Accounting entry in procurement

~ For Domestic Procurement of Raw Material

During GR Material Stock GR/IR clearing During Excise Invoice Credit Cenvat Account Cenvat Clearing During Invoice Verification Cenvat Clearing GR/IR Clearing Vendor Payable Goods During GR Material Stock GR/IR clearing During Excise Invoice Credit Cenvat Account Cenvat On-hold Cenvat Clearing During Invoice Verification Cenvat Clearing GR/IR Clearing Vendor Payable Subsequent of Capital Goods Cenvat Account Cenvat On-hold Material During Customs Duty Clearing invoice Dr. (50%) Cr. (50%) For Import Procurement of Raw Dr. Dr. Cr Dr. Dr. (50%) (50%) Cr. Dr. Cr. Dr. Dr. Cr. For Domestic proceurement of Capital Dr. Cr. Dr. Cr.

For Excise Duty Reversal through Excise Accounting entry when the goods are issued through MM and excise invoice is created (J1IS & J1IV) During Excise Invoice Creation Cenvat Suspense Account Cenvat payable For TR6C Challan PLA Account PLA on hold Account Dr. Dr. Dr. Cr. Cr. Dr. For Excise Duty Credit of Raw Material without PO Cenvat Account Cenvat Clearing JV Cenvat Clearing Cenvat Account Dr. Cr. During Fortnightly Utilization Cenvat payable Dr. Cr. Cr. . Dr.Custom Clearing Custom Payable During GR Material Stock GR/IR clearing During Excise Invoice Credit Cenvat Account Custom Clearing During Invoice Verification GR/IR Clearing Vendor Payable Dr. Cr. Dr. Cr. Cr.

Cr. Dr. Cr. Accounting entry in subcontracting reversal / Recredit For Subcontracting Challan Reversal Cenvat Reversal Dr. Note: Cenvat Suspense Account should be cleared apprpiately using FI JV's. Cr. Cr. Dr. Cr. During Fortnightly Utilization Cenvat payable Cenvat Account PLA Account Dr. Cr. Cr.Cenvat Account Cr. Accounting entry in SD For Factory Sale During Billing Document Customer Account Sales Account Cenvat Suspense Account During Excise Invoice Creation Cenvat Suspense Account Cenvat payable For TR6C Challan PLA Account PLA on hold Account Dr. Cenvat Account For Subcontracting Challan Recredit Cenvat Account Cenvat Reversal Dr. . Cr. PLA Account Cr. For Stock Transfer through SD No Accounting entries for Performa Billing Document During Excise Invoice Creation Cenvat Suspense Account Dr.

During Fortnightly Utilization Cenvat payable Cenvat Account Dr.Cenvat payable For TR6C Challan PLA Account PLA on hold Account Dr. PLA Account Cr. Note: Cenvat Suspense Account should be cleared apprpiately using FI JV's. Cr. Cr. . Cr.

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