IRD Purchase Return Register

The IRD Purchase Return Register lists goods sent back to suppliers, recorded as a Purchase Invoice marked Is Return (a debit note), with the original bill reference, the supplier and PAN, the taxable amount returned and the input VAT reversed. Having claimed input VAT on the original purchase, you must give it back when the goods go back, and this register shows the IRD that you did. Each row also reduces Creditors, so the supplier's ledger and the register must tell the same story. Returning Rs 20,000 of goods to Market mind investment group would lower input VAT by Rs 2,600 on a VAT bill. Returns of asset items also need an Asset adjustment.

Input VAT reversed = Returned taxable amount x 13%; monthly total reduces input VAT on the VAT return

1. 01Create the return first: open the original Purchase Invoice, click Create > Return / Debit Note, submit.
2. 02Go to Nepal IRD > Purchase Return Register.
3. 03Set Company, From Date and To Date for the Nepali month.
4. 04Read Debit Note No, Original Bill No, Supplier PAN, Returned Taxable Amount and VAT per row.
5. 05Check the VAT total against the credits to VAT Receivable for the month.
6. 06Export with Menu > Export and carry the total to the purchase return line of the VAT return.

Open when goods go back to a supplier so input VAT claimed is reversed.

Returning Rs 20,000 of goods to Market mind investment group lowers input VAT by Rs 2,600.