You can edit the fields on a revenue arrangement header either individually or in bulk. The same header fields are available for edit using either method. The following procedure is for editing individual revenue arrangements. You can edit revenue elements only by editing the individual revenue arrangement. Note: Your role must include the Revenue Arrangement… Continue reading Managing Revenue Arrangements
Category: Finance
Set Up Item Record with Revenue Attributes
In Advanced Revenue Management module, revenue arrangements are created based on the configurations specified in the accounting subtab on item records. Configuring revenue recognition attributes on the Item records is critical to process the revenue recognition workflow starting from creating revenue arrangements to revenue plans, journal entries to recognize revenue. The following Item types are… Continue reading Set Up Item Record with Revenue Attributes
Basic provisions of section 194C of the Income Tax Act
Section 194C of the Income Tax Act states that any person making payment to a resident person, who is carrying out any ‘work’ in terms of the contract between the ‘specified person’ and the resident contractor, is required to deduct TDS. The ‘specified person’ mentioned above means the following – · The Central or State Government;… Continue reading Basic provisions of section 194C of the Income Tax Act
Standard Deduction under the new regime Changes
Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to Rs 75000 in Budget 2024. Also, standard deduction limit for family pensioners have been hiked to Rs 25,000 from Rs 15,000 Presenting her seventh straight budget, the FM announced a hike in Standard Deduction to Rs 75,000 from… Continue reading Standard Deduction under the new regime Changes
Alternative Minimum Tax (AMT)
The alternative minimum tax (AMT) was created in the 1960s to prevent high-income taxpayers from avoiding the individual income tax. This parallel income tax system requires high-income taxpayers to calculate their tax bill twice: once under the ordinary income tax system and again under the AMT. The taxpayer then needs to pay the higher of the… Continue reading Alternative Minimum Tax (AMT)
INSTRUCTIONS FOR FILING GSTR-1A
1. GSTR 1A is an additional facility provided to add any particulars of current tax period missed out in reporting in FORM GSTR-1 of current tax period or amend any particulars already declared FORM GSTR-1 of current tax period (including those declared in IFF, for the first and second months of a quarter, if any,for… Continue reading INSTRUCTIONS FOR FILING GSTR-1A
GSTR 1A Form
The Central Board of Indirect Taxes and Customs ( CBIC ) has notified the GSTR 1A form in the CGST Amendment Rules, 2014 dated 10th July 2024. The GST council approved the introduction of a new GSTR 1A form in its 53rd meeting. The GSTR 1A form offers taxpayers the flexibility to revise or add… Continue reading GSTR 1A Form
India Localization SuiteTax Report Enhancement
India Localization SuiteTax Reports SuiteApp version 5.00.0 includes the following saved searches to display transactions applicable to table 4 and table 5 of the GSTR-9 report. ■ India GSTR9 Exempted ■ India GSTR9 Nil Rated ■ India GSTR9 Non-GST Supply ■ India GSTR9 Table 4 Credit Notes ■ India GSTR9 Table 4 Inward Reverse Charge… Continue reading India Localization SuiteTax Report Enhancement
Issue a Credit Memo Linked to an Invoice Without Impact to Inventory
Scenario The user would like to issue a Credit Memo for an Invoice and only affect the Amount not the Inventory. This is currently filed under Enhancement #81003. Solution This is an alternate solution for the enhancement. A. Create an Other Charge Item: Navigate to Lists > Accounting > Items > New > Select Other Charge For Sale On the Item Name/Number field input the name for… Continue reading Issue a Credit Memo Linked to an Invoice Without Impact to Inventory
Common Errors When Importing Expense Reports
The “Results” file for a failed expense report import might include any of the following messages. ‘Please enter value(s) for: Amount’ This error can indicate that you failed to provide a value for one of the following sublist fields: Amount Rate Quantity Problems with any of these fields are referred to as problems with… Continue reading Common Errors When Importing Expense Reports