GST Reconciliation

Are you worried about GST reconciliation? Do you think you will not be able to claim the input tax credit (ITC)?

Microsoft Dynamics 365 is a powerful reconciliation tool for recording transactional-level sales and purchase data to the Goods and Services Tax Network (GSTN). It solves reconciliation problems while also easing the process of matching and reconciling GST returns data.

Identifies the purchase transactions in the books of the account of the buyer which are matched or unmatched with the supplier-uploaded information in GSTR-2A every month.

Purchase Transactions with Vendor Type – Unregistered and Composition are excluded from Reconciliation.

Invoices having multiple lines are clubbed together and shown as one line in the GST Reconciliation feature.

GSTR-2A/2B can be downloaded and reconciled with existing GST Reconciliation lines multiple times, but posting can be done only once in a month.
Monitors unmatched transaction lines, if credit is availed on a provisional basis.
Once the GST Reconciliation lines are posted, system will not generate any accounting entries.

‘Reconciled’, ‘Reconciliation Month’ and ‘Reconciliation Year’ will be updated in Detailed GST Ledger Entries.

GST Reconciliation lines with status ‘Reconciled’ will not be considered again for reconciliation.