Purchase & Sales Rate Difference Invoice.

sachinsanghavi

hi,

Can any one assist me in booking Rate Difference Invioce ? This Rate Difference also attract Excise & VAT Taxes.

Regards,
Sachin

raj2000be

I think you need to elaborate on Rate different?

Rajesh

sachinsanghavi

Hi,

Elaboratation for Rate Difference:

For Eg.


Purchase Order:
ItemX for 100 Kgs @ 100 per Kg = 10000

Invioce booked at the above rate also.

But eventually after debating with the vendor the price is fixed at either 98 or 102. In either of the case the actual purchase price will be 98 or 102 respectively and not 100. Also the taxes and excise credit can be taken only on 98 or 102 as the case may be and not on 100.

Now as actually the invioce has alerady been posted @ 100, how do i book for the rate difference?

Regards,
Sachin Sanghavi.

sachinsanghavi

It's shocking that no one is able to reply me. ](*,)

aman_mbs

Dear,
U can do this with Credit memos.....

anirudh_laroiya

Use Credit Memo for this. Make A Item Charge for that particular Item and assign that Item Charge for that specific purchase and any increase or decrease in rate is loading to inventory after the assignement and the vendor is effected respectively.

Anirudh

sachinsanghavi

Dear All,

My dear friends, I can not use credit memo for rate different as excise and sales tax is not calculated on it.

Regards,
Sachin.

darshanm

Hi,

yes, you have to show as a purchase return through Purchase
credit memo,use applies-to-entry in Credit memo line for correct valuation. Then again post the Purchase Invoice with
correct rate.

By doing this your excise and sales tax entries will get reveresed
and will again get posted with correct entries.

Excise and Sales tax is being calculated in Purch. credit memo.

OR ELSE

Create an dummy item for rate difference with inventory value zero
tick on it and use it to adjust the rate diff. with this your excise and
sales tax will also get posted.

sachinsanghavi

Hi,

Thanks for the reply
BUT..................

I can not post the credit memo as there are chances that the material is not in stock.

And creating a new item will not effect the item costing which I require.

Kindly rethink.

Regards,
Sachin