How to offset cenvat clearing account

[Former Member]

Hi

Please tell me how to offset the cenvat clearing account?

Shraddha

[Former Member]

Hi,

I guess the Cenvat Clg account will get cleared automatically once you do an Invoice Verification. This is how the transaction looks like:

On GR:

Material Debit

GR IR Credit

Freight Clg Credit

Excise Invoice Posting:

RG23A BED Debit

RG23A ECess Debit

RG23A HCess Debit

Cenvat Clg A/c Credit

ON IV:

Cenvat Clg (RG23A BED) Debit

Cenvat Clg (ECess) Debit

Cenvat Clg (HCess) Debit

Freight Clg Debit

VAT Receivable Debit

Vendor Credit

Hope this is clear!

P.k

[Former Member]

I want to konw in case of purchase return?

[Former Member]

Incase of purchase returns, in transaction migo, from header screen select the return delivery and give the material document #.

Also mention the reason for movement.

For excise transaction to get updated, create an excise invoice using j1is and give the vendor code, save the document. Using this doc number, post the same through j1iv and save. Fi document gets generated.

P.k

[Former Member]

Hi,

Thank you very much for the answer..............can you please tell me how to offset cenvat suspense in case of sales return???

thanks in advance....

[Former Member]

Incase of sales returns, you sales account gets debited to the extent of quantity received & also the excise received (p&l a/c) get debited. You issue a debit note to the customer.

P.k

[Former Member]

In case of sales return the cenvat suspense get debited and it will be showing balance if it is not offsetted.............as at the time of return excise invoice is not created.........

In case of vendor returns one thing more during J1IV one excise invoice is also generated ....will it be have any accounting effect also?

Thanks a lot