CenVAT Credit Calculation

dynamics_prasanth

Hi Experts,

I am Purchasing a Fixed Asset. For this, I am preparing a Purchase Invoice with line "Type" as Fixed Asset. By posting this Invoice, I want the following Journal Entry to execute in the Background:

Fixed Asset A/c Dr
CenVAT on Excise Duty A/c Dr
CenVAT on Excise Duty Deferred A/c Dr
Ed.Cess on Excise Duty A/c Dr
Ed.Cess on Excise Duty Deferred A/c Dr
SHE on Excise Duty A/c Dr
She on Excise Duty Deferred A/c Dr
To Vendor A/c

How can I achieve this. I have doubts on the CenVAT, Ed.Cess and SHE Cess settings.
Can anyone suggest a solution for this? [-(

pashya1972

If u select entry type "Fixed Asset" then system will post excise duties perfectly.
Only thing it will post 50% credit to a single Cenvat Credit A/c (Current Year) and balance 50% to Cenvat Deferred (next year ) A/c.
But it will not post to seperate GL a/cs for BED, Ecess, She Cess. But u can find seperate entries for this.

Regards,

Prashant