used as legal documentation. It is a record that attests to the contract among the buyer and seller regarding the terms of payment and the invoice's asking price.
1. The document discusses various SAP FICO interview questions and answers related to topics like IBAN numbers, blocking payments for vendors, correcting payment mistakes, assigning dunning procedures to multiple companies, internal number ranges, configuring company codes and business areas, purchase order lifecycles, and more.
2. It also provides detailed explanations for questions about topics such as GR/IR clearing accounts, advantages of distribution controlling, uploading asset balances mid-year, carrying document balances to the next fiscal year, customizing for vendors that are also customers, and differences between various SAP terms.
3. Many answers reference specific SAP transaction codes useful for the given tasks or concepts.
The document discusses Paytm Mall's payment lifecycle and processes, including when payments are transferred, how payouts are calculated, and how sellers can check payment details, download reports, and process tax reimbursements. Key details include that payments are transferred daily except holidays and initiated after order delivery, payouts are sales price minus commissions and taxes, and sellers can check payments and download reports by settlement date or order in the payments section of their seller panel. It also outlines the tax deducted at source (TDS) reimbursement process.
The document discusses Paytm Mall's payment lifecycle and processes, including when payments are transferred, how payouts are calculated, and how sellers can check payment details, download reports, and process tax reimbursements. Key details covered include payment being initiated the day after delivery, final payout being calculated as selling price minus commissions and taxes, and sellers being able to view settlement-wise or order-wise payment reports and download them in excel format for record keeping. The document also outlines the tax deducted at source (TDS) reimbursement process for sellers.
The document discusses Paytm Mall's payment lifecycle and provides guidance on checking payment details, downloading reports, and claiming TDS reimbursement. Key details include:
- Payments are transferred daily after order delivery and initiated the following day. Payout is calculated as Selling Price - (Commission + TCS).
- Settlement and order-wise reports in the Payments tab allow viewing payment transactions and expected payouts.
- Sales, commission invoices, and GST reports can be downloaded for a selected date range.
- TDS reimbursement requires Form 16A and commission invoice. Claims are processed within 15 days if details are correct.
This document discusses the Tax Deducted at Source (TDS) reimbursement process for Paytm Mall sellers. It defines what TDS is, points to remember regarding TDS filing and reimbursement, and the steps to raise a ticket for a TDS reimbursement. TDS is tax deducted from seller commissions and filed quarterly by Paytm Mall. To claim reimbursement, sellers must provide the TDS certificate and commission invoice number. Paytm Mall will process reimbursements within 25 days if details are correct. The document outlines TDS rates and filing requirements and provides instructions for raising a reimbursement ticket in the seller portal.
1. Finance Executive-Hotel Accommodation and Travel (Accounts Payable)
Scope of Work:
1. Daily processing of different kinds of invoices (PO and non PO) within 3 days of invoice submission
2. Follow up for hotel and travel vendor payments with the Banking Team
3. Provide payment confirmation details to all vendors/user
4. Regular dealings with vendors regarding payment concerns and queries
5. Ensure compliance with AP closing norms and procedures
Receipt of Invoices
Invoices for hotel and travel vendors are submitted by the Admin: Travel Desk team comprising of Kanchan Singh,
Priyanka Verma and headed by Gurpreet Rekhi (Sr. Manager). The travel desk team receives the invoices from the
vendors and forwards them to the AP team after checking the following:
1. All invoices should be addressed to the registered office i.e. Jasper Infotech Pvt Ltd, Plot no 238, Okhla or
ASF Centre Gurgaon. No invoices in the name of Snapdeal will be excepted. This is because we can claim
Cenvat for only those invoices which are addressed to the registered office. Cenvat is the credit that we
claim from the government on the service tax that we pay. No Cenvat is claimed on the Swach Bharat Cess of
0.2% that is applicable since November 15, 2015.
2. Original invoices should be submitted by the vendor. Photocopies are only accepted when they have the
vendors stamp on them.
3. PAN no, TIN no and Service Tax Registration no and Category to be printed on the invoice/cover letter.
4. Rates charged by the vendors should be in accordance with the contract/agreement they have entered into
with Jasper Infotech Private Limited.
Follow Up for
payments
with Banking
Team
Payment
Confirmation
to
vendors/users
Dealing with
vendor
queries
Ensure
compliance
with AP
closing
norms
Daily Invoice
Processing and
ensuring tax
compliances
Address on invoice Original invoices
PAN, TIN, Service Tax
Registration &
Category on invoices
Rates charged as per
agreements
Travel Desk
Check Points
2. All invoices submitted with the AP team will be done so only through Viranjan Kumar (AP team) who maintains an
invoice tracker. He ensures that all the submitted invoices have a ‘Received’ stamp on the date of submission and
passes on the invoices to the respective teams within the AP team.
On receiving the invoices, look for the following:
1. A checklist having employee details such as employee name, employee code and purpose of stay/travel
should be attached with every invoice. A Travel Requisition Form(TRF) might also accompany the invoices.
2. Approval mails containing the HOD/Manager approval for each hotel stay of every employee has to be
attached.
3. Invoices should have correct tax rates.
4. Maker (Kanchan) and approver (Gurpreet Rekhi) signatures on all bundles of invoices.
5. In case of New Joinees, ask Kanchan for the category, location and cost centre in which the invoice has to be
booked.
6. Excel Sheet of all invoices and Tax breakup sheets should be attached or given to Viranjan.
Note: In case any of the above is missing, the invoices will be rejected and sent back to the Travel Desk team via
Viranjan.
Vendor Creation
On receipt of invoices, check whether the vendor is open in the Oracle system. This can be done by checking the SD
Supplier Detail Report. If no vendor is open against a given PAN number, a new vendor will be created. The
following are the steps to be followed:
Approval Mails Correct Tax Rates
Maker & Approver
Signatures
Excel Sheets and Tax
Breakup
Checklist/TRF's
Get scanned copies of the vendor PAN card, Service Tax
Registration Form, Cancelled Bank Cheque and other vendor
details and match these to those printed on the invoices
Fill the vendor creation form and forward that along with
the scanned documents to Mr Rajender Arya for approval
On receiving approval of Rajender Arya, forward the same to
Ekta Arya who will then forward this to Ashraf Ansari
(Procurement) for vendor creation
Once vendor is created check for the following: 1) Bank details
appear at invoice entry level and 2) TDS rate is defined and
correct.
3. Note: Only 1 vendor will be opened against 1 PAN. In case 2 vendors have the same PAN but different
names/bank account numbers/sites, an additional vendor site will be opened. A new vendor will be created only
when no vendor with that PAN number exists in the system.
In case a supplier site has to be opened, directly send the scanned documents along with the vendor site creation
form to the ERP team comprising of Sandeep Pareek and Jai Prakash Shukla.
Processing an invoice
Invoice processing is the first step in making a vendor payment. Invoices are processed in ‘Batches’. Different teams
within the AP team have difference invoice batches. The Travel Batch currently being used is called Travel
Accommodation_Nov-2015
1. Log into Oracle and go to SD AP Invoice Analyst Invoice Entry Invoice Batches
2. When the yellow textbox appears press F11. This yellow textbox is used to create a new batch (not to be
done by executives). In the blue textbox that now appears, type in the batch name followed by % sign and
press Ctrl+F11. Select the required batch from the list that appears.
3. Once in the batch, press the Ctrl+down arrow key to start a new invoice.
4. Fill in the details such as supplier name, supplier site, invoice number, invoice amount, terms of service(the
month in which the services were rendered by the vendor) and description. Do not change the terms of
payment. Press ALT+2 to go to Lines.
5. Fill in the amount to be booked in each line. Press Alt+D to go to distributions.
6. In the distribution, enter correct category, location, cost centre and GL.
7. Press Tab and go further in the line till you reach Tax category. Here select the TDS rate as applicable for the
vendor. Save changes and exit by Ctrl+F4.
8. Once the invoice amount has matched in both the header and ‘General’ tab, get the Voucher Number. This
number is to be written on top of the invoice hardcopy as well as updated in the invoice tracker on Google
Drive.
Validating an entry: Select the invoice and go to ‘Actions’ in the bottom left corner. Press Validate. Both the
standard and credit entries have to be validated. A credit entry is an entry that is automatically generated when TDS
is deducted in an invoice.
Once validated, a voucher has to be printed and attached to the invoice. In order to print the voucher:
Once the vouchers have been printed and attached to the invoices, two things have to be checked prior to signing
the voucher:
1. Match the invoice number and amount on the voucher with that on the bill.
2. TDS has been deducted
If both of these are correct, then sign the vouchers and pass on to Rajender Arya for approval.
Initiating Approval: Select the entry, go to Actions and click on Initiate. This entry has now been sent to Rajender
Arya(approver) for seeking approval. When approved by him, the invoice shows ‘Workflow Approved’ and will now
come up in the Due Report.
Requests
SD Invoice
Voucher Report
Fill in vendor
name, voucher
date and GL date
Click on Submit
and Find.
Print vouchers
and attach to
invoices
4. Cancelling an entry: In order to cancel an entry, first change the invoice number to an arbitrary number. Then go to
Actions and cancel invoice. This is done because the system does not accept two entries having the same invoice
number. Make sure to cancel both the Standard as well as Credit entries.
Notes:
1. TDS rate to be used depends on the whether a given supplier/vendor is a Company or Firm or Individual and
the nature of services provided.
For Hotel Vendor PAN cards having 4th
alphabet as C and F Company/Firm194C@2%Others
For Hotel Vendor PAN cards having 4th
alphabet as P or H Individual 194C@1%Others
Other TDS Rates: 194HCommission/Brokerage
194JProfessional/Technical Fees
194C Contractors/Subcontractors
TDS Exemptions: No TDS is to be deducted for Lionel India Pvt Ltd due to the nature of its service (Flight
booking agents)
2. GL codes to be used:
-Travel Accommodation- 5202512- For all hotel stays
-Meeting and Conference Expense- 5201220- For hall bookings for meetings
-Relocation- 5202515- Mainly for New Joinee Relocation
-Tour and Travel Food Expense- 5202511- For all hotel stays where hard copy of the food bill is provided or
where tax breakup of the invoice mentions food separately
- Local Conveyance- 5200501- For bus, taxi or shuttle services.
3. When a standard entry is booked, two additional entries- Credit and Income Tax- are automatically
generated by the system. The Credit entry is a TDS entry that shows the amount of TDS deducted against the
invoice. The Income Tax entry is one that shows the amount of tax to be paid to the government against the
invoice. In many cases, this entry is not visible in the system.
Due Report
A due report is a report that shows all the payments that are ready for payment after being validated and approved
in the system. The report is run on the day the batch is supposed to be sent to the banking team for payment.
Once the report has been fetched, find all the payments in your batch and copy them to another sheet. Cross check
all the invoice amount and TDS amount for each invoice as well as the GL being used. Further, sum the column ‘Due
amount’ and this will give you the Projection Amount. Save and send this report to Ekta Arya along with the Batch
Name and Projection amount clearly mentioned in the mail. She will forward this to Abhinav Aggarwal (Banking
Team)
Check points in the Due Report:
1. All invoices should have TDS entries
2. All 4 columns containing bank details across all invoices should be checked and bank details confirmed.
Requests
SD AP Payment
Due Report
Fill in the Due Date
From as 2 months
before the date of
running the report
Fill in the Due Date
To as the date of
running the report
Submit and Find
5. In case of any issue with the invoices, put them on hold.
Invoices on Hold: If a particular invoice whose payment is not to be done that day shows up in the Due Report ,
a hold has to be put on the invoice through the system.
In Oracle, find the invoice Go on the 3rd
tab labelled Hold Under Hold Name type in Hold and save. Both the
standard and credit entries of the invoice have to be put on hold.
Note: The due report is to be sent to Ekta Arya before 12 noon.
Review Report
Once a confirmation mail is sent by Abhinav Aggarwal giving the names of the batches run, a review report is to be
obtained. For this report, approach Sachin Khera since he has the rights required to run the report.
Check points in the Review Report:
Payment Review Report payment amount should be equal to the Due Report Projection amount.
The last 4 columns of each invoice having banking details need to be checked against the scanned copy of
each vendors cancelled cheque.
If there are no issues with the Review Report, forward this report to Ekta Arya who will further send these to
Abhinav Aggarwal for payment.
If case of any issues with the banking details, ask banking team to put a hold on the invoices.
Note: Prior to running the batch, right to put hold on invoices is with us. Post batch run, banking team will be
required to hold any invoice that is in the review report.
RTGS Report
An RTGS report is generated once the payments have been uploaded in the Oracle system and are ready for
payment. Abhinav Aggarwal will share this report . He fill further share the UTR numbers against all vendors when
the payment has been made. This report along with the UTR numbers is to be forwarded to Kanchan Singh (Travel
Desk)
Uploader/WebADI
Preparing an uploader means that multiple entries are being uploaded in the system together. This is done when we
get invoices in bulk such as the travel bills for Yatra.com and Eco rent a car etc. The only condition to be met in order
to prepare an uploader is that the service tax amount on all invoices should be the same.
1. Go to invoice excel Create a copy of the main sheet called ‘Working’
2. Add 8 columns Company, Category, Location, Cost Centre, GL, Value 1, Value 2, GL combination
3. In a column next to the Gross amount column, use formula: Gross amount+Management Fees+Service Tax-
Discount Amount-Postpaid Amount and cross check the obtained amount against the final bill amount.
Finally, in a column, subtract management fees and service tax from the gross amount to get the amount to
be uploaded against each invoice.
4. At the bottom of the sheet, add 2 lines for Management fees (cumulative) and Service tax (cumulative) to be
added to the final amt.
5. Use Vlookup against Employee ID’s to get Category, Location and Cost Centre values
6. For convenience, at the bottom of the sheet, copy the Supplier Name, Supplier Number, Supplier Site,
Invoice Number and Batch Name.
6. 7. In ‘Company’ column, use Company Code i.e. 11 for all lines
8. Category, Location and Cost Centre to be obtained using VLookup
9. Value1- 99 (Default)
10. Value2- 9999 (Default)
11. Obtain the GL Combination and the Description.
12. GL combination for Management fees- 11.10702.2202.A01.5202512.99.9999 (Booked to admin)
13. GL combination for Service Tax- 11.99999.9999.999.3333102.99.9999
Note- The GL combination for service tax will always be the same.
For invoices after 15th
Nov i.e. invoices that contain the Swach Bharat Cess, only the service tax
amount excluding the Swach Bharat Cess will be booked in a separate line. The Swach Bharat Cess is to be
included in the ‘total amount’ of each line. Reason- CENVAT is claimed on service tax excluding the Swach
Bharat Cess.
Uploading the prepared document
1. Login into OracleSnapdeal AP Invoice Web ADI Create excel sheet and open it.
2. In the doc, Source will be Manual Entry.
3. Invoice Date- Date of last invoice
4. Invoice Amount- Total amount
5. After filling in the details, remove all the extra rows using the following formulas
ALT+TPP to remove cell protection
Shift+Space to expand cells
Ctrl+- to delete rows
Use ALT ESV- Paste Special
6. Go to Plug insOracleUpload
Note: In case of unsuccessful uploading due to ‘Invalid Code Combination’, take a screenshot of the same
page and forward to the ERP team to resolve the issue.
Post Successful Uploading
1. Run and check 2 reports- 1) SD AP Invoice Upload Program 2) Payables Open Interface Import.
2. Go to the uploaded invoice All Distributions
3. Copy the Management Fees amount and go to ‘Lines’ at invoice level. In Amount, Press F11 Paste fee
amount Press Ctrl+F11 Go to distribution and cut TDS only on this line
4. Save, validate and initiate approval.
Note: A single voucher will be generated for a bulk on invoices uploaded together. The TDS cut on all invoices
will also be shown in a single line in the voucher.
Purchase Order (PO) Invoices
PO is made by the Procurement Team. A PO is basically a threshold on the amount of money that can spent by the
user team within a given period of time on a particular good or service. No agreement is required for a PO invoice. A
PO is generated prior to the usage/purchase of a service/good. Once the good/service has been
purchased/rendered, an invoice is generated against the PO. On receipt of the invoice, a Goods Received
Note(GRN)/Service Received Note(SRN) is made by the User/Admin Team to verify that the good/service has been
purchased/used and is less than or equal to the amount specified in the PO.
On receiving PO invoice, request a cancelled cheque to cross check bank details.
2 kinds of PO invoices-
7. 1) Based on amount: In such PO’s, look for 3 way match between the PO, GRN and Invoice.
2) Based on rate: Check for correct rate in line with that mentioned on the PO.
Below are the steps for booking a PO invoice:
Go to Travel Accommodation batch
In a new line, type the PO number as given in the PO.
Fill in all the details till ‘Description’.’ Match Action’ should be set on ‘Receipt’.
Click on ‘Match’ on the right bottom corner.
Put in the Receipt number and check the box next to the correct GRN number.
Ctrl+S and go to ‘General’ tab.
Tools Matched Invoice Tax Details Copy Close and Save.
Credit Notes
Passing a Credit Note is similar to booking an invoice. The only difference is:
1. Type of invoice changes from Standard to Credit Memo
2. Amount entered will be done so with a negative sign since this is the amount that is to be taken from the
vendor and not to be paid to him/her.
Note: For the supplier ‘Lemon Tree’, it has been agreed that no service charge is to be charged by the supplier.
Check point in Lemon Tree invoices is that no service charge is to be added in the bills. In case they do include it,
a credit note is to be provided along with the invoices
PREPAYMENTS
Prepayments for vendors are made on requests by vendors and require the approval of Anuj Madan (Sr. Director,
Finance).
Making Prepayments is similar to booking an invoice. The only difference is:
1. Type of invoice changes from Standard to Prepayment
2. The category, cost centre and location is automatically picked up by the system as ‘unspecified’. The GL to be
used is Prepayment to Other Vendors-3331005.
3. TDS will be deducted on prepayments.
Reverse Charge
In order to curb tax evasion by small firms and individuals, the government came up with the concept of reverse
charge for specific services wherein it made the company receiving the service by the individual/firm liable to pay
the tax to the government.
Sr
No.
Description of
Service
Detail of
Service
Abatement
for
Receiver
on Gross
Provider
Type
Provider
%
Receiver Type Receiver
%
Effective
Rate on
Gross
1 Transportation
of goods by
road/rail/vessel
in respect of
services
provided or
agreed to be
70% A Goods
Transport
Agency
0% PERSON
LIABLE TO PAY
FREIGHT IS,—
(a)A
100% 4.2%
8. provided by a
goods
transport
agency in
respect of
transportation
of goods by
road
factory;
(b)Company;
(c)Corporation;
(d)Society;
(e)Cooperative
society;
(f)Registered
dealer of
excisable
goods; (g)Body
corporate; or
(h)Registered
partnership
firm
2 Import of
Services
in respect of
any taxable
services
provided or
agreed to be
provided by
any person
who is located
in a non-
taxable
territory and
received by
any person
located in the
taxable
territory
0% Any person
in a
nonTaxable
territory
0% Any person in
a Taxable
territory
100% 14%
3 Advocate
Services
in respect of
services
provided or
agreed to be
provided by
individual
advocate or a
firm of
advocates by
way of legal
services
0% Any
individual
advocate of
firm
of advocates
0% Any business
entity
100% 14%
4 Hiring/Renting
of motor
vehicles
designed to
carry
passengers
in respect of
services
provided or
agreed to be
provided by
way of renting
of a motor
vehicle
designed to
carry
passengers on
abated value
to any person
60% (if
abatement
taken by
provider
with
condition
to Cenvat
credit not
taken)
An
individual,
a
HUF, a firm
or an
AOP
0% A body
corporate
business entity
[not
involved in
such hiring or
renting].
40% 5.6%
9. who is not
engaged in
the similar
line of
business
5 Hiring/Renting
of motor
vehicles
designed to
carry
passengers
in respect of
services
provided or
agreed to be
provided by
way of renting
of a motor
vehicle
designed to
carry
passengers on
non abated
value to any
person who is
not engaged
in the similar
line of
business
0% (if
abatement
not taken
by
provider
with
condition
to Cenvat
credit
taken)
An
individual,
a
HUF, a firm
or an
AOP
50% A body
corporate
business entity
(involved in
such hiring or
renting).
50% 7%
Lionel India
All Lionel India Bills are submitted to Sachin directly by the vendor. No signatures of any HOD/Manager are present
on the invoices. However, mails containing instructions for booking of flights is attached with each invoice.
Line Amount Calculation- Amount on which service tax of 14.5% is applied will be booked in one line. Remaining
amount in another line. No TDS is to be cut on either line.
1. GL
2. For Insurance Policy Bills, GL code to be used is Insurance-Travel5200904 and no TDS/Service Tax is to be
charged.
Tour and Travel Director (F)- Fare 5202507 for foreign travel tickets/Visas For Kunal Bahl and Rohit Bansal
Tour and Travel Director (Dom)- Fare 5202503 for domestic travel tickets For Kunal Bahl and Rohit Bansal
Travelling Fare 5202514 for domestic/foreign travel tickets/Visas For all other users
10. AP Closing
The Account Payable closes every month at 12 midnight of a specified date (usually on 28th
/29th
). Closing implies that
all invoices punched into the system till the closing date will need to fulfil atleast one of the two criteria cited below:
1. Invoices have been validated and approved.
2. Invoices are on Hold
If there are invoices in the batch that are not validated or approved and are also not on Hold then AP will not close
for that month. Hence, it has to be ensured that all invoices meet atleast one of the above mentioned criteria before
the closing.
Once you verify that there are no unvalidated and unapproved invoices in the batch, a confirmation mail has to be
sent to Rajender Arya citing that AP is closed from your side.
Post AP closing, entries can only be made using the GL date of the next month.
Points of Contact
Team Person 1 Person 2 Person 3
Admin: Travel Desk
(Hotels)
Kanchan Singh Priyanka Verma Gurpreet Rekhi (Sr.
Manager)
Admin: Airfare (Lionel)
(From February 2016
onwards)
Gurpreet Rekhi
Admin: Travel
(Conveyance)
Deepak Rao- Gurgaon (Om
Tours)/Pankaj Malik –Delhi
Office(Honza and Om)
Anil Nair(AM Admin) Manish Bhardwaj (Head of
Admin, Delhi Office)
Procurement- PO Bills Badri
Chaubey/Mandeep/Vikash
Sharma
Vivek Mishra
(Manager)/Ayush Gupta
(Manager) [for agreement
+ PO related issues]
Anuj Madan (Head of
Procurement)
Banking Team Abhinav Aggarwal/Anjani
ERP Team Sandeep Pareek/Jai
Prakash Shukla
Satish Ravikanth (Manager)
GRN Team Rehma Tarab Ravi Dhyani
Taxation Team Dheeraj Nagpal (Direct
tax)/Manoj Tyagi (Indirect
tax)
Vishal Bhatia
11. Challenges Faced
Absence of agreements/contracts for Hotel vendors. All
incoming invoices are being booked on a daily basis
however no payment can be made till the vendor contracts
have been provided.
Unsatisfactory checking of invoices at the Travel Desk level.
Multiple issues arising due to absence of required employee
information at the time of processing is leading to
unnecessary delays
Random submission of bills on any day by the Travel
Desk
Delays caused due to time taken in new vendor creation