How to account CENVAT Credit opening Balance From Release 5 onwards?

Support to account CENVAT Credit Opening Balance in Tally.ERP 9 has been provided through CENVAT Opening Balance Journal voucher. The CENVAT Credit opening balance entry can be recorded on any day of the Financial Year.

To account Cenvat Opening Balance

For example: ABC Company has opening CENVAT credit of Rs.25000.CENVAT Basic Excise Duty of Rs. 25000.

1.    Go to Gateway of Tally > Inventory Info. > Statutory info > Excise Opening Balance > CENVAT Opening Balance.

2.    Enter the Date on which the Excise Opening Balance is accounted. For example, 1-4-2016.

3.    In the Excise Unit field, select the Excise Unit for which the Excise Opening balance entry is recorded. Fror example, ABC Company.

Note: Since you can maintain accounts of Multiple Excise Units in a Single Company, Excise Unit field is provided to select the appropriate excise unit in CENVAT Opening Balance Journal Voucher.

4.    To account opening balance of Basic Excise Duty, under Particulars select CENVAT Basic Excise Duty @ 12.5%.

Note: While accounting CENVAT Opening Balance, in List of Ledgers, only the Excise Type of ledgers is displayed for selection.

5.    Enter the CENVAT Credit amount in the Amount field. The completed CENVAT Opening Balance Journal Voucher is displayed as shown.

6.     Press Enter to save.

The CENVAT Opening Balance entry is displayed in Gateway of Tally > Display > Statutory Reports > Excise Reports > Manufacturer > Excise Forms > Form ER 1.