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Financial Configuration India

Contents

The Rupee (₹) Symbol

The rupee symbol is incorporated in the Currency Table. Use the symbol field to use the new Indian currency symbol

Periods for Indian Financial Calendar

By default Openbravo creates calendar periods from January - December. This functionality creates periods through April - March.

a. Go to Financial Management → Accounting → Setup → Fiscal Calendar and create a Fiscal Calendar.

b. Create a Year for that calendar through Year tab.

c. Click on “Generate Periods for India”. This will create periods as per Indian Accounting Calender i.e. from April – March.

Chart of Accounts Dataset

The pack includes chart of accounts that is aligned to the Indian accounting structure. Currently only one COA is made available, (COA-Generic ) , over time variations for different verticals and different legal entity types will also be distributed as separate packages.

Some of the other data sets , which have accounting linkages (like Indian taxes, financial reports as well as TDS Nature of Payments) are linked to this COA, so will need the accounts from this pack to be used if they are to be used un-altered.

Tax Category and Tax Rates Dataset

This contains the tax categories for products and partners as well as the various tax rates associated with it. Tax Credit and Debit Accounts are also attached to the tax rates based on the COA in the pack

This data set cannot be used as it is - it needs to be processed by the FinancialEntityConverter ( explained in the utility section below ) from within the client where it is to be uploaded before it can be used

Statutory Reports

Financial Reports Data-set

This contains the balance sheet and profit and loss statement and most of the sections (notes) under the same based on the revised Schedule VI ( Feb 2012) to the Companies Act of 1956.

Specifically the Fixed Asset Section is not included as this requires a different format - which is not create-able from the standard P&L and Balance Sheet configuration tool.

To use this tool , use the standard Openbravo option ( Financial Management->Accounting->Analysis Tools->Balance Sheet and P&L Structure ) .

This data set cannot be used as it is - it needs to be processed by the FinancialEntityConverter ( explained in the utility section below ) from within the client where it is to be uploaded before it can be used

Additional Reports

  1. Note 12A : Tangible Fixed Asset Report

Modifications to Tax Rate Definition

Two additional fields are captured as part of tax rate

  1. Tax Type - which can be excise, vat, service tax and tds ( primarily used for combining different tax lines in reporting )
  2. Is C Form required - a flag which indicates that C Form (certificate ) needs to be provided for the transaction ( as a 2% rate has been used )
Tax Category Tax Rate Business Partner Tax Category
Excise Duty & KVAT 5.5% Excise Duty & KVAT 5.5% ,Excise Duty & CST 2% ,Exempt Exempt (for exempt tax rate)
Excise Duty & KVAT 14.5% Excise Duty & KVAT 14.5% ,Excise Duty & CST 2% ,Exempt Exempt (for exempt tax rate)
KVAT 14.5% KVAT 14.5%,CST 2% with C form,CST 12% without C form,Exempt Exempt (for exempt tax rate), Interstate without C form (for CST 12%)
KVAT 5.5% KVAT 5.5%,CST 2% with C form,CST 12% without C form,Exempt Exempt (for exempt tax rate), Interstate without C form (for CST 12%)
Service Tax Service Tax, Education Cess, Secondary & Higher Education Cess
TDS on Rent TDS on Rent (L&B), TDS on Rent (P&M,Equipment etc) TDS without PAN (cases where PAN number is not provided by vendors)
TDS on Professional Fees TDS on Professional Fees with Service tax. TDS without PAN (cases where PAN number is not provided by vendors)
TDS on Contract TDS on Works Contract TDS without PAN (cases where PAN number is not provided by vendors)

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