Import from Foreign Vendor in Business Central | Purchase Goods from Foreign Vendor in D365BC | Purchase Import and Sales Export (Part-3)
Topic: Purchase Goods from Foreign Vendors/Suppliers/Wholesalers/Creditors in D365BC.
Agenda of the Video▶️: How-To Create Purchase-Import GST invoice in Business Central.
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✅Hint 1: Select GST Vendor Type = Import (in Vendor Card under Taxation Tab).
✅Hint 2: GST Base Amount = Custom Duty Amount + GST Assessable Value.
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Agenda of the Video▶️: How-To Create Purchase-Import GST invoice in Business Central.
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✅Hint 1: Select GST Vendor Type = Import (in Vendor Card under Taxation Tab).
✅Hint 2: GST Base Amount = Custom Duty Amount + GST Assessable Value.
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LearningTranscript
00:30Hello friends, welcome to my channel, I am Kriyansh Verma Gavi
00:34Today we are going to discuss how to create purchase invoice for import purposes
00:42If you import goods, how can you create purchase invoice?
00:50We are going to learn this in this video
00:54I have created an invoice
00:56As you can see, this is a purchase invoice
01:02The vendor in this invoice is an import vendor
01:07You can check the vendor
01:10The vendor type matters a lot
01:19First, you have to check whether the vendor is outside your country
01:32After that, you have to check the address
01:37The country address should not be India if you are an Indian citizen
01:45You can check the country like this
01:49After checking the country, the reason should be other than India
01:58After that, you have to check the details of invoicing, business posting group
02:05According to the geographical area, you have to check the posting group
02:11For vendor posting group, you have to check the financial balance sheet
02:18You can check the creditor liability site
02:24It will be available in the list, you can check it
02:28After that, you have to pay attention to the currency
02:32Currency will matter a lot when there is a conversion between two countries
02:42After that, there are payments, receiving and tax information
02:47In the tax information tab, you have to check GST vendor type
02:55GST vendor type specifies the type of GST registration or the vendor
03:01For example, registered, unregistered, import, composite, exempted, SEZ
03:06You have to import the goods from the outside country
03:16You have to choose the GST vendor type
03:21If there is a GST charge on your purchase invoice
03:29You can create a vendor like this
03:33You have to take this vendor as a vendor while creating a direct purchase invoice
03:42All the screen will be filled, you have to check the date
03:45You have to give the vendor invoice number
03:48After that you have to select the item
03:53After selecting the item, you have to select the location where you are going to receive the goods
03:58You have multiple locations
04:00You can take any location from these locations
04:04The receiving location will be to receive the goods
04:09If your receiving location is a custom warehouse
04:13Many times we keep the goods in the custom warehouse for many days
04:17After that we bring the goods to our factory warehouse
04:24It depends on whether you will move or take directly to your location
04:29You can select here, I have made a custom warehouse
04:32Based on your scenario, you can check it
04:36After that you have to check the quantity
04:39Direct unit cost means per quantity rate
04:43One quantity rate is 500, so it is multiplied by 100
04:46After that you have to check the GST group code
04:50After that you have to check the HSN
04:52After that the main thing is GST accessible value
04:57Here I have taken an assumption
05:00You have to put GST accessible value according to your invoice
05:04After that you have to put custom duty
05:07You have to put custom duty according to the invoice
05:11What the system will do
05:13GST accessible value plus custom duty
05:17200 plus 100 equal to 300
05:22Your GST will be calculated at the rate of 18%
05:28What the system does
05:31GST base amount
05:33In the section of tax information, GST base amount is 300
05:41To make 300, it added GST accessible value and custom duty
05:47So the system makes base value
05:50GST base amount equal to GST accessible value
05:54GST accessible value plus custom duty equal to GST base amount
06:00And because it is between two countries
06:04So it will take IGST
06:06Interstate jurisdiction type will take automatically
06:08And you can select available and non-available
06:11After this, if there is any other information, you can put
06:17When you scroll down, you will see the rest of the information
06:22Like currency code
06:24Specify the currency code for amounts on the purchase line
06:27Here you have the selection facilities in the invoice
06:32And the three dots here
06:38If you click on the three dots here, this box will open
06:41Change exchange rate
06:43You can use according to the currency you have taken
06:48You can also keep 1 dollar equal to rate in the exchange rate amount
06:53How much is the value of 1 pound
07:01Great Britain pounds
07:03And many people do according to the standard 100
07:07Then map that value
07:10According to the rate of 1 pound, you can keep a value of 69.44
07:22You can also use it like this
07:24Rational currency code will be the currency of our country
07:27Who is making the invoice
07:29So now we have taken INR
07:34Will do ok
07:36After that
07:41You can also cross-check that it is pound sterling
07:48After that you have to scroll down
07:53After scrolling down, whatever information you have
07:56All shipping and payment information
07:59Foreign trade information
08:01And the information of the application
08:05Whatever you want to check
08:07Now because you are creating an invoice
08:09This is the original invoice
08:11Nothing will happen in the application
08:13Last you have to check tax information
08:15Your vendor type
08:17GST vendor type should be imported
08:19Only then you will see this calculation
08:21Only then it will calculate
08:23GST vendor type should be imported
08:26Then you have the system
08:28Bill of entry date
08:30Whenever you are ordering goods from the method of transport
08:34Whether it is air mode or water mode
08:40Or you use any other mode
08:43So what you have to do
08:45You have to put the date of the bill of entry
08:48You have to put a number
08:50And value
08:52You have to put the value of your invoice
08:56Now I can show you by checking that invoice value
08:59From where I have put
09:02This is the value
09:04Rate plus taxation amount
09:06And for this
09:08You can also check like this
09:10Go to statistics
09:12And you will get here
09:14The line amount of 50,000
09:16And 54 rupees tax
09:19So net total
09:21Net total became 50,054 rupees
09:25And I am putting this in INR
09:28Then it will get converted
09:30In your foreign currency
09:32When you post the entry
09:34When you create the GL entry
09:36You can also check in that
09:38You can also check after posting the entry
09:40You can check the scenario here
09:42Its use case
09:44That is
09:46Import of goods from foreign vendor
09:48Where input tax credit is available
09:50Through purchase order invoice
09:52What is this?
09:54This is its use case
09:56You can check the use case
09:58How is it made?
10:00Posting setup etc
10:02You can check as much as you want
10:04IGST calculation formula
10:06I told you
10:08Base value equal to
10:10IGST accessible value
10:12Plus custom duty
10:14See this
10:16It is calculated like this
10:18GST base amount equal to custom duty
10:20Plus GST accessible value
10:22You can check the formula here
10:24If you want to check the posting setup
10:26You can also check that
10:28You can see such things
10:30That
10:32How is it going
10:34And why is it becoming a part of IGST payable
10:36The laser name I have given
10:38Is imported from IGST payable
10:40So you can check like this
10:44Now all these things are checked
10:46You got bill value etc
10:48From net amount
10:50Now
10:52You can see
10:54Its component
10:56You can check the component
10:58IGST
11:0018%
11:0254%
11:04Base value
11:06300
11:08Custom duty 100
11:10GST accessible value
11:12200
11:14300
11:16After closing this
11:18Tax information tab
11:20What is the IGST group code
11:22What is the HSN
11:24What is the state code of the location
11:26You can check this component
11:28Plus you have to check one more thing
11:30We can check in two ways
11:32You can also check from here
11:36Here
11:38Whatever will be editable
11:40We will check it
11:42This
11:44654321
11:46Text type
11:48You have to type
11:50In text type
11:52You will get
11:54GST
11:56Now what you have to do
11:58In GST
12:00You have to go to tax rates
12:02After going to tax rates
12:04You have to check
12:06What you have put
12:08GST
12:10According to 18%
12:12Your
12:14Setup
12:16You have to check
12:18Like this
12:20You have to see
12:22How I created
12:24GST is 18%
12:26And whatever is its
12:28HSN code
12:30From state
12:32From where you are importing goods
12:34It will be blank
12:36Location code is Delhi
12:38You can take
12:40But from state
12:42From where you are importing goods
12:44It will be blank
12:46And after that
12:48Date from
12:50Because
12:52In this
12:54IGST
12:56SGST
12:58And CGST
13:00You can keep it blank
13:02You can keep directly
13:0418% in IGST
13:06You have to make proper setup
13:08Then only it will calculate
13:10Make it like this
13:12Put 18% in IGST
13:14And you have to do
13:16A simple work
13:18Whatever you
13:20Make GST group code
13:22And take HSN
13:24After that from state
13:26You have to keep it blank
13:28But your receiving location
13:30You have to choose
13:32Which you are taking on invoice
13:34After this
13:36Come back
13:38These things are checked
13:40So in this way
13:42There will be no problem in calculation
13:44Now you have to do simple work
13:46Check preview posting
13:48And post this invoice
13:50So while preview posting
13:52GL entry, vendor ledger entry, item ledger entry
13:54Detail vendor ledger entry
13:56Value entry
13:58Detail GST ledger entry
14:00GST ledger entry and
14:02Information related to it
14:04I will show you
14:06Check
14:08Descending
14:10Proper amount
14:12Purchase ledger
14:14IGST receivable ledger
14:16GST payable
14:18Ledger
14:20Check
14:22Amount
14:24Adjust
14:26Plus minus
14:28Calculated
14:30Value
14:32Double value
14:34Simple
14:36System
14:38Plus minus
14:40Adjusted value
14:42GST payable
14:44Check all ledger
14:46System
14:48Setup
14:50First part of this video
14:52How to setup
14:54Ledger
14:56First part of this video
14:58Setup
15:00Check it
15:02So in this way
15:04You can see everything
15:06Vendor ledger entry
15:08Detail
15:10Check
15:12Currency code
15:14Check
15:16Amount
15:1850,000
15:20Foreign currency
15:22Great Britain
15:24Poland
15:26Sterling
15:28Currency
15:30What to do
15:32Convert
15:34Convert
15:36In this way
15:38Local currency
15:40Conversion
15:42You can see
15:44In this way
15:46Conversion
15:48You can see
15:50In this way
15:52Check all ledger
15:54Check
15:56Detail GST ledger
15:58GST ledger entry
16:00Check
16:02In this way
16:04You can see
16:06HSN code
16:08IGST
16:10GST 18%
16:12GST base amount
16:14INR
16:16GST actual amount
16:18You can see
16:20Check all ledger
16:22GST rate
16:24Availability
16:26Accessible value
16:28Eligibility for ITC
16:30Custom duty amount
16:32In this way
16:34Check all ledger
16:36GST
16:38In this way
16:40You can see
16:42In this way
16:44You can cross check
16:46Close
16:48Post
16:50Posted invoice
16:52Check
16:54Post
16:58Post
17:02Post
17:04Post
17:06Do you want to post invoice
17:08Yes
17:14Do you want to open the posted invoice
17:16Yes
17:20Posted purchase invoice
17:24You can check whether all the posts are the same or not.
17:29And for that too, you can check the print screen of the invoice.
17:40You can review.
17:54This is the system's inbuilt format.
18:10You can check in your design format, which you must have customized.
18:14So in this way, you will see all these things.
18:24And if you want to check as a posted invoice or you want to check statistics, you can check that too.
18:33And if you want to update something in the document, if something was missed, then you can update the document.
18:38Like payment reference, credit card number, ship to address.
18:41If something was missed, then you can select it or create a new one.
18:45If it is not in your system yet, then you can create a new one and click on ship to address.
18:50If you click on OK, it will be updated.