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FAQ-15 ( Excise for Manufacturers):

How to account Excise Duty Opening Balance? 

Support to account Excise Duty Opening Balance in Tally.ERP 9 has been provided through Excise Opening Balance Journal voucher in Release 3.0. The Excise Duty opening balance entry can be recorded on any day of the Financial Year.

To account Excise Opening Balance

Go to Gateway of Tally > Inventory Info. > Update Excise Info. > Excise Opening Balance

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Accounting Excise Duty Opening Balance

You can track the Excise Duty Opening Balance by entering the sales details in the Excise Duty Opening Balance entry.

Example: ABC Company has opening Excise Duty of Rs. 56,856 (Total) on the sale of Finished goods under different sales bills.

1.         Bill - ABC /965. Sale of 25000L AquaEase- 20Ltr to Shubh Distributors - BED- 20,000 (on assessable value of Rs. 2,50,000 @ 8%), EC - 400 and SEC - 200

2.         Bill - ABC/1025.

i.          Sale of 35,000L AquaEase- 20Ltr to Universal Distributors - BED- 22,400 (on Assessable Value of Rs.2,80,000 @ 8%), EC - 448 and SEC - 224

ii.          Sale of 20,000L AquaPure - 1Ltr - BED- 12,800 (on Assessable Value of Rs. 1,60,000 @ 8%), EC - 256 and SEC - 128

Go to Gateway of Tally > Inventory Info > Update Excise Info. > Excise Opening Balance

1.         In Excise Unit field select the Excise Unit for which the Excise Opening balance entry is recorded. e.g. ABC Company

Note: As Tally.ERP 9 allows to maintain accounts of Multiple Excise Units in a Single Company, in Excise Duty Opening Balance Journal Voucher Excise Unit field has been provided to select the appropriate Excise Unit.

2.         In Nature of Removal field select the sales Nature (whether sale was a Domestic/ Captive Consumption/Removal as such / Special Rate etc.) for which the Excise Duty is payable. E.g. Domestic

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Note: In case a company has Excise Duty opening balance against sales of different Nature of Removal - Domestic/ Captive Consumption/Removal as such / Special Rate etc. then separate Excise Opening Balance entry for different Nature of Removal has to be recorded.

3.          To account opening balance of Basic Excise Duty, under Particulars select Basic Excise Duty @ 8% and view Excise Duty Allocation screen

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Note: While accounting Excise Opening Balance, in List of Ledger's only the Excise Type of ledgers will be displayed for selection.

4.         In Excise Duty Allocation screen

  • Invoice No./Bill of Entry No. & Date: In this field enter the invoice number and date of sale of finished good on which excise duty has been charged
  • Party Name: In this field select the supplier to whom the sale was made.
  • Name of Item: Select the Stock item against which duty is payable and accounted as opening balance
  • Quantity: Specify the Quantity on which Duty is payable
  • Assessable Value: Enter the Assessable values of the stock item on which the excise duty to be calculated.
  • Rate: In this field rate of duty defined in the item master will be defaulted, which can be changed if rate of duty is different.
  • Amount: Excise duty Amount will be calculated and displayed automatically.

Tally.Erp 9 : Excise for Manufacturers

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Note: Supports to account Excise opening Balance of multiple bills of different customers of same Nature of Removal with different Finished goods and Different Rate of Duty.

·         Press Enter to save Excise Duty Allocation screen

5.         To account opening balance of Education Cess, under Particulars select Education Cess @ 2   % and view Excise Duty Allocation screen

6.         In Excise Duty Allocation screen

·         Set the option Copy Details from Previous Duty Ledger (s) to Yes and press enter.

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The details like - Invoice Number/Bill of Entry No.& Date, Party Name, Name of Item, Quantity & Assessable Value (to calculate the Education Cess) & Cess Amountwill be calculated displayed automatically.

Note: If you do not want to copy the details of previous duty ledger retain No to the option Copy Details from Previous Duty Ledger(s) & manually enter the CENVAT credit details for the ledger selected.

The completed Duty Details for Education Cess @ 2% will be displayed as shown

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7.         To account opening balance of Secondary Education Cess, under Particulars select Secondary Education Cess @ 1% and view Excise Duty Allocation screen

8. In Excise Duty Allocation screen

·         Set the option Copy Details from Previous Duty Ledger (s) to Yes and press enter.

The details like - Invoice Number/Bill of Entry No.& Date, Party Name, Name of Item, Quantity & Assessable Value (to calculate the Secondary Education Cess) &Cess Amount will be calculated displayed automatically.

Note: If you do not want to copy the details of previous duty ledger retain No to the option Copy Details from Previous Duty Ledger(s) & manually enter the CENVAT credit details for the ledger selected.

The completed Duty Details for Secondary Education Cess @ 1% will be displayed as shown

Tally.Erp 9 : Excise for Manufacturers

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The completed Excise Opening Balance Journal Voucher is displayed as shown

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The above Excise Opening Balance entry will be displayed in Excise Computation report under Excise Duty Payable against Regular Rate

 
 
 
 
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