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Regarding Capital Goods

Former Member
0 Kudos

Dear All,

I have to ceate a tax code for capital goods,In which 50 % of the account will be in the actual RG23C accounts and the remaining should go in to the normal excise account.

Is it Possible to make it.

I have created a taxcode in which ,i have given the RG23C account in the Purchasing account,Non deductible 50% ,regular

excise account in the non deductible account.

But wen am trying to book the Incoming excise invoice...it says...the on hold account is missing.

Pls suggest me a way to handle this.

Regards,

Shyam

Accepted Solutions (0)

Answers (1)

Answers (1)

Former Member
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Hi Shyam......

In case of Capital Goods, There is a special setting.

Please go to Administration> Setup> Financials> GL Account Determination> Purchase Tab> Tax Tab> Set 50% in Capital Goods On Hold Percentage.....

This will bifurcate the credit on Capital Goods as 50%.......

There is no need to create Tax code as it is wrong........

Regards,

Rahul

Former Member
0 Kudos

Dear Rahul,

1) I defined the account said by u...and the amounts are going right in to the accounts.....

2)But as u are saying that...creation of tax codes like that is a wrong process.Then what should be the default process for Capital Goods.

Regards,

Shyam

Former Member
0 Kudos

Dear Shyam......

I have not asked you to map the account for capital goods.

i asked you to give 50% figure under the specified path and when you do this and raise an Incoming Excise Invoice then just see the effect of Journal Entry and then check Tax Payment Wizard accordingly.

You can find the 100% figure of credit will be devided by 50% in two section.......

Regards,

Rahul

Former Member
0 Kudos

Dear Rahul,

I tried that....but it is not allowing me to pass the Incoming Excise Invoice.It says ON hold account is missing.

tats y i added the On-hold account under the G/L determination.

Regards,

Shyam