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RCM ON FREIGHT

NAGESWARAN (ACCOUNTANT) (834 Points)

04 October 2017

Hello experts
we regularly paid freight charges above 2000 Rs single payment to different transporters on every day.How to prepare the RCM entry in Tally. pls suggest for any short method to reduce the no of entry

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7 Replies

Somanath Pattanaik (5 Points)
Replied 04 October 2017

made one entry at the end of the month total freight for a particular month @ 5% is RCM to be paid.

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 04 October 2017

You just create A Ledger as "Freight - RCM @ 5%" and also apply the Rcm head is yes. Then yoou can enter your freight amount its also shown as RCM with tax amount. Just take it a print out.

NAGESWARAN (ACCOUNTANT) (834 Points)
Replied 04 October 2017

welcome mr raja sir..in tally there is lot of entries to manage rcm. i do the same step for each and every payment only for RCM applicability.

NAGESWARAN (ACCOUNTANT) (834 Points)
Replied 04 October 2017

@ RAJA PM SIR
The method in tally is.
1. freight entry under purchase mode
2. statistic jr adj for tax liability
3. payment of rcm in receipint liability
4. statistic jr adj for increase the itc
after that every thing in gstr show s correctly .But this step is too long.