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You are here : Finance > Transaction > Credit Note Entry Credit Note Entry
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This option allows you to add and maintain information regarding Credit Notes. IMMS provides facility to raise Credit Notes to both Creditors as well as Debtors. A list of already defined Credit Note Books is available to make respective entries.
Additionally, this option also provides the facility to remit the Credit Amount different Vouchers.
Authorization of the Credit Notes depends on a flag explained as under -
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Once a Credit Note is raised, it may or may not need to be authorized.
Authorization of Credit Notes is a flag driven option. Therefore its availability depends upon the setting of the 'Authorization Required' flag through Document Control Master option
 in Administrator Tools Module.  Read more... |
Book Code:
Press <F5> key to access a list of already existing Credit Note Books defined through Book Master Maintenance option. Select your desired Book from the list by scrolling down to it and pressing <ENTER>. Alternatively you can also enter the Book Code. Press <ENTER>. Description of the selected Book will be displayed.
Location:
Denotes the Site for Credit Note.
The current logged in Site will be displayed by default. You can change it. Press <ENTER> on the field. Press <F5> key to access a list of already defined Sites for the currently selected Company through Site Master option of Administrator Tools Module. Select your desired Site from the list by scrolling down to it and pressing <ENTER>. Alternatively you can also enter the Site Code.
Please note that only those Sites will be displayed/accepted for which the logged-in user has the rights to access.
Number:
(Type : Alphanumeric, Length : 6)
While 'Adding', Voucher Number is either generated automatically or entered manually by the user.
In case of 'Edit' , 'Delete' and 'Search', press <F5> key to access a list of already existing Voucher Numbers belonging to the selected Book, Year, Group and Site. Select your desired Number from the list by scrolling down to it and pressing <ENTER>. Alternatively you can also enter the Voucher Number. Press <ENTER> or click on 'Show' icon. All the other relevant data is displayed automatically.
Please note that you can NOT 'Edit' or 'Delete' an authorized Voucher. The <F5> help will not display such Vouchers. If the user manually enters such an Voucher Number, the system will check and display an appropriate message.
While deleting a voucher, you can enter cancellation remarks by clicking on 'Cancellation Remarks' button. A small window will open to enter the remarks. Once the remarks are entered, click on 'Ok' button to close the window.
Voucher Date:
Specifies the Date of the Voucher.
While 'Adding' a new Credit Note Voucher, today's date is displayed by default.
In case of 'Edit', 'Delete' and 'Search', Date is displayed automatically as per the selected Voucher Number. It can be changed in 'Edit' mode.
Voucher details are further stored in three various tabs - Basic Details, Narration and Transaction Details to save respective information. You can also click on the respective tabs to read more about them. The screen is as follows -
This section specifies the Credit details such as Creditor / Debtor Account and Credit Amount. Enter data in the following fields -
Specifies the Code of Account Group.
Press <F5> key to access a list of Account Groups and Sub Groups defined through Account Master Entry option. Select your desired Account Group or Sub Group from the list by scrolling down to it and pressing <ENTER>. Alternatively you can also enter the Account Group Code or Sub Group Code. Press <ENTER>. The system will check whether the right Code has been entered or not. Description of the selected Account Group will be displayed automatically.
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Please note that -
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Specifies the Account Code.
Press <F5> key to access a list of Accounts belonging to the selected Account Group or Sub Group defined through Account Master Entry option. Select your desired Account from the list by scrolling down to it and pressing <ENTER>. Alternatively you can also enter the Account Code. Press <ENTER>. The system will check whether the right Code has been entered or not.
You can not select an Account that has been deactivated through Account Master Entry option. The <F5> help list will also not display such Accounts.
Currency of the selected Account is displayed automatically for your reference. You can not change it.
(Type : Numeric, Length : 9.4)
This field will be enable only if the Account is in Domestic Currency.
If the Account is in domestic currency, enter the Amount that has to be credited in domestic currency.
But if the Account is in Foreign Currency, this field will remain disabled. The amount in foreign currency will be automatically converted and displayed into domestic currency after taking into account the 'Exchange Rate'.
This field will be visible only if the Account is in Foreign Currency.
Displays the latest Exchange Rate in case the Account is in Foreign Currency. You can change it. As a result the Credit Amount in domestic currency will be recalculated and displayed.
Depending upon the Voucher Date, this field will automatically display the latest Exchange Rate for the foreign currency of the Account by default. Please recall that exchange rates for foreign currencies are maintained through Exchange Rate Master Entry in Administrator Tools Module. In case the system is unable to find any Exchange Rate for the Currency, it asks to user to enter it.
(Type : Numeric, Length : 9.4)
This field will be visible only if the Account is in Foreign Currency.
Enter the Amount that has to be credited in foreign currency. The amount in foreign currency will be automatically converted and displayed into domestic currency ('Credit Amount DOM') after taking into account the 'Exchange Rate'.
Specifies the TDS Category applicable. This field will be enabled only if the selected Account is a Creditor's Account. Otherwise it will remain disabled.
Press <ENTER> on the field. A list of TDS Category descriptions defined through TDS Category Master option is displayed. In case the TDS Category for the selected Vendor has already been specified through Vendor Master Entry option of Purchase Module, it will be displayed as selected by default. You can change it. Select your choice from the list by clicking on it. Press <ENTER>.
As a result a grid populated with the TDS Rate Codes applicable to the TDS Rate Structure that has been linked with the selected TDS Category will be displayed.
Rate Amount:
In case of 'Percentage', the Rate Amount field in the grid is calculated automatically as Tax Value % of Credit Amount (DOM). In case of 'Value', the entered amount of tax is displayed.
Actual Amount:
(Type : Numeric, Length : 10.2)
IIMS allows to enter the 'At Actual' amount of tax through this field. By default the automatically calculated tax amount is displayed which you can change.
Click on 'Save' button to save the taxes and continue further. The control will go back to previous grid and the Code of selected TDS Category will be displayed in the field. Click on 'Cancel' button to discard and continue further.
This field is applicable only if the selected Account is a Creditor's Account.
This field automatically calculates and displays the TDS Amount in Domestic Currency by adding up all the values in 'Actual Amount'. You can not change it here.
This field automatically calculates and displays the Amount in Domestic Currency after deducting the taxes. You can not change it.
Amount After TDS = Credit Amount (DOM) - TDS Amount.
While 'Adding' a new Credit Note, a blank screen will be displayed. You can enter narration if any related to the Credit Note. Please note that the narration should be entered in the same way as it should be printed in the Voucher.
In case of 'Edit', 'Delete' and 'Search', Narration will be displayed automatically as per the selected Voucher Number. You can change the narration in 'Edit' mode as long as the Transaction has not be authorized.
This section records all the Accounts that have to be debited against the Credit Note.
While 'Adding' a new Credit Note, a blank grid will be displayed. You can start entering the details.
In case of 'Edit', 'Delete' and 'Search', the grid will be automatically populated and displayed with Transaction Details belonging to the selected Voucher Number. You can change the data in 'Edit' mode as long as the Transaction has not be authorized.
Press <INSERT> key to add a new record in order to enter more transactions.
Press <DELETE> key on a row to delete or un-delete it.
Field Description of the grid -
Group Code:
Specifies the Code of Account Group.
Press <F5> key to access a list of Account Groups and Sub Groups defined through Account Master Entry option. Select your desired Account Group or Sub Group from the list by scrolling down to it and pressing <ENTER>. Alternatively you can also enter the Account Group Code or Sub Group Code. Press <ENTER>. The system will check whether the right Code has been entered or not. Description of the selected Account Group will be displayed automatically.
Group Name:
Automatically displays the name of the selected Account Group Code.
Account Code:
Specifies the Account Code.
Press <F5> key to access a list of Accounts belonging to the selected Account Group or Sub Group defined through Account Master Entry option. Select your desired Account from the list by scrolling down to it and pressing <ENTER>. Alternatively you can also enter the Account Code. Press <ENTER>. The system will check whether the right Code has been entered or not.
You can not select an Account that has been deactivated through Account Master Entry option. The <F5> help list will also not display such Accounts.
Account Name:
Automatically displays the name of the selected Account Code.
Currency:
Automatically displays the Currency of the selected Account as specified through Account Master Entry option for your reference. It can not be changed.
Narration:
Press <ENTER> on the field. Now enter the Narration, if any related to the Account. Press <ENTER>.
Debit Amount [DC]:
(Type : Numeric, Length : 9.2)
Press <ENTER> on the field. Enter the Amount that has to be debited in Domestic Currency. Press <ENTER>.
A/C Type:
Either <DOUBLE CLICK> or press <ENTER> for the Cost Center/Profit Center wise breakup of the Amount. Please note that Cost/Profit Center breakup can be entered only for Income and Expense Accounts. Read more about it...
Automatically displays the Credit Amount (DOM) from 'Basic Details' tab.
Displays the total of 'Debit Amount [DC] field from the grid.
Once you have entered all the details, click on 'Ok' button to save or 'Cancel' button to discard.
Please note that before saving the transaction, the system will check
whether the Total Debit Amount and the Total Credit Amount are same or
not. If not, the system will display an appropriate message.
Additionally, this option also provides the facility to remit the Credit Amount against different Vouchers for the selected Account. Following grid will be displayed with information about the Account for which Credit Note was raised, its Account Group, Currency and the Credit Amount.
Press <ENTER> anywhere on the row of this grid. As a result, another grid populated with Vouchers belonging to the Account will be displayed as follows -
Now you can enter the amount that you want to remit in 'Adjusted Amount' field. It should not be more than 'Pending Amount' as well as Credit Amount. You can also divide the Credit Amount in multiple Vouchers.
Once done, click on 'Ok' button to save the amounts entered and go back to the previous grid. Click on 'Cancel' button to discard the entries and go back to previous grid.
The total of 'Adjusting Amount' will be displayed in the 'Adjusted Amount' of the previous grid. Click on 'Save' button to save the remittance or 'Cancel' button to discard.
