Hi experts,
As per Excise Act...
when we post a Sales Return the Excise amount should be debited to Cenvat Credit Receivable Account (Navision 4.0 does take of this requirment)
Similarly if we post a transaction relating to Purchase return the Excise amount should be Credited to Excise Payable account. (Navision 4.0 does not meet the requirment).
This treatment of excise at the time of Sales/ Purchase return is standered all over India as mentioned above.
As far as NAV 5.0 is concerned it does not function in the manner as mentioned above. what it does is, it debits the Excise payable Account in case of Sales Return Transaction and credits the Cenvat Credit Receivable Account in case of Purchase Return Transaction
Do let me know your views ( I have asked the same thing before but could not get a satisfactory explainantion for it. Soory for reposting it but I need your special comments on this.)
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