MNarayanan (Book- Keeper) (169 Points)
23 June 2011how to record import transaction in tally?
1.Invoice Amount
2.Import Duty paid
3.C& F charges
4.Port charges (D.O chgs & CFS chgs etc)
pls explain
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 25 June 2011
at the time of payment to vendor
Purchase a/c dr
Bank charges a/c dr
to bank a/c
Being the invoice amount paid to vendor agains tinvoice no ...........
at the time of clearance from customs
Purchase a/c (duties and taxes) dr
Purchase a/c ) (port and C&F charges) dr
Taxes* ( creditable in a/cs) dr
to Cash / Bank a/c
being the amount paid on purchase of invoice no ................. towards clearance from customs
* Taxes means the CVD + EC which can be cenvatable in hands of buyer manufacturer, otherwise it would go added to "duties and taxes" which represent customs duty/ additional duty/ Special additinal duty etc.
CAclubindia
