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:
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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.
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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.