India Corr Expo 2024 Mumbai Finsys ERP – Just 2 months left

July 21, 2024 skgupta

Welcome back to the new Edition of India Corr Expo 2024

Jointly with ICCMA 2024, India Corr Exp o 2024. … at Mumbai,2024,

Finsys agrees, that IndiaCorr Expo is a platform to grow your business 10x by building the right network, sourcing top-notch technologies, and by learning the latest corrugated packaging and folding carton industry trends. Network with reliable industry players including suppliers, associations, and allied bodies enabling you to reimagine your existing corrugated packaging, box making, and folding carton business. Source the best of machinery, ancillary equipment, raw materials and attend concurrent ICCMA Congress, organized by the Indian Corrugated Case Manufacturers Association (ICCMA)

Meet the ‘who’s who’ of the corrugation industry

25-26-27 September 2024

Bombay Exhibition Centre, Goregoan, Mumbai

Exhibit

IndiaCorr Expo is the most influential and the only dedicated large scale business-to-business event catering to the rapidly growing corrugated packaging and carton box making industry.

Are you ready to be part of it?

link = https://www.indiacorrexpo.com/

Visit

Meet the ‘who’s who’ of the corrugation industry as we host exhibitors and guests from across regions. There’s every reason this year to be a part of the fair and benefit from all it has to offer.

Be a part of this.

ICE 2024

Network with leading corrugators and gather in-depth market insights at ICCMA Congress focusing on the theme “The Changing Landscape – Adapting to the New Normal”

Know more.

Some vivid memories from the last Expo at Mumbai … it was 2022.

Ideas and suggestions from Mr Prakash Nahata, Founder and Director of Yash Packers, Mumbai, Plant Vapi-Valsad. How the ERP technology brings things to his fingertips.

How ageing of reels is Real information. How FG stock is actually LIVE. How mobile Apps help him. How Barcodes help him.

Listen to his ideas, direct dil se. Thank you Prakash Sir.

We are a TEAM.

Meerut based Meerut Packaging Industries is one of the large Corrugation Plants in the Country today.

Mr Mahavir Aggarwal ji, Co-Founder and Joint Director of MPI shared during that 2022 exhibition, how using Alerts, Pop-ups, using the Reports and Extracts from the Finsys ERP… he is able to run his company with higher profits. Better Results. …..

so, Listen to his views at the India Corr Expo 2022

India Corr Expo 2022 Mumbai Finsys Meets the Industry Leaders

India Corr Expo 2022 Mumbai Finsys Meets the Industry Leaders – Day One

Finsys loves to be a part of the India Corr EXPO .. It is a part of our DNA … we have participated in every edition since 2013

India Corr Expo 2024 Finsys ERP at Bombay Exhibition Centre Mumbai

Finsys ERP Software,Corrugation ERP,Duplex Folded Cartons ERP,ERP Software for MSME,ERP Software Packaging

link to India Corr Expo 2023 pages

GST Rate Change 18 to 12—for Corrugated Boxes , Mono Cartons,

July 13, 2024 skgupta

GST Rate Change for Corrugated Box, Mono Cartons from 18% to 12%

Notification No. 02/2024-Central Tax (Rate) Released to Public on 12-7-2024 …

Effective from 15th -July-2024

GST on most of the Cartons ( Both Corrugated boxes, and Mono Cartons ) Changed to 12%

Finsys ERP is one of the best selling ERP Softwares for Corrugated Box(Packaging)

GST Rate change is applicable from today – 15th-July-2024

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUBSECTION

(i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(Department of Revenue)

Notification No. 02/2024-Central Tax (Rate)

New Delhi, the 12th July, 2024

G.S.R. ……(E).- In exercise of the powers conferred by sub-section (1) of section 9 and sub-section (5) of section 15 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 1/2017-Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 673(E), dated the 28th June, 2017, namely:-

In the said notification, –

(c) in Schedule II – 6%, –

(iii) for S. No. 153A and the entries relating thereto, the following S. No. and the entries shall be substituted, namely: –

“121A.

4819

Cartons, boxes and cases of, –

(a) corrugated paper or paper board; or

(b) non-corrugated paper or paper board”;

Focus of Government was on the Fruit growers, since their output is GST free,… and input was having 18% GST …..

Anyway.. it effects us all – Either as Buyers or as Sellers

For the Manufacturers of Corrugated Boxes and Mono Cartons, the Cash Flow problem gets reduced a bit

Action required for Web Finsys users… see this powerpoint on this Google link below

Action required for Main VB Finsys users… see this powerpoint on this Google link below

Notification Copy / Circular Copy official from CBIC / GST Dept

An Old video we made in 2021… for Change the GST Rate on your Sale Invoices in your ERP Software from 12 to 18

However, unlike in 2021 change… all Other items continue at existing rates and remain in 18% example :

following items connected with the Printing and Packaging Industry

157D.

4909

Printed or illustrated postcards; printed cards bearing personal greetings, messages or announcements, whether or not illustrated, with or without envelopes or trimmings.

157E.

4910

Calendars of any kind, printed, including calendar blocks.

157F.

4911

Other printed matter, including printed pictures and photographs; such as Trade advertising material, Commercial catalogues and the like, printed Posters, Commercial catalogues, Printed inlay cards, Pictures, designs and photographs, Plan and drawings for architectural engineering, industrial, commercial, topographical or similar purposes reproduced with the aid of computer or any other devices.”;

and also change in case of Debit Notes or Credit Notes you make for past Price Increases or Decreases

Purchase Side

for all manufacturers…if you buy any of the above mentioned items, you also have to be aware of this, and Purchase Orders, MRR, and Purchase Voucher passing will change accordingly

Click the button below to download the original notification by the Government.

Once again, Remember to Change the GST Rate on both sides,

if you sell Corrugated boxes and Mono cartons, or you purchase the Corrugated Boxes and Mono Cartons

“Do it yourself” 1 step manual in the youtube above

Effects on you, on your ERP, on your Sales, and on your Purchase… due to the Change in the GST rates for Corrugation and Mono Cartons

Do you know what changes you have to do in Finsys ERP for the Correct action on the GST Rate change in Mono Cartons and Corrugated Boxes ?

How to do the Accounting of Advance and Retention money ?

June 26, 2024 skgupta

How to do the Accounting of Advance and Retention money ?

Good control on Purchase, Sales, Stores, Site Stores, Accounts and Taxation

Finsys ERP is serving EPC companies in areas like (a) Engineering Construction , example Contractors of Water Pipelines for Thermal Power Plants (b) Contractors of Solar Power Plant EPC (c) Contractors of Steel Rolling Mill Machinery Manufacture and its all EPC activities.

EPC & Infrastructure

Accounting concept in Project Business

Accounting Manual

Formatted File – Download from link below

*Finsys project business accounting

Accounts to open

Advance accounts Supply 08 series

Erection 08 series

Freight 08 series

Main Debtor account Supply 16 series

Erection 16 series

Freight 16 series

Retention money 1 ( Installation) Supply 1710 series long term advance

Erection 1710 series long term advance

Freight 1710 series long term advance

Retention money 2 ( final ok ) Supply 1711 series long term advance

Erection 1711 series long term advance

Freight 1711 series long term advance

Project Summary

contract : Rs 50 crores

Supply 40.00

Erection 8.00

Freight 2.00

Total 50.00

Entries to be done on Advance

Advance received Rs 10 crore

Now, we must divide this in parts

Supply 8.00 20% of the supply project

Erection 1.60 20% of erection

Freight 0.40 20% of freight

10.00

accounting entry

BankDebit 10.00

to NTPC – Singauli Supply Advance A/c 8.00 long term liability (08series)

to NTPC – Singauli Erection Advance A/c 1.60 long term liability (08series)

to NTPC – Singauli Freight Advance A/c 0.40 long term liability (08series)

( this account is opened in liability side of balance sheet,)

if made in 06 series, then we can have bill wise o/s also

if in 8 or 9 series

then bill wise outstanding will not happen in Finsys

Entries to be done on Invoicing

Now, when invoicing starts

First bill is sentRs 2 crore

and fact is that it is for supply

Supply 2.00

Erection –

Freight –

2.00

( this account is opened in Debtor side of balance sheet,) 16 series

Accounting entry

to NTPC – Singauli Supply Debtor MAIN A/cDebit 2.36 >16 series

To Sales Domestic 2.00 > income

to GST Payable ( IGST ) 0.36

Debtor closing at this stage

Net receivable 2.36 Crores against that bill at this stage

Entries to be done on Adjustment of Advance

Now, adjustment of advance

adjust the advance, retention 1 , and retention 2

Base valueRs 2 crore

Advance was 20%

So adjustment is 0.40

adjust in which advance ?Supply 0.40

Erection –

Freight –

0.40

debtor

accounting entry

NTPC – Singauli Supply Advance A/cDebit 0.40

to NTPC – Singauli Supply Debtor Main A/c 0.40

advance is adjusted, no problem

Debtor closing at this stage

Net receivable 1.96 Crores against that bill

Now, adjustment of Retention money – Part 1

Release against “Installation” and first QC report

This is 12% of the Basic value , as per the PO terms12%

Open this Retention mony in 17 series, long term security deposit

NTPC – Singauli Supply Retention 1 A/c. Debit 0.24

to NTPC – Singauli Supply Debtor (main) A/c 0.24

advance is adjusted, no problem

( shipment was 2 crore, so above percent of that )

Debtor closing at this stage

Net receivable 1.72 Crores against that bill

Now, adjustment of Retention money – Part 2

Release against “Live testing”

This is 8% of the Basic value , as per the PO terms8%

Open this Retention money also in 17 series, long term security deposit

NTPC – Singauli Supply Retention -PG Test Debit 0.16

to NTPC – Singauli Supply Debtor A/c 0.16

advance is adjusted, no problem

( shipment was 2 crore

Debtor closing

Net receivable 1.56 Crores against that bill

Voucher for TDS income tax and TDS GST

TDSR- Itax Receivable – NTPC ( TAN ____ )Debit 0.04 (2% of 2 Crore )

TDSR- GST Receivable – NTPC ( GSTIN ____ )Debit 0.04 (2% of 2 Crore )

to NTPC – Singauli Supply Debtor A/c 0.08 debtor closing

1.48

( shipment was 2 crore so, 2% of that )

for the Formatted File for the Accounting entries can be Download from link below

Our Customers feel that Finsys ERP Software for project, inventory, sales, accounting and management is an extremely cost-effective construction (infrastructure) industry software solution that addresses all the financial accounting, departmental, tax compliance, marketing, after sales, supplier, inventory and operational requirements of companies within this industry sector.

It is modular, flexible and powerful and its built-in scalability means that as your construction business needs increase, it will grow with you.

From goods-in to dispatch, .. Finsys ERP software promotes efficient inventory management and timely delivery. Large product catalogues are easily maintained and the system will automatically generate inter-site transfers, back-to-back orders and drop ship delivery instructions for non-stock items

User-friendliness, fast accessibility of data, intuitive ergonomics and transparent menu-structures are some of the most distinctive attributes of Finsys ERP.

Finsys ERP is useful for Engineering Construction Industry, and Capital goods and Project Industry, any type of Infrastructure Industry.

Finsys ERP has developed basic framework of software as customized project and later our system designing team has upgraded in advance Infrastructure ERP.

Our Management Information “Dashboards” provide the answers. Easily mastered, our software will give fresh insights into key performance measures for your business.

Note : Finsys does not plan to do the Microsoft Projects or ZOHO projects line of software, they are separate and remain separate

This page was to help you with Accounting entries in the Projects Finsys Retention Money Advance set off

Youtube – 15 Videos Shot at Goa

June 23, 2024 skgupta

Finsys brings to you the 15 short Videos we shot at Goa

These reels are great

Videos at Goa by Finsys Sangeet Gupta

Youtube Finsys

Link: https://www.youtube.com/playlist?list=PLmbWfGYzaUnduiXCa_tSMmewR_rGzqSH7

Links to some of them

–

Public

None

Jun 15, 2024

Published

104

100.0%

8 likes

Public

None

Jun 14, 2024

Published

378

100.0%

4 likes

Scheduled

None

Jun 28, 2024

Scheduled

–

Public

None

Jun 13, 2024

Published

117

100.0%

3 likes

Scheduled

None

Jun 27, 2024

Scheduled

–

Scheduled

None

Jun 26, 2024

Scheduled

–

Scheduled

None

Jun 25, 2024

Scheduled

100.0%

1 like

Scheduled

None

Jun 24, 2024

Scheduled

–

Youtube – Material Requirement Planning MRP methods in Finsys

June 9, 2024 skgupta

Material Requirement Planning

Click here

MRP in CAPITAL GOODS Material Requirement planning – Machinery

this is a good 180 page powerpoint. Click on the link above

This is surely Material Requirement Planning , MRP, MRP2, one of the Best MRP Software in India

Material Requirement Planning

Material Storage Prevention and Scientific Planning using ERP Software Finsys

To support the need to reduce cost and time to market, greater emphasis is needed to control shop floor activities. For a well-organized manufacturing process, resulting elimination of bottleneck and waste, a reliable, flexible and user friendly production planning and control system is a must.

The planning engine of an ERP system, through closed loop MRP capability, generates planned production orders, based on the forecast demand, in respective monthly / weekly time buckets.

Our Youtube Video on this topic

After confirmation, full functional production orders, with adjustable routing and components, states what quantity of product should be manufactured and its scheduled date of production.

While generating the production order, the system takes cognizance of the various factors related to the order like Production time, Machine Capacity and Availability of materials and components.

Based on this Planning, the subsequent functions need to be planned. For Instance, based on the availability of Materials the purchase of the materials short for production need to be initiated.

In the process above after the MRP Run, the relevant vendors are mailed the Delivery Schedules or Purchase Orders for the Materials required for production.

Such precise Material Planning, will further give the Inventory Management a Minimalism and hence induce “LEAN MANUFACTURING” practice in the business. This will further lead to Optimal Outputs from the given Input,hence increasing the Profit Margin of the Business.

Material Requirement Planning page demo PPT

click here

Logics MRP concept vs PO for actual Work order number

One of the Missions of the Material Management should be
1. No shortage of Material (on one hand),
2. And
3. No wastage of Material due to excess buying
4. No wastage of Material due to non moving stock
5. Minimum working capital (money) locked in Stock

Methods : There are Two methods.
1. Method 1 : SO wise
  1. Each PR, PO, MRR, Issue voucher linked to Customer Sales order, and you can see which Sales order , what status, and
  2. What not ordered ?

What not received ?

What not issued ?
Row level review ?

Method 2 : Combined factory level MRP
1. Each Work order has a Bill of Material in the ERP
2. Run the MRP for 1 day, / 1 week / 1 month / balance month / 1 ½ month for domestic purchases, and 2 ½ month or more, for long lead or imported items.

Benefits of First method
1. Each PR, PO, MRR, Issue voucher linked to Customer Sales order, and you can see which Sales order , what status, and
  1. What not ordered
  2. What not received
  3. What not issued
  4. Row level review

Demerits of First Method
1. Data entry increases too much
  1. User make 10 PO instead of 1 for common item, effectively, number of Purchase orders rises. Creates confusion at Gate Entry … which PO to knock off ?
  2. User make 10 PR instead of 1 for common item, effectively, number of Purchase requisition rises. Need to map so many indents to one PO.

User make 10 MRR instead of 1 for common item, effectively, number of MRR, Purchase vouchers, Quality Check,

Accounting entries, GST entries all rise, average 5 times.
Need more people in purchase department and accounts department, hence additional salary cost.
Additional storage space for so many additional papers.

Old stock is totally ignored.
1. Since there is automatic pressure to make separate PO for each row of each Work order., and since if PO is not made, people think that the Purchase dept is not working….. they make PO,
2. Even if stock was available

And the truth is that usually 10% extra is purchased in every order to take care of contingencies

Effectively cost of production goes up by 10%
1. Problem of “Allocation of stock”
2. If the Method 1 is used, each project is a separate Island. He wants allocation of stock.
3. So, in ERP , you will have to do allocation, … That this material belongs to me / my project…. Creates problem for Finsys, for allocation and then later de-allocation. We in Finsys do not have such a facility,

Effectively, more problems.

Problem of “Issue of too much stock” on the Production floor “weeks in advance”
1. Again, in the Method 1, each project is a separate Island.
2. The project manager has no control on his stock unless he gets it issued.

So, he does the simple thing, he gets issued every BOP of that Machine / work order… as soon as store gets it.

Even if he needs it 2 months later.
So, too much excess stock on the shop floor
And that becomes invisible to the main stores ERP

Now….. chances of Theft / wastage / breakage / etc
Need of more and more almirah’s on the shop floor ( useless “Muda” )

1. Need to buy a ball bearing, even if you have 100 in stock
  1. Merely because you already issued them or allocated them to old Work orders.
2. 1. New problem in Finsys PO and MRR
    1. You will need same PO, same item, to be populated in multiple rows against different Work orders.
    2. Similarly same problem in MRR. You will need same MRR, same item, to be populated in multiple rows against different Work orders.

This is again not very smooth process

Makes a lot of reports go wrong in Finsys
Hence please avoid.
Money
1. Normally a 50 Crores turnover per annum company should have a stock in hand of say Rs 4 crores. For a long gestation product like a machine.
2. In case of Model 1 is implemented, your stock will usually inflate to about Rs 8 Cr to Rs 10 crores. So, a large part of this becomes an “undesired investment”.
DisAdvantage of Method 2
1. None
Advantage of Method 2
1. MRP concept
2. No need of multiple PO, for same item.
3. No need of multiple PR, for same item.
4. No need of multiple MRR, for same item.
5. No need of more people in accounts department
6. No need of excess store capacity in production dept
7. No need of excess stock holding cost ( money investment ).

What if….. Customer Auditor wants ?
1. Show this video
2. Explain him
3. Tell him about Maruti, Toyota, Hyundai = Cars = FA
4. Tell him about LG, Samsung = White Goods = FA

What if….. Customer Auditor wants more ?
1. Show him MRP live
2. Explain him Digital excellence
3. Instead of just manual and mix up

MRP Material Requirement Planning Shortage Planning in Finsys ERP

Make your Planning Better. Reduce Time required. Reduce effort. Make your Purchase Requirement more scientific and reliable

Finsys ERP,MRP,MRP2,ERP,Benefit of ERP,Shortage Planning,Jaipur Marriot,Automatic Material Planning,Best MRP for Small Business,Open Source MRP Software,MRP Software in Faridabad | For Indian SME Manufacturers,AI Business Plan Generator – Be Done In 15 Minutes

Our Youtube Video on this topic

MRP Material requirement planning in Finsys ERP. How this is important. and how this is better than buying separately for each Sale order.

Link : https://youtu.be/33kcZ5GBMt0

ERP for Other Industries

India Corr Expo 2024 Mumbai Finsys ERP – Just 2 months left

Category Archives: Recent News

Welcome back to the new Edition of India Corr Expo 2024

Jointly with ICCMA 2024, India Corr Exp o 2024. … at Mumbai,2024,

Meet the ‘who’s who’ of the corrugation industry

Exhibit

Visit

ICE 2024

Some vivid memories from the last Expo at Mumbai … it was 2022.

Ideas and suggestions from Mr Prakash Nahata, Founder and Director of Yash Packers, Mumbai, Plant Vapi-Valsad. How the ERP technology brings things to his fingertips.

How ageing of reels is Real information. How FG stock is actually LIVE. How mobile Apps help him. How Barcodes help him.

Listen to his ideas, direct dil se. Thank you Prakash Sir.

We are a TEAM.

Meerut based Meerut Packaging Industries is one of the large Corrugation Plants in the Country today.

Mr Mahavir Aggarwal ji, Co-Founder and Joint Director of MPI shared during that 2022 exhibition, how using Alerts, Pop-ups, using the Reports and Extracts from the Finsys ERP… he is able to run his company with higher profits. Better Results. …..

so, Listen to his views at the India Corr Expo 2022

India Corr Expo 2022 Mumbai Finsys Meets the Industry Leaders – Day One

GST Rate Change for Corrugated Box, Mono Cartons from 18% to 12%

Notification No. 02/2024-Central Tax (Rate) Released to Public on 12-7-2024 …

Effective from 15th -July-2024

GST on most of the Cartons ( Both Corrugated boxes, and Mono Cartons ) Changed to 12%

GST Rate change is applicable from today – 15th-July-2024

(c) in Schedule II – 6%, –

(iii) for S. No. 153A and the entries relating thereto, the following S. No. and the entries shall be substituted, namely: –

“121A.

4819

Cartons, boxes and cases of, –

(a) corrugated paper or paper board; or

(b) non-corrugated paper or paper board”;

Focus of Government was on the Fruit growers, since their output is GST free,… and input was having 18% GST …..

Anyway.. it effects us all – Either as Buyers or as Sellers

For the Manufacturers of Corrugated Boxes and Mono Cartons, the Cash Flow problem gets reduced a bit

Action required for Web Finsys users… see this powerpoint on this Google link below

Action required for Main VB Finsys users… see this powerpoint on this Google link below

Notification Copy / Circular Copy official from CBIC / GST Dept

An Old video we made in 2021… for Change the GST Rate on your Sale Invoices in your ERP Software from 12 to 18

However, unlike in 2021 change… all Other items continue at existing rates and remain in 18% example :

following items connected with the Printing and Packaging Industry

157D.

4909

Printed or illustrated postcards; printed cards bearing personal greetings, messages or announcements, whether or not illustrated, with or without envelopes or trimmings.

157E.

4910

Calendars of any kind, printed, including calendar blocks.

157F.

4911

and also change in case of Debit Notes or Credit Notes you make for past Price Increases or Decreases

Purchase Side

for all manufacturers…if you buy any of the above mentioned items, you also have to be aware of this, and Purchase Orders, MRR, and Purchase Voucher passing will change accordingly

Once again, Remember to Change the GST Rate on both sides,

if you sell Corrugated boxes and Mono cartons, or you purchase the Corrugated Boxes and Mono Cartons

“Do it yourself” 1 step manual in the youtube above

How to do the Accounting of Advance and Retention money ?

Good control on Purchase, Sales, Stores, Site Stores, Accounts and Taxation

Accounting concept in Project Business

Accounts to open

Project Summary

Entries to be done on Advance

Entries to be done on Invoicing

Entries to be done on Adjustment of Advance

Now, adjustment of Retention money – Part 1

Now, adjustment of Retention money – Part 2

Voucher for TDS income tax and TDS GST

for the Formatted File for the Accounting entries can be Download from link below

This page was to help you with Accounting entries in the Projects Finsys Retention Money Advance set off

Videos at Goa by Finsys Sangeet Gupta

Material Requirement Planning

this is a good 180 page powerpoint. Click on the link above

This is surely Material Requirement Planning , MRP, MRP2, one of the Best MRP Software in India

Material Requirement Planning

Material Storage Prevention and Scientific Planning using ERP Software Finsys

Material Requirement Planning page demo PPT

MRP Material requirement planning in Finsys ERP. How this is important. and how this is better than buying separately for each Sale order.

ERP Software for Corrugation Packaging, Plastic Moulding, Auto Components, Software for Industry, Made in India.,

GET IN TOUCH