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Account entry in import cycle

Former Member
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Hi,

In import purchase which GL will determined during MIRO and MIGO for CVD and custom duty if procurement is ASSET (where we assign "A" as account assignment in import purchase order).

Regards

Mani

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Answers (2)

Answers (2)

former_member403969
Participant
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Hi ,

In Imports you can state in the Import PO itself, the Account Assignment Catergory as "A"

The following will be the accouting entries generated:

1. Invoice for Clearing Charges to the Customs Clearing

Customs Clearring Agent cr.

Customs Provisions A/c Dr

There will be 3 entries related to customs:Basic Customs,Ecess on BCD and HEcess on BCD

2. MIGO

Asset G/l account Dr -( This will include the purchase value + all three components of BCD, since BCD is inventoried it is not cenvatable)

Gr/ir clearing Cr.

Customs Provision Cr ( All 3 components)

Excise entries will the following i.e. Part II

50 % Cenvat on Hold Dr

Excise Duty input Dr

Ecess Dr

Hecess Dr

Cenvat Clearing Ac Cr

The 50% on hold will be posted ,if for the material you have maintained as "Assets" in Excise master data (J1iD)

3. Invoice to the Import Vendor

Import Vendor Cr

Gr/ir Clearing Dr

Cenvat Clearing Dr (all the three components of excises will be debited)

Former Member
0 Kudos

Dear,

For Import Procurement of Raw Material

During Customs Duty Clearing invoice

Custom Clearing Dr.

Custom Payable Cr.

During GR

Asset\Material Stock Dr.

GR/IR clearing Cr.

During Excise Invoice Credit

Cenvat Account Dr.

Custom Clearing Cr.

During Invoice Verification

GR/IR Clearing Dr.

Vendor Payable Cr.

Thanks & regards

Varun Bisaria