Overview/Introduction of GST Inward in Marg ERP Software

Process of GST Inward Accounting Entry in Marg ERP Software

OVERVIEW/INTRODUCTION OF GST INWARD IN MARG ERP SOFTWARE

• Marg ERP has provided a provision for GST Inward and GST Outward. GST Inward means the goods & services which we purchase & on the other hand GST Outward means the goods & services which we give/sell. GST Inward works like Purchase and GST Outward works like Sale. 

PROCESS OF GST INWARD ACCOUNTING ENTRY IN MARG ERP SOFTWARE

• In day to day business, the people purchases commodities that does not have any impact on their inventory. In simple terms, it means the commodities that are not resold but receive the Tax Credit on the purchase of those goods. 

FOR EXAMPLE: If the user purchases a machine for the purpose doing business, or a computer or say if the user purchases some kind of services like booking a Hotel for the purpose if business event or get a telephone bill or electricity bill for the shop. These are few examples of GST Inward where the services or commodities are being purchased but those services or commodities are not being resold. 

• In order to claim GST credit for these kinds of purchases that do not effect on the inventory, the particular entry needs to be done with the help of GST Inward in Marg ERP 9+ Software.

• Go to Accounts > Voucher Entry > Journal > GST Inward(Expense).

• A 'Voucher Entry' window will appear. Enter Date.

• Suppose, enter '18/02/2021'.

• Now the user will enter voucher number as per the requirement.

• Suppose enter '25'.

• A 'Ledgers' window will appear. For Example, the user is booking a hotel i.e. Gyatri Hotel for the purpose of business meeting so for that Select the Ledger of 'Gyatri Hotel'.

• Then a 'GST Summary' window will appear. Select party type i.e. Central or Local as per the requirement.

• Suppose, select 'Local'.

• Now the Bill number will be auto picked by the software. The user can change it as per the requirement then press 'Enter' key.

• After selecting the ledger, the user will now select the type of expense under which the bill has to be generated.

• For the purpose of generating a GST Inward Bill for office expenses, select the ledger of 'Office Expenses'.

Note: If expense ledger did nor created then click here to create Ledger.

• Then select that HSN Code which the GST% is charged on that particular expense.

• Suppose, select '2465635 @28%'.

• Enter Amount.

• Suppose enter '10000'.

• Now press 'Tab' key on it.

• The user can view the total amount of the expense. Press 'Enter' key.

• A 'TDS Entry' window will appear. Click on 'No'.

• Now select 'New Ref.' from the drop down on the Bill adjustment window.

• Keep pressing 'Enter' key.

• Then click on 'Save' to save the entry.

Now, if the bill of the hotel was Rs. 10,000 so for that select Quantity as 1 and define Purchase Rate as Rs. 10,000. then the user can view that the GST Tax% calculation as Rs. 2186.