You are on page 1of 3

What should be my 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 For Domestic procurement of Capital 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 For Import Procurement of Raw Material During Customs Duty Clearing invoice 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. Dr. Cr. Dr. Cr. Dr. (50%) Cr. (50%) Dr. Dr. Cr Dr. Dr. (50%) (50%) Cr. Dr. Cr. Dr. Dr. Cr. Dr. Cr. Dr. Cr.

For Excise Duty Credit of Raw Material without PO Cenvat Account Cenvat Clearing Dr. Cr.

For Excise Duty Reversal through Excise JV Cenvat Clearing Cenvat Account Dr. 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 Cenvat payable For TR6C Challan PLA Account Dr. Cr. PLA on hold Account During Fortnightly Utilization Cenvat payable Cenvat Account PLA Account Dr. Cr. Cr. Dr. Cr.

Note: Cenvat Suspense Account should be cleared appropriately using FI JV's.

What should be my accounting entry in subcontracting reversal / Recredit? For Subcontracting Challan Reversal Cenvat Reversal Cenvat Account For Subcontracting Challan Recredit Cenvat Account Cenvat Reversal Dr. Cr. Dr. Cr.

What should be my accounting entry in SD ? For Factory Sale During Billing Document Customer Account Dr.

Sales Account Cenvat Suspense Account During Excise Invoice Creation Cenvat Suspense Account Cenvat payable For TR6C Challan PLA Account Dr. Cr. PLA on hold Account During Fortnightly Utilization Cenvat payable Cenvat Account PLA Account For Stock Transfer through SD Dr. Cr. Cr. Dr.

Cr. Cr.

Cr.

No Accounting entries for Performa Billing Document During Excise Invoice Creation Cenvat Suspense Account Cenvat payable For TR6C Challan PLA Account Dr. Cr. PLA on hold Account During Fortnightly Utilization Cenvat payable Cenvat Account PLA Account Dr. Cr. Cr. Dr. Cr.