Eliminate GST Return Filing Errors with RealBooks’ GSTR1 Exception Reports

Eliminate GST Return Filing Errors with RealBooks’ GSTR1 Exception Reports

Experts are not the one who makes mistakes; experts are those who not only make mistakes but also find ways to correct them in order to get the final resultant accurate.

Not all errors are traceable manually, since in the sea of accountancy even the sharks are lost finding prey/errors. For making our sharks stress-free, RealBooks, the online accounting software, will help you in bifurcating the errors as per their nature so that you can correct them with enhanced convenience.

RealBooks have several Exception reports as far as GSTR-1 is concerned, namely GSTR1 Exception Reports. 

Let’s have a look and gather brief understanding on the same:

1. GST Breakup Exception – We will not let you break up with us. GST Break-up in the GST table while booking a transaction has a direct impact on the taxable value and the tax computation in the GSTR- 1 Report. If due to any reason the table is not updated during the transaction it is caught up by the GST Breakup exception report.

2. GST Party Missing – Masters have a key to every lock. If the category marking in the Ledger Masters goes unconfigured or is left to be marked then the transaction might be accepted by the system but the GSTR-1 filing might miss that entry. If the ledger is party marked then only the entries are attracted to the Final GSTR-1 report or else we serve you those entries in the GST Party Missing exception report.

3. GST Output as debit– Experts needs no lessons of their own textbooks. You, an expert accountant clearly know that the GST Output does not appears in debit side of the entry unless it is an entry of reduction in income i.e. Sales Return, still if there is any human error while booking the transaction then it will be displayed in GST Output as debit exception.

4. GST Input & Output in one voucher – Errors follows efforts and neutralizing the same is our expertise. If in any case both input and output GST ledger has been selected while passing the entry, it will all be captured by the GST Input & Output in one voucher report.

5. Item Rate & HSN Rate Mismatch– Tuning is important be it music or tax rates. The GST rate at the item masters and the GST rate at that HSN masters must match each other but if due to any error in the item tax rate or HSN code, there is a mismatch then the same will be caught up in this report.

6. Missing HSN code in GST Details HSN are the masters for reference for the GST portal. If the HSN code is missing in an entry then the transaction will not reflect in the Final GSTR 1 report HSN Details. Thus to nullify this error, we give you a report of the missing HSN as well.

7. Missing Business Place – Inter or Intra is dependent on location not infra. The business location is pretty significant since the location defines the nature of output/input transaction whether the same is inter-state or intra-state. Thus the entries, where location is missing is captured in this report.

8. GST other than income– A portion of earning is passed on to the government. Thus with the same logic GST is charged on the income instead of any other nature transaction. If there is any entry in which GST is charged on transaction other than income then this report collects it all for your correction.

9. Expected Intra-State GST–  Sales made within the state but the entry has attracted the IGST ledger while booking the transaction. In such cases this report grabs them and displays in this exception reports.

10. Expected Inter-State GST – In vice versa to the above report, sales made outside the state but the entry has attracted the CGST & SGST ledgers while booking the transaction. In such cases this report grabs them and displays in this exception reports.

Do not stop making mistakes since our  Business-Intelligent software, RealBooks, is up with their motto of enhanced accuracy eliminating all the possible errors in accounting and compliances, and make your accounting experience better than ever.

It’s time to switch to RealBooks and take your visionary organization towards a smarter and greener tomorrow.

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