Sharing Nice illustrations on How to pass accounting entries under GST Regime. Would be easy to operate and handle chart of accounts, especially for the companies involved in all three activities – manufacturing, trading and servicing. To pass transfer entries against adjustment of output tax liabilitywith input tax credit and reconciliation with returns used to be pain area for accountants, it seems like more number of accounts also in GST, but if we compare accounts under current tax system, these are less. If we analyze flow of accounting entries, automation should not be a big challenge. Still, if accountants have any confusion or doubt, better create a new company in their software. (For ERP/SAP they have to take help of IT Team but in Tally or Busy they can create themselves, if they have admin rights). In new company they can post different transactions based on their business module. From customisation of accounting, Inventory & Tax Masters to parking or/and posting All types of transactions from Local Purchase to Inter State and Import. Domestic Sales & Export. Reverse Charges. Branch Transfers, Job Work & Works Contract. Advances Received & Paid. How it will work in integrated system with Inventory/Payroll etc.
There is still 2 months we have. Enough to practice various scenarios in terms of accounting entries. If practice daily 15 to 30 minutes, it would boost confidence & working under GST will be really Fun. Thanks. #SukhF_GST
There is still 2 months we have. Enough to practice various scenarios in terms of accounting entries. If practice daily 15 to 30 minutes, it would boost confidence & working under GST will be really Fun. Thanks. #SukhF_GST
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