Computerised Accounting SOP2

With the help of any open source or free education version accounting software create a company using following details :
Company Name : M/s Bags and Baggage Traders
Company Address :J. M. Ratna Road, Near Maruti Mandir, Ratnagiri, Maharashtra Pin Code 415612
Website :www.bagsandbaggagetraders.com
Email id : contact_us@bagsandbaggagetraders.com
GSTIN : 27STUVW1234C2Z1
Books Beginning: 01/04/2019
Enter the following transactions in appropriate vouchers using by applying GST. Print GST computation Report and Tax Invoice.
1) On 01/08/2019 purchased 150 pieces of Leather Handbags @ Rs.2500 per piece,with GST 28% from Genuine Leather Bags,< Sai Baba Nagar, D.P.Road, Navi Mumbai, Maharashtra, Pin code 400039 with GSTIN 27LMNOP5678V2Z2.

2) On 02/09/2019 Sold 80 pieces of them @Rs.3500 per piece, GST 28%, to M/s Shoppers Stock ,Pari Industrial Estate, Chiplun, Maharashtra, Pin code 415605 with GSTIN 27JKLMN4321C1Z2 Print GSTR-2 and Sales Tax Invoice.

Solution:
The above transactions clearly indicate that the purchase and sale both are within Maharashtra State. Therefore 28% GST is applicable as 14% SGST and 14% CGST
Step 1 : Create new company - Company Info > Create Company
i)Create a new company in the name of M/s Bags and Baggage Traders with the given details, financial year begins on 1/04/2019.






ii) Enable GST features by selecting > Features > Statutory and Taxation > Enable Goods and Service Tax(GST) > yes Set/alter GST details > Yes





Type State Maharashtra, GSTIN 27 STUVW1234C2Z1




STEP II : Creation Of Ledger
To create given Ledgers –
Masters --> Account Info ---> Ledgers-->Single Ledger --> Create

purchases leather handbag a/c
Under GroupPurchases Accounts
Is GST ApplicableApplicable
Set/Alter GST Detailsyes
Nature of transaction (from configuration make yes to ‘Show all GST tax types’) Purchase Taxable
Type-
Integrated tax
Central Tax
State Tax
Type of supply
28%
14%
14%
Goods
Tax type - Integrated Tax - 28%; then Central Tax and State Tax will automatically reflect as ‘14%’ and ‘14%’ respectively Cess 0% and then press Enter Key Ledger Group Details to be filled.









Same Steps to be followed for creating Sales leather handbag Ledger A/c
sales leather handbag a/c
Under GroupSales Account
Is GST ApplicableApplicable
Set/Alter GST Detailsyes
Nature of transaction (from configuration make yes to ‘Show all GST tax types’) sales Taxable
Type-
Integrated tax
Central Tax
State Tax
Type of supply
28%
14%
14%
Goods









Input SGST A/C
Under GroupDuties and Taxes
Type of Duty/TaxGST
Tax TypeState Tax
Percentage of Calculation0 %






Input CGST A/C
Under GroupDuties and Taxes
Type of Duty/TaxGST
Tax TypeCentral Tax
Percentage of Calculation0 %






Output SGST A/C
Under GroupDuties and Taxes
Type of Duty/TaxGST
Tax TypeState Tax
Percentage of Calculation0 %






Output CGST A/C
Under GroupDuties and Taxes
Type of Duty/TaxGST
Tax TypeState Tax
Percentage of Calculation0 %






Genuine Leather Bags A/c
Under GroupSundry Creditors
AddressSai Baba Nagar, D.P.Road, Navi Mumbai
Pin code400039
GSTIN 27LMNOP5678V2Z2






M/s Shoppers StockA/c
Under GroupSundryDebtors
AddressPari Industrial Estate,Chiplun
Pin code415605
GSTIN27JKLMN4321C1Z2






Step 3. Create Inventory details :
(a) Create Units of Measure PCS-Pieces
(b) Create Stock groups Handbag
(c) Create Stock Item/Product Handbag

For the creation of inventory items/products, following are the steps:
Step 3.1 Create Unit of Measure:
Inventory/Inventory Info> Unit of Measure/Measurement >>Give unit name/symbol as piec> Formal Name/description as pieces>Select applicable Unit Quantity Code (UQC) from the pop up list(optional).>Accept/Save the details.






Step 3.1 Create Unit of Measure:
Inventory/Inventory Info> Unit of Measure/Measurement >>Give unit name/symbol as piec> Formal Name/description as pieces>Select applicable Unit Quantity Code (UQC) from the pop up list(optional).>Accept/Save the details.






Step 3.3 Create Stock Items/Product:
Inventory /Inventory Info>Stock Items/Product> Type the name of the item/product leather handbag>Select the Under Group/Category as Handbag>Select Unit of Measurement/ Measure as piec > Set / Alter GST Details :Yes (then give all the GST details for that Stock Item like HSN, Taxability, IGST %,CGST%, SGST%, etc.)Type of supply – ‘Goods’ Accept/Save the details.






Step 4: Voucher Entries:
To enter transactions through vouchers Transactions > Accounting Vouchers.
1)Purchase Voucher: >Accounting Vouchers > (Purchase Voucher) > Type Voucher Date as 1/08/2019>Supplier Invoice No.01 >Party’s name field : > Enter Genuine Leather Bags> Purchase Ledger field > Select Purchase leather handbag A/c > Select Name of the item/product as leather handbag>Enter Quantity as 150 and Rate Rs.2500>Select ‘SGST’> Select ‘CGST’>Save/Accept.






2) Sales Voucher : Accounting Vouchers > Select Sales Voucher > Enter Voucher Date 02/09/2019 > Party’s name field : M/s Shoppers Stock> Sales Ledger field – Select Sales leather handbag > Select Name of the item/product as leather handbag>Enter Quantity 80 units and Rate Rs.3500>Select ‘SGST’> Select ‘CGST’ > Save/Accept






Step 5. Display Reports : 1) Tax Invoice i.e. Sales Invoice – Reports ->Display ->Day Book ->Sales Voucher


Click to Open PDF: GSTR2

2) GSTR2 Reports


Click to Open PDF: sales tax invoice