on 10-17-2008 7:55 AM
Dear All,
Whether taxes (such as Excise & VAT/CST) are applicable in case of third party POs??
Also what will be impact of excise & taxes during the time of MIGO & MIRO ??
If anyone can send the accounting entries at the time of MIGO & MIRO it will be very useful.
Thanks & Regards,
Hi
In case f third party PO's only the goods processing & delivery is differing when compred to the Standard PO process.
So all the taxes will be appluicable as you have performed for a Standard PO
The goods receipt has the same effect as a goods receipt for a purchase order with account assignment:
No stock update is made, as the goods receipt is posted to consumption
The value of the purchase order is posted to a GR/IR clearing account for the purposes of Invoice Verification.
The goods receipt can be tracked in the PO history.
You enter the invoice in the same way as an invoice for a standard purchase order.
If you posted a statistical goods receipt for the purchase order, the invoice receipt results in an offsetting entry on the GR/IR clearing account, which is cleared.
If the customer is to be billed in Sales and Distribution based on the invoice quantity specified in the vendor invoice, this quantity is used as the basis for the billing document in Sales and Distribution. The billing document can only be posted once the vendor invoice has been posted.
Thanks & Regards
Kishore
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Hi Pankaj,
Please go through your reply to one of the related SDN threads.
Hi,
Here in case of 3rd Party, stock is not coming in your plant so as per rule, you are not supposed to take MODVAT but you have to pay Excise Value to vendor.
So to achieve this, enter an Non-Deductible Excise Tax Code in 3rd Party PO and do GR and LIV.
It will post all the excise duties to Expense A/c during GR and same will be debited to credit Vendor in MIRO.
Thanks for the above reply.
I am also into the same scenario hence I am posting my query as a reply to this thread.
Do you mean to Create a tax code & to maintain the rates for inventorised condition types (Non deductible)
also taxes (VAT/CST) to be calculated on the above??
Appreciate timely response.
Regards,
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