Entry for Input Credit and RCM (Reverse Charge Mechanism)
Entry for Input Credit and RCM
To see the process through video, You can check our YouTube channel with the following link ->
For execute the process please follow the steps given below.
Step1 :Open billing Head from Start->Master->other->Billing Head
You have to make Billing head in case required billing head not exists in Billing Head master for this click on New and define In the Billing head field type Like Stationary Expenses etc Now go to Account name and select Account and in case account not exists then click on new option from the drop- down and click enter.
Now we have to select Tax Code as per your need and click on the save button as shown in the image. And close all the windows.
Step2: In case you wants to enter RCM (reverse charge mechanism entry) then you have to define posting account of RCM in Tax Master for this click on START button of the software-> Masters-> Inventory-> Tax Category and click on the Edit button at the Top.
Now Click on additional Tax Rate button and define posting account of RCM
Step3: Click “Start” button of the software-> Purchase-> Purchase invoice and click the drop-down at the vendor name-> Select new and press enter button if you wants to create a new Vendor And make a new vendor and click SAVE button as shown in the image.
After Click on Add Less option of purchase and define Billing Head and Amount and click on RCM check box if you wants to create enter account to Reverse Change mechanism.
If you wants to check posting of above entry then please edit purchase again and click on open voucher from references tab as shown below.
New window will appear as follow which show the details of posting accounts.
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