Overview of GST Advance Entry in Marg Software

Process Of Gst Advance Entry In Marg Software

Process To Adjust Gst Advance Entry In Sale Bill In Marg Software

OVERVIEW Of GST ADVANCE ENTRY IN MARG SOFTWARE

• Advance tax refers to paying a part of your taxes before the end of the financial year. Also, with the help of the Marg ERP software, the user can pass the transaction for the same.

• Firstly if a Customer is paying the sum of an amount to the supplier in advance then the supplier has to issue a receipt voucher to the person paying advance. The receipt voucher will contain details like amount of advance, the rate of tax applicable, description of goods or services, etc.

PROCESS OF GST ADVANCE ENTRY IN MARG SOFTWARE

• Go to Accounts > Voucher Entry > Receipt > GST Advance. Press Enter.

• A 'Voucher Entry' window will appear. 

• The user will enter the date on which Advance is to be received or has been received.

• Suppose enter '06-08-2020'.

• A 'Ledgers' window will appear.

• The user will select the party from which the user has received advance and press 'Enter' key on it.

• Suppose select 'Ahuja Medicine Center'.

• A 'GST Summary' window will appear. Select party type i.e. Local Or Central.

• Suppose select 'Local'. 

• Then press 'Enter' key twice.

• Then again a Ledgers window will appear in which the user will select the mode of transaction i.e. Cash Or Bank.

• Suppose select 'Cash'.

• A 'Select HSN/SAC' window will appear.

• The user will select the tax on which the sale is to be made.

• Suppose select '12345678'.

• Now define the quantity.

• Suppose enter '1'.

• Enter the amount of advance as per the requirement.

• Suppose enter '1000'.

• The user can now view that the amount has changed to Rs. 892.86 instead of Rs.1000.

• Here the software has separated the taxable amount and the tax. When the user will calculate the Taxable amount and CGST & SGST then the total will be Rs.1,000 i.e. tax of Rs.53.57 is already been included in the bill value.

• Then press 'End' key. The user can view the total amount of Rs.1000.

• Then a 'Bill Adjustment' window will appear.

• The user will select 'New Ref' from the drop down.

• Settle this reference by pressing 'Enter' key.

• Then again a GST Advance entry window will appear.

• Now the user will press 'Enter' key and mention the Narration of the voucher according to the requirement.

• Suppose enter 'Advance Received'.

• Then press 'Enter' key and click on 'Save' in order to save the voucher.

Thereafter the user can create a GST Advance entry.

PROCESS TO ADJUST GST ADVANCE ENTRY IN SALE BILL IN MARG SOFTWARE

After creating GST Advance entry, the user needs to adjust it with the sale invoice when the product will be sold.

At the time of saving bill, an 'Advance GST' window will appear where the user will select the options as per the requirement.

a. Auto : Select when the user needs to adjust the GST Advance entry auto.

b. Manual : Select when the user needs to adjust the GST Advance entry manually.

c. No : Select when the user doesn't needs to adjust the GST Advance entry with the selected bill.

Suppose select 'Auto'.

• Then an 'Advance GST Adjustment' window will appear.

• The user will press 'Tab' key to save the bill.

• After saving the bill, the user can view the Voucher entry of Adjusted GST Advance by pressing 'F8' key on it.

• Then a Voucher modification window will appear.