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OFI Accounting Whitepaper PDF
OFI Accounting Whitepaper PDF
OFI Accounting Whitepaper PDF
Change Record
Reviewers
Name Position
Audience
Name Position
12.1.3 Implementation team
12.1.3 Customers
2
Table of Contents
I. Background of OFI Accounting Architecture:...................................................................................................................................................... 4
2. Goods & Services Tax Accounting at Procure To Pay (Expense Item)…………………………………………………… ........................ …………6
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i. Background of GST(OFI) Accounting Architecture:
In OFI product, accounting entries for the Goods and Services Tax posted directly to the General ledger
interfaces from the respective tax repositories at each event in Procure to pay cycle, Order to Cash Cycle
and other functionalities like RCM, BOE, Advance Receipt and IRISO etc.
User need to be import the tax accounting entries from Gl_Interface to General Ledger
4
IV. Functionality wise accounting
XXX
To Inventory AP Accrual a/c
Non-Recoverable:
Delivery Recoverable:
Non-Recoverable:
Cost management
5
2. Goods and Services Tax accounting at Procure to Pay (Expense Item)
Event
Receipt Receiving
Non-Recoverable:
Taxes
Delivery Recoverable:
event
Non-Recoverable: XXX
Recovery a/c
6
3. Goods and Services Tax Accounting at Reverse charge Mechanism
Event
Standard Invoice SI with RCM tax CGST/SGST/IGST Interim Recovery a/c XXX
XXX
To GST Tax Liability a/c
Event
XXX
Accounting To Custom Authority Liability a/c
7
5. Goods and Services Tax Accounting for Order to Cash Cycle
Event
Confirm
a/c
AR Transaction (Manually)
AR Transaction Complete Account Receivable a/c XXX
8
6. Goods and Services accounting at RTV/RMA.
Non-Recoverable Tax
Non-Recoverable Tax
9
7. Goods and Services Tax Accounting at Intercompany / IRISO / Inter-Org cycle (FOB:
Shipment)
Event
XXX
by Cost management
10
8. Goods and Services Tax Accounting for Intercompany / IRISO / Inter-Org (FOB: Receipt)
Event
XXX
by Cost management
11
9. Goods and Services Tax Accounting for Advance Receipt
TDS Standard Invoice Standard invoice TDS liability Clearing a/c XXX
Validation
To Income Tax authority Liability a/c XXX
Note :This is not the final document and we will incorporate further changes in this document according to your queries and Business
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