Hassle Free E-invoice Generation with RealBooks

Hassle Free E-invoice Generation with RealBooks

Since the enforcement of E-invoicing in October 2021, many changes occurred in the E-invoice generation process. Initially, it was made mandatory for businesses registered under GST with an aggregate annual turnover of more than Rs.500 crores, which was then reduced to Rs.100 crores in January 2021, Rs.50 crores in April 2021, Rs.20 crores in April 2022, and then to Rs.10 crore in October 2022.

E-invoicing system has been implemented in our country to increase transparency in invoicing and reduce the threat of fraudulent tax credits. In a way, it has changed the way businesses communicate with each other. 

Before we dive into the blog, let’s understand e-invoicing better.

Lets understand

E-invoice is a system through which Goods and Services Tax Network (GSTN)  validates B2B invoices electronically before allowing them to be used on the common GST portal such as the creation of an e-way bill and the filing of GST returns like GSTR1 and GSTR3B. It involves preparing and then submitting the standard invoice on a common e-invoice portal. Then these e-invoices are auto-populated on the GST portal.

How do I generate an e-invoice?

E-invoice portal provided by the Government allows manual Invoice Reference Number (IRN) generation, which can be done via excel upload. 

But in practicality, you’re going to generate a large number of e-invoices on daily basis. While there’s a bulk generation tool available in the portal, you still have to upload all your data in excel to prepare the JSON file. 

There are different formats available for different classes of taxpayers. These formats are in the form of worksheets with different fields and you have to fill in the data carefully to validate. The JSON then created is to be uploaded in the portal for IRN generation. 

After IRN generation, the Invoice Registration Portal (IRP) digitally signs the invoice and provides a QR code. 

This involves the very tedious task of entering it via excel, which is a continuous process. 

Life of a CA

The Major Drawback?

  • The process of creating E-invoices is preceded by the long process of manually uploading the entries through excel which is quite time-consuming.
  • Also, the manual upload work is prone to errors as well as manipulations which would reflect badly in front of tax authorities.
  • Since E-Invoice is applicable on B2B, & Export invoices only, one needs to filter the B2C entries while generating the IRN.
  • The IRN and Acknowledgement data remains on IRP for only 24 hours.
  • E-invoice cancellation needs to be carried out on the IRP, even for smaller changes in the transaction post IRN generation.

So, why not overcome these drawbacks with a simple automated solution. 

Something that cuts the time taken by providing an option to upload the details directly, storing the data as well. Something that generates the IRN with just a click of a button and even allows for cancellation without facing the extra workload of logging in to the IRP. 

Welcome to RealBooks!

Ready Experts

RealBooks is an Easy and comprehensive cloud-based online accounting software that allows you to manage Compliances efficiently while maintaining your Books of Accounts. 

With RealBooks, you get robust features and a supportive backend that caters almost all your accounting-inventory related requirements. 

RealBooks aims to eliminate the cumbersome tasks of e-invoicing and assists in increasing the productivity of your accounting department. 

And with e-invoicing, it does just that!

Here are some major reasons how RealBooks makes the e-invoice generation experience smooth and hassle-free-

  1. ONE-CLICK SETUP- Right from creating login credentials for e-invoice along with API credentials to generating a printable copy of the invoice, everything is handled with just ONE CLICK.
  2. Everything in Real-Time-  E-invoicing with RealBooks is a real-time process, with a single click the IRN gets generated instantly and is reflected on the GST portal i.e it auto-populates in GSTR1.
  3. Quick Identification of errors- Remember when you wasted hours in finding a minor mistake in the transaction due to which IRN generation failed?
    With RealBooks you can quickly view where you went wrong as errors are displayed instantly on the screen itself.
  4. Comprehensive reporting – The e-invoice report is comprehensive and detailed and shows everything from the invoice number and date to tax amount to the IRN, Acknowledgment Number and even the E-way bill number.
  5. Keep track of IRN status- Ever missed out on IRN generation for invoices due to non-availability of Track sheet in the system?
    Now eliminate the chances of missing out on IRN generation with the E-Invoice Report, as it displays the IRN status as well.
  6. Reduced risk of penalties-  Non-issuance of e-invoice is an offence under GST and thus attracts penal provisions. With RealBooks, you get the IRN and QR code in the same bill copy in a printable format. This reduces the risk of issuing an invoice without an E-invoice copy attached and saves you from the penalty as well.
  7. Cancellation of IRN- If it is required and allowed, then cancellation of IRN is also carried out by the backend with one simple click! This will save you the hassle of again logging in to the e-invoice portal and going through a repetitive process.

While managing the business is your forte, managing your compliances smoothly is ours. Compliances are inevitable, but mistakes are. Let our business intelligent software redefine the day-to-day process of managing your books in a smarter way.

Switch to RealBooks’ cloud accounting solutions, and take your visionary organization towards a smarter and greener tomorrow.

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