In practice, depending on the requirement goods imported are cleared from bonded warehouse in Full or partially by paying the customs duty.
In Tally.ERP 9, partial clearance can be recorded using Excise - Receipt Note. Let us see how to record the partial clearance of the goods.
Example: ABC Company imported 50,000 kg Cold Rolled Coils @ 150 per Kg from JK Manufacturers (Malaysia) and received invoice on 26-4-2009.
On 28-4-2009 ABC company does partial clearance of goods - 10,000 KG of Cold Rolled Coils by paying customs duty.
Go to Gateway of Tally > Accounts Info. > Voucher Types > Create
In Name field enter the receipt name as Excise - Receipt Note
In Type of Voucher select Receipt Note. Abbreviation will be defaulted
Select Automatic in Method of Voucher Numbering field
Set Use Advance Configuration to No
Retain the default settings for other fields.
Set the option Use for Excise to Yes
In Default Excise Unit field select ABC Company
Press Enter accept
Setup:
In F11: Features ( F2: Inventory Features)
Set the option Use Tracking Numbers (Delivery/Receipts Notes) to Yes
Go to Gateway of Tally > Accounting Vouchers > F9: Purchase
Select the Excise - Purchase as the Voucher Type from the list of types.
Select Alt + I: Item Invoice if it is in Acct Invoice mode
Press F2 and enter the date as 26-4-2009
Enter the Supplier Invoice No. as JK/8856 and Date as 26-4-2009
By Default Tally.ERP 9 displays the Excise Unit as ABC Company as defined during voucher type creation.
Select the Party’s A/c Name from the list of Ledger Accounts e.g. JK Manufacturers
In Party Details screen, in Manufacturer /Importer Details section specify your company details with excise details, since you can declare as Self Importer which is equivalent to Manufacturer.
Note:You can create a ledger in your company name with excise details so that you can select the ledger to avoid repeated entry of details.
To select Party Ledger press Alt + M keys or click on M: Manual button to view the party list for selection.
Nature of Purchase will be defaulted to Importer as defined in the party ledger
In Purchase Ledger field select Purchase - Imports from the List of Ledger Accounts. VAT/Tax Class will be defaulted to Import
In Name of Item field select Cold Rolled Coils
In Stock Item Allocation screen
In Tracking Number field select the option New Number and specify the Bill of Entry No (Bill of entry number is the number is issued by the clearing agent of customs department).
Select the Godown and specify Quantity as 50,000 and Rate as 150. Amount will be calculated and displayed.
In Excise Details screen
Set the option Customer Clearance Pending to Yes. Once the option is set to yes details displayed in Excise Details screen will be erased indicating separate clearance entry will be recorded.
Note: This option will be displayed only when the New Tracking Number is defined/specified for the transaction.
Enter the bill details in Bill-wise Details
The completed purchase voucher is displayed as shown
Press enter to accept.
On booking the purchase entry for imports based on the invoice received and goods are not cleared then entry will affect the books of Inventory. To verify
Go to Gateway of Tally > Stock Summary > select Cold Rolled Coils and press enter to till you reach Stock Voucher report for the month of April
Observe the purchase made on 26-4-2009 has not affected the books of inventory and the closing balance has not changed
The Assessable vale and Duty Details of goods cleared are as shown in the table.
|
Particulars |
Quantity/Amount |
|
Total quantity of Material |
10,000 kg |
|
Assessable Value of the goods cleared (10,000 kg @ Rs. 150) |
15,00,000 |
|
Customs duty @ 30% (on assessable value) |
4,50,000 |
|
CVD @ 10% (is calculated on Assessable value + Customs Duty) |
1,95,000 |
|
Education Cess on CVD @ 2% (calculated on CVD) |
3,900 |
|
Secondary Education Cess on CVD @ 1% (calculated on CVD) |
1,950 |
|
|
|
|
Education Cess on Customs Duty @ 2% (calculated on Customs Duty + CVD + Edu Cess on CVD + Sec Edu Cess on CVD) |
13,017 |
|
Secondary Education Cess on Customs Duty @ 1% (calculated on Customs Duty + CVD + Edu Cess on CVD + Sec Edu Cess on CVD) |
6,509 |
|
Addl Duty on Imports @ 4% (Assessable Value + Customs Duty + CVD + Edu Cess on CVD + Sed Edu Cess on CVD + Edu Cess on Customs Duty + Sec Edu Cess on Customs Duty) |
86,815 |
Note:
* Customs Duty, Education Cess on Customs duty and Sec Edu Cess on Customs duty are not passed on, they will be apportioned to the item cost.
* CVD, Education Cess on CVD, Secondary Education Cess on CVD and Additional Duty on Imports are pass on duties.
Go to Gateway of Tally > Accounting Vouchers > F9: Receipt Note
Select the Excise - Receipt Note as the Voucher Type from the list of types.
Select Alt + I: Item Invoice if it is in Acct Invoice mode
Press F2 and enter the date as 28-4-2009
By Default Tally.ERP 9 displays the Excise Unit as ABC Company as defined during voucher type creation.
Select the Party’s A/c Name from the list of Ledger Accounts e.g. JK Manufacturers
In Party Details screen, in Manufacturer /Importer Details section specify your company details with excise details as selected in while booking imports
Note:You can create a ledger in your company name with excise details so that you can select the ledger to avoid repeated entry of details.
To select Party Ledger press Alt + M keys or click on M: Manual button to view the party list for selection.
Nature of Purchase will be defaulted to Importer as defined in the party ledger
In Purchase Ledger field select Purchase - Imports from the List of Ledger Accounts. VAT/Tax Class will be defaulted to Import
In Name of Item field select Cold Rolled Coils
In Stock Item Allocation screen
In Tracking No. field select bill of entry number against which the goods are cleared from the boned warehouse. Select BEN- 0056/9-10. Quantity and Rate of the stock Item will be displayed based on the bill of entry number selected
In Quantity field enter the quantity cleared. Enter 10,000. Amount gets re-calculated based on the quantity specified.
In Excise Details screen
In RG 23D Entry No field enter the RG 23D entry number of this purchase in your books
Invoice/ Bill of Entry Number enter the bill of entry number against which the goods are cleared from the bonded warehouse. Enter BEN- 0056/9-10
In Invoice/Bill of Entry Date field enter the date of clearance of goods. By default the voucher date is displayed as the Invoice/Bill of Entry Date.
PLA/ RG 23D Entry no. is not required in case of goods imported.
In Assessable Value field specify Rs.19,50,000 (Purchase Cost + Customs Duty). Assessable value to be calculated and manually.
Calculate Special AED of CVD amount (on Purchase Cost + CVD Duties + Customs Duties ) and specify manually. Enter Rs. 86,815.
Note: Tally.ERP9 will not auto calculate the Special AED of CVD amount. You have to enter manually
The completed Excise - Receipt Note is displayed as shown
Press enter to accept
To check the Inventory status
Go to Gateway of Tally > Stock Summary > select Cold Rolled Coils and press enter to till you reach Stock Voucher report for the month of April
The Goods Cleared is considered as the goods imported and added to the stock closing balance and the balance of 40000 displayed with Negative sign indicating stock not cleared from bonded warehouse.
