Export invoices in Finsys ERP – When, it is better “not to” develop / purchase in ERP ?

Usually Customised “Export Invoices” are excluded in most ERP Software orders by Finsys ERP Team.

so, if you want to start export invoices now

Query in your mind ? When to start ?   Useful or not useful ?

Export Invoices in ERP

What  are the Advantages… ?

You may say … Looks Great. Ok. Feels Big, OK,  … anything else ?

What are the Disadvantages ? Did you think about it ? 

You must read this before you go ahead

Suitability :

This is suitable if your number of Export invoices is less than 10 per month.

What to do ?

Make Invoice in Finsys as a normal Domestic invoice in INR only in 4F type. That is made for this purpose. This facility is already available to all.

There is no GST on this invoice. Since this is an Export.

This Indian Rupee Invoice in Finsys ERP, is in same series as domestic, and

Make US Dollar invoice for Customers and the Indian Customs in Excel.

Benefit for Customer :

Benefit for Customer can be thought of as:

No extra cost,

no special training,

GST return as usual,

Sale register as usual.

IRN as usual.

E Way bill as usual.

No time on any extra procedure.

Benefit for Finsys :

No extra cost of Development, no extra cost of customization, no extra cost of implementation, no extra cost of support. No extra work and no extra Training on Forex Accounting. Everything continues as normal invoices.

Hence it is “Free of cost” and beneficial in this form for both

So, this is suitable and beneficial if the total number of Export orders is less than 10 per month.

Suitability :

If your Export invoices are 10 or more, per month, then you can consider. And if they are more than 20 per month, then you should surely have this additional facility.

Details as under :

Scope of Work in Option 2:

This module includes following features only.

Customer Export Invoice in Foreign Currency, ( ex. USD,  Euro, etc )

Customer Export Invoice in Indian Rupees, ( for Indian GST and Customs purposes )

Packing List,  with box wise Details

Pending Sales order Report in Foreign currency

Facility of separate Customs Filing Invoice

Facility of Export Proforma Invoice

Facility of separate series… means separate series for domestic and separate for exports.

Mention of LUT number on the Export invoices

Linked to E-invoice IRN Portal, if you already have the Webtel IRN linkage facility

Linked to E-way bill Portal, if you already have the Webtel E-waybill linkage facility

Onward linkage to Forex Accounting system , given in next para.

Formats : There will be one single format of invoices and packing list, across all customers and all countries.

Benefit for Customer :

Special training,

Saves time if your volume is big

Saves mistakes possibility, if volume is big.

Benefits of Forex Accounting

Locations and Companies

Companies at which ERP is to be implemented –  same as existing

Locations :

same as existing

Exceptions

All customers / all countries, all exports, same one single format.

No other document expected.

Action points

1. Implement this in your factory, when you reach the status point as above
2. Subscribe to our Youtube channel,
3. Yes, Technology helps

for Any Queries .. Contact us at Contact-us page

our other site : www.finsys.biz, www.finsys.asia

Proprietorship vs. Partnership vs. Pvt Ltd vs. LLP, what to do. ? Advantages vs Disadvantages, what to make for a Startup / New Venture ?

Want to open a new Company or LLP ? What are the Advantages and Disadvantages ?

Query in your mind ? Which one to open ? Private Limited or LLP or Partnership or Proprietorship   ?

So, You have thought of a new idea. Good

and want to start New Joint Venture ? Good

or a New Startup Idea ? Very good

Advantage and Disadvantage

What  are the Advantages… ?

You may say … Looks Great. Ok. Feels Big, OK, Get visiting card of a Director….hmmm…. anything else ?

What are the Disadvantages ? Did you think about it ? 

You must read this before you go ahead

First, Closing down the company ?

What if, the business idea does not work ?

or, What if you and your new friend / Partner cannot work together due to any reason ?

or, What will happen if you are in LOSSES ?  and there is no Hope of revival in near future ?

Answer to the first set of three questions is …

the Company can be given birth in a week / month… but takes many months/even a year to close down.

Source : https://www.compliancecalendar.in/close-llp

This site also says.. every year Tens of Thousands of Companies and LLP are made but … this site and we ourselves know that average 70% don’t start business or dont continue beyond the first 2 years

Second, Big Risk of being DisQualified and removed from your own Main company ?

What if, the New Company / LLP is not able to file its Annual return ? due to any reason ?

Effect : You will stand Disqualified from all your other companies also .. including your running “existing businesses”.

Want evidence ? see this …

Source : https://cleartax.in/s/director-disqualification-removal-disqualification

• Where he/she is the director of a company that has either –
• a. Failed to file the annual returns for 3 years running
• b. Failed to pay interest on/repay the deposits for over a year
• c. Failed to pay any dividend that was declared for over a year
• d. Failed to redeem debentures or pay interest on debentures for over a year

In short, if your this new Company does not file its return due to mis-up between the partners… you become disqualified to remain director of your main business also.

Can you afford this Risk ?

What is the Probability.. that new business will not work ? ….

you might say it will work 100%… but market past shows that only 30% work and 70% do not work. So, better get somebody else in the family to become the Director till the company becomes of a significance and can be seen as a working company.

Can the procedure to close the LLP or Company be done with single party signatures ?

Of Course not. Both Parties , or say 100% of the Partners  , Directors, and shareholders must sign  the MOU for “closure”.

So, you are in a problem. Yes.

Sad part is that if both parties are not on talking terms,… and other party has nothing to lose…

Reasons ? maybe he has got a job somewhere, or he has left India for job outside India…. or ….. he does not want to pay for the LLP / Company closing expenses……he just wants to tease you …. 

in this case, you are saddled for life.

Daily rate penalty starts in all laws : GST, TDS, ROC, and Income Tax.

Let us see TDS first

https://taxguru.in/income-tax/section-201-consequences-non-compliance-tds.html

TDS starts at first first professional payment in case of a LLP , a company and a Partnership..  but you are EXEMPT from TDS net as a payee.. till you have last year turnover over Rs 1 crore… so, you are surely free for first year.. maybe for many many years

So, daily penalty of  Rs 200 per day for TDS return non filing alone. 100 days = 20000 Rs, …and 365 days= about 73000 Rs penalty for one Quarter TDS return alone (subject to max of TDS )

Need some latest  masala ?

https://timesofindia.indiatimes.com/city/mumbai/film-producer-gets-3-months-ri-for-delay-in-depositing-rs8l-tds/articleshow/69065185.cms

so, even the smallest of thing = TDS is not easy

LLP Returns last date ?

LLP Form 11 Annual Return Due Date

Form 11 is due on 30th May of each year. … just 60 days… that is very tight time schedule…..

All LLPs enrolled under the limited liability act, of 2008 need to yearly furnish two forms- Form 11 and Form 8.

Annual Return: Form 11 is needed to be submitted within 60 days of the closure of the fiscal year which is 30th May of each year. (Fiscal year closes on 31st March.)

Account and Solvency Statement: within 30 days from the expiry of 6 months LLP form 8 is needed to be submitted from the closure of the financial year which is 30th October of each year.

Filing of LLP Form 11 is a mandatory annual compliance for all LLPs, irrespective of turnover or profit or business activity. Hence, even a LLP that has no activity must file LLP form 11 or pay a penalty of Rs. 100 per day of delay in filing Form 11.

So, daily penalty of  Rs 100 per day for TDS return non filing alone. 100 days = 10000 Rs, …and 365 days= about Rs 36,500 penalty for one year one form (Form-11) return alone (.. .no maximum limit = unlimited

Need some latest  masala ? https://fastlegal.in/blog/llp/reduced-late-fee-for-llps/

The new amended rules will be applicable from the 01st day of April 2022. as per this site

but why go into all this ?

Similar problem in Income Tax, for non filing of income tax returns.

for risk reduction

So ordinary “Proprietorship” , and “Partnership” gives Freedom, to start and to close

Rule 1 : Start as a Propreitorship / Partnership, and upgrade to a Company or LLP… when you reach a critical cut off point of Turnover

say Rs 10 Crores p.a. or even Rs 5 crores p.a.

so usually, dont Saddle yourself with making a LLP or Company if you are small at this point of time.

Contact our Knowledge Partners on page click here

www.mlgassociates.org and www.mlgassociates.in their websites

Proprietorship vs Partnership vs Pvt Ltd vs LLP, what to do. ? Advantage vs Disadvantages, what to make for a Startup / New Venture ? Hope this comparison was well taken in positive light. Benefits , Decision making

Three methods of physical verification : of Stock : new youtube video

1. Using excel , upload and automatic effect & Report
2. Using gun scanner + Android Mobile phone + QR Codes
3. Using bluetooth scanner + Tab + QR. codes

so, Mr Sangeet K Gupta, and Mr Sumit Anand from Finsys, show how today doing physical verification using all three above methods.

Using Excel upload and automatic update

How to download the “Data template”
Use the Reel wise stock report
Prime Reports are the best
Data is ready
Use the Reel wise stock report regularly – many other use also

this list has the batch numbers – your Reel number

also the vendor Reel number ( batch number )
Download this file in CSV, or excel
see the top left corner

This file has the batch numbers / Reel numbers
verification is to be done of these only. hence important

This file has the batch numbers / Reel numbers
verification is to be done of these only. hence important

now we “download a template”. verification is to be done of these only. hence important

go to Physical Verification Module, FG also , RM also – Same functionalities, Lot number = Reel Number = Batch no, Tale them also

Now, put the actual stock… as you “saw” note down in 2nd colm

calculate the difference. using normal excel

do random audit daily = BEST SOP
this helps you

location also…update the location of reels in the Godown. Vendor Reel number / batch no. update these.. if desired. Manufactured date & Expiry date can also be updated for these items. Data is ready. Report is ready

note : Effective date of this “updation”. enter this carefully….. this is the date of evening of the verification. Do for only 1 subgroup at a time. dont do whole factory in 1 go

Method 2 : Using Gun scanner

Method 3 : Using bluetooth scanner

Video above shows, physical-verification-from-3-feet-away-using-gun-scanners
3 Feet away
as much as 3 Feet away
3 Feet is a big distance,.. see the video
System Driven Stores Receipt
System Driven Location
System Driven Issue from stores to Production
System Driven verification
System Driven Purchase, Sales, and Quality Operations too

Finsys ERP,Best ERP Software for Plastic Moulding,ERP for Rubber Moulding,electronics industry ERP software,White Goods ERP Software,Sampling,Engineering ERP,Packaging ERP Software,corrugation erp software,physical verification of stock,stock taking with barcode,QR code scanning for stores,fast stock verification,reliable stock verification,stock audit

Very good to see QR code sticker pasting on Reels . And how Winpack Ventures now uses gun scanners for Physical verification of stock

Just open the Finsys App, …. Aim, press trigger, move to next reel or packet

When do you plan to empower your Stores and Production Team with QR code verification of Stores ?

Finsys ERP,Best ERP Software for Plastic Moulding,ERP for Rubber Moulding,electronics industry ERP software,White Goods ERP Software,Sampling,Engineering ERP,Packaging ERP Software,corrugation erp software,physical verification of stock,stock taking with barcode,QR code scanning for stores,fast stock verification,reliable stock verification,stock audit

Youtube – Three methods of physical verification of Stocks – Bluetooth scanner, Excel upload, Gun Scanner QR code

Action points

1. Implement this in your factory
2. Subscribe to our Youtube channel,
3. Yes, Technology helps

for Any Queries .. Contact us at Contact-us page

our other site : www.finsys.biz, www.finsys.asia