Period Processver1

Web Cast On Period End Processing For Excise

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Dial Toll free Number:0008001006550

Conference ID : 62008485

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Naveen Vaddadi12th March 2010

Things needs to ensure before doing Transactions in the new Year.

Setups needs to ensure before closing and after opening the new periods.

Period/Month end best practices.

Some Known issues with resolutions.

Budget related highlights and updates.

Q&A .


Agenda :

Note.557374.1 Webcast on Excise and Customs Regime

Agenda :



Period/Month end best practices

Some Known issue with resolution.

Budget related highlights and updates

Q&A


Things Needs To Ensure Before Opening New Calendar

When to Open New Year ?

RG1, RG23 Part I,II & PLA registers are reconciled & adjustment entries, if any, have been passed.

RG update happens on System date, ensure all the transactions related to RG Part I,II and PLA are done on or before 31st March.

Pending CENVAT is claimed before 31st March.

Ensure India Excise Invoice generation got completed on or before 31-March.

RG consolidation is done before opening the new year.

If New year is opened before doing RG consolidation, then RG consolidation will happen only in the new year and can not be done in the previous year.

Before doing RG consolidation run India Excise Reconciliation, this will fix inconsistencies in balances.

Ensure before opening new calendar it is recommend to close Inventory Periods of previous year.


Ensure India Receiving transaction processor is submitted with below mentioned parameters, this concurrent needs to be completed before 31st March.


Agenda :






Q&A


Setups Need To Ensure Before Closing And After Opening The New Periods


Tax Calendar

Excise Invoice Generation

Defining Tax Codes, Tax Categories

How to Open New Year?



Opening New Calendar

Nav: India Local Inventory : Setup : Organizations : Additional Information




No need to define any new setups in the define bond register form for the new year

India Local Receivables : Setup : Registers : Define Bond Register


Agenda :


Setups needs to be ensure before closing and after opening the new periods.




Q&A



Better to do monthly reconciliation rather doing yearly reconciliation.

Better to have Check list for Month end period closure.

Run India Receiving Transaction Processor after completing all the receipts.

Run India Excise Invoice Generation for all the pending deliveries which are shipped.

Reconcile RG1 & 23D Stocks with Physical stocks.

Reconcile RG 23 Part II Registers with GL .

It is recommend to close Periods of base modules on monthly basis.

Ensure there are no pending sources in the GL Interface.



India Excise Reconciliation

Refer Metalink Note 471249.1-(Miscellaneous Documentation) for getting more details

Agenda :



Period/Month end best practices.


Budget related highlights and updates.

Q&A .



How to reconcile GL with Excise Registers ?

Unposted Entries (11i): Check the following fields in GL_Interface • reference1 : Organization code • reference10: Transaction Description • reference22:'India Localization Entry' • reference23:Object Name • reference24: Table name • reference25: Unique Reference of the Table • reference26: Value of the unique reference • reference27: Organization_id

Posted Entries (11i): Check the following fields in GL_JE_Lines • Description: Description • Reference_2 : India Localization Entry (Hard Coded Value) • Reference_3 : Object Name • Reference_4 : Table name• Reference_5 : Unique Reference of the Table • Reference_6 : Value of the unique reference • Reference_7 : Organization Id

Key Fields Which India Localization Populates Date in GL



Sample Data From GL Interface

Sequence of reconciliationInventory Account :

For ISO related transactions, India localization sources populate data in the Inventory account from GL_Interface.

While shipping, excise amount will get debited to In-transit inventory account and credit to this account comes after creating receipt for the ISO in the receiving Org.

Base Material inventory account should be reconcile ,eliminating India localization sources . India Localization related entries needs to be reconciled separately.

Non recoverable taxes will update this account with inventory source, so for the non recoverable taxes localization does not populate data in the GL_Interface directly.


CENVAT & PLA Account:Accounting entries for these accounts picks up from the Organization

additional information form accounts tab region, this includes 23A,C & PLA along with CESS and SHE accounts.

Ensure the CCID given in the organization additional information, is different for different orgs, this will help in doing reconciliation organization wise.

For the above accounts, data directly populates into the GL_INTERFACE, there will not be any entry in the sub module for these accounts.

Balance of this account should match with the RG23Part II Reports A,C & PLA along with cess and SHE cess accounts.

Order of reconciliation should be RG23A,C & PLA – Month on Month.


Accrual Account:-

“Accrual re-build reconciliation report” captures India localization taxes.

Receiving Inventory account:-

Normally this account will get updated with the Journal Categories “Receiving India” for excise related taxes . India - Receiving Accounts Report can be used for reconciling this account.

This account needs to be reconciled along with pending CENVAT claim.

Additional sources :-

Note 382693.1 How to Reconcile Financials for India Tax Accounting.


Can a different Tax Calendar be defined for different Locations of an Organization?

The tax calendar should be defined only at Organization level with null location. This calendar will be defaulted for each location falling under the Organization. The tax period in Localization is meant for setting up the serial numbers of Excise registers and related localization reports, so it is not possible to have different calendar for different locations.


Can we do RG consolidation in previous year after opening the new year?

consolidation can be done only in current financial year, ensure consolidation is done before opening the new year.


What to do, if RG Registers are not matching with the view register screen ?

View RG registers screen, shows balances of organization and location as on date and that time.

While comparing RG balances with reports, better to compare balances with the RG Consolidation screen, in which balances can be seen in the particular date.

If balances on RG Consolidation is not matching with the RG Reports, run India Excise Reconciliation as guided in the document.

If issue still persist raise SR with India Localization team.



Nav: India Local Payables : Registers : View Register Balance

View Register Balance


Nav: India Local Payables : Registers :RG Consolidation Screen

RG Consolidation Screen

Agenda :


Setups needs to be ensure before closing and after opening the new periods.




Q&A


The honorable Finance Minister of India had presented the Budget for 2010-2011 in the parliament on 26th February 2010.

There are no new tax proposals in the budget which will impact the Oracle Financials for India functionality.

There are changes to the rate of excise duty applicable for various commodities. Customers using Oracle E-Business suite Release 11i and 12 could configure the impact of tax rate changes using Mass tax update functionality.



Metalink Note 1068218.1 Published for Budget 2010-11 Impacts

For New & Open orders:

Organizations will have to re-configure their tax defaulting logic based on the revised tax rates.

This includes Defining New tax rate, tax categories and Item tax categories.

Procedure to be followed for all new and open orders.


i. India - Mass Tax Recalculation:-Organization needs to define new tax category with grouping of new tax and submit 'India - Mass Tax Recalculation' program by selecting old tax category and new tax category to update open documents. This also has an option of overriding manually added taxes.

ii. Update Tax Categories:-Organization needs to define new tax for change in tax rate, select old tax, new tax and find the tax categories where tax change is applicable; this will update the old tax with the new tax in the existing tax categories. If 'Update Tax in open Documents' is checked then India Mass Tax Recalculation concurrent will be launched to update old tax with the new tax. Please note that the Tax category remains same.

Implementation:

Customers are advised to follow the above instructions to configure the new tax rates for all new orders as well as for open orders.

For incorporating the revised tax rates following are the two options available:-



Updating Tax Categories Using Concurrent


Updating Tax Categories

Nav: India Local Inventory : Setup : Tax : Update Tax Categories


Updating Tax categories Cont..


Updating Tax categories Cont..








Nav: India Local Inventory : Setup : Tax : Update Tax Categories



Q&A


Upcoming Web Cast sessions

Period end Processing for Value Added Tax.

Date : 15-March-2010

Conference_id / Key : 6456833 / 1234

Intercall:Dial Toll free Number:0008001006550 and give Conference_id: 62010385

Period end Processing for Service Tax.

Date : 17-March-2010

Conference_id / Key : 6449986 / 1234

Intercall:Dial Toll free Number:0008001006550 and give Conference_id: 62014002



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