Excise duty laoded on Asset - now to be reversed

we have purchased following two M/c against license so whatever duty we paid on that asset is refundable to us from government. So as per prudence accounting standard it will not form of our cost of asset( Machine ). But at time making PO it was included in Material and accordingly loaded on Asset . So m/c value up by respective duty in Asset register . It is now required to reduce the asset value by that excise duty in each machine . And debit the said amt to u201CExcise Receivable A/cu201D .

Hi Manisha,
To reverse investmene measures is described in notes 67448 and 529678. 
In your case you have to create a transaction type  and post the amount with ABIF (note 67448)                                           
Please follow not 529678 in creating the new transaction type.
Regards Bernhard

Similar Messages

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    thanks in advance
    Suresh

    Hi Jayakantan/Ashok
    thanks for the replies
    I am using Taxinn procedure and the conditions are flowing from that procedure. In the purchase order i am giving the condition types only for basic price and freight.
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  • EXCISE DUTY/CVD FOR ASSETS with Act Assignment : A

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    Edited by: CHRIS MM on Dec 29, 2008 6:55 AM

    Hi
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  • New Excise duty setup procedure

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    Mr. Gopi,
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  • Excise duty not reversed even after Excise Invoice is reversed

    Hi Experts,
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    Rgds
    Shailesh W

    Hello Sir,
    I will provide u further details for this Issue.
    This is to inform you that excise Inv. no 1000200212 dt. 06.09.10 has been reversed in the Sap & fresh Inv no 1000200214 dt. 06.09.10 is prepared .We have noticed that in J2IUN report ,the excise duty against Inv no 10000200212 is not reversed & is refected in duty payble amount. At the same time stock of the Inv. no. 1000200212 has been reversed in the stock ledger.
    As per our understanding,the cancell invoice should not appear for duty payment statement in the J2IUN.
    You are requested to check the same at your end and let us know the reason for the same.
    We are post the excise document in month of april 10 vid doc. no.10000021 dt. 02.04.10 7 10000057 dt. 10/04/10 and same is reversed vide do. no 1000074 dt. 02/04/10 &  25000003 .
    While arriving the duty payble amount, we are found following discrepancy in J2IUN (Z-Report) & FBL3N (G.L) Account
    Duty payble fig. As per J2IUN    Rs. 9482.00 (Basic)
    Duty Payable Fig. As per FBL3N Rs. 7247.00 (Basic)
    Diff. Rs. 2235.00
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    Rgds
    Shailesh W

  • Excise credit taken of asset

    Hi expert,
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    Any help would be apprecialble and rewarded.
    Regards,
    Nilesh Joshi.

    Hi
    to the best of my knowledge, in asset module you can perform the transaction related with transfer, retirement etc. if you want to create any legal document (specially in india), you have to create the same in SD module. for this u have to create separate pricing procedure with manual input for ED and other taxes. the pricing procedure to be such a way that u have to create sales order and then direct billing. no deliavery.
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  • Very urgent...accounting entries for (excise duty)taxes and duties on sales

    Hi Friends,
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    Customer -- dr
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    To CENVAT SUSPENSE AC (CR).
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    Like wise can anyone help me out with the entries of excise invoice creation, TR6C Challan, Entries for Fortnightly utilization etc. that is all the entries until that particular sale is completed.
    It would be greatly useful if you could even specify the kind of account is (for each account possibly) i.e, if the account is an expense or current asset or current liability.
    If anyone possesses a document in regards to the same plz do forward the same to my mail id:
    [email protected]
    regards
    kim.

    Hi!!! Kim,
    Entries related to Excise –
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    (GL A/Cs against ETT – GRPO)
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    RG23C S&H E.Cess A/C Dr. (BS GL – Current Assets)
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    To BED. Recovered A/C / Cenvat Suspense A/C
    To E.Cess Recovered A/C / Cenvat Suspense A/C
    To S&H E.Cess Recovered A/C / Cenvat Suspense A/C
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    When Cenvat Suspense A/C is used  -
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    When Creation of Excise Invoice - (GL A/Cs against ETT - DLFC)
    E.D Paid A/C  / Cenvat Suspense A/C Dr.
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    To E.Cess Payable A/C (BS GL – Current Liabilities)
    To S&H E.cess Payable A/C (BS GL – Current Liabilities)
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    When Cenvat Suspense A/C (BS GL - Current Liabilities)
    When TR6 Challan & Deposit of Cash into PLA A/C - (JV by FB50 / F-02)
    PLA on Hold A/C Dr. (BS GL – Current Assets)
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    Updation of TR6 Challan in J1IH – (GL A/Cs against ETT – TR6)
    PLA BED Dr. (BS GL – Current Assets)
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    PLA S&H E.Cess Dr. (BS GL – Current Assets)
    To PLA on Hold A/C (BS GL – Current Assets)
    When Fortnightly Utilization – (T.Code – J2IUN)
    Utilization from RG23A Registers / RG23 C Registers (GL A/Cs against ETT – UTLZ)
    BED. Payable A/C Dr. (BS GL – Current Liabilities)
    E.Cess Payable A/C Dr. (BS GL – Current Liabilities)
    S&H E.cess Payable A/C Dr. (BS GL – Current Liabilities)
    To RG 23A BED A/C Cr. (BS GL – Current Assets)
    To RG23A E.Cess A/C Cr. (BS GL – Current Assets)
    To RG23A S&H Ecess A/C Cr. (BS GL – Current Assets)
    BED. Payable A/C Dr. (BS GL – Current Liabilities)
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    S&H E.cess Payable A/C Dr. (BS GL – Current Liabilities)
    To RG 23C BED A/C Cr. (BS GL – Current Assets)
    To RG23C E.Cess A/C Cr. (BS GL – Current Assets)
    To RG23C S&H Ecess A/C Cr. (BS GL – Current Assets)
    Hope that this information will serve your purpose.
    Please give necessary marks.
    Regards...
    Ameya D. Mohoni...

  • Excise duty adjustment in case of customer sales return

    Hi Frnds,
    While my customer return the finished goods I am making sales return order ,done the PGR & make the credit note.
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    D   0024822000     5.00               CENVAT Input SECess
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    C  0024820000     100.00               CENVAT Input BED
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    D  0013113920     115.00               CENVAT clearing
    Please suggest me which option is correct.......Other adj or Add excise tab.
    In my opinion it should be Add. Excise where Clearing account is credited.
    Please Give me the solution & logic.
    Regards
    Sunil

    Please help me

  • How to capture the excise duty on free material purchasing?

    Scenario is like this if we purchase a lot of material then vendor gives free on some qty. then we make a purchase order for free material with tax code zero. Vendor supply that free material with excise duty. Now we do GRN & take part1 entry. How to capture part II entry. This is capital item.

    If you are following J1IEX route , then Tick MRP indicator & enter Excise duty values & take Part2.
    It is assumed that all other master data like chapter heading etc are set.
    Hope this will help.
    Regards,
    AK

  • Excise duty for some line item of material document is not posted

    Dear CIN Exerts,
    In my Scenario user is Posting Excise invoice for every GR (105) by J1IEX to generate Excise invoice.
    In some Past cases, if there are more then one line item in a GR then Excise value for some material is not showing (May be that time user not Did J1ID (Excise rate maintenance ).
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    Ashutosh

    Excise posting is not recommended by sap for movements 103 or 105.
    Refer or search for SAP notes with subject CIN Limited functionalities.

  • Excise Duty not capturing in invoice

    Dear all,
    All the configuration have been maintained for Excise duty, while doing PO the excise duty is capturing even doing MIGO and excise captured but during Invoice (MIRO) the excise is not capturing.
    Regards,
    Raziq

    Hi Raziq,
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  • For STO with billing how to take material in plant stock without cancelling excise duty

    Hi,
    Please suggest for STO with billing how to take material back in plant stock without cancelling excise duty.
    Scenario is
    Material transffered from manufacturing plant to depot,material is in transit now, but due to some reason material calls back to manufacturing plant.
    Since the excise invoice is raised and material move out of factory client can not cancel excise invoice from legal point of view & client has to pay excise duty for the material movement.
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    I don't think, there is a statutory rule which says, manufacturer should not cancel the excise invoice generated on their Depot plant.  Justification can very well be given to Excise authorities and hence, ask your client to follow the normal process by treating this as Depot returns.
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  • Excise Duty Calculation

    Hi Folks this is my 1st q in this forum.
    I want to extract the excise duty,cess and hes in mu AR invoice where the unit price is inclusive of these components.
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    Hi,
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    Regards
    Raja.S

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    Excise duty Basic Payable  A/c  Cr.
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    Reg,
    Amol

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    any other way of passing Excise JV?
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