Automated Generation of Journal Entries for Export
The India Localization SuiteTax Engine SuiteApp enables you to generate adjustment journals automatically for sales transactions that are for export.
To process sales transactions for export with payment of IGST and without LUT or Bond, you must enabled the Auto-Generate Adjustment Journal for Export feature. After enabling this feature, the SuiteApp will create a journal entry automatically every time a sales transaction is created.
To enable automated generation of journal for export transactions:
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Go to Setup > India Localization > Configuration > Goods and Services Tax.
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On the Goods and Services Tax subtab, check the Auto-Generate Adjustment Journal for Export box.
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In the Refund Account for Export with Tax Payment section, setup the refund account for export with tax payment by nexus.
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In the Nexus field, select a nexus from the list. Nexuses shown in this list are those where Country is set to India.
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In the Refund Account field, select an account from the list. Account records shown in this list are only limited to accounts with type Other Current Asset.
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Click Add.
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Click Save.