With Realbooks you get an integrated, simple GST complaint Online Accounting System. We have updated our systems to track all information needed to have a seamless return filing experience with the GSTN.
Keep the RealBooks GST set up simple and remember to put the right tax ledgers in every transaction or let the RealBooks do the heavy lifting and put a one time effort to set up the masters.
Record Business place in all transactions to track accurately from which GSTIN the supply has taken place where there is multiple registrations due multiple locations or multiple business verticals.
Record all Customers GSTIN data, category of registration and place of supply.
GSTIN data will help you know if you are supplying to a registered person or a consumer.
Category of registration helps you track if you are supplying to a normal registered person, government organisation, ecommerce operator or exporting. When you supply to eCommerce Operator claim input credit on Tax Collected at Source or when you supply to Government organisation claim input credit on Tax Deducted at Source.
Place of supply will help in determining the type of supply for determining the GST chargeable. Whether it is an inter-state supply requiring IGST or an intra-state supply requiring CGST and SGST or UGST as the case may be.
Mark Tax ledgers and add rates to these ledgers so that the GST calculations can be done automatically. Track Reverse Credit ledgers and credit thereof. Set off the Output liabilities with the corresponding input credit in the right sequence.
Output SGST / UGST with Input SGST / UGST and input IGST
Output CGST with Input CGST and input IGST
Output IGST with Input IGST and input CGST and input SGST / UGST
Record HSN code against all items and map items to the correct tax ledgers with the right rates for automatic calculations of GST. Track item wise / HSN wise tax liability for correct Tax Invoice printing and uploading to GSTN.
Record Service Accounting Code against all income ledgers and further map income ledgers to the correct tax ledgers with the right rates for automatic calculations of GST. Track income ledger / SAC wise tax liability for correct Tax Invoice printing and uploading to GSTN.
Raise Bill of Supply in a separate voucher series where the supplies are exempt from tax or are nil rated supplies.
Upload and Record the invoices as they come from the supplier. If the supplier is unregistered or a foreign supplier, RealBooks can help you to put RCM entries on such purchases. Mark services where RCM is to be paid on the supply made to you. And track the set off of credit only upon payment of such liability arising about of RCM.
Maintain a separate series for of Tax Invoice for taking advances from the customers and adjust them against the appropriate Tax Invoices on actual Supplies.
Maintain a separate series for of Tax Invoice for Debit Notes / Credit Notes raised on customers and adjust them against the appropriate Tax Invoices issued earlier.