Import purchase

This query is : Resolved

NILESH ZALA (Querist)
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14 October 2013 X LTD OF INDIA PURCHAE IMPORTED CHEMICAL FRORM Y LTD USA,INVOICE VALUE IS 2435 USD.EXCHANGE RATE IS-60.66
BCD RS.18666,CVD RS.24625,CUSTOM EDUCATION CESS RS.866,Custom Sec & Higher Edu.Cess Cvd@1% RS.433,Add Duty (Imports)-9425.

KINDLY EXPLAIN ACCOUNTING ENTRY OF IMPORT PURCHASE,CUSTOM DUTY & INPUT CVD & ADD DUTY FOR CENVAT CREDIT

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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14 October 2013 CREATE EXCISE RECEIPT NOTE:

Go to Gateway of Tally > Accounts Info. > Voucher Types > Create

In Name field enter the receipt name as Excise - Receipt Note

In Type of Voucher select Receipt Note. Abbreviation will be defaulted

Select Automatic in Method of Voucher Numbering field

Set Use Advance Configuration to No

Retain the default settings for other fields.

Set the option Use for Excise to Yes

In Default Excise Unit field select
Company

Press Enter accept

Record the Imports in Purchase voucher

Setup:

In F11: Features ( F2: Inventory Features)

Set the option Use Tracking Numbers (Delivery/Receipts Notes) to Yes

Go to Gateway of Tally > Accounting Vouchers > F9: Purchase

Select the Excise - Purchase as the Voucher Type from the list of types.

Select Alt + I: Item Invoice if it is in Acct Invoice mode

Press F2 and enter the SET date.

Enter the Supplier Invoice No.& DT

By Default Tally displays the Excise Unit as ABC Company as defined during voucher type creation.

Select the Party’s A/c Name from the list of Ledger Accounts Manufacturers

In Party Details screen, in Manufacturer /Importer Details section specify your company details with excise details, since you can declare as Self Importer which is equivalent to Manufacturer.

Nature of Purchase will be defaulted to Importer as defined in the party ledger

In Purchase Ledger field select Purchase - Imports from the List of Ledger Accounts. VAT/Tax Class will be defaulted to Import

In Name of Item field select Cold Rolled Coils

In Stock Item Allocation screen

In Tracking Number field select the option New Number and specify the Bill of Entry No (Bill of entry number is the number is issued by the clearing agent

Enter the bill details in Bill-wise Details

Account Partial Clearance of Imported Goods

FOR MORE INFO:

go to following link:

https://www.caclubindia.com/share_files/export-import-accounting-entries-37679.asp#.Ult3t1NHhkg

https://www.caclubindia.com/experts/import-export-voucher-in-tally-856760.asp#.Ult321NHhkg

Regards,

NILESH ZALA

NILESH ZALA (Querist)
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14 October 2013 DEAR SIR I WANT TO KNOW ACOOUNTING ENTRY OF 1)IMPORT PURCHASE 2)INPUT CENVET CREDIT FOR IMPORT PURCHASE

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