This document outlines accounting entries for excise duty and CENVAT credit in SAP FI for procurement, manufacturing, and sales processes in India. Key points include:
1) For procurement of raw materials, entries are made to CENVAT account and clearing accounts during GR and invoice posting. For capital goods, 50% goes to CENVAT and 50% to on-hold.
2) For manufacturing, CENVAT suspense is credited during billing and debited on invoice creation. PLA accounts clear fortnightly.
3) For sales, CENVAT suspense is credited during billing and debited on invoice creation, then cleared to PLA and CENVAT accounts fortn
Humans can make unintentional errors, but in Accounting, there is an option to make a Rectification entry for the errors.
Some errors affect the Trial Balance, some not
Rectification of errors depends on the timing of its detection:
1.Errors detected before preparation of Trial Balance are corrected by
"Writing a Narration" for Single Sided Errors &
" Rectified entry for Double Sided Error"
2. Errors detected after Trial Balance : by
" Opening Suspense A/C for Single Sided Errors"
" Rectification Entry"
3. Errors detected in Next accounting period :
Through P&L Adjustment Accounts
Sap jva training-What is Joint Venture Accounting Zaid Azam
SAP JVA is a great skill to learn. This slide explains the key components of Joint Venture Accounting. This presentation gives you a great start for jva training. JVA is a key module of FICO and IS-OIL
Fixed Assets Accounting is very essential for matching costs with revenues. A fixed asset is an asset held with the intention of being used for producing goods. Check the above presentation for in-depth details.
For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/SlideshareFaccounting
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If you have any Query you can contact Us
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Changes in financial reporting requirements have transformed the fixed asset accounting framework. International Financial Reporting Standards (IFRS) require fixed assets to be recorded at cost, but there are two accounting models – the cost model and the revaluation model. So what’s the difference, and when should you use each? This session will address fixed asset accounting and reporting under both models and how each is accounted for in Release 12.
Website: www.eprentise.com
Twitter: @eprentise
Google+: https://plus.google.com/u/0/+Eprentise/posts
Facebook: https://www.facebook.com/eprentise
Asset Revaluation or Impairment - Understanding the Accounting for Fixed Asse...eprentise
Changes in financial reporting requirements have transformed the fixed asset accounting framework. International Financial Reporting Standards (IFRS) require fixed assets to be recorded at cost, but there are two accounting models – the cost model and the revaluation model. So what’s the difference, and when should you use each? This session featuring Brian Lewis, Corporate Controller at eprentise, will address fixed asset accounting and reporting under both models and how each is accounted for in Release 12.
Humans can make unintentional errors, but in Accounting, there is an option to make a Rectification entry for the errors.
Some errors affect the Trial Balance, some not
Rectification of errors depends on the timing of its detection:
1.Errors detected before preparation of Trial Balance are corrected by
"Writing a Narration" for Single Sided Errors &
" Rectified entry for Double Sided Error"
2. Errors detected after Trial Balance : by
" Opening Suspense A/C for Single Sided Errors"
" Rectification Entry"
3. Errors detected in Next accounting period :
Through P&L Adjustment Accounts
Sap jva training-What is Joint Venture Accounting Zaid Azam
SAP JVA is a great skill to learn. This slide explains the key components of Joint Venture Accounting. This presentation gives you a great start for jva training. JVA is a key module of FICO and IS-OIL
Fixed Assets Accounting is very essential for matching costs with revenues. A fixed asset is an asset held with the intention of being used for producing goods. Check the above presentation for in-depth details.
For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/SlideshareFaccounting
Join us on Facebook: http://www.facebook.com/welearnindia
Follow us on Twitter: https://twitter.com/WeLearnIndia
Read our latest blog at: http://welearnindia.wordpress.com
Subscribe to our Slideshare Channel: http://www.slideshare.net/welingkarDLP
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
Twitter :- https://twitter.com/
Changes in financial reporting requirements have transformed the fixed asset accounting framework. International Financial Reporting Standards (IFRS) require fixed assets to be recorded at cost, but there are two accounting models – the cost model and the revaluation model. So what’s the difference, and when should you use each? This session will address fixed asset accounting and reporting under both models and how each is accounted for in Release 12.
Website: www.eprentise.com
Twitter: @eprentise
Google+: https://plus.google.com/u/0/+Eprentise/posts
Facebook: https://www.facebook.com/eprentise
Asset Revaluation or Impairment - Understanding the Accounting for Fixed Asse...eprentise
Changes in financial reporting requirements have transformed the fixed asset accounting framework. International Financial Reporting Standards (IFRS) require fixed assets to be recorded at cost, but there are two accounting models – the cost model and the revaluation model. So what’s the difference, and when should you use each? This session featuring Brian Lewis, Corporate Controller at eprentise, will address fixed asset accounting and reporting under both models and how each is accounted for in Release 12.
PAÍS VERSIÓN INDIA, PAYS VERSION INDE, 国家版印度
CIN Domain Basic concepts
FI consultant steps in CIN configuration
CIN VS Service Tax
CIN VS TDS
CIN MM Configuration Steps
CIN SD Configuration Steps
J1I9 CIN Number range objects
Master Data for CIN
MM CYCLES
DEPOT PLANTS
CIN TABLES
CIN Forms
CIN NOTES
CIN ACCOUNTING ENTRIES
UTILIZATION
CIN/VAT/TDS/SERVICE -TAX List of Reports
TAXINN VS TAXINJ
CAPITAL Procurement in SAP
SD CYCLES
Miscellaneous Topics
1)Record orders placed/received
2) Make a reorder analysis of inventory
3) Create and maintain batch wise details, bill of materials and price lists
4) Display reports on various stock valuation methods and inventory ageing
analysis
5) Record zero valued entries
6) Record transactions using different actual and billed quantities
itelligence GST implementation
India is slated to adopt GST from Apr 1, 2017. Hence, businesses need to be technologically-ready
GST is a comprehensive indirect tax levied on Sale, Manufacture and Consumption of Goods and Services at the National level.
GST would apply to all goods other than crude Petroleum, Motor spirit, Diesel, Aviation Turbine fuel and Natural gas.
GST would apply to all services barring a few to be specified
Export and Direct taxes like Income Tax, Corporate Tax, Capital gains tax will not be affected by GST.
Imports will be subject to GST, but exports will be GST-exempt
Where the output is GST exempt, the GST paid on the input will be a cost to the business
SAP Configuration Guide for Functional Modules (Based on IDES)sapdocs. info
Based on IDES, this configuration guide provides steps for functional modules of SAP like FI, MM and SD.
http://sapdocs.info/sap/sd-related-topics/sap-configuration-guide-for-functional-modules-based-on-ides/
In this PPT i just tried to share the basic information of Excise duty reconciliation and for detail you need to check the each act relating to Excise duty.
These notes help you to get a summary of all the lessons covered throughout the textbook.
It took some time to find all of these, but they help you a lot while revising.
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The European Union Agency for Law Enforcement Cooperation (Europol) has suffered an alleged data breach after a notorious threat actor claimed to have exfiltrated data from its systems. Infamous data leaker IntelBroker posted on the even more infamous BreachForums hacking forum, saying that Europol suffered a data breach this month.
The alleged breach affected Europol agencies CCSE, EC3, Europol Platform for Experts, Law Enforcement Forum, and SIRIUS. Infiltration of these entities can disrupt ongoing investigations and compromise sensitive intelligence shared among international law enforcement agencies.
However, this is neither the first nor the last activity of IntekBroker. We have compiled for you what happened in the last few days. To track such hacker activities on dark web sources like hacker forums, private Telegram channels, and other hidden platforms where cyber threats often originate, you can check SOCRadar’s Dark Web News.
Stay Informed on Threat Actors’ Activity on the Dark Web with SOCRadar!
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Come join this talk to see some tips and tricks for using Quarkus and some of the lesser known features, extensions and development techniques.
Accelerate Enterprise Software Engineering with PlatformlessWSO2
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Challenges of building platforms and the benefits of platformless.
Key principles of platformless, including API-first, cloud-native middleware, platform engineering, and developer experience.
How Choreo enables the platformless experience.
How key concepts like application architecture, domain-driven design, zero trust, and cell-based architecture are inherently a part of Choreo.
Demo of an end-to-end app built and deployed on Choreo.
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SAP FI CENVAT Entries
1. SAP FI CENVAT Entries
This is for Country Version India, Financial Accounting Flow of Entries:
I. Procurement of Stock.
What should be my accounting entry in procurement?
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%)
2. 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.
What should be my accounting entry when the goods are issued through MM and excise invoice
is created (J1IS & J1IV)?
During Excise Invoice Creation
Cenvat Suspense Account Dr.
Cenvat payable Cr.
For TR6C Challan
PLA Account Dr.
PLA on hold Account Cr.
During Fortnightly Utilization
Cenvat payable Dr.
3. Cenvat Account Cr.
PLA Account Cr.
Note: Cenvat Suspense Account should be cleared apprpiately using FI JV's.
What should be my accounting entry in subcontracting reversal / Recredit ?
For Subcontracting Challan Reversal
Cenvat Reversal Dr.
Cenvat Account Cr.
For Subcontracting Challan Recredit
Cenvat Account Dr.
Cenvat Reversal Cr.
What should be my accounting entry in SD ?
For Factory Sale
During Billing Document
Customer Account Dr.
Sales Account Cr.
Cenvat Suspense Account Cr.
During Excise Invoice Creation
Cenvat Suspense Account Dr.
Cenvat payable Cr.
For TR6C Challan
PLA Account Dr.
PLA on hold Account Cr.
During Fortnightly Utilization
Cenvat payable Dr.
Cenvat Account Cr.
PLA Account Cr.
For Stock Transfer through SD
No Accounting entries for Proforma Billing Document
4. During Excise Invoice Creation
Cenvat Suspense Account Dr.
Cenvat payable Cr.
For TR6C Challan
PLA Account Dr.
PLA on hold Account Cr.
During Fortnightly Utilization
Cenvat payable Dr.
Cenvat Account Cr.
PLA Account Cr.
Note: Cenvat Suspense Account should be cleared apprpiately using FI JV's.
II. Central Excise
RG 1 - Production & Issues or Inputs form Production and Sales
RG 23A Part I - Link Stock Register, only Product details and Quantity details.
RG 23A Part II - Cenvat Credit on Incoming Materials & Duty Paybale on Outgoing Materials or on
Sales (Monthly Register)
Excise PLA Register - TR 6 Challans
Form No. 5 Register - For Return Goods (Form D3 to be submitted to Excise Dept.,)
In SAP the Movement you save the MIGO Transaction, it automatically generate FI Document.
It will create the following entry.
i). Inventory Raw Material A/c Dr
To GR/IR Clearing A/c Cr
In MIGO Transaction itself, you can post Excise by choosing capture and post Excise Invoice.
The FI Document will be as follows.
ii). RG 23 A Basic Excise Duty A/c Dr
To Canvat Clearing A/c Cr
After doing MIGO, you execute MIRO. In this transaction also SAP will generate FI document
automatically. The Entry will be as follows:
iii). GR/IR Clearing A/c Dr
Cenvat Clearing A/c Dr
VAT Setoff A/c Dr
To Vendor A/c Cr
III. Flow of Entries for a Normal Manufacturing Activity:
5. I. On Receipt of Raw Materials: (MIGO-movement type:101)
Dr. Inventory of Raw Materials 100
Dr. Inventory of Operating Supplies 20
Dr. Inventory of Packing Materials 10
Cr. GR/IR Clearing A/c 130
II. On Invoice Verification: (MIRO)
Dr. GR/IR Clearing A/c 130
Cr. Vendor A/c 130
III. On Goods Issued for Production: (MIGO-movement type:261)
Dr. Consumption of Raw Materials 100
Dr. Consumption of Operating Supplies 20
Cr. Inventory of Raw Materials 100
Cr. Inventory of Operating Supplies 20
IV. On Semi-Finished Goods Received form Process: (MIGO-movement type:101)
Dr. Inventory of Semi-Finished Goods 120
Cr. Cost of Goods Manufactured (Semi-Finished Goods)120
V. On Issued of Semi-Finished Goods for further Processing: (MIGO-movement type:261)
Dr. Consumption of Semi-Finished Goods 120
Dr. Consumption of Packing Materials 10
Cr. Inventory of Semi-Finished Goods 120
Cr. Inventory of Packing Materials 10
VI. On Finished Goods Received from Process: (MIGO-movement type:101)
Dr. Inventoyr of Finished Goods 130
Cr. Cost of Goods Manufactured (Finished Goods) 130
VII. On Finished Goods Issued for Sales: (VL01N-movement type:601)
Dr. Cost of Goods Sold (Finished Goods) 130
Cr. Inventory of Finished Goods 130
VIII. On Raising Bill for the Customer: (VF01)
Dr. Customer A/c 145
Cr. Sales A/c 145