GSTR-2B vs Purchase Register Reconciliation
Matching Between GSTR-2B and Purchase to make GSTR-2B more accurate.
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Matching Between GSTR-2B and Purchase to make GSTR-2B more accurate.
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Step 1: Log in to Masters India GST Software with valid credentials then click Sign In.
Step 2: After Sign-In - 'Dashboard' will appear - click – the 'GST Reconciliation' module on the left Navigation Bar.
Step 3: Click on GSTR-2B Vs PR Register ‘View Reconcile’ tab
Step 4: Click on Configure New Reco
Step 5: Return Period: Users can select the custom return period for Purchase and 2B as shown below
Step 6: Select Businesses: Users can 'Select GSTIN's from the drop-down, for which they want to execute the reconciliation on a regular basis.
Step 7: Frequency - User can select the frequency for Auto- reconciliation by clicking the drop down.
Step 8: Start Date- The user can select the Start Date for Reconciliation.
Step 9:Start Time- The user can select a time to Start reconciliation.
Step 10: Segregated by GSTIN- In case a user have multiple registrations and wants to submit a job separately for all their GSTIN, the user can select this checkbox. Note: Preferably, we ask users not to select the checkbox to get results for all their business units under a single Job
Step 11: FTP Settings- In case the user is using the FTP Mechanism, the user needs to select below FTP option. Import data from FTP 2) Save Reports from FTP 3) Select FTP settings (Drop down to select different FTP settings)
Step 13: Auto Accept Rules - Select to Auto Accept any B2B/CDN mismatched invoices. User can select different options under B2B/CDN to Accept Invoices with these mismatched details.
Step 14: Buffer Tax value- It is a tax tolerance value or tax threshold value a user can input according to their business operations.
Step 15: Buffer Taxable Value - It is a taxable tolerance value or taxable threshold value a user can input according to their business operations.
Step 17: After clicking - 'Submit' button , user will be redirected to Job list page - mentioning the Serial Number of Jobs and their GSTIN along with other details
Users can download a combined reco report for all invoice types in a single sheet. If such a report needs to be downloaded, then the User needs to click on the consolidated report and click next. Later, select the Business GSTIN, 2B and purchase return period and invoice type. Click on the combine check box and then click on the download button.
This is a consolidated report where a user can get Invoice Level Wise (Both 2B &PR) bucket segregation of Invoices. This includes all the invoices users have accepted or have forced Match.
It is a report containing all unique vendors and their status according to 2B, PR & Reconciliation.
In other words, a summary will be generated by the system which will provide values against each GSTIN present in 2B, PR, Match, Mismatch, Not Present in PR, Not Present in 2B, Invoice Number Mismatch, & Not Reconcile.
It is a reorganised consolidated report, where the two columns having the same data from two data sets (purchase register and GSTR-2B) from the consolidated report adhered together. This adherence gives rise to a column-to-column comparison, which would be very helpful for the users to check their final reconciliation working.
Users can use the Bulk operations feature in the following cases:-
Bulk Accept: If the user wants to accept a certain number of invoices.
Bulk De-Link: If the user wants to de-link a certain number of invoices.
Bulk Remark: If the user wants to update remarks on a certain number of invoices.
Bulk Force Match: If the user wants to force match a certain number of invoices.
Go to the Reconciliation job list, and click on the Action button for the reconciliation job you want to operate.
Select the Bulk Job option from the list.
Once the side screen opens for the bulk operation, click on the "Export" button and select the required action file to download the sample template.
Once the file is downloaded, prepare the file by entering the details as per the headers provided and save it.
Now come to the Masters India Portal again and click on the "Upload File" Button to import your prepared data. Select the operation and import the file.
Once the file is imported, a job will be scheduled and the same will be reflected on the Bulk Operation listing. Once the job status is completed, the operation will be completed.
Users can delink matched invoices through the delink button as per their requirements.
While reconciliation, users can provide a date range for accepting invoices which are mismatched on an invoice date basis
If the client is accounting with different note types then there is a feature to make custom changes i.e. Swapping of Note types in profile settings.
