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Important Advisory From Finsys ERP Team to all Finsys Users

Important advisory from Finsys ERP team regarding necessary steps for GST compliance in Finsys India Release. Includes details on creating state master, linking GST numbers, and setting up CGST, SGST, IGST payable accounts.

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Important Advisory From Finsys ERP Team to all Finsys Users

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  1. Important Advisory From Finsys ERP Team to all Finsys Users (This information is for Finsys-”India Release” only)

  2. Executive Summary • Following Seven Things to be done by Yourself • Creation of State Master • Linking of GST No and Home State in Finsys Branch Master • Linking of Customer / Supplier GSTN No and State in Account Master • Creation of GSTN Rates Master • Linking of HSN Code in Item Masters • Opening of CGST Payable / SGST Payable / IGST Payable / UGST Payable in Account Master in 07 Main Group • Linking of above Opened Account Code in Control Panel

  3. Point of Remember • In the GST regime, The Taxation rule is as under • Inter State Sale • If the Home state is Haryana, • Customer state/shipping location is Maharashtra • Then we charge IGST only • Local “within State Sale” • If the Home state is Haryana, • Customer state/shipping location is also Haryana • Then we charge combination of CGST + SGST • FYI The Purchases are also on similar lines • All this has already been configured in the Finsys ( active wef 1-7-17)

  4. Now , Step by Step…. In Detail

  5. First Job : Linking of Our Home State and Our GST no in Finsys ERP.. Go to 'System Admin' module

  6. click on ' Branch Master' then update the Home State & GST number in Branch Master In Case of Multi Location or Multi Branch Opened in Finsys ERP , GST No and Home State to be entered separately, Please get Confirmation from Your GST Consultant

  7. click on the pop up button & select your state

  8. Then update Your 'GST Number'

  9. Second Step • Making State Masters 2. Linking of Customer / Supplier GST No in Account Master 3. Linking of Customer / Supplier State in Account Master 4. Creation of Following Accounts in Finsys in 07 Main Group CGST Payable SGST Payable IGST Payable UGST Payable

  10. State Master In Finsys ERP

  11. Then go to 'Finance' Module

  12. Go to 'Master Files'

  13. Go to 'Account Master' to Make GST ledgers & update Party Master

  14. Open Party A/c in edit Mode & Enter 'State & GST Number'

  15. Open Party A/c in edit Mode & Enter 'State & GST Number'

  16. Create 'CGST Payable' A/c in '07' series

  17. Create 'SGST Payable' A/c in '07' series

  18. Create 'IGST Payable' A/c in '07' series

  19. Create ‘UGST Payable' A/c in '07' series

  20. Linking of Control Panels in Finsys System Admin Grid • The Account Opened has to be linked in Finsys ERP for making Automatic Voucher in System Admin Control Panel • BE CAREFUL DO NOT MODIFY ANY OTHER CONTROL PANEL EXCEPT A77 / A78 / A79 • THIS EXCERSISE TO BE DONE IN PRESENCE OF RESPOSIBLE PERSON • IF ANY OTHER CONTROL PANEL IS TOUCHED EXCEPT THESE , THIS CAN RESULT TO WRONG DATA…. BE CAREFUL

  21. Linking of GST Account Codes In Control Panel : Go to 'System Admin' Module, to link GST A/c's in Control Panel

  22. A77 = CGST A78 = SGST A79 = IGST

  23. These acode are to be manual entered in the fields as shown Related Control panles of GST A/c's Be Careful do not touch any other Control Panel, This is Dangerous for Data

  24. Step 3 • Creation of HS CODE , GST rates master • Putting CGST, SGST , IGST Rates in the master

  25. After That go to 'Finance Module', to Open GST Rates

  26. Then Go to 'GST Module'

  27. After That go to 'GST Rates Master' to Create Rates

  28. Enter GST Category/HS Category, GST Code/HS Code, CGST Rate, SGST Rate, IGST Rate

  29. Enter GST Category/HS Category, GST Code/HS Code, CGST Rate, SGST Rate, IGST Rate

  30. Step 4 • HSN Master to be Opened • Linking of FG Items / Purchase Items in Item Master

  31. After That go to 'Engineering & Planning Module', to link Items with GST/HS codes

  32. After That go to 'General Item Master', to link Items with GST/HS codes

  33. Click on This Tab to Link GST/HS codes, With Item Master

  34. That GST/HS codes You Opened , Those Will Be Show Here

  35. Now GST/HS Code is linked , Save The Item Master

  36. That GST/HS codes You Opened , Those Will Be Show Here

  37. Now GST/HS Code is linked , Save The Item Master

  38. Next Topic

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