Sales Posting to Finance
In the StrategicERP system, all departments are interlinked, so any demand or receipt made in the sales management module will have an impact on financial statements. When and how posting will be done is configurable at the Master level. At the subproject master level, we have two configurations: the first being Finance posting from installment letter, and the second is GST on receipt basis. Depending on this, the configuration posting in finance will differ.
Listed below are various scenarios wherein the finance posting changes.
----> Finance Posting 'YES' and GST on Receipt Basis 'NO'
At the time of Demand
Customer Ledger A/c----Dr 50000
To GST 2500
To Project Advance 47500
At the time of Receipt
Bank a/c----Dr 50000
To Customer Ledger A/c 50000
At the time of Cancellation
Project Adv A/c----Dr 47500
Gst A/c -------------Dr 2500
To Customer Ledger A/c 50000
At the time of Refund
Customer Ledger A/c----Dr 50000
To Bank A/c 50000
----> Finance Posting 'NO' and GST on Receipt Basis 'NO'
At the time of Demand
Customer Ledger A/c----Dr 2500
To GST 2500
At the time of Receipt
Bank a/c----Dr 50000
To Customer Ledger A/c 2500
To Project Adv A/c 47500
At the time of Cancellation
Project Adv A/c----Dr 47500
Gst A/c -------------Dr 2500
To Customer Ledger A/c 50000
At the time of Refund
Customer Ledger A/c----Dr 50000
To Bank A/c 50000
----> Finance Posting 'NO' and GST on Receipt Basis 'YES'
At the time of Demand
No Posting
At the time of Receipt
Bank a/c----Dr 50000
Customer A/c----Dr 50000
To Customer Ledger A/c 50000
To Project Adv A/c 47500
To Gst A/c 2500
At the time of Cancellation
Project Adv A/c----Dr 47500
Gst A/c -------------Dr 2500
To Customer Ledger A/c 50000
At the time of Refund
Customer Ledger A/c----Dr 50000
To Bank A/c 50000
