Sales of materials procured from domestic sources without VAT in order to decrease export material costs to provide exporters with competitive advantages are briefly called Export Registered Sales.
Information regarding Export Registered Sales is recorded using the Export Registered Sales Invoices. Information regarding the service sold can be recorded using the Service Sold Invoice or the Export Registered Sales Invoice. If service sales are recorded through Export Registered Sales Invoice, the line type should be selected as Service.
The sales transaction information is recorded using the Invoice and Details tabs. Special information regarding the export transaction is recorded on the related columns of the invoice lines. The information to be entered is:
IPL: The field used to select the IPL to which the material on the line will be included and the committed material pertaining to this IPL.
IPL Remaining Quantity: The field indicating the remaining quantity of committed material pertaining to the IPL after deducting the line material quantity.
IPL Remaining Amount: The field indicating the remaining amount of committed material pertaining to the IPL after deducting the line material amount.
IPL Parity: If the currency types of the selected IPL and the material on the invoice line are different, this field is used to convert the material's currency to IPL's currency.
Eximbank Credit: The field used to select the Eximbank Credit to which the material on the line will belong, and the material of the Eximbank Credit.
Eximbank Credit Remaining Quantity: The field indicating the remaining quantity of the Eximbank Credit material after deducting the line material quantity.
Eximbank Credit Remaining Amount: The field indicating the remaining quantity of the Eximbank Credit material after deducting the line material quantity.
Eximbank Parity: If the currency types of the selected Eximbank Credit and the material on the invoice line are different, this field is used to convert the material's currency to the Eximbank Credit's currency.
VAT amounts are displayed on export-registered invoices. However, the VAT amounts are not collected from the AR/AP. So, the VAT is not affected from the VAT amounts of the AR/AP.
Export registered invoices entered through the Export section is displayed on the Sales and Distribution section with a "D" letter.
Conversion Letter (for purchase): Documents issued by the intermediary bank for payments by the customer against exported materials (foreign currency transfers) are called Conversion Letter for Purchase (CLP).
Export transactions are finalized with the Conversion Letter for Purchase paid by the Customer. Conversion Letter for Purchase is entered using the "(09) – Conversion Letter for Purchase" option of the Bank transactions menu of the Finance module.
Posting Export Transactions
- When the export invoice is entered, the 120 customer accounts are debited and the 601 abroad sales account is credited.
- The CLP prepared for the export credits the 120 customer account and debits the 102 bank account.
- When the export registered material purchase invoice is entered, the 320 vendor accounts are credited and 153 commercial goods accounts are debited. The VAT amount on the invoice debits the 191 Deductible VAT account and credits the monthly 120 accounts with an amount equal to the amount of VAT.
When the export registered material sales invoice is entered, the 120 vendor accounts are debited and the 600 domestic sales accounts are credited. The VAT amount on the invoice credits the 391 VAT to Be Calculated account and debits the monthly 120 accounts with an amount equal to the amount of VAT.