The enormously talked about GST implementation has become a reality. The Goods and Service Tax, a 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:
Request for Purchase is sent through Purchase requisition slip.
Then the inquiry for the purchase are made here.
Quotation are received from different suppliers
A quotation is approved
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.
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.
A purchase return transaction is when the buyer of merchandise, inventory, fixed assets, or other items sends these goods back to the seller..
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.
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:
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 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.
The dispatch challan contains the details of the challan details like consignee, addresses and product details
It can be obtained through dispatch challan or work order. Containing job work details and product details.
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.
Initially, order is drafted with client details and product details.
Total cost is calculated here by quantity multiplied by units sold. THE BOM along with labor cost is calculated here.
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.
It contains the challan details and Product details.
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 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.
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.
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.
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.
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.
Our software helps in the creation of 167 types of MIS reports .A few of them are as follows namely
There are various registers Purchase register, purchase return register, Purchase unregistered register and input service register.
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.
There are SO variance sales order, sales register and sales return reports to name a few
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 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 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
Filing GSTR 3B form is mandatory for all those who have registered for the Goods and services tax.
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.