The
enormously talked about GST implementation has become a reality. The Goods and
Service Tax, an unprecedented and revolutionary step in the Indian taxation
system, is being proclaimed as the biggest tax reform in India. GST will add to
the economic growth and bring simplicity in the way businesses operate by
replacing existing Indirect taxes such as Excise, Value Added Tax (VAT),
Service Tax, etc., into one taxation policy. However, for businesses to proceed
to function smoothly, their ERP solution/ accounting software will have to be
GST-ready. GST invoice billing software’s are rampant in the market and free
GST billing software in excel are being used by individuals to file GST.
A GST
ready software solution ought to have completely re-engineered the Tax Rule
Engine, consolidating the new data.
· Updating Master Data Information: GST has completely overhauled
the taxation in India. Under the new arrangement, tax rates will vary in regard
to the charge of tax, point of supply of goods and services and time of supply.
In accordance with these changes, your GST reconciliation software should have
all updated master records information such as Inventory, Warehouse
Information, Customer’s Bill To and Ship To Addresses, etc.
· Connecting new Reporting and Workflow systems:. The GST-ready ERP
system should have new robust workflow systems to effectively manage the
consolidation of taxes and ensure timely submission.
· GST billing software is a prerequisite for organizations to ensure
that they’re following GST norms. Apart from the above GST compliances,
businesses will benefit from a cloud-based ERP solution
Sky ERP
GST Plus is the best GST software in India that is a Inventory Management
software with Order Processing and job work along with full GST compliance. We
provide a free GST software demo to all interested parties. Inventory
management software free demos are just a click away.
What is
inventory Management and Inventory management definition?
Inventory management is the supervision of non-capitalized assets (inventory) and stock items. A component of supply chain management, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale.
Importance
of Inventory Management
Inventory management system
is important to all businesses because it helps them prevent stock
outs, manage multiple locations, and ensure accurate recordkeeping.
An inventory management system software makes these processes easier than
trying to do them all manually.
Sky ERP
GST plus is the best inventory management software that allows you to control
stock levels and movement of stock over all stores of your organization. It
also provides seamless reconciliation of marketing operations to maintain
consistency throughout your company.
Sky ERP
GST Plus provides an user defined dashboard wherein which users can chose what
is to be displayed on the dashboard along with master data is set with product
master and party master with HSN code and other details.
The Order processing module
consists of the following:
Purchase
requisition
Request
for Purchase is sent through Purchase requisition slip.
Inquiry
Details
Then the
inquiry for the purchase are made here.
Quotation
Received
Quotation
are received from different suppliers
Quotation
Approved
A
quotation is approved
Purchase
Order
Easily
create purchase orders for your vendors to include payment terms, quantity and
other purchase information; available in multiple currencies. HSN code for
product in GST is also included here.
Goods
Receipt Note
Provide
your vendors with a delivery receipt of purchased goods, while mapping –
respective purchase orders, applied discount rates, and payment details
Purchase
order for Job work
Purchase
order for job work can also be created here.
Sky ERP
GST plus??offers
the best in its class environment for you to manage all your purchase
processes, such as creating purchase orders, receiving goods, making payments,
and allowing you to return defective goods with financial devices. You can
create, monitor, and maintain all key order information of your purchases,
ensuring that each purchase order is authentic and authorized. By connecting
your purchase order to inventory control, you can obtain exact stock
quantities, movement history, seasonal trends, and supplier lead points.
Purchase
Invoice
A purchase
invoice can be used to prove that something was bought and how much was paid
for it. An invoice is generated for the corresponding Purchase order.
Purchase
return
A
purchase return transaction is when the buyer of merchandise, inventory, fixed
assets, or other items sends these goods back to the seller..
Credit/Debit
note
When
goods supplied are returned or when there is a revision in the invoice value
due to goods (or services) not being up to the mark or extra goods being issued
a Debit Note or Credit Note is issued by the supplier and receiver of goods and
services.
Input
services
If there
is a service rendered, then also there is a provision for Input services in the
software. GST on software services
Stock
Issue & Stock receive
Automate
and dynamically manage all stock operations such as inter-store stock transfer,
stock issue, stock adjustment and auto shipment for complete information about
the stock status and movement. It helps you manage stock allocations to
multiple stores across locations with the centralized purchasing system.
Concept
of Inventory Management and functions of inventory management
Need
of Inventory management software has not be as
acute as today. The inventory management process consists of the following:
Production
Issue for
production
Along
with party detail, the product details also get registered here.
Receipt
of goods
The
receipt of goods for production is visible here. Along with whether it is own
factory or job work has to be chosen here. The challan no. is issued along with
making a recording of scrap quantity. There is also a provision for recording
the BOM Details.
The Job
work module consists of the following:
Work
Order
Work
order no. along with consignee name and product details get recorded here.
Receipt
for job work
Receipt
of job work along with the rate and quantity get defined here.
Issue
from Jobwork
Issue of
job work along with the Issue slip no. and client name along with balance qty
and wastage qty also get shown here.
Dispatch
Challan
The
dispatch challan contains the details of the challan details like consignee,
addresses and product details
Jobwork
Invoice
It can be
obtained through dispatch challan or work order. Containing job work details
and product details.
Sales
Sales and
Billing Management consolidates the records of all products and services
furnished to customers and manage the history of all past transactions
associated with them. To make things trouble free, Sky ERP GST plus organizes
these by grouping various products in a single invoice for customers.
Draft
Order
Initially,
order is drafted with client details and product details.
Costing
Total
cost is calculated here by quantity multiplied by units sold. THE BOM
along with labor cost is calculated here.
Sales
Order
Easily
create sales orders for your customer, including payment terms and complete
sales information, as in customer quotation and purchase orders
It will
show the order details, client PO details, and product detail.
Delivery
challan
It
contains the challan details and Product details.
Sales
Invoice
Generate
automated sales invoices including calculating sales tax, finance charges and
discounts based on payment terms-either on a one-time or on a recurring basis
Supplementary
Invoice
Supplementary
tax invoice is a type of invoice that is issued by a taxable person in case
where any deficiency is found in a tax invoice already issued by a taxable
person.
Commercial
invoice
Invoice
refers to a commercial document issued by the supplier to the buyer containing
the details of goods and/or services supplied to him & notify the buyer
that payment is due.
Sales
Return
Recipient
returns the goods to the supplier.
Debit/Credit
note-rate difference
Generate
a “Credit Note” for customers to use against sales invoices, if you need to
refund your customers on a credit basis in order to get a refund in purchases.
Output
Services
Any
services provided are to be recorded here. It has client detail, product
details and terms and narration
E-Way
Bill Bulk
E-Way
Bill is an Electronic Way bill for movement of goods to be created on the eWay
Bill Portal. A GST listed person cannot transport goods in a vehicle whose
value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an
e-way bill.
We can
generate bulk e-way bill through our software generated as a JSON file.
Sky ERP
GST plus incorporates the entire sales/billing management cycle by enabling you
to place a sales order, generate an invoice, and receive payment. The linking
of an invoice and a sales order provides you an understanding into the sales
process. It also presents a refund facility for customers on a credit basis
through the ‘Credit Note’ function. Sky ERP GST plus?ERP System?can seamlessly handle
‘blanket sales’ orders for products that are purchased and dispensed over time.
Vouchers
Different
types of vouchers are obtained here. The voucher no. and voucher date has to be
entered along with party or vendor details and product details are to be
entered. The different vouchers obtained are as follows:
Advance
receipt and advance payment
An
advance payment is a type of payment that is made ahead of its normal schedule,
such as paying for a good or service before you actually receive the good or
service. Second, advance payments can refer to any required payment that is due
prior to the receipt of the requested goods or services.
Refund of
receipt and refund of payment
Refund
voucher is to be issued in the case of withdrawal of service or sale and a
receipt voucher at the time of receipt of advance under GST.
Receipt
Adjust & Payment Adjust
In the
receipt adjust voucher the amount adjusted on advance receipt or advance
payment is recorded here.
Reports
Our
software helps in the creation of 167 types of MIS reports .A few of them are
as follows namely
Purchase
reports
There are
various registers Purchase register, purchase return register, Purchase
unregistered register and input service register.
Production
reports
There is
a BOM Consumption report.
There is
annexure IV and annexure V report. Also, there is a process-wise report that
can be obtained.
Job work
reports
There is
work order register. Dispatch challan register and job work invoice register.
Sales
reports
There are
SO variance sales order, sales register and sales return reports to name a
few
Inventory
reports
There is
a stock register and there is Batch/lot register. Entries can also be made
batch wise or lot wise.
Sky ERP
GST Plus is complete GST compliant software. The following GST returns are
obtained:
GST
Returns
GST
returns are auto populated in SKY ERP GTS plus. There are various GSTR returns
form that have to be submitted online.
GSTR-1 is
a monthly return that summarizes all sales (outward supplies) of a taxpayer
GSTR-2
GSTR 2A
is a purchase-related tax return that is automatically created for each
business by the GST portal. When a seller files his GSTR-1, the information is
captured in GSTR 2A. It takes the information of goods and/or services which
have been purchased in a given month from the seller's GSTR-1
GSTR-3B
Filing
GSTR 3B form is mandatory for all those who have registered for the Goods and
services tax.
GST
ITC-04
It
must include the details of challans with respect to the following-
·Goods dispatched to a job
worker or
·Received from a job worker
or
·Sent from one job worker to
another
GST
Suvidha Provider (GSP) GSP stands for GST Suvidha Provider. A GSP
is a service provider who helps the taxpayer to comply with
the provisions of the GST law through its web platform. The
GSPs can also develop application software’s which will be used by taxpayers
for interacting with the GSTN. We are a GST Suvidha Provider and the software
used is Sky ERP GST Plus.
The right
utilization of the ERP system is vital for any business. With the addition of
new GST reforms, the relevant implementation of the new procedures in the ERP
system is one of the more critical tasks.
However,
if done accurately, it would not only serve to promote your business and make
things simpler for you. The advantage of inventory management is infinite. The
process might seem complex, but things are simpler than they look. Above all,
if you integrate GST accounting with ERP now, you are less likely to feel
intimidated about all the paperwork and compliances. Sky ERP GST Plus
seamlessly integrates with Tally. Tally GST software is the most widely used
accounting software for GST. Tally with Sky ERP GST software is the need of the
hour. It will be one of those business decisions you'll be glad you took.
Sky ERP GST Plus provides 24/7 support throughout the year. Our strong support
team helps in giving 24/7 support to all our clients. We offer the best support
services compared to Tally ERP 9 GST software and other software like Marg GST
software and busy accounting software for GST.
We are
also very competitively priced compared to other ERP software like SAP
inventory Management software and Tally ERP with GST software or busy GST
software price or Marg GST software price. Are there any free GST billing software and free GST accounting software India? That seems to be the most
widely searched topic on the net. The Indian government provides a free GSTbilling software and free GST accounting software for a particular time period.
Why to stifle your business by holding it aloof from exceptional enterprise technology? Yes, today it has become a need of the hour for firms to walk hand-in-hand with emerging technologies for staying competent the impacts of any disruptive shifts and Sky ERP GST Plus is one such tool that is successfully helping businesses achieve that.