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Goods & Services Tax (GST) White Paper On Accounting: Oracle Financials For India (OFI)
Goods & Services Tax (GST) White Paper On Accounting: Oracle Financials For India (OFI)
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Document Control
Change Record
Reviewers
Name Position
Rajnish Kumar Director, Tax Development
Pavan Raparla Team Lead, OFI-GST
Sumit Dhariwal SME-GST
Audience
Name Position
12.1.3 Implementation team
12.1.3 Customers
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Table of Contents
i. Goods & Services Tax Accounting at Procure To Pay (Inventory Item)............................................................ ……….…..……..5
ii. Goods & Services Tax Accounting at Procure To Pay (Expense Item)……………………………………………………...………..6
iii. Goods & Services Tax Accounting at Reverse Charge Mechanism ………………………………………………………..…….....7
vii. Goods and Services Tax Accounting at IRISO cycle (FOB: Shipment)……………………………………………………….……………….…..….. .10
viii. Goods and Services Tax Accounting at IRISO cycle (FOB: Receipt)………………………………………………………………………….………...11
V Call to action…………………………………………………………………………………………………………………………..………..12
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i. Background of GST(OFI) Accounting Architecture:
In OFI product, accounting entries for the Goods and Services Tax posted directly to the General ledger
interfaces from the respective tax repositories at each event in Procure to Pay cycle, Order to Cash Cycle
and other functionalities like RCM, BOE, Advance Receipt and IRISO etc.
User need to be import the tax accounting entries from Gl_Interface to General Ledger
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IV. Functionality wise accounting
Non-Recoverable:
Delivery Recoverable:
Non-Recoverable:
Cost management
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2. Goods and Services Tax accounting at Procure To Pay (Expense Item)
Event
Receipt Receiving
Non-Recoverable:
Taxes
Delivery Recoverable:
event
Non-Recoverable: XXX
Recovery a/c
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3. Goods and Services Tax Accounting at Reverse charge Mechanism
Event
Standard Invoice SI with RCM tax CGST/SGST/IGST Interim Recovery a/c XXX
Event
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5. Goods and Services Tax Accounting for Order To Cash Cycle
Event
Confirm
a/c
AR Transaction (Manually)
AR Transaction Complete Account Receivable a/c XXX
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6. Goods and Services accounting at RTV/RMA.
Event
taken No accounting
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7. Goods and Services Tax Accounting at IRISO / Inter-Org cycle (FOB: SHIPMENT)
Document/Accounting Org Accounting DR Amount CR Amount
Event
XXX
by Cost management
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8. Goods and Services Tax Accounting for IRISO / Inter-Org (FOB: Receipt)
Event
XXX
by Cost management
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9. Goods and Services Tax Accounting for ADVANCE RECEIPT
g Event
TDS Standard Invoice Standard invoice TDS liability Clearing a/c XXX
V- Call to Action
This is not the final document and we will incorporate further changes in this document according to your queries and Business Scenarios.
You can also refer the documents in GST Info Center (Documentation Tab) released as part GST
E-Business Suite Release 12: India Goods and Service Tax (GST) Info Center (Doc ID 2176820.2)
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