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Account entry in import cycle

Former Member
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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).



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Answers (2)

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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


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
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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