FACT Solves GST

FACT solves the GST issues seamlessly in FACT ERP.NG

We have worked tirelessly to make the GST Implementation fool-proof and airtight. All the relevant GST rules have been tightly integrated into FACT ERP.NG. Chartered Accountants, Cost Accounts, Finance and Accounts professionals, along with accounts staff have lauded how well GST has been implemented into FACT ERP.NG.

While the focus has been on relieving the users of any unnecessary stress due to GST, we have kept a close eye on the compliance angle. Once you have followed the setup guidelines correctly, you will find it nearly impossible to make a mistake, whether in entries or in filing the GST Returns.

You will find your workload go down and see an immediate increase in productivity - literally all the processes have been automated, including Invoice Mismatch (from GSTR1 and GSTR2A) – enjoy the new and enhanced FACT ERP.NG:

  • Automatic GST Configuration
    • GST Rates with breakup of IGST, CGST & SGST/UTGST
    • Harmonized System Nomenclature (HSN) Master with GST Rates
    • Services Accounting Code (SAC) Master with GST Rates

  • GST in Masters
    • Mapping of HSN Codes for Stock Products in Product Master
    • Mapping of SAC Codes for Service Products in Product Master
    • Single Click Import of HSN & SAC Codes via Excel in Product Master
    • Rapid Mapping of Products via HSN/SAC Code List Screen
    • Mapping of State Code, GSTIN and Type of Supplier in Vendor Master
    • Single Click Import of State Code and GSTIN via Excel in Vendor Master
    • Mapping of State Code, GSTIN, Type of Customer and Place of Supply in Customer Master
    • Single Click Import of State Code and GSTIN via Excel in Customer Master

  • GST (SGST, IGST & UTGST) Calculation & Posting - Purchases
    • Auto Calculation and Posting of GST to appropriate mapped GST Accounts in General Ledger
      • Vendor Advances
      • Reverse Charge on Purchases
      • Purchase Invoices based HSN/SAC Codes and Vendor Location
      • Vendor Debit Notes based HSN/SAC Codes and Vendor location
      • Vendor Credit Notes based HSN/SAC Codes and Vendor location
    • Auto Adjustment of GST on entry of Purchase Invoices against Vendor Advances
    • Auto Calculation of GST for Purchases through General Ledger (no need to route all transactions via Accounts Payable)

  • GST (SGST, IGST & UTGST) Calculation & Posting - Sales
    • Auto Calculation and Posting of GST to appropriate mapped GST Accounts in General Ledger
      • Customer Advances
      • Reverse Charge on Sales
      • Sales Invoices based HSN/SAC Codes and Place of Supply
      • Customer Debit Notes based HSN/SAC Codes and Place of Supply
      • Customer Credit Notes based HSN/SAC Codes and Place of Supply
    • Auto Adjustment of GST on entry of Sales Invoices against Customer Advances
    • Auto Calculation of GST for Sales through General Ledger (no need to route all transactions via Accounts Receivable)

  • GST (IGST, CGST, SGST/UTGST) Calculation & Posting – Transfer of Stock
    • Auto Calculation of GST on Transfer of Stock based on HSN Codes.

  • Pre-designed GST Documents - Vendor
    • Purchase Order
    • Purchase Goods Received Note (GRN) / Purchase Challan
    • Purchase Invoice
    • Advance Payment
    • Debit Note
    • Credit Note
    • Purchase Return

  • Pre-designed GST Documents - Customer
    • Sales Quotation / Proforma Invoice
    • Sales Order
    • Sales Delivery Order (D/O) / Sales Challan
    • Sales Invoice
    • Advance Receipt
    • Debit Note
    • Credit Note
    • Sales Return

  • Pre-designed GST Documents - General Ledger
    • Payment Voucher
    • Receipt Voucher
    • Journal Voucher

  • Pre-designed GST Documents - Transfer of Stock
    • Stock Transfer Note

  • GST Returns (coming by 20 July 2017)
    • GSTR1 (Outward Supply)
      • FACT ERP.NG will generate the file in the specified format, ready for direct upload in the GSTN Portal (no need to go via GSP/ASP)
      • To be filed by 10th of each month for the preceding month
    • GSTR2A (available for download from 11th of each month from GSTN Portal)
      • Upload this Return directly into FACT ERP.NG
      • Mismatch Report will appear in automatically in FACT ERP.NG
      • No need to do any manual matching
    • GSTR2 (Amended Inward Supply)
      • FACT ERP.NG will generate the file in the specified format, ready for direct upload in the GSTN Portal (no need to go via GSP/ASP)
      • To be filed by 15th of each month for the preceding month
    • GSTR3 (Monthly Return)
      • Available for download from 20th of each month from GSTN Portal
      • Upload this Return directly into FACT ERP.NG
      • All matched Invoices will be flagged automatically in FACT ERP.NG
      • No need to do any manual matching

  • FACT Academy offers online GST Training
    • FACT Academy is delighted to bring to you the state-of-the-art online course entitled : Get Ready for India GST in 60 minutes.
    • Learn how to implement GST in FACT ERP.NG step-by-step with live examples.
    • On Demand : start the course at any time of the day.
    • The course is a guided tutorial with the most up-to-date video narration available in India today.
    • Sign up on factsoftware.zuluelearning.com to start your GST journey.